Reliance Enterprise Intelligence Limited (REIL) has been created to achieve this goal. This company will develop and market enterprise AI services.
Highlights
Reliance Enterprise Intelligence Limited (REIL) has been formed for this.
This company will develop and market enterprise AI services.
An investment of approximately Rs 855 crore will be made in this joint venture.
Reliance Industries (RIL), one of India's largest business groups, and Meta, the operator of the social media platform Facebook, have announced the formation of a joint venture to develop artificial intelligence (AI)-related services. Reliance and Meta's subsidiary, Facebook Overseas, have formed a tie-up for this purpose.
According to a media report , Reliance Enterprise Intelligence Limited (REIL) has been formed for this purpose. This company will develop and market enterprise AI services. The new company will start as a wholly owned subsidiary of Reliance Intelligence and will later become a joint venture with Facebook under a revised joint venture agreement. The agreement between the two companies states that Reliance Intelligence will have a 70 percent stake in it and Facebook will have a 30 percent stake. An investment of approximately Rs 855 crore will be made in this joint venture. Over the past few years, Meta has increased its investment in AI. The company is also hiring a large number of talent for its unit related to this segment.
RIL's stock exchange filing stated that this transaction is not a related-party transaction and that the company's promoter group, any promoter, or group companies have no involvement in it. Investment in the AI segment is increasing in India. Recently, American technology giant Google announced an investment of $15 billion (approximately Rs 1.3 lakh crore) to build an AI-focused data center in the country. This will involve a strategic partnership with Bharti Airtel, a major telecom company. This data center will be built in Visakhapatnam, Andhra Pradesh. This investment will be made over the next five years. Along with the data center, the two companies will also jointly build a state-of-the-art cable landing station.
This will be Google's largest investment outside the US. The company plans to build a data center campus in the country with a 1 GW output. This could help expand Google Cloud's client base. The project is scheduled to be completed by 2030. It will utilize submarine networks and clean energy. AdaniConneX is also participating in this project. The use of AI is increasing among Indian entrepreneurs. The country's education sector can benefit from this technology.
