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New Delhi, October 27: Reliance Industries has reportedly joined forces with Meta for a new joint venture to develop enterprise AI solutions in India and select global markets. The new entity is called Reliance Enterprise Intelligence Limited (REIL), will operate as a wholly owned subsidiary of Reliance Intelligence Limited. REIL is expected to focus on creating scalable AI products for enterprise needs, combining Reliance’s extensive industry presence with Meta’s technological capabilities. As per a report of Indian Express, the two companies have together committed an initial funding of INR 855 crore in REIL. The BSE filing read, "REIL will be engaged, inter alia, in developing, marketing and distributing enterprise AI services. No governmental or regulatory approvals were required for incorporation of REIL." India Becoming Key Growth Market for Global Consumer Goods Companies Due to Rapid Rise of E-Commerce and Quick-Commerce Platforms: Report. As per reports, Reliance Intelligence will contribute INR 2 crore to the new venture, acquiring a 70% stake, while Meta-owned Facebook Overseas will hold the remaining 30% in REIL. Reliance Industries has stated that the deal does not fall as a related party transaction, and neither its promoters nor any of its group companies have any direct or indirect interest in the deal. As per a report of Times of India, the company clarified that, "The transaction does not fall within related party transaction and none of the Company's promoter/promoter group/ group companies have any interest in the above transaction." The strategic collaboration between Reliance and Meta was initially announced by Mukesh Ambani during Reliance’s 48th annual general meeting in August. Bharat 6G Vision: Government Now Focusing on Developing 6G Technology After Rapid Rollout and Adoption of 5G in India. Meta CEO Mark Zuckerberg addressed the shareholders at the RIL annual general meeting (AGM) in August and said, "We believe this technology has the potential to bring a new era of personal empowerment, giving people greater agency to improve the world in all the directions they choose." The Reliance-Meta partnership represents a major collaboration, though the two companies have a prior history. In 2020, Meta invested USD 5.7 billion in Jio Platforms, strengthening their business ties.
