Reliance, Meta partner to launch enterprise AI services in India
What's the story
Reliance Industries has announced the incorporation of a new company, Reliance Enterprise Intelligence Limited (REIL), in partnership with Facebook's Indian arm. The joint venture will be focused on developing and distributing enterprise artificial intelligence (AI) services. The companies have committed an initial combined investment of around ₹855 crore in this new entity.
Company formation
REIL will be a joint venture
The newly formed REIL will be a joint venture between Reliance Intelligence, a wholly-owned subsidiary of Reliance Industries, and Facebook Overseas Inc., a wholly-owned subsidiary of Meta Platforms. Reliance Intelligence will hold a 70% stake in REIL while Facebook Overseas will hold the remaining 30%. The AI arm of RIL will also invest ₹2 crore toward the initial subscription for 20 million equity shares at ₹10 each.
Regulatory details
Formation of REIL isn't a related party transaction
The filing further clarified that the formation of REIL isn't a related party transaction and none of Reliance Industries' promoters, promoter group, or group firms have any stake in it. It also noted that no government or regulatory approvals were needed for the incorporation of REIL. This was first announced at RIL's Annual General Meeting in August.
Future plans
Partnership will focus on 2 main offerings
The joint venture will leverage Meta's open-source Llama models and Reliance's enterprise reach to provide AI tools across sectors. The deal will focus on two main offerings: an enterprise AI platform-as-a-service for organizations to customize and deploy generative AI models, and a suite of pre-configured solutions for sales, marketing, IT operations, customer service, and finance industries.
Strategic partnership
Solutions will be deployable across cloud and hybrid environments
Meta will offer technical expertise in building Llama-based models, while Reliance will leverage its digital infrastructure and access to thousands of Indian enterprises and small businesses. The solutions offered by this JV will be deployable across cloud, on-premises, and hybrid environments with an emphasis on lowering total cost of ownership.