EU approves Reliance-Meta's ₹855cr joint venture for generative AI
What's the story
The European Union has approved the joint venture between Reliance Industries Limited (RIL) and Meta Platforms. The partnership, announced last month at RIL's Annual General Meeting (AGM), will see an investment of ₹855 crore ($100 million). Reliance will hold a 70% stake in the venture while Meta will hold a 30% stake.
Strategic focus
It'll offer enterprise AI platform-as-a-service
The joint venture will leverage Meta's open-source Llama models and Reliance's enterprise reach to provide artificial intelligence (AI) tools across sectors. The partnership will focus on an enterprise AI platform-as-a-service for organizations to customize and deploy generative AI models. Another offering in focus will be a suite of pre-configured solutions tailored for industries like sales, marketing, IT operations, customer service, and finance.
Contributions
Leveraging Meta's Llama models
In this joint venture, Meta will bring its technical expertise in building Llama-based models. On the other hand, Reliance will leverage its digital infrastructure and access to thousands of Indian enterprises and small businesses. The solutions developed through this partnership will be suitable for deployment across cloud, on-premises, and hybrid infrastructures with an aim to reduce the total cost of ownership.