Facebook to hold 30% stake in Reliance’s AI Ventures, two companies commit Rs 855 crore investment
MUMBAI: Meta Platforms, Inc.’s Facebook Overseas will hold 30% interest in the AI venture floated by billionaire Mukesh Ambani’s Reliance Industries. Reliance Intelligence will hold the remaining 70% in Reliance Enterprise Intelligence Ltd.
Reliance Intelligence, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), and Facebook will jointly invest an initial Rs 855 crore in the venture. In a filing to the exchanges, RIL said that Reliance Intelligence Ltd on Friday (October 24) incorporated Reliance Enterprise Intelligence Ltd (REIL).
