Reliance partners with Meta’s Facebook to develop AI services, plans to set up 70:30 joint venture — Details here

Mumbai (Maharashtra) [India], October 25 (ANI): Reliance Industries Limited (RIL) has announced that its subsidiary, Reliance Intelligence Limited, will form a joint venture company with Facebook Overseas, Inc., a wholly owned arm of Meta Platforms, Inc. The new entity, named Reliance Enterprise Intelligence Limited (REIL), will focus on “developing, marketing and distributing enterprise AI services”, according to a company statement released on Saturday.

As per the amended and restated joint venture agreement, Reliance Intelligence will hold 70 per cent, while Facebook will own the remaining 30 per cent stake in REIL.