AI
Reliance formally incorporates AI JV with Facebook, cos agree to jointly invest Rs 855 crore
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Reliance Industries announced on Saturday that its wholly owned subsidiary, Reliance Intelligence Limited, has incorporated a new company, Reliance Enterprise Intelligence Limited (REIL), in a joint venture with Facebook’s Indian arm.
The Mukesh Ambani and Mark Zuckerberg-led companies have committed an initial combined investment of around Rs 855 crore in the unit, which will focus on developing, marketing, and distributing enterprise AI services.
Reliance Intelligence will hold a 70% stake in REIL, while Facebook Overseas, Inc., a wholly owned…
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