Reliance Industries Limited and Meta are entering into a joint venture to launch artificial intelligence-related services in India. These two companies will initially invest ₹855 crore for this purpose. These two major companies have joined forces with the goal of starting AI-based business services in India.
India's richest man, Mukesh Ambani's Reliance Intelligence Limited, a subsidiary of Reliance Industries Limited; On the other hand, Mark Zuckerberg's Facebook, whose parent company is Meta, are forming a joint venture called Reliance Enterprise Intelligence Limited (REIL). This joint venture is being formed to launch enterprise AI services in India.
Reliance Intelligence Limited will hold 70 percent ownership of Reliance Enterprise Intelligence Limited. The remaining 30 percent ownership will be held by Facebook. This company was officially formed on October 24. It has been stated in regulatory filings that 855 crore rupees is being invested initially.
With the advent of artificial intelligence, major changes are coming to the technology world in the future. Its impact will be felt in various tasks of daily life. The use of AI is also beginning in various fields related to business and services. In the future, it is set to emerge as a technology sector. Reliance and Facebook formed this company to launch enterprise AI services in India. Incidentally, Mukesh Ambani first announced this joint venture at Reliance Industries Limited's Annual General Meeting in August this year.
