Reliance Facebook jointly establish a new AI company:Ambani Zuckerberg come together to establish Reliance Enterprise Intelligence Ltd with ₹855 crore investment

Reliance Industries Limited (RIL) has created a new AI company in partnership with Facebook. Both companies have named this joint venture Reliance Enterprise Intelligence Limited (REIL). Reliance Industries announced this in a regulatory filing on Saturday 25 October. In this joint venture, Mukesh Ambani and Mark Zuckerberg’s companies have initially invested ₹855 crore together. Reliance Intelligence Limited has created this new company in partnership with Facebook’s Indian arm. This new company will work on developing, marketing and selling Artificial Intelligence (AI) services. Who will hold how much share? What is the purpose of this company? This joint venture was announced in Reliance’s Annual General Meeting (AGM) in August. REIL will focus on creating AI tools for different sectors by utilizing Meta’s open-source Llama models and Reliance’s business reach. REIL will work on two major products – Meta will provide expertise in building Llama-based AI models Meta will provide technical expertise in building Llama-based AI models in this partnership. Meanwhile, Reliance will leverage its digital infrastructure and reach across thousands of Indian companies and small businesses. These AI solutions can be used in cloud, on-premises and hybrid environments, and their aim will be to reduce costs for companies. REIL did not require any government approval According to Reliance’s filing, REIL’s formation does not come under related party transactions, nor do Reliance’s promoters or group companies have any personal interest in it. Additionally, no government or regulatory approval was required to establish this company. This partnership will make AI technology benefits easily accessible to Indian businesses. Reliance’s market reach and Meta’s technology will help make businesses of all sizes smarter and more cost-effective.