Meta and Reliance Join Forces in AI Venture
Meta Platforms' Facebook division will acquire a 30% stake in Reliance Industries' AI venture, Reliance Enterprise Intelligence Ltd, with Reliance holding the remaining 70%. The venture will focus on developing AI services, backed by an initial investment of Rs 855 crore from both parties.
- Country:
- India
In a significant move, Facebook, a division of Meta Platforms, has acquired a 30% stake in a new AI venture by Reliance Industries. This initiative, named Reliance Enterprise Intelligence Ltd (REIL), marks a notable collaboration between two industry giants. Reliance Industries will hold a commanding 70% interest.
The joint venture will be housed under Reliance Intelligence, a fully owned subsidiary of Reliance Industries, with an initial joint investment of Rs 855 crore. This strategic partnership, formalized in a regulatory filing, does not require additional governmental or regulatory approvals.
REIL aims to innovate and market advanced enterprise AI services, setting the stage for significant advancements in the sector. The collaboration signifies a merger of technological expertise from both Meta and Reliance, potentially altering the AI landscape.
ALSO READ
-
EU's Bold Move: Slashing Reliance on Chinese Raw Materials
-
Facebook to hold 30 pc interest in AI venture of Reliance Industries; two companies to invest Rs 855 cr in unit: Regulatory filing.
-
Self-Reliance: Building National Pride through Swadeshi
-
Reliance Navigates Sanctions: Adapting Oil Strategies Amidst Russian Tensions
-
Reliance Industries: Navigating Sanctions & Oil Strategy Amidst Global Tensions
Google News