Reliance, Meta to make Rs 855 crore joint investment in AI in India
MUMBAI: Reliance Industries and Meta Platforms will make a joint investment of Rs 855 crore in AI services in India, a market expected to reach $20-22 billion by 2027. The companies – one owned by India’s richest man, Mukesh Ambani, and the other led by Mark Zuckerberg – will be making this investment based on shareholdings in Reliance Enterprise Intelligence Ltd (REIL), a new company established for AI services business.RIL, via its 100% subsidiary Reliance Intelligence, holds 70% in REIL, while Meta, through its 100% subsidiary Facebook Overseas, owns the remaining 30%. REIL will “develop, market, and distribute enterprise AI services”, said the Indian company in a statement to stock exchanges. The announcement of a joint venture was first made by Ambani and Zuckerberg at RIL’s annual general meeting in August.
