Reliance, Meta Announce AI Joint Venture in India, to Invest ₹855 crore

Reliance Industries and Meta have announced a joint venture, Reliance Enterprise Intelligence Limited, to develop and expand enterprise AI services in India. The new company will operate as a wholly-owned subsidiary of Reliance Intelligence, with a 70% stake and Facebook holding 30%. Both firms will invest around ₹855 crore to develop and expand enterprise AI services. The transaction does not qualify as a related party transaction and no governmental or regulatory approvals were required for incorporating REIL.