Reliance Industries Limited (RIL) has announced the formation of a new joint venture with a subsidiary of Meta Platforms, Inc. In a regulatory filing on October 25, RIL said that its wholly owned subsidiary, Reliance Intelligence Limited, has incorporated a new company, "Reliance Enterprise Intelligence Limited (REIL)”. This new entity will serve as the joint venture company with Facebook Overseas, Inc and will be engaged in developing, marketing, and distributing enterprise AI services. Advertisement

As per the joint venture agreement, the ownership of REIL is clearly defined. Reliance Intelligence will hold the majority 70 per cent stake, while Facebook Overseas, Inc., a wholly-owned subsidiary of Meta, will hold the balance 30 per cent.

The partners have jointly committed a significa

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