New Delhi: Reliance Industries Ltd is entering a big step into enterprise artificial intelligence when it announces a joint venture with Facebook’s Meta platform. The new company, Reliance Enterprise Intelligence Ltd (REIL), will be dedicated to the development, sale, and distribution of AI business services. Under this arrangement, the equity contribution will be 30 percent by Meta, which will be through its wholly-owned subsidiary Facebook Overseas, and 70 percent by Reliance Intelligence, which is a wholly-owned subsidiary of Reliance Industries.

The two firms have equally invested Rs 855 crore ($100 million) as a venture. The 20 lakh shares of 10 each, which will cost 2 crore to incorporate, are already subscribed to by Reliance Intelligence to include REIL. The establishment of the

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