Mumbai, Oct 25 (UNI) Reliance Industries Limited (RIL) officially announced through a regulatory filing to the stock exchange that it has incorporated a step-down subsidiary called Reliance Enterprise Intelligence Limited (REIL) to invest in enterprise-level artificial intelligence (AI) solutions.

REIL will be a 70:30 joint venture with Facebook Worldwide Inc, which will make an initial investment of Rs 855 crore in India. REIL will function as a subsidiary of Reliance Intelligence Limited, which is a wholly owned subsidiary of RIL.

“In accordance with the joint venture agreement, Reliance Intelligence will hold 70 percent and Facebook will hold the balance of 30 percent in REIL,” according to the filing.

“Reliance Intelligence and Facebook have jointly committed an initial investment

See Full Page