Meta Platforms, Inc's Facebook Overseas will hold 30 per cent interest in the AI venture floated by billionaire Mukesh Ambani's Reliance Industries, according to a regulatory filing.

Reliance will hold 70 per cent in Reliance Enterprise Intelligence Ltd, the company said in the filing. Reliance Intelligence, a wholly-owned subsidiary of Reliance Industries Ltd, and Facebook will jointly invest an initial amount of Rs 855 crore in the venture.

"REIL, incorporated in India as a wholly-owned subsidiary of Reliance Intelligence, will become the joint venture company as per the amended and restated joint venture agreement with Facebook Overseas, Inc. (Facebook), a wholly-owned subsidiary of Meta Platforms, Inc," it said.

REIL will develop, market and distribute the enterprise's AI services.

See Full Page