When Meta Meets Reliance! 5 Things To Know About RIL-Facebook Overseas’s JV Reliance Enterprise Intelligence

Reliance Intelligence Limited joined hands with Meta-owned Facebook Overseas to launch a joint venture, Reliance Enterprise Intelligence, as per Reliance Industries Limited's BSE filing released on Saturday, October 25. The Reliance Enterprise Intelligence Limited (REIL) is a JV between RIL's subsidiary and Meta's Facebook Overseas.

RIL shares closed 0.23% higher at Rs 1,451.45 per share on BSE with a market capitalisation of Rs 19,64,170.74 crore. The announcement of REIL formation was first made at the RIL Annual General Meeting (AGM) held in August this year.

"Reliance Intelligence will invest an amount of Rs. 2 crore towards the initial subscription of 20,00,000 equity shares of Rs.10 each. 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 ("JV Agreement") with Facebook Overseas, Inc. ("Facebook"), a wholly owned subsidiary of Meta Platforms, Inc. ("Meta")," read RIL BSE filing released on Saturday.

No governmental or regulatory approvals were required as the RIL transaction doesn't fall within the related party transaction and none of the company's promoter group have any interest in the transaction. Here are all the details about Reliance Enterprise Intelligence Limited.

Reliance Enterprise Intelligence Limited | 5 Things To Know About Meta-RIL Venture

-Reliance Enterprise Intelligence Limited will be jointly owned by Facebook Overseas and Reliance Intelligence, an RIL subsidiary. Reliance Intelligence will hold around 70% and Facebook will hold the remaining 30% stake in REIL. Both firms will make an initial investment of Rs 855 crore.

-The newly formed JV will be engaged in developing, marketing and distributing enterprise Ai services. The primary aim of the JV agreement is to build and scale enterprise artificial intelligence (AI) solutions for enterprises in India.

-As per RIL AGM held in August, the joint venture would build and scale enterprise artificial intelligence (AI) solutions for enterprises in India and select international markets.

-Reliance Intelligence is a fully-owned RIL subsidiary which will function to boost the AI-transformation in the country. It will build gigawatt-scale AI-ready data centres, which would be powered by green energy. It will build and deliver easy-to-use services and solutions for customers, small businesses and enterprises.

-It will be a secure, full-stack environment for organisations to customise, deploy and govern generative-AI models for specific use cases across sales and marketing, information technology development and operations, customer service, finance, and a wide range of other enterprise workflows.