Reliance Industries Limited (RIL) has announced the incorporation of a new joint venture company, Reliance Enterprise Intelligence Limited (REIL), in partnership with Facebook Overseas Inc., a wholly-owned subsidiary of Meta Platforms, Inc., to develop, market, and distribute enterprise artificial intelligence (AI) services in India.
Reliance Intelligence has invested ₹2 crore as the initial subscription for 2 million equity shares of ₹10 each. The new company, REIL, will operate as a wholly-owned subsidiary of Reliance Intelligence, which will later become the joint venture entity with Facebook under an amended joint venture agreement.
“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”). REIL will be engaged, inter alia, in developing, marketing and distributing enterprise AI services,” the exchange filing said.
Joint investment of ₹855 crore
Under the joint venture agreement, Reliance Intelligence will hold a 70 per cent stake, while Facebook will hold the remaining 30 per cent in REIL. Both companies have jointly committed an initial investment of approximately ₹855 crore for the project.
“The transaction does not fall within related party transactions and none of the company’s promoter/ promoter group/ group companies have any interest in the above transaction,” the exchange filing said.
The joint venture will focus on enterprise-level AI solutions, signalling Reliance’s growing interest in next-generation digital technologies.
No regulatory approvals needed
Reliance Industries clarified that the transaction does not qualify as a related party transaction, and none of its promoters or group companies have any financial interest in the venture.
The company also stated that no governmental or regulatory approvals were required for incorporating REIL.
