Reliance Industries Ltd. Announces Joint Venture with Meta Platforms Inc. to Develop Enterprise AI Services

Reliance Industries Ltd. has announced the approval of a joint venture agreement with Meta Platforms Inc. to form a new company, Reliance Intelligence Limited or such other name as may be approved by the Ministry of Corporate Affairs. The new company will have an initial paid-up capital of Rs. 1 crore (10,00,000 equity shares of Rs.10 each). The joint venture company (JVCo) will be engaged in developing, marketing and distributing Enterprise AI Services. Reliance Industries and Meta have jointly committed an initial investment of ~Rs. 855 crore (~US$ 100 million), with Reliance holding 70% and Meta holding 30% of the shares. The transaction is not a related party transaction and is subject to regulatory and other customary approvals, expected to close in the fourth quarter of CY 2025.