Reliance Industries Limited (RIL) has announced incorporating 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, the company said in a regulatory filing to the stock exchanges.

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

“Reliance Intelligence and Facebook have jointly committed an initial investment of Rs 855 crore. Reliance

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