Reliance Industries Limited (RIL) has announced the incorporation of a step-down subsidiary named Reliance Enterprise Intelligence Limited (REIL), a 70:30 joint venture with Facebook Worldwide Inc., that would make an initial investment of ₹855 crore in India.

REIL is a subsidiary of Reliance Intelligence Limited, which is a wholly owned subsidiary of RIL.

RIL, in a filing with the exchanges, said, “Reliance Intelligence will invest an amount of ₹2 crore towards the initial subscription of 20,00,000 equity shares of ₹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 with Facebook Overseas, Inc., a wholly owned subsidiary of Meta Platforms, Inc.,” the company’s filing said. 

REIL will be engaged in developing, marketing and distributing enterprise AI services.

“In accordance with the JV Agreement, Reliance Intelligence will hold 70% and Facebook will hold the balance of 30% in REIL,” the company said in the filing.

“Reliance Intelligence and Facebook have jointly committed an initial investment of ₹855 crore,” it added. 

The transaction does not fall within related party transaction and none of the company’s promoter/promoter group/ group companies have any interest in the above transaction, it said. 

No governmental or regulatory approvals were required for the incorporation of REIL, the company added.