Meta (META) and Reliance Join Forces to Advance AI Development in India

Meta Platforms, Inc. (NASDAQ:META) is one of the top 10 mega-cap stocks to buy according to hedge funds. Meta Platforms, Inc. (NASDAQ:META) is doubling down on its ambitions in India through a new joint venture with Indian conglomerate Reliance Industries. The partnership, announced on August 29 during a Reliance shareholder meeting, is aimed at advancing AI across the country. Meta and Reliance will be investing $100 million, 70% from Reliance and 30% from Meta, for developing “sovereign, enterprise-ready AI” for India.

Meta CEO Mark Zuckerberg described the partnership as a major step toward making AI accessible to everyone and eventually building toward “superintelligence”. The joint venture will use Meta’s open-source AI models to power applications in sectors like retail, telecom, finance, and energy, where Reliance is dominant.

Back in 2020, Meta invested $5.7 billion in Jio Platforms, the digital arm of Reliance Industries. The deal gave the tech behemoth a 9.99% stake in Jio Platforms.

Meta has been making a big AI push throughout the year. The company has been spending billions to compete with the likes of Open AI and Google. Just last month, Zuckerberg split the company’s “Meta Superintelligence Labs” (MSL) into four specialized teams focusing on research, “superintelligence,” products, and infrastructure.

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