NEW DELHI: Two of the world’s largest industrial conglomerates, Reliance Industries Limited (RIL) and US-based General Electric (GE), on Thursday announced a global partnership for a $25 billion business to develop digital solutions in the field of industrial internet of things.
Industrial internet of things (IIoT) deals with machine learning, big data analysis and other technologies to provide solutions to customers in oil and gas, fertilizer, power, healthcare, telecom and other industries.
RIL and GE will work together to build joint applications on GE’s Predix platform.
“India’s potential in driving the migration to digital is well appreciated. The partnership with Reliance Industries will shape the future of the Industrial Internet not just in India but globally,” GE Chairman and CEO Jeff Immelt said.
As part of the deal, GE will provide its Predix cloud offering, Industrial internet applications and data science expertise and RIL will develop solutions on Predix as an Independent Software Vendor. RIL will also offer nationwide connectivity infrastructure to customers through a 4G network of Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers.
“The presence of ubiquitous high bandwidth connectivity and cloud services enabled by Jio will be a key enabler for the rapid growth of IIoT within India. It’s time we brought smart manufacturing capability into India by providing value added IIOT solutions for the industry that will enable India’s economic growth,” RIL Chairman and Managing Director Mukesh Ambani said.
According to insights from research firm Gartner, there exists a market opportunity of over $25 billion by 2022 for IIoT solutions across the four key industries —namely, oil & gas, healthcare, transportation and power.