Jeff Immelt, CEO, GE and Mukesh Ambani, CMD, Reliance Industries
Reliance Industries Ltd (RIL) and GE, two of the world’s biggest manufacturing companies will collaborate to combine their expertise and develop Internet of Things (IoT) solutions for industrial businesses across the world.
Oil-to-yarn and retail conglomerate, RIL and US-based multinational GE will jointly develop applications for industrial customers in sectors including oil & gas, fertilizer, power, healthcare, and telecom.
“GE will provide its Predix cloud offering, Industrial Internet applications and data science expertise. RIL will develop solutions on Predix as an Independent Software Vendor, bringing to bear its over 30 years of data, process, and operational expertise,” the two companies said in a joint statement issued on Thursday. “RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio.”
The applications to be jointly developed by the RIL, controlled by billionaire Mukesh Ambani and US-based GE, which has interests ranging from oil & gas and power to healthcare and financial services, will yield benefits for customers including operational efficiencies, profitability and new revenue streams by using data and analytics.
“A one percent productivity gain for companies creates around $250 million value over 15 years, across these key energy and infrastructure industries,” the statement said.
“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,” Jeff Immelt, chairman and CEO of GE said in the statement.
RIL chairman Mukesh Ambani said: “India needs to rapidly move to the next level of smart manufacturing which leverages big data, algorithms, and sensor technology. The presence of ubiquitous high bandwidth connectivity and cloud services enabled by Jio will be a key enabler for the rapid growth of IIOT (Industrial IoT) within India.”
(Reliance Industries owns Network 18, publisher of Forbes India