MUMBAI, INDIA: Reliance Industries Limited (RIL) and General Electric (GE) has signed a global partnership agreement in the Industrial Internet of Things (IIOT) space whereby RIL and GE will work together to build out joint applications on GE’s Predix platform.
The first-of-its-kind partnership marks the coming together of two of the world’s largest industrial companies to provide Industrial IOT solutions to customers in oil & gas, fertiliser, power, healthcare, telecom and other industries.
The agreement was signed in the presence of Jeff Immelt, chairman and CEO, GE and Mukesh Ambani, chairman and managing director, RIL.
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 (ISV), bringing to bear its over 30 years of data, process and operational expertise. RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.
The benefits to customers include driving operational efficiencies, profitability and new revenue streams by making use of data and analytics. A one percent productivity gain for companies creates ~ $250 billion value over 15 years, across these key energy and infrastructure industries.
The digital market is growing at a fast pace with IIOT contributing the highest degree of growth at over 10 percent. According to Gartner, there exists a market opportunity of over $25 billion by 2022 for IIoT solutions across the four key industries of oil & gas, power, healthcare and transportation.
“India’s potential in driving the migration to digital is well appreciated. The partnership with RIL will shape the future of the Industrial Internet not just in India but globally. The possibilities that it opens to develop solutions on our Predix platform for the industrial sector are endless,” said Jeff Immelt.
“India needs to rapidly move to the next level of smart manufacturing which leverages big data, algorithms, and sensor technology. Indians have been in the forefront of creating smart and innovative solutions in a number of fields. 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,” said Mukesh Ambani.
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