RIL, GE form global partnership for $25 bn industrial IoT biz

The benefits to customers include driving operational efficiencies, profitability and new revenue streams by making use of data and analytics. A 1 percent productivity gain for companies creates ~ USD 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 per cent. According to Gartner, there exists a market opportunity of over USD 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 Reliance Industries 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, Chairman and CEO of GE.

“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 within India. 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, Chairman and Managing Director, Reliance Industries Ltd.

Digital solutions have the potential to save billions of dollars each year. Use of data as the fuel and analytics as the growth engine promises to drive disruptive and positive changes across the industrial landscape.

Notes to the Editor:

Predix, the operating system for the Industrial Internet, is powering digital industrial businesses that drive the global economy. By connecting industrial equipment, analyzing data, and delivering real-time insights, Predix-based apps are unleashing new levels of performance of both GE and non-GE assets. For more, please visit www.ge.com/digital/predix

About Reliance Industries (RIL)

Reliance Industries Limited is India’s largest private sector company, with a consolidated turnover of INR 296,091 crore (USD 44.7 billion), cash profit of INR 40,737 crore (USD 6.1 billion) and net profit of INR 27,630 crore (USD 4.2 billion) for the year ended March 31, 2016.

RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’, currently ranking 215th in terms of revenues and 126th in terms of profits. RIL ranks 238th in the Financial Times’ FT Global 500 list (2015) of the world’s largest companies. RIL ranks 121st on the Forbes Global 2000 list (2016), continuing to be the top-ranked Indian company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

About GE

GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.comDisclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com

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