Reliance Industries Limited (RIL) and US-based GE on Thursday signed a global partnership agreement in the industrial Internet of Things (IoT) space to work together to build applications for GE’s Predix platform.
Predix is a cloud-based platform that helps firms develop apps and connect people with industrial businesses. Industrial IoT essentially uses the connected-devices technologies in manufacturing.
The partnership between RIL and GE will provide industrial IoT solutions to customers in industries such as oil and gas, fertilizers, 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 (ISV), bringing to bear its over 30 years of data, process and operational expertise,” RIL said in a press statement, adding that while it will offer nationwide 4G connectivity infrastructure to customers through its telecom venture Reliance Jio Infocomm, GE will offer the security and monitoring aspects of the platform to RIL and its customers.
“The potential for other revenue streams includes telecom, healthcare and agriculture,” RIL 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 industrial IoT within India,” said Mukesh Ambani, chairman and managing director, RIL.
The benefits include driving operational efficiencies, profitability and new revenue streams by making use of data and analytics. “A 1% productivity gain for companies creates $250 billion value over 15 years, across these key energy and infrastructure industries,” said the statement.
“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 chief executive of GE.