Reliance Industries

Reliance Industries Limited (RIL) is an

Indian conglomerate holding company
headquartered in Mumbai, Maharashtra,
India. Reliance owns businesses across
India engaged in energy, petrochemicals,
textiles, natural resources, retail, and
telecommunications. Reliance is one of
the most profitable companies in India,[4]
the largest publicly traded company in
India by market capitalization,[5] and the
second largest company in India as
measured by revenue after the
government-controlled Indian Oil
Corporation.[6] On 18 October 2007,
Reliance Industries became the first Indian
company to breach $100 billion market
capitalization.[7][8] The company is ranked
203rd on the Fortune Global 500 list of the
world's biggest corporations as of 2017.[9]
It is ranked 8th among the Top 250 Global
Energy Companies by Platts as of 2016.
Reliance continues to be India’s largest
exporter, accounting for 8% of India's total
merchandise exports with a value of Rs
147,755 crore and access to markets in
108 countries.[10] Reliance is responsible
for almost 5% of the government of India's
total revenues from customs and excise
duty. It is also the highest income tax
payer in the private sector in India.[10]
Reliance Industries Limited

Type Public

Traded as BSE: 500325
NSE: RELIANCE
LSE: RIGD
BSE SENSEX
Constituent
CNX Nifty Constituent
Industry Conglomerate

Predecessor Reliance Commercial

Corporation
Founded 1977

Founder Dhirubhai Ambani

Headquarters Mumbai, Maharashtra,

India
Area served Worldwide
Key people Mukesh Ambani
(Chairman and MD)

Products Petroleum
Natural gas
Petrochemicals
Textiles
Retail
Telecommunications
Media
Revenue ₹430,731 crore
(US$60 billion) (2018)[1]
Operating income ₹74,184 crore
(US$10 billion) (2018)[1]
Net income ₹36,075 crore
(US$5.0 billion)
(2018)[1]
Total assets ₹816,348 crore
(US$110 billion)
(2018)[1]
 (2018)[ ]

Owner Mukesh Ambani

(44.7%)[2]
Number of employees 187,729 (2017)[3]

Subsidiaries Jio
Reliance Retail
Network 18
Reliance Petroleum
Saavn
Website www.ril.com

History
1960–1980

The company was co-founded by

Dhirubhai Ambani and Champaklal Damani
in 1960s as Reliance Commercial
Corporation. In 1965, the partnership
ended and Dhirubhai continued the
polyester business of the firm.[11] In 1966,
Reliance Textiles Industries Pvt Ltd was
incorporated in Maharashtra. It
established a synthetic fabrics mill in the
same year at Naroda in Gujarat.[12] In 1975,
the company expanded its business into
textiles, with "Vimal" becoming its major
brand in later years. The company held its
Initial public offering (IPO) in 1977.[13] The
issue was over-subscribed by seven
times.[14] In 1979, a textiles company
Sidhpur Mills was amalgamated with the
company.[15] In 1980, the company
expanded its polyester yarn business by
setting up a Polyester Filament Yarn Plant
in Patalganga, Raigad, Maharashtra with
financial and technical collaboration with
E. I. du Pont de Nemours & Co., U.S.[12]

1981–2000

In 1985, the name of the company was

changed from Reliance Textiles Industries
Ltd. to Reliance Industries Ltd.[12] During
the years 1985 to 1992, the company
expanded its installed capacity for
producing polyester yarn by over 145,000
tonnes per annum.[12]
The Hazira petrochemical plant was
commissioned in 1991–92.[16]

In 1993, Reliance turned to the overseas

capital markets for funds through a global
depositary issue of Reliance Petroleum. In
1996, it became the first private sector
company in India to be rated by
international credit rating agencies. S&P
rated Reliance "BB+, stable outlook,
constrained by the sovereign ceiling".
Moody's rated "Baa3, Investment grade,
constrained by the sovereign ceiling".[17]

In 1995/96, the company entered the

telecom industry through a joint venture
with NYNEX, USA and promoted Reliance
Telecom Private Limited in India.[16]

In 1998/99, RIL introduced packaged LPG

in 15 kg cylinders under the brand name
Reliance Gas.[16]

The years 1998–2000 saw the

construction of the integrated
petrochemical complex at Jamnagar in
Gujarat,[16] the largest refinery in the world.

2001 onwards

In 2001, Reliance Industries Ltd. and

Reliance Petroleum Ltd. became India's
two largest companies in terms of all
major financial parameters.[18] In 2001–02,
Reliance Petroleum was merged with
Reliance Industries.[13]

In 2002, Reliance announced India's

biggest gas discovery (at the Krishna
Godavari basin) in nearly three decades
and one of the largest gas discoveries in
the world during 2002. The in-place
volume of natural gas was in excess of 7
trillion cubic feet, equivalent to about 1.2
billion barrels of crude oil. This was the
first ever discovery by an Indian private
sector company.[13][19]
In 2002–03, RIL purchased a majority
stake in Indian Petrochemicals
Corporation Ltd. (IPCL), India's second
largest petrochemicals company, from the
government of India.[20] IPCL was later
merged with RIL in 2008.[21][22]

In 2005 and 2006, the company

reorganized its business by demerging its
investments in power generation and
distribution, financial services and
telecommunication services into four
separate entities.[23]

In 2006, Reliance entered the organised

retail market in India[24] with the launch of
its retail store format under the brand
name of 'Reliance Fresh'.[25][26] By the end
of 2008, Reliance retail had close to 600
stores across 57 cities in India.[13]

In November 2009, Reliance Industries

issued 1:1 bonus shares to its
shareholders.

In 2010, Reliance entered the broadband

services market with acquisition of Infotel
Broadband Services Limited, which was
the only successful bidder for pan-India
fourth-generation (4G) spectrum auction
held by the government of India.[27][28]
In the same year, Reliance and BP
announced a partnership in the oil and gas
business. BP took a 30 per cent stake in
23 oil and gas production sharing
contracts that Reliance operates in India,
including the KG-D6 block for $7.2
billion.[29] Reliance also formed a 50:50
joint venture with BP for sourcing and
marketing of gas in India.[30]

In 2017, RIL set up a joint venture with

Russian Company Sibur for setting up a
Butyl rubber plant in Jamnagar, Gujarat, to
be operational by 2018. [31]

Shareholding
Chairman and MD: Mukesh Ambani

The number of shares of RIL are approx.

3.1 billion.[32] The promoter group, Ambani
family, holds approx. 46.32% of the total
shares whereas the remaining 53.68%
shares are held by public shareholders,
including FII and corporate bodies.[32] Life
Insurance Corporation of India is the
largest non-promoter investor in the
company, with 7.98% shareholding.[33]

In January 2012, the company announced

a buyback programme to buy a maximum
of 120 million shares for ₹104 billion
(US$1.4 billion). By the end of January
2013, the company had bought back 46.2
million shares for ₹33.66 billion
(US$470 million).[34]

Listing

The company's equity shares are listed on

the National Stock Exchange of India
Limited (NSE) and the BSE Limited. The
Global Depository Receipts (GDRs) issued
by the Company are listed on Luxembourg
Stock Exchange.[35][36] It has issued
approx. 56 million GDRs wherein each GDR
is equivalent to two equity shares of the
company. Approximately 3.46% of its total
shares are listed on Luxembourg Stock
Exchange.[32]

Its debt securities are listed at the

Wholesale Debt Market (WDM) Segment
of the National Stock Exchange of India
Limited (NSE).[37]

It has received domestic credit ratings of

AAA from CRISIL (S&P subsidiary) and
Fitch. Moody's and S&P have provided
investment grade ratings for international
debt of the company, as Baa2 positive
outlook (local currency issuer rating) and
BBB+ outlook respectively.[38][39][40] On the
28th of December, 2017, RIL announced
that it will be acquiring the wireless assets
of Anil Ambani-led Reliance
Communications for about ₹23,000
crores[41].

Operations
The company's petrochemical, refining, oil
and gas-related operations form the core
of its business; other divisions of the
company include cloth, retail business,
telecommunications and special
economic zone (SEZ) development. In
2012–13, it earned 76% of its revenue
from refining, 19% from petrochemicals,
2% from oil & gas and 3% from other
segments.[33]

In July 2012, RIL informed that it was

going to invest US$1 billion over the next
few years in its new aerospace division
which will design, develop, manufacture,
equipment and components, including
aircraft, engine, radars, avionics and
accessories for military and civilian
aircraft, helicopters, unmanned airborne
vehicles and aerostats.[42]

Major subsidiaries and

associates

On 31 March 2013, the company had 123

subsidiary companies and 10 associate
companies.[33]

Reliance Retail is the retail business

wing of the Reliance Industries. In
March 2013, it had 1466 stores in
India.[43] It is the largest retailer in
India.[44] Many brands like Reliance
Fresh, Reliance Footprint, Reliance Time
Out, Reliance Digital, Reliance Wellness,
Reliance Trends, Reliance Autozone,
Reliance Super, Reliance Mart, Reliance
iStore, Reliance Home Kitchens,
Reliance Market (Cash n Carry) and
Reliance Jewel come under the Reliance
Retail brand. Its annual revenue for the
financial year 2012–13 was ₹108 billion
(US$1.5 billion) with an EBITDA of
₹780 million (US$11 million).[33][45]
Reliance Life Sciences works around
medical, plant and industrial
biotechnology opportunities. It
specializes in manufacturing, branding,
and marketing Reliance Industries'
products in bio-pharmaceuticals,
pharmaceuticals, clinical research
services, regenerative medicine,
molecular medicine, novel therapeutics,
biofuels, plant biotechnology, and
industrial biotechnology sectors of the
medical business industry.[46][47]
Reliance Institute of Life Sciences
(RILS), established by Dhirubhai Ambani
Foundation, is an institution offering
higher education in various fields of life
sciences and related technologies.[48][49]
Reliance Logistics is a single-window
company selling transportation,
distribution, warehousing, logistics, and
supply chain-related products,
supported by in-house telematics and
telemetry solutions.[50][51][52] Reliance
Logistics is an asset based company
with its own fleet and infrastructure.[53]
It provides logistics services to Reliance
group companies and outsiders.[54]
Merged content from Reliance Logistics
to here. See Talk:Reliance
Industries/Archives/2013#Merge
proposals.
Reliance Clinical Research Services
(RCRS), a contract research organisation
(CRO) and wholly owned subsidiary of
Reliance Life Sciences, specialises in
the clinical research services industry.
Its clients are primarily pharmaceutical,
biotechnology and medical device
companies.[55]
Reliance Solar, the solar energy
subsidiary of Reliance, was established
to produce and retail solar energy
systems primarily to remote and rural
areas. It offers a range of products
based on solar energy: solar lanterns,
home lighting systems, street lighting
systems, water purification systems,
refrigeration systems and solar air
conditioners.[56] Merged content from
Reliance Solar to here. See Talk:Reliance
Industries/Archives/2013#Merge
proposals.
Relicord is a cord blood banking service
owned by Reliance Life Sciences. It was
established in 2002.[57] It has been
inspected and accredited by AABB,[58]
and also has been accorded a licence by
Food and Drug Administration (FDA),
Government of India.
Reliance Jio Infocomm Limited (RJIL)
previously known as Infotel Broadband,
is a broadband service provider which
gained 4G licences for operating across
India.[59][60]
Reliance Industrial Infrastructure
Limited (RIIL) is an associate company
of RIL. RIL holds 45.43% of total shares
of RIIL.[33] It was incorporated in
September 1988 as Chembur
Patalganga Pipelines Limited, with the
main objective being to build and
operate cross-country pipelines for
transporting petroleum products. The
company's name was subsequently
changed to CPPL Limited in September
1992, and thereafter to its present name,
Reliance Industrial Infrastructure
Limited, in March 1994.[61] RIIL is mainly
engaged in the business of setting up
and operating industrial infrastructure.
The company is also engaged in related
activities involving leasing and providing
services connected with computer
software and data processing.[62] The
company set up a 200-millimetre
diameter twin pipeline system that
connects the Bharat Petroleum refinery
at Mahul, Maharashtra, to Reliance's
petrochemical complex at Patalganga,
Maharashtra. The pipeline carries
petroleum products including naphtha
and kerosene. It has commissioned
facilities like the supervisory control and
data acquisition system and the
cathodic protection system, a jackwell
at River Tapi, and a raw water pipeline
system at Hazira. The infrastructure
company constructed a 71,000 kilo-litre
petrochemical product storage and
 distribution terminal at the Jawaharlal
Nehru Port Trust (JNPT) Area in
Maharashtra.
LYF, a 4G-enabled VoLTE device brand
from Reliance Retail.[63]
Network 18, a mass media company. It
has interests in television, digital
platforms, publication, mobile apps, and
films. It also operates two joint ventures,
namely Viacom 18 and History TV18
with Viacom and A+E Networks
respectively. It also have acquired ETV
Network and since renamed its
channels under the Colors TV brand.

Employees
As on 31 March 2013, the company had
23,519 employees of which 1,159 were
women and 83 were employees with
disabilities. It also had 29,462 temporary
employees on the same date.[33] As per its
Sustainability Report for 2011–12, the
attrition rate was 7.5%. But currently, the
same attrition rate has gone up to 23.4% in
2015 as per latest report released by the
organization.[64]

In its 39th Annual General Meeting, its

chairman informed the shareholders of the
investment plans of the company of about
₹1,500 billion (US$21 billion) in the next
three years. This would be accompanied
by increasing the staff strength in Retail
division from existing strength of 35,000 to
120,000 in next 3 years and increasing
employees in Telecom division from
existing 3,000 to 10,000 in 12 months.[65]

Awards and recognition

International Refiner of the year in 2017
at Global Refining and Petrochemicals
Congress 2017 [66]
International Refiner of the Year in 2013
at the HART Energy's 27th World
Refining & Fuel Conference.[1] This is the
second time that RIL has received this
Award for its Jamnagar Refinery, the
first being in 2005.[67]
According to survey conducted by Brand
Finance in 2013, Reliance is the second
most valuable brand in India.[68]
The Brand Trust Report ranked Reliance
Industries as the 7th most trusted brand
in India in 2013 and 9th in 2014.[69][70]
RIL was certified as 'Responsible Care
Company' by the American Chemistry
Council in March, 2012.[71]
RIL was ranked at 25th position across
the world, on the basis of sales, in the
ICIS Top 100 Chemicals Companies list
in 2012.[72]
RIL was awarded the National Golden
Peacock Award 2011 for its contribution
in the field of corporate sustainability.[73]
In 2009, Boston Consulting Group (BCG)
named Reliance Industries as the
world's fifth biggest 'sustainable value
creator' in a list of 25 top companies
globally in terms of investor returns over
a decade.[74]
The company was selected as one of
the world's 100 best managed
companies for the year 2000 by
IndustryWeek magazine.[12][75]
From 1994 to 1997, the company won
National Energy Conservation Award in
 the petrochemical sector.[12]

Controversies
De-merger of RIL in 2005–
2006

The Ambani family holds around 45% of

the shares in RIL.[76] Since its inception,
the company was managed by its founder
and chairman Dhirubhai Ambani. After
suffering a heart attack in 1986, he handed
over the daily operations of the company
to his sons Mukesh Ambani and Anil
Ambani. After the death of Dhirubhai
Ambani in 2002, the management of the
company was taken up by both the
brothers. In November 2004, Mukesh
Ambani, in an interview, admitted to having
differences with his brother Anil over
'ownership issues'.[77] He also said that the
differences "are in the private domain". The
share prices of RIL were impacted by
some margin when this news broke out. In
2005, after a bitter public feud between the
brothers over the control of the Reliance
empire, mother Kokilaben intervened to
broker a deal splitting the RIL group
business into the two parts.[78] In October
2005, the split of Reliance Group was
formalized. Mukesh Ambani got Reliance
Industries and IPCL. Younger brother Anil
Ambani received telecom, power,
entertainment and financial services
business of the group. The Anil Dhirubhai
Ambani Group includes Reliance
Communications, Reliance Infrastructure,
Reliance Capital, Reliance Natural
Resources and Reliance Power.[79][80]

The division of Reliance group business

between the two brothers also resulted in
de-merger of 4 businesses from RIL.[81][82]
These businesses immediately became
part of Anil Dhirubhai Ambani Group. The
existing shareholders in RIL, both the
promoter group and non-promoters,
received shares in the de-merged
companies.[23]
Relationship with ONGC

In May 2014, ONGC moved to Delhi High

Court accusing RIL of pilferage of 18
billion cubic metres of gas from its gas-
producing block in the Krishna Godavari
basin.[83] Subsequently, the two
companies agreed to form an independent
expert panel to probe any pilferage.[84]

Scams
Seminar magazine (2003) detailed
Reliance founder Dhirubhai Ambani's
proximity to politicians, his enmity with
Bombay Dyeing's Nusli Wadia, the exposes
by the Indian Express and Arun Shourie
about illegal imports by the company and
overseas share transactions by shell
companies, and the botched attempt to
acquire Larsen & Toubro.[85]

As early as 1996, Outlook magazine

addressed other controversies related to
fake and switched shares; insider trading;
and a nexus with the state-owned Unit
Trust of India. Five main allegations
concerning Reliance, and which have
plunged the Indian capital markets into a
period of uncertainty unsurpassed since
the days of the securities scam were:
 Reliance issued fake shares.
It switched shares sent for transfer by
buyers to make illegal profits.
It has indulged in insider trading in
shares.
It established a nexus with the Unit
Trust of India to raise huge sums of
money to the detriment of UTI
subscribers.
It attempted to monopolise the private
telecom services market through front
companies.[86]

Insider trading
Stock market fraud regulator Securities
and Exchange Board of India (Sebi) issued
a show-cause notice to Reliance Industries
Ltd. following a probe into alleged insider
trading in Reliance Petroleum Ltd (RPL)
shares in November 2007. SEBI probed
transactions by entities that participated in
and led to some three months of
speculative rally after which the RPL stock
surged to an all-time intraday high of
Rs295 on 1 November 2007. In a separate
and independent investigation related to
the same issue, the income-tax (I-T)
department looked at possible tax evasion
by a dozen entities that Mukesh Ambani-
owned RIL acknowledged to be its
“agents”.[87]

In Jan 2011, Sebi barred Anil Ambani and

four other officials of Reliance Group—until
recently known as the Reliance-Anil
Dhirubhai Ambani Group (R-Adag)—
companies from investing in listed shares
until December 2011. Two group firms,
Reliance Infrastructure Ltd (R-Infra) and
Reliance Natural Resources Ltd (RNRL)
were barred from making such investment
until December 2012. According to Sebi’s
investigations, R-Infra and RNRL were
prima facie responsible for
misrepresenting the nature of investments
in yield management certificates/deposits,
and the profits and losses in their annual
reports for the fiscal years 2007, 2008 and
2009. It also found misuse of FII
regulations. The then minister of state for
finance Namo Narain Meena, on 1
December 2009, in a written response to a
query raised in the Upper House of
Parliament, said that three firms of R-Adag
—R-Infra, RNRL and RCom—had violated
overseas debt norms. These end-use
violations were observed by the Reserve
Bank of India (RBI) regarding two ECB
transactions—of $360 million and $150
million—by R-Infra.[88]
In another case, Sebi settled a dispute with
Reliance Securities Ltd (RSL) with a
consent order on June 2011, under which
the brokerage will spend Rs1 crore within
six months on investor education and not
add any new clients for 45 days starting
15 June. In the settlement, it was also
added that the brokerage will also pay
Rs25 lakh towards settlement charges.
This order followed a Sebi investigation
into RSL’s books and accounts for fiscal
2007 and fiscal 2008, which said that it
had allegedly violated various clauses of
Sebi stock brokers and sub-brokers
regulations. The Sebi inquiry cited 20
irregularities, including the brokerage not
informing clients about various charges at
the time of opening accounts. RSL sought
power of attorney in the name of Reliance
Commodities Ltd from clients and used
this to debit clients’ bank accounts,
purchase and sell post office deposits and
government of India bonds among other
transactions. Brokerage, not fully equipped
to handle its customer base at the time,
used the name Reliance Money at all its
offices and on employee visiting cards,
instead of Reliance Securities, which was
the registered trading member, leading to
confusion. Brokerage was found to have
received funds from other client bank
accounts other than the ones available to
it, thus failing to have a sound third-party
check on the receipt of payments. RSL had
failed to update client details despite the
stock exchanges pointing this out in their
inspection reports. The Sebi inquiry also
said RSL collected higher securities
transaction tax from its clients in 2006-
2008, allotted more than one terminal in
the same segment for a single user, and
also collected cheques in the name of
Reliance Money. Brokerage also did not
maintain clear segregation between
broking and other activities of group
companies. Further, there were frequent
disruptions in the brokerage’s trading
platform, which showed connectivity
problems at the applicant’s end.[89]

2G spectrum

In the 2G spectrum case, Reliance

Telecom was charged with criminal
conspiracy to cause criminal breach of
trust by a public servant, criminal
conspiracy under section 120-B, cheating
under section 420 and forgery under
sections 468 and 471. Reliance Telecom
was booked under the Prevention of
Corruption Act, 1988.[90] Additionally,
individual charges were filed against three
of Reliance Group's corporate executives:
Gautam Doshi, Surendra Pipara and Hari
Nayar, which resulted in their arrests.[91]

NICL

The Central Bureau of Investigation (CBI)

filed a chargesheet in a Mumbai court
against Reliance Industries Limited (RIL)
and four retired employees of National
Insurance Company Limited (NICL),
including a former CMD, under provisions
of the Prevention of Corruption Act for
criminal conspiracy and other charges.
Acting on a reference from CVC in March,
2005, the CBI started probing the
conspiracy that led to the filing of the
chargesheet on December 9, 2011. The
2005 complaint had alleged irregularities
in issuance of insurance policies — for
coverage of default payments — by NICL
to RIL. Chargesheet also mentioned
criminal offences with dishonest intention
and causing wrongful loss totaling Rs
147.41 crore to NICL and wrongful gain to
the private telecom provider.[92]

Two retired senior officials of National

Insurance Company Limited and 11 others
were awarded varying jail terms by a Delhi
court in Jan 2014.[93]

RIL plane grounded

A business jet owned by Reliance
Industries (RIL) was grounded by The
Directorate General of Civil Aviation
(DGCA) on 22 March 2014 during a
surprise inspection, for carrying expired
safety equipment on board; its pilot was
also suspended for flying without a
licence.[94]

ONGC controversy

In May 2014, ONGC moved to Delhi High

Court accusing RIL of pilferage of 18
billion cubic metres from its gas-producing
block in the Krishna Godavari basin.[95]
Subsequently, the two companies agreed
to form an independent expert panel to
probe any pilferage.[96]

Krishna Godavari (KG) Basin

gas

The Reliance Industries Limited (RIL) was

supposed to relinquish 25% of the total
area outside the discoveries in 2004 and
2005, as per the Production Sharing
Contract (PSC). However, the entire block
was declared as a discovery area and RIL
was allowed to retain it. In 2011, the
Comptroller and Auditor General of India
(CAG) criticized the Oil Ministry for this
decision. The CAG also faulted RIL for
limiting the competition in contracts,
stating that RIL awarded a $1.1 billion
contract to Aker on a single-bid
basis.[97][98]

Petition against Reliance Jio

A PIL filed in the Supreme Court by an

NGO Centre for Public Interest Litigation,
through Prashant Bhushan, challenged the
grant of pan-India licence to RJIL by the
Government of India. The PIL alleged that
RJIL was allowed to provide voice
telephony along with its 4G data service,
by paying an additional fees of just
INR16580 million (US$280 million)
arbitrary and unreasonable, and
contributed to a loss of INR228420 million
(US$3.8 billion) to the exchequer.[99][100]

The CAG in its draft report alleged rigging

of the auction mechanism, whereby an
unknown ISP, Infotel Broadband Services
Pvt Ltd, acquired the spectrum by bidding
5000 times its net worth, after which the
company was sold to Reliance
Industries.[101]

See also
List of companies of India
Make in India
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