1. 1 Reliance Industries Limited Financial Presentation 2000-01 April 30, 2001

2. 2 Background Operating Environment Financial Performance Business Review Reliance Petroleum Reliance Infocom Shareholder Value Creation Summary Contents Reliance Industries Ltd.

3. 3 Background

4. 4 Rs. crores$ bnRank Sales59,00012.61 Exports9,4002.01 Cash Flow6,2001.31 Net Profit4,1000.91 Assets46,4009.91 Market Cap63,00013.51 Reliance is the largest, fastest growing, and the most valuable business group, in India - just 23 years young Reliance Industries Ltd. India’s No. 1 Group All figures are for RIL & RPL

5. 5 Reliance and the Indian Economy Reliance group’s leadership position in the Indian economy, is reflected in its all-round contribution: - 3% of India’s GDP - 5% of India’s total exports - 9% of government’s indirect tax revenues - 2.3% of the gross capital formation in the country, in the last 5 years Reliance makes significant contributions to the Indian economy on various parameters Reliance Industries Ltd.

6. 6 Leadership in the Corporate Sector Reliance group’s pre-eminent role in the Indian corporate sector: - 30%of the total profits of the private sector - 10% of the profits of the entire corporate sector - over 12% of total market capitalisation - weightage of 24% in the Sensex - weightage of 21% in the Nifty - 1 out of every 4 investors in India is a Reliance shareholder Reliance Industries Ltd. RIL and RPL are now the top 2 companies in India on all major financial parameters

7. 7 * Date of first IPO; all figures are for RIL & RPL Consistent Track-Record of Profitable Growth Compounded Annual Rate of Growth (%) Since 1977*10 Year5 Year Sales334050 Net Profit414226 Cash Profit403632 Assets363530 Market Cap444345 EPS221723 Record high levels of compounded double digit growth rates on all major parameters, across all timeframes Reliance Industries Ltd.

8. 8 Corporate Philosophy World scale, and world class State-of-the-art technologies Global competitiveness Leadership in chosen areas of business Superior Project Execution Financial Conservatism Highest standards for Health, Safety and Environment Consistent overall shareholder value enhancement Reliance benchmarks itself with global best practices in all aspects of its operations Reliance Industries Ltd.

9. 9 Financial Objectives Reliance Industries Ltd. Emphasis on capital productivity, and returns, to generate attractive spreads over cost of capital Targets of minimum 20% ROE, and 20% 5 year EPS CARG, across business cycles Conservative gearing - maintain top end credit ratings New investments based on achievement of hurdle rates of 20% ROCE, and low gestation period to further enhance ROE Strong and conservative financial discipline in place

10. 10 2000-01 Operating Environment

11. 11 Operating Environment: 2000-01 Reliance Industries Ltd. No improvement in the global petrochemicals industry cycle: -High crude and naphtha prices -Supply imbalances for most finished products globally - Weakness in product selling prices -Relative weakness in regional currencies Destocking of inventory, impacting normal demand growth Devastating earthquake in the state of Gujarat, leading to paralysis of overall business activities for 2-3 weeks Reliance faced a multitude of challenges during the year

12. 12 Product and Raw Material Trends Y o Y Reliance Industries Ltd. % change in prices FY 2000-01 over FY 1999-00 Domestic Selling Prices of Products (US$/kg) PE+ 7% PP+ 7% PVC + 6% POY - 3% PSF 0% PTA + 14% MEG+ 3% PX + 5% …. combined with only a marginal pick-up in product prices, led to pressures on operating margins Raw Material Costs Crude oil ($/bbl) + 21% Naphtha Prices ($/MT) + 9% Naphtha Prices (Rs.kg) + 14% The substantial increase in naphtha cost in rupee terms (including the impact of rupee depreciation)……...

13. 13 Financial Performance

14. 14 FY 2000-01 FY 1999-2000 % Change Rs.crs.$ mn.Rs.crs.$ mn. Gross Sales28,0086,00820,3014,65438% Gross Sales (excl. 25,7315,51919,9684,57829% RPL exports) Net Sales20,4454,38513,3963,07153% EBITDA5,5621,1934,7461,08817% Interest1,2162611,00823121% Depreciation1,5653361,27829322% Tax135295713137% Net Profit2,6465672,40355110% Cash Profit4,3469323,73885716% Income Statement for FY 2000-01 Reliance Industries Ltd. Robust financial performance for 11 years in a row through cycles

15. 15 Indian GAAP US GAAP Rs.crs.$ mn.Rs.crs.$ mn. Net Profit2,6465672,036436 Difference610131 US GAAP Reconciliation Reliance Industries Ltd. The differences between US and Indian GAAP are largely on account of foreign exchange variation, arising from the 7% depreciation of the rupee, impact of deferred taxation and change in the method of depreciation

16. 16 Composition of 29 % Sales Revenue Growth Impact of volume growth16% Impact of price increases 13% Elements of Sales Growth Reliance Industries Ltd. Production volume up 16 % to 10.4 million tonnes Volume growth contributed significantly to revenue growth as a result of full year operations of the Jamnagar complex

17. 17 Profitability Ratios Reliance’s unconsolidated ROE ranks amongst the top 1% percentile of global petrochemicals companies Reliance Industries Ltd. FY 2000-01FY 1999-2000 OPM * %20%20% NPM %10%12% RONW %19.6%20% EPS Rs. ($)25.1(0.54)22.4 (0.51) Cash EPS - Rs. ($)40.0(0.79)34.6 (0.80) * Excluding RPL Exports

18. 18 Proforma Consolidation of RIL and RPL Reliance Industries Ltd. Consolidated profits of Rs. 3,588 crores (US $ 770 mn) Compounded profit growth of 22% per annum, over last 5 years Consolidated ROE of 27% : spread of 10% over cost of equity Consolidated EPS of Rs 34 (US $ 0.73) : 5 year CARG of 20 % PE of 10 times on consolidated EPS: 71% of market PE RIL’s true value is reflected upon consolidation of RPL’s financials, in accordance with international practice

19. 19 Liquidity Ratios Conservative liquidity ratios, reflecting RIL’s consistently increasing financial strength Reliance Industries Ltd. FY 2000-01FY 1999-2000 Debt : Equity 0.720.88 Gearing41%39% Interest Cover3.32.7 Total Debt / Cash Flow1.82.4

20. 20 Conservative Financial Management AAA credit rating from CRISIL and FITCH for domestic debt International debt rated BB (Stable outlook) from S&P and Ba2 from Moody’s - constrained by sovereign ceiling Remitted nearly US$ 850 mn (Rs. 3,800 crs.) during the year - no offshore balances as on 31.3.2001 US$ denominated exports, and oil and gas, revenues provide 7 times cover for RIL’s annual forex debt service obligation Reliance Industries Ltd. RIL has consistently adopted a conservative financial management framework, while retaining adequate financial flexibility

21. 21 Debt Management and Interest Cost Savings Repaid nearly Rs. 2,100 crs. (US$ 450 mn) of high cost domestic debt during the year Repurchased and refinanced US$ 157 mn of offshore bonds during the year - 19% of issued amount bought back so far Continuous programme of refinancing of long term loans, at lower costs, without impacting average maturity of 11 years Commercial paper programme with the highest P1+ rating Enhanced export financing, to reduce short term interest costs Reliance Industries Ltd. Reliance has taken advantage of the soft interest rate environment during the year, to achieve interest cost savings

22. 22 Reliance is the Largest Exporter from India Reliance Industries Ltd. Group exports of US$ 2 bn (Rs. 9,370 crores), ranking Reliance as India’s largest exporter Individually too, RIL and RPL are India’s top 2 exporters RIL’s manufactured exports doubled to US$ 635 mn (Rs. 2,960 crores) RIL exports products to over 103 countries, including to the most quality conscious customers in the US and Europe Exports still represent only 11.5% of RIL’s sales High exports reflect superior product quality, diversification of markets, and optimal utilisation of installed capacity

23. 23 Business Review

24. 24 Business Mix Break-down of RIL’s sales Reliance Industries Ltd. RIL’s major interests in petrochemicals are in polyester and polymers

25. 25 Reliance’s Oil & Gas Strategy Reliance Industries Ltd. Oil imports the single largest import item for India Crude oil also Reliance’s major feedstock Reliance’s investments in E&P will : - contribute to higher energy security for the country; and - enhance integration levels for Reliance Reliance adopting a low risk strategy in acquiring E&P assets RIL’s E&P interests have a strategic fit in the overall business portfolio, and are expected to generate attractive financial returns

26. 26 Oil & Gas - Future Plans Reliance Industries Ltd. RIL is the largest private sector E&P operator in India, with total acreage of 125,000 square kilometers 14 exploration blocks awarded over the last 2 years Recently acquired an interest of upto 50% in 5 additional exploration blocks from Tullow of UK Bid for 15 new blocks, along with Hardy Oil (UK), in second round of New Exploration Licensing Policy (NELP) RIL has quickly achieved leadership status in the private sector E&P business in India

27. 27 Attractive Incentives - NELP No customs duty on items imported for the project - resulting in lower costs Complete marketing rights - enabling Reliance to optimise realisations from the domestic and/or international markets US$ denominated prices for oil and gas - providing additional upside through expected depreciation of the rupee 100% tax write-offs on expenditure/depreciation - providing a tax shield on income from existing operations - and 7 year tax holiday Reliance Industries Ltd. Significant fiscal and other incentives enhance RIL’s overall returns from the E&P business

28. 28 Exploration Work and Capex Plans Reliance Industries Ltd. Seismic surveys in progress for 2-D and 3-D data Seismic work likely to be completed next year Largest E&P team in the Indian private sector - over 100 people Estimated initial capex of Rs. 1,500 crores ( US $ 300 million) over the next 3 years Reliance will acquire more than 9,000 line kms. of 2-D, and 3,500 sq. kms. of 3-D seismic data before the 2001 monsoon in June/July

29. 29 Reliance’s Production 2000-01 1999-2000% Change Oil (in kT)41834222% Gas (in kTOE)6876762% Oil and Gas - Existing Production Reliance Industries Ltd. Production from the existing Panna-Mukta and Tapti (PMT) oil and gas fields on the increase - now contributes 3% to RIL’s revenues Skill sets developed in the PMT project provide the base for enlarging E&P exposure

30. 30 Reliance’s Oil & Gas Properties Reliance Industries Ltd. Balanced portfolio of 21 onshore and offshore, deep and shallow water, exploration and production blocks in India T2 T3 T4 T5 GK-1 SR-2 1 4 5 8 T1 D4 D6 20 18 19 D10 25 2 Mukta Panna Tapti SHALLOW WATER BLOCKS BLOCK 1: Kutch Offshore BLOCK 2 : Saurashtra BLOCK 4 : Mumbai Offshore BLOCK 5: Mumbai Offshore BLOCK 8 : Kerala-Konkan BLOCK 18 : Krishna Godavari BLOCK 19: Krishna Godavari BLOCK 20 : Krishna Godavari BLOCK 25 : North East Coast DEEP WATER BLOCKS BLOCK D4 : Krishna Godavari BLOCK D6 : Krishna Godavari BLOCK D10 : Mahanadi NON-NELP BLOCKS GK-1 : Kutch Offshore SR-2 : Saurashtra TULLOW BLOCKS T1: Krishna Godavari T2: Kutch Offshore T3: Kutch Offshore T4: Kutch Offshore T5: Cambay

31. 31 Polyester - Background Leading global rankings, and lowest cost positions: - 2nd largest producer of PSF/POY - 3rd largest producer of PX - 4th largest producer of PTA Strong demand potential in domestic markets - per capita consumption amongst the lowest in the world High tariff protection removed - import duties already at resting point of 20%, as per the WTO bound rates Anti dumping duties imposed on POY exports from leading regional producers, to counter unfair competition Reliance Industries Ltd. Reliance enjoys over 51% market share in polyester in India

32. 32 Polyester - Growth Strategy Present capacity of around 900,000 tonnes per year to be increased 33% to 1.2 million tonnes per year, in the next 2 years Control acquired over nearly 260,000 tonnes per year of polyester capacity over the last 3 years in multiple transactions, at low costs Significant benefits from acquisitions: - enhanced market leadership - higher integration - improved competitive structure for industry Capacity expansion through attractive acquisition deals, and building cost competitive facilities at existing sites Reliance Industries Ltd.

33. 33 Polyester - Existing Production Industry Reliance (Production inFY’01FY’00% FY’01 FY’00 % ‘000 tonnes)changechange Polyester142114011%72465810% (PFY, PSF, PET) Fibre Intermed.3552249942%2832218829% (PTA, MEG, PX) Reliance Industries Ltd. Polyester demand growth flat - general economic slowdown, destocking of inventory, disruption from earthquake, traders’ strike Longer term double digit demand growth rates to be maintained

34. 34 Polymers - Background Reliance amongst the top 10 players globally in polymers India the world’s fastest growing polymers market Likely to be the world’s third largest market within this decade RIL’s major polymer, PP, accounting for 60% of production, witnessed demand growth of over 15% this year Import tariffs already down to 35% - gradual further reduction by 5% per year over the next 3 years Reliance Industries Ltd. Reliance enjoys an over 52% share in the polymers market in india

35. 35 Polymers - Existing Production Industry Reliance (Production inFY’01FY’00% FY’01 FY’00 % ‘000 tonnes)changechange Plastics2990232529%1540130418% (PE, PP, PVC) Reliance Industries Ltd. Double-digit polymers demand growth at 11% during 2000-01 Higher relative industry production growth reflects the impact of capacities of new players being operational for full year

36. 36 POY24% 10% 3,500-11,000 6%-19% PSF63% 41% 500-12,000 1%-22% PE24% 13% 600-6,400 2%-15% PP20% 17% 300-3,200 1%-9% Emphasis on Higher Margin Speciality Grades Speciality as % Premium over of Total Volume Commodity 2000-01 1999-2000 (Rs./MT) (%) Reliance Industries Ltd. Emphasis on speciality grades provides for higher margins, product differentiation, and relative insulation from commodity cycles

37. 37 Textiles - Restructuring RIL comprehensively restructuring its textiles operations - the company’s founding business Focus on high value added, branded VIMAL mens’ wear Reduction of over 4,600 people from total workforce Estimated VRS outlay of Rs. 90 crs. (US$ 20 mn) - the largest in the Indian private sector in this industry - amortisation over 5 years Benefits of enhanced brand leadership, higher market share, and improved overall competitiveness The textiles business contributes less than 1% of revenues, with nearly 40-45% of the total workforce Reliance Industries Ltd.

38. 38 Reliance Petroleum

39. 39 Reliance Petroleum - Background World’s largest grassroot refinery with capacity of 27 million tpa, and over 25% of India’s refining capacity - scale advantage Superior configuration - highest complexity and margins Flexibility in using all types of crude, and optimising the product mix, on a dynamic basis - ability to enhance margins Project cost of Rs. 14,250 crores (US$ 3.4 bn) representing 30%+ capital cost advantage compared to global peers - increased global competitiveness Dedicated access to world class logistics - ability to efficiently service domestic and international markets RPL is amongst the most competitive R&M companies globally Reliance Industries Ltd.

40. 40 RPL - Operating Highlights for 2000-01 Flawless initial startup, and rapid stabilisation of operations Phased shutdown following the earthquake in the state of Gujarat, and orderly restoration of operations, with emphasis on safety Record 95% capacity utilisation achieved in the first year of operations - unique in the global context Average capacity utilisation of 95% achieved in Q4, despite the devastating earthquake in the state of Gujarat, with epicentre located 96 kms away from RPL’s refinery Extensive processing of sour crudes to take advantage of the increase in the sweet-sour crude spreads during the year Reliance Industries Ltd. RPL has set several records in its very first year of operations

41. 41 FY 2000-01 Jan-Mar 2001 Rs.crs.$ mn. Gross Sales 30,963 6,642 7,506 1,610 EBITDA 3,274702911195 Interest 1,03222130565 Depreciation 66114219241 Tax 117 25 11725 Net Profit 1,464 31429764 Cash Profit 2,125 456489105 RPL - Income Statement for FY 2000-01 Reliance Industries Ltd. RPL has become India’s largest company, in terms of sales, and is second only to RIL, in terms of profits, in its very first year

42. 42 FY 2000-01 Jan-Mar 2001 OPM % 9.86%11.26% NPM % 4.73% 3.96% ROE % 21.15% 14.4% ROCE % 15.3% 13.1% EPS (Rs.) 3.08 0.63 CEPS (Rs.) 4.47 1.03 RPL - Profitability Ratios RPL’s ROE ranks amongst the highest in R&M companies globally Reliance Industries Ltd.

43. 43 RPL - Liquidity Ratios RPL’s rating has been upgraded by CRISIL from BBB+, the lowest investment grade rating, to AA, and FITCH has awarded AA+ rating Reliance Industries Ltd. FY 2000-01 Debt : Equity 0.83 Gearing 43.9% Interest Cover 2.98 Long Term Debt / Cash Flow 2.95

44. 44 RPL - India’s Largest Exporter RPL has emerged as India’s largest exporter with exports of US$ 1.4 bn (Rs.6,410 crs) Products exported to 19 countries, including the most discerning and quality conscious markets of the US and Europe Substantial export revenues reflect world class quality of products and global competitiveness Ability to deliver products meeting US California specs, and even Euro III norms Reliance Industries Ltd. RPL’s ability to deliver international quality products provides a significant competitive edge in a decontrolled environment

45. 45 RPL - Future Growth Strategies RPL to participate in marketing of all petroleum products - RPL is eligible, and has applied for, direct marketing rights Marketing rights likely to be granted during the course of the year Access to world class, product handling/evacuation infrastructure Flexibility to move products by pipelines, sea, rail and road - capability to handle far larger volumes than current requirement Expression of Interest filed in disinvestment process for IBP, a Government owned marketing company, in the petroleum sector Reliance Industries Ltd. Entry into retail marketing will complement refining operations, and contribute to enhancement of overall shareholder value

46. Reliance Telecom

47. 47 Review of Cellular Operations Rapid growth in coverage and subscriber base, currently nearly 2,00,000 cellular subscribers in more than 95 cities Reliance’s subscriber base has grown 170% during 2000-01, compared with industry growth rate of 90% Average revenue per user (ARPU) of over Rs. 1,000 per month - in line with trend in metros 90% of subscribers on prepaid schemes - payment security and lower account administration costs Cellular operations have already become cash positive Reliance has demonstrated its ability to create a strong franchise in a completely new service industry Reliance Industries Ltd.

48. Reliance Infocom

49. 49 India’s Highest Growth Sector for the Future Reliance Industries Ltd. Indian teledensity of 3% amongst the lowest in the world - only 30 million phones in a population of over a billion people Government’s stated objective to achieve over 150 million phones by the year 2010 - target likely to be easily surpassed Existing voice market of only Rs. 35,000 crores (US$ 8 bn) a reflection of poor quality services, and high costs to consumers Indian infocom revenues to grow to nearly Rs. 1,00,000 crores (US$ 20 bn) over the next 5 years The Indian infocom market presents a unique opportunity, with significant potential for sustained growth over the medium term

50. 50 The New Regime - Unlimited Competition Reliance Industries Ltd. Unlimited competition is now a reality in: - Basic fixed line services - National long distance 4th GSM cellular license announced - bid to commence in June International Long Distance (ILD) market opening next year - gateways already approved Data services market open to all players Realistic policy regime of reasonable entry fees/revenue sharing An open door regulatory policy in the best interests of consumers

51. 51 Government Reaffirms WiLL Reliance Industries Ltd. Government has recently reaffirmed “WiLL” (Wireless in Local Loop) for basic services operators Basic services operators will continue to receive 60% share in long distance revenues from fixed line subscribers Reduction in revenue share to 5% recommended only for subscribers connected through WiLL Proportionate coverage of urban, semi-urban and rural areas Services at low rates of upto 40 paisa (less than one cent) per minute, to provide value proposition to customers WiLL to enable faster rollout of services, and lower costs

52. 52 Reliance’s Comprehensive Business Model Reliance Industries Ltd. Reliance has already announced plans for addressing the entire telecom market in India: - national footprint - voice (fixed line, mobile, national long distance, international long distance, gateways) - data services - value added services World class broadband, IP backbone, connecting India’s top 115 cities with 60,000 route kms - terabit capacity Backbone for own services, as well as carrier’s carrier The integrated business model provides a sustainable competitive advantage, enhances Reliance’s returns and minimises risks

53. 53 Fixed line connectivity to high end corporate/ business customers, accounting for over 80% of telecom revenues Last mile optic fibre connectivity for heavy user segments Unique value proposition to customers, in terms of provision of end-to-end connectivity, and full range of services WiLL route to access broader markets, to achieve higher penetration, and provide services at affordable costs Reliance Industries Ltd. Reliance’s Strategy for Customer Access Reliance’s approach to customer access is driven by economics

54. 54 Letters of Intent received for basic services in 18 circles - national coverage, excluding only North East states 1st company to apply for National Long Distance license Already holds cellular licences covering 13 states, 1/3rd of India’s geographical area, and 380 mn population Expression of Interest filed in disinvestment process for VSNL, India’s Government owned international long distance carrier Broadband backbone construction proceeding at rapid pace - workforce scaled up to over 60,000 persons Reliance Industries Ltd. Reliance’s Plans on Track Reliance to start rolling out services in the current financial year

55. 55 Planned investment of Rs. 25,000 crores (US$ 5 billion) envisaged over the next 3-5 years Slowdown in global telecom industry leading to lower equipment and fibre costs Project proposed to be financed with 2:1 debt equity - total equity requirement for the project Rs. 8,000 crores (US$ 1.7 billion) RIL is the lead investor with 45% equity stake: 10% ESOP, and balance equity by other Reliance group companies and promoters Listing at an appropriate time to unlock value Reliance Industries Ltd. Planned Infocom Investments Investments to be linked to achievement of business targets

56. Shareholder Value Creation

57. 57 India’s Top 5 Wealth Creators in 2000-01 Reliance Industries Ltd. RIL is the No. 1 wealth creator in the year 2000-01 - wealth creation exceeds the next company by a factor of 4 times

58. 58 RIL’s Superior Share Price Performance Reliance Industries Ltd. RIL shares have generated compounded returns of 23% per year, over the last 5 years, and 18% per year over the last 10 years % change Period RILSensexNifty YTD3%-14%-13% FY 2000-0124%-28%-25% Year 200045%-21%-15% 1 year1%-27%-22% 2 year190%5%18% 3 year76%-16%-5% 5 year180%-9%-2% 10 year 415%166%-

59. 59 Price Performance of Leading Index Movers Reliance Industries Ltd. % change Period RIL HLLITC Calendar YTD3%2%-7% FY 2000-0124%-10%11% Year 200045%-8%35% 1 year1%-15%48% 2 year190%0%-6% 3 year76%31%9% 5 year180%166%213% The RIL stock is the best performing index heavyweight over virtually all time frames

60. 60 RPL’s Superior Share Price Performance Reliance Industries Ltd. % change Period RPLSensexNifty YTD-12%-14%-13% FY 2000-01-20%-28%-25% Year 2000-14%-21%-15% 1 year-11%-27%-22% 2 year180%5%18% 3 year110%-16%-5% 5 year248%-9%-2% RPL shares have generated compounded returns of 28% per year, over the last 5 years

61. 61 Unlocking Value from RPL stake RIL controls a 64% stake in RPL, acquired at an average cost of less than Rs. 20 per share RIL will be divesting upto 13% of RPL’s equity in international markets, in appropriate tranches - approved by RIL/RPL Boards At current prices, the 13% stake is valued at Rs. 3,500 crores (US$ 750 million) - potential gains of Rs. 2,100 crores (US$ 450 mn) Investment in RPL shares reflected at cost in RIL’s Balance Sheet - mark-to-market gains of over Rs. 10,000 crores (US$ 2.2 billion) RIL shareholders will benefit from the substantial cash flows and capital gains received by RIL from the partial RPL divestment Reliance Industries Ltd.

62. 62 RIL’s share buyback has achieved its objectives of reduction in volatility, lowering of beta, and elimination of speculative pressures The RIL share price has dipped below the maximum specified buyback price of Rs. 303 on only 11 days in more than a full year Reliance’s share buyback programme has been successful in creating a floor price, without deployment of any funds as yet The share buyback is not a mechanism to support any particular price level, or to respond to short term speculative pressures Reliance Industries Ltd. RIL’s Share Buyback Programme RIL has proposed to extend the buyback for another year, for an amount of Rs. 1,100 crores (US$ 236 mn), upto Rs. 303 per share

63. 63 Share Buybacks by Indian Companies The RIL buyback has provided a strong floor price for the stock Reliance Industries Ltd.

64. Summary

65. 65 Summary Production volumes of over 10 mn tpa in existing petrochemicals business to increase in line with industry growth rates Margin upside linked to an upturn in the industry cycle - margins presently close to trough levels for most products Consolidation of earnings of affiliates from current financial year Partial divestment in RPL to contribute significant capital gains Investments in oil and gas, and telecom/ infocom, to generate substantial returns in the medium term Reliance Industries Ltd. Focus on returns and value translates into superior growth, profitability, and shareholder wealth creation

66. 66 Reliance Industries Limited India’s World Class Corporation