About Reliance Industries Ltd

Reliance Industries is India's largest private sector company on all major financial parameters. In 2004, Reliance Industries (RIL) became the first Indian private sector organisation to be listed in the Fortune Global 500 list. The company operates world-class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara. Reliance Industries' activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications. The petrochemicals segment includes production and marketing operations of petrochemical products. The refining segment includes production and marketing operations of the petroleum products. The oil and gas segment includes exploration, development and production of crude oil and natural gas. The other segment of the company includes textile, retail business and special economic zone (SEZ) development. In the year 1966 the RIL was founded by Shri Dhirubhai H.Ambani, it was started as a small textile manufacturer unit. In May 8, 1973 RIL was incorporated and conformed their name as RIL in the year 1985. Over the years, the company has transformed their business from manufacturing of textiles products into a petrochemical major. The company has set up a texturising / twisting facilities in 1979, RIL has also set up plants for Polyester Staple Fiber (PSF) in 1986 and for Linear Alkyl Benzene (LAB) & Purified Terephthalic Acid (PTA) in 1988. RIL has setup a petrochemical facility to produce HDPE and PVC at Hazira, Gujarat in technical collaboration with DuPont and BF Goodich respectively. The Hazira petrochemical plant was commissioned in 1991-92. In the year 1995-96, the company entered the telecom industry through a joint venture with NYNEX, USA and promoted Reliance Telecom Private Limited in India. Reliance became the first corporate in Asia to issue bonds in the U.S at the year of 1996-97. The company commissioned an 80,000 tonne bottle grade PET chip plant at Hazira manufacturing complex. Reliance's PET chips has been accepted internationally due to their high quality during the year 1997-98 and in the same year Reliance Industries Planned to invest around Rs. 5000 crores (USD 1,250 million) in building two world-scale plants at the site of the Jamnagar refinery in Gujarat. In 1998-99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas. In 1999-2000, RIL commissioned the world's largest 1.4 million tonnes per annum Paraxylene (PX) plant at its new integrated petrochemicals complex at Jamnagar which was planned at 1997-98. With the commissioning of the last crystallization train of the Para-xylene (PX) complex at Jamnagar in June 2017, RIL became the 2nd largest producer of PX globally. In 2000, Reliance commissioned the world's largest grassroots refinery in Jamnagar in a record 36 months. The Jamnagar refinery processes a wide variety of crude oils and produces a range of petroleum products for exports as well as supply in the Indian market. Reliance Petroleum Limited (RPL) was amalgamated with Reliance Industries Ltd in the year 2002-03. In 2004-05, RIL acquired the polyester major, Trevira GmbH, headquartered in Frankfurt, Germany which has the capacity of 130,000 tonnes per annum of polyester staple fibers, polyester filament yarns and polyester chips. In the year 2006, the company set up a new export-oriented refinery through its subsidiary, Reliance Petroleum Limited (RPL). In 2006, RIL entered the organised retail segment through Reliance Retail with its first Reliance Fresh store in Hyderabad. In 2017, Reliance Retail crossed $5 billion revenue mark. Reliance Retail has adopted a multi-prong strategy and operates neighbourhood stores, supermarkets, hypermarkets, wholesale cash & carry stores, specialty stores and online stores and has democratized access to all types of products and services across all segments for all Indian consumers. Reliance Retail operates over 3,300 stores pan India with nearly 13 million square feet of retail space. In the year 2007, Indian Petrochemicals Corporation Limited (IPCL) merged with the company. Also, Reliance Retail entered the organised retail market in India with the launch of its convenience store format under the brand name of Reliance Fresh'. During the year, the company commissioned their largest expansion project. The company expanded its polypropylene (PP) capacity by 280 KTA at Jamnagar that increased the combined capacity to 1,710 KTA. During the year 2007-08, the company signed an agreement to certain polyester (capacity) assets of Hualon, Malaysia. It took over the majority control of Gulf Africa Petroleum Corporation (GAPCO) and started shipping products to the East African markets. Also, the company signed MoU with GAIL (India) Ltd to explore opportunities of setting up petrochemical plants in feedstock rich countries outside India. In April 2008, the company signed gas sales and purchase agreement (GSPA) with the customers in power sector for supply of natural gas to be produced from the KG-D6 block. During the year, Reliance Commercial Associates Ltd, Reliance Neutraceuticals Pvt Ltd, Reliance Pharmaceuticals (India) Pvt Ltd, Reliance Petroinvestments Ltd, Gull Africa Petroleum Corporation (Mauritius), Gapco Tanzania Ltd, Gapoil Tanzania Ltd, Gapco Kenya Ltd, Gapco Uganda Ltd, Gapco Rwanda SARL, Gapoil Zanzibar Ltd, Transenergy Kenya Ltd, Recron (Malaysia) SDH BHD, Peninsula Land Kenya Ltd, Reliance International Exploration and Production INC, Wavely Investments Ltd, Reliance Digital Retail Ltd, Reliance Lifestyle Holdings Ltd, Reliance Universal Ventures Ltd, Reliance Home Store Ltd, Reliance Autozone Ltd, Reliance Trade Services Centre Ltd, Reliance Integrated Agri Solutions Ltd, Reliance Agri Products Distribution Ltd, Reliance Food Processing Solutions Ltd, Reliance Supply Chain Solutions Ltd, Reliance Digital Media Ltd, Strategic Manpower Solutions Ltd, Reliance Gems and Jewels Ltd, Reliance Leisures Ltd, Reliance Loyalty & Analytics Ltd, Reliance Retail Securities and Broking Company Ltd, Delight Proteins Ltd, Reliance F&B Services Ltd, Reliance Hypermart Ltd, Reliance Financial Distribution and Advisory Services Ltd, Reliance Retail Travel & Forex Services Ltd, Reliance Trends Ltd, Reliance Wellness Ltd, Reliance Brands Ltd, Reliance Footprint Ltd, Abcus Retail Pvt Ltd, Bigdeal Retail Pvt Ltd, Advantage Retail Pvt Ltd and RIL (Australia) PTY Ltd became subsidiaries of the company. During the year 2008-09, Reliance People Serve Ltd, Reliance Infrastructure Management Services Ltd, Reliance Global Business, BV, Reliance Gas Corporation Ltd, Reliance Globalenergy Services Ltd, Reliance One Enterprises Ltd, Reliance Personal Electronics Ltd, Reliance Global Energy Services (Singapore) Pte Ltd, Reliance Polymers (India) Pvt Ltd, Reliance Polyolefins Pvt Ltd, Reliance Aromatics and Petrochemicals Pvt Ltd, Reliance Energy and Project Development Pvt Ltd, Reliance Chemicals Pvt Ltd, Reliance Universal Enterprises Pvt Ltd, International Oil Trading Ltd, Reliance Nutritional Food Processors Pvt Ltd, Reliance Review Cinema Pvt Ltd, Reliance Replay Gaming Pvt Ltd, RIL USA Inc. Reliance Commercial Land Infrastructure Pvt Ltd, Reliance Corporate IT Park Ltd, Reliance Eminent Trading & Commercial Pvt Ltd, Reliance Progressive Traders Pvt Ltd, Reliance Prolific Traders Pvt Ltd, Reliance Universal Traders Pvt Ltd, Reliance Prolific Commercial Pvt Ltd, Reliance Comtrade Pvt Ltd, Reliance Ambit Trade Pvt Ltd, Reliance Petro Marketing Pvt Ltd, LPG Infrastructure (India) Pvt Ltd and Reliance Infosolution Pvt Ltd beaome subsidiaries of the company. Also, Abcus Retail Pvt Ltd ceased to be a subsidiary of the company. During the year, Reliance Petroleum Ltd (RPL) merged with the company with effect from April 1, 2008. From April 2, 2009, the company commenced production of hydrocarbons in its KGD6 block in the Krishna Godavari basin with the production of sweet crude of 420 API. In November 2009, the company discovered first oil exploration in the on land exploratory block CB-ONN-2003/1 (CB 10 A&B) awarded under the NELP-V round of exploration bidding. In December 2009, the company discovered gas in the exploration block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. In April 2010, the company commissioned a 1 MW solar Photo Voltaic power plant at Thyagaraj stadium in New Delhi. The power plant is expected to generate around 1.4 million units of electricity a year. It would cater to the power requirements of the stadium and the surplus would be fed to the grid at 11 KV. In addition, the company's subsidiary Reliance Marcellus LLC executed definitive agreements to enter into a joint venture with United States based Atlas Energy, Inc, of Pittsburgh, Pennsylvania under which Reliance will acquire a 40% interest in Atlas' core Marcellus Shale acreage position. In June 2010, the company entered into an agreement to acquire asubstantial stake in Infotel Broadband Services (P) Ltd, which emerged as asuccessful bidder in all the 22 circles of the auction for Broadband Wireless Access (BWA) Spectrum conducted by the DOT. The company sees the broadband opportunity as a new frontier of knowledge economy in which it can take a leadership position and provide India with an opportunity to bein forefront among the countries providing world-class 4G network and services. In August 2010, the company through their subsidiary, Reliance Industries Investment and Holding Pvt Ltd acquired the equity shares of EIH Ltd representing 14.12% from Oberoi Hotels Pvt Ltd and certain other promoters at a total cost of Rs 1,021 crore. In December 2010, the company entered into a joint venture agreement with Russian petrochemical company SIBUR for the production of butyl rubber in India. The joint venture facility will have an initial capacity of 100,000 tonnes of butyl rubber at the company's integrated refining cum petrochemical site in Jamnagar and is expected to be commissioned by 2013. In January 2011, the company's wholly owned subsidiary, Reliance Ventures Ltd entered into an agreement with Infrastructure Leasing and Financial Services Ltd, whereby IL&FS will become a strategic partner and co-promoter of a project which intends to develop a model economic township and other infrastructure facilities at Jhajjar in Haryana. In February 2011, the company entered into a strategic partnership with BP which comprises BP taking a 30% stake in 23 oil and gas production sharing contracts that the company operates in India for a consideration of USD 7.20 billion and the formation of a 50:50 joing venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India. On 15 June 2017, RIL and BP announced that they are moving forward to develop the R-Series' deep water gas fields in Block KGD6 off the east coast of India as first of three that are expected to be developed in an integrated manner producing from about 3 trillion cubic feet of discovered gas resources. In March 2011, the company and D E Shaw Group agreed to establish a joint venture to build a leading financial services business in India. This joint venture will incorporate the D E Shaw Group's investment and technology expertise with the company's operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace. In June 10, 2011, the company and their associate, Reliance Industrial Infrastructure Ltd entered into an agreement with Bharti Enterprises for acquiring Bharti's shareholding of 74% in Bharti Axa Life Insurance Co Ltd and Bharti Axa General Insurance Co Ltd. On completion of the proposed transaction, the company and Reliance Industrial Infrastructure Ltd would effectively own 57% and 17% respectively in both insurance companies and would become Axa's joint ventures partners in India. In September 2011, Reliance Security Solutions Ltd, a subsidiary of the company Siemens Ltd signed an MoU to jointly develop Homeland Security Solutions for Highways in India. In November 2011, the company and BP incorporated India Gas Solutions Pvt Ltd, a 50:50 joint venture company which will focus on global sourcing and marketing of natural gas in India. The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country. India Gas Solutions Pvt Ltd will be funded with equal equity from BP and RIL. In November 2011, AXA SA, Bharti, Reliance Industries Limited (RIL) and its associate Reliance Industrial Infrastructure Limited (RIIL) announced that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti's shareholding of 74% in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd. In February 2012, the company and SIBUR have agreed to form a joint venture named Reliance Sibur Elastomers Pvt Ltd to produce 100,000 tons of butyl rubber per year in Jamnagar, India. The joint venture will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world. On 29 May 2014, RIL announced its entry into the digital space by way of acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast. On 9 December 2014, RIL announced the formation of a joint venture with Shandong Ruyi Science and Technology Group Co. Ltd, China (Ruyi') (through its wholly owned subsidiary) for RIL's textiles business which operates under the Vimal brand. RIL's wholly owned subsidiary Reliance Jio Infocomm announced the commencement of telecom services with Jio Welcome Offer' in September 2016. In a short period of 170 days, Jio crossed a milestone of 100 million customers on its all IP wireless broadband network. On 17 November 2016, RIL and GE announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. In September 2017, RIL won the bid to acquire the assets of Kemrock Industries & Exports Limited of Vadodara (Gujarat) as a part of its efforts to enter the composites business. RIL participated in an on-line e-bidding process held by Allahabad Bank being leader of the consortium of 11 banks to sell/dispose off the assets of Kemrock Industries & Exports Limited.

Reliance Industries Ltd Chairman Speech

LETTER TO SHAREHOLDERS

A robust foundation for the golden decade

Dear Fellow Shareowners,

It gives me great pleasure to share with you the exceptional performance of our Company in FY 2018-19. Our revenue and profit numbers have touched new heights, strengthening our position as India's largest private sector company by market capitalisation and profitability.

Mukesh D. Ambani Chairman and Managing Director

We now rank in the top 100 profitable companies in the Fortune Global 500 list of ‘World's Largest Corporations'. We delivered a solid performance in our hydrocarbons businesses despite the volatile oil price environment and incremental capacities in some of our product categories.

Consumer businesses witnessed phenomenal growth in terms of revenues and profitability, with Reliance Retail and Jio now collectively contributing nearly 25% of consolidated segment EBITDA.

Global economic growth remained healthy at 3.6% in CY 2018, as against 3.8% in CY 2017, impacted by weaker performance in the European Union and China.

Economic activity was driven by a boost in spending due to tax cuts by the US.

Global trade growth was robust in the first half of 2018, but tapered later in the year with trade tensions and higher energy prices.

The Indian economy continued to witness an increase in investments, with Gross Fixed Capital Formation growth at a six-year high of 10%. Healthy industrial activity continued and service indicators sustained positive trends. Service exports growth is at a seven-year high of almost 17%. The Indian economy remains the fastest growing major economy in the world.

In a volatile hydrocarbon chain environment, Reliance recorded its highest- ever consolidated net profit of र 39,588 crore (US$5.7 billion) during the year, registering a growth of 13.1% y-o-y.

The petrochemical business contributed record earnings, as the benefits of our investments in capacities and technologies offset weak margins in the polymer chain. Our refining business also delivered resilient performance in a challenging global environment where gasoline margins have plummeted to a nine-year low.

The strong financial performance also reflected the increasing contribution of consumer businesses in Reliance's earnings.

Retail business continues to scale new heights, achieving two important milestones during the year-crossing the turnover mark of '1,00,000 crore and the store count of 10,000. We are witnessing strong traction across consumption baskets, achieved on the back of unmatched service and value proposition. The strong improvement in profitability reflects our increasing scale and focus on efficiencies.

It is heartening to see India embrace the digital life. Reliance Jio continues to add subscribers at a rate unprecedented in the telecom world. With over 306.7 million mobile data subscribers, Reliance Jio has propelled India to become the largest mobile data consuming market in the world. The whole-hearted acceptance of Jio's digital services is evident from the sheer volume of data carried on its wireless network-an astounding 3 exabytes per month. Jio is now ranked #1 among mobile telecom operators in the country, in terms of Adjusted Gross Revenue (AGR). With the demerger of fiber and tower assets, Jio has emerged as an asset-light digital services company. The demerger has also significantly reduced our leverage and strengthened our Balance Sheet.

REFINING & MARKETING

Global oil demand growth at 1.2 mb/d in CY 2018 was around the 10-year average despite higher oil prices. Brent, the global crude oil benchmark, at US$71/bbl in CY 2018 was higher at US$17/bbl y-o-y.

US, China and India accounted for almost all of the global oil demand growth, with oil consumption in these economies rising by 1.1 mb/d.

On the other hand, global oil supply grew by 2.6 mb/d in CY 2018. Non-OPEC supply grew by 2.7 mb/d, on the back of strong supply growth in the US (2.2 mb/d) and Canada (0.4 mb/d). OPEC (Organization of the Petroleum Exporting Countries) supply contracted by 0.1 mb/d y-o-y in CY 2018 as a result of sharp production declines in Venezuela and adherence to the supply restraint deal between OPEC and non-OPEC producers.

The Refining & Marketing segment reported a decrease of 19.8% y-o-y in EBIT- amidst a challenging price margin environment and particularly weak gasoline demand in the second half of the year. Gasoline margins have been impacted due to weak demand growth, with high pump prices and strong refinery runs leading to rising inventories.

At US$9.2/bbl, RIL's refining margin remained relatively strong even in a dynamic and volatile market.

RIL maintained a significant premium of US$ 4.3/bbl over the benchmark Singapore complex margins. RIL's superior refining margins are a result of superior product slate, robust risk management and higher secondary unit throughputs.

All units of the gasification complex, including air separation units, material handling systems, gasifier islands, syngas shift and processing facilities, sulphur recovery units, and associated utilities and off-sites, have been started safely.

The complex is currently under stabilisation. On the domestic retail front, with a countrywide operational network of 1,372 retail fuel outlets, RIL is covering all the key highways in the country.

PETROCHEMICALS

Petrochemicals segment demonstrated the earning power of the new plants commissioned over the last investment cycle, unmatched integration and feedstock flexibility. During the year, we commenced cracking of Ethane at Nagothane. The impressive earnings in the petrochemicals business is a result of Reliance's investments over the last few years. This is reflected in the record production of 37.7 MMT and highest ever earnings delivered by the business this year. The EBIT margins increased by 180 bps this year on the back of strong integrated polyester chain margins.

The strong results were achieved in an environment of declining utilisation rates in key product chains with new supply ramp-up. This demonstrates the resilience of the Reliance business model, which is based on deep inter-linkages between refining and petrochemical chains, feedstock flexibility and a wide product portfolio.

By leveraging the capabilities in polymer formulations, materials engineering, product design and 3D printing, Reliance is strengthening its new business line for Advanced Materials & Composites to deliver innovative products and solution offerings to the industry.

OIL & GAS

FY 2018-19 marked progress on plans to monetise our discovered deepwater resources. Development work for R-Cluster and Satellite Cluster fields has commenced, while field development plans for MJ have been approved by the government. These fields are expected to come on-stream from mid-2020.

We also progressed on the second phase of development activities at our domestic CBM blocks to enhance production from these fields.

Our ongoing upstream business continues to be impacted by a natural decline in volumes. Domestic production was down 25.4% at 58.9 Bcfe, while the US Shale volume fell 32.4% to 94.5 Bcfe during FY 2018-19. There has been steady production from the CBM fields in Sohagpur.

RELIANCE RETAIL Reliance Retail became the first retailer in India to cross the र 1,00,000 crore turnover milestone and is now ranked 94^th in Deloitte's Global Powers of Retailing 2019 list. Reliance Retail also crossed the 10,000 store count milestone. It has cemented its position as India's largest retailer by revenue and profitability, delivering superior value to its customers, suppliers and other stakeholders.

Reliance Retail's revenue growth in FY 2018-19 was primarily driven by aggressive store addition and spurt in same-store sales. Growing at a rate of nearly 10 stores per day in the last two years, Reliance Retail witnessed one of the fastest store expansions in the world.

It added a total of 2,829 stores to its tally during FY 2018-19. As on March 31, 2019, Reliance Retail operated 10,415 retail stores in over 6,600+ towns and cities, covering 22 million sq. ft. of area.

Reliance Retail's New Commerce initiative is now in the pilot phase. The differentiated business model will provide a technology platform for millions of small merchants across India to strengthen and grow their business. Leveraging technology and connectivity, the platform will drive efficiency and value creation for all players in India's retail market -principally the producers/brand owners, supply chain, merchants and customers.

DIGITAL SERVICES

Jio added an average 10 million subscribers a month and crossed the 300 million subscriber milestone this year to become the world's fastest growing digital services company. Jio has not only revolutionised India's telecommunication industry but also digitised its hinterlands through its extensive network penetration. Recently,

Jio was recognised for its meaningful impact by being ranked #1 globally on Fortune's र Change the World' list.

The ranking evaluates companies that use the profit motive to help the planet and make an important social impact.

Jio maintained a healthy growth momentum in financial parameters too, with its EBITDA and net profit witnessing a sharp growth of 124% y-o-y and 310% y-o-y, respectively.

The phenomenal level of customer engagement on Jio's platform is evident from the fact that over 3 exabytes per month of data is carried on its wireless network. Every Jio subscriber consumes on an average 10.9 GB data, 823 minutes of voice calls and 17 hours of video per month. In CY 2018, Jio carried close to 71% of the total 4G traffic of India.

It has also entered into a series of content partnerships with Disney and Star India, among others, to provide best-in-class content to its subscribers.

Wireline network connectivity in India continues to remain underserved.

Jio is working towards serving the need for better connectivity with its GigaFiber services. This would include home broadband, entertainment and smart home IoT solutions. Jio, with its FTTH services, has set a target to connect 50 million homes across the country. To accelerate Jio's commitment to connect 50 million homes with Jio's solutions, RIL has made strategic investments in Hathway Cable and Datacom Limited and DEN Networks Limited.

During the year, Jio demerged passive tower and fiber infrastructure into an InvIT structure. Jio has now emerged as an asset-light, focussed digital services company.

CREATING AN INDIAN DIGITAL ECOSYSTEM

We are making a strategic transition by creating multiple platforms across consumer business, agriculture, education and healthcare that will accelerate our growth. In addition to its own digital platform, in the past year, Reliance has partnered with more than a dozen coming-of-the-age businesses. These are mostly in the Technology, Media and Telecom (TMT) and retail sectors, along with strategic investments in two major MSOs-Hathway and Den. Reliance believes that creating an ecosystem with new-age entrepreneurs will help unleash the potential of India's vast human capital.

ROBUST CASH FLOWS AND BALANCE SHEET

During the year, Reliance generated a record PBDIT of र 92,656 crore, up 26.8% y-o-y, and its highest ever net profit of र 39,588 crore, up 13.1% y-o-y. RIL enjoys prime credit ratings as a result of its fiscal prudence and strong cash flows. We have retained our domestic credit ratings of ‘CRISIL AAA' from CRISIL and ‘IND AAA' from India Rating. For our international debt, we have an investment grade ‘Baa2' rating from Moody's and ‘BBB+' from S&P.

During FY 2018-19, Reliance Jio Infocomm Limited (RJIL) successfully tied up JPY 53.5 billion-the largest Samurai loan for an Asian corporate and also for a telecom company. Additionally, RJIL tied up US$825 million and EUR 150 million K-Sure-supported Export Credit Agency (ECA) financing with door-to-door tenor of over 10 years-the largest financing transaction globally in the telecom sector supported by K-Sure.

The demerger of the tower and fiber assets of Jio into separate InvITs has helped establish Jio franchise as an asset- light digital services company.

The transaction has resulted in a significant liability reduction for Reliance.

Reliance will also get to participate in value-unlocking through third-party use of these infrastructure assets through the preference shares that Reliance holds in these entities.

GOVERNANCE AND SAFETY

Reliance's governance standards are built on the foundation of systems that support transparency and ethical business conduct. In an effort to strengthen risk management and internal controls, Reliance instituted the Reliance Management System (RMS), designed to operationalise a harmonious work culture by codifying and embedding standardised processes into the DNA of every function. RMS has been further strengthened by leveraging the power of digitised platforms.

In all our businesses, the health and safety of our employees is sacrosanct. This year marks a decade of safe operations in the E&P business, which is a significant achievement compared to any benchmark. In FY 2018-19, we intensified our efforts on safety by implementing Competency Assurance System to ensure reliable operation delivery and safety competence among the frontline staff.

SUSTAINABILITY

We are committed to making continuous improvements across the triple bottom line and enabling positive change in the society. Our ability to manage, utilise and transform the six capitals-Natural Capital, Human Capital, Manufactured Capital, Intellectual Capital, Financial and Social and Relationship Capital-is the key to creating value for our stakeholders. In our continued pursuit of excellence, noteworthy capital investments were undertaken, which led to reduction of carbon emissions and enhancement of resource efficiency. We are committed to becoming a leader in the emerging circular economy and becoming one of the largest recyclers of plastics in India.

Integral to growing revenue is the ongoing improvement of our social and relationship capital. Reliance Foundation is committed to bringing about a positive change in the lives of our stakeholders. Our business objectives are aligned with the Global Sustainable Development Goals, which is reflected through our work in the areas of rural transformation, health, education, sports for development, disaster response, arts, culture and heritage, and urban renewal. In FY 2018-19, there was an impressive growth in the number of beneficiaries of our community outreach programmes.

CONCLUSION

We are in a rapidly changing world where digital connectivity and abundance of data is reshaping value creation models across verticals. We continue to improve and evolve consistently, fostering an entrepreneurial mindset across the organisation. Overall, we delivered yet another year of robust performance, achieving remarkable success across our businesses. I would like to thank the entire team at Reliance for their untiring efforts and unflinching commitment to achieve the lofty goals we have set for our golden decade.

I would like to convey my sincere appreciation to the Board of Directors for their guidance. I would also like to express my heartiest gratitude to all our stakeholders for their enduring faith in Reliance.

With best wishes,

Sincerely,

Chairman and Managing Director

July 2, 2019.

Reliance Industries Ltd Company History

Reliance Industries is India's largest private sector company on all major financial parameters. In 2004, Reliance Industries (RIL) became the first Indian private sector organisation to be listed in the Fortune Global 500 list. The company operates world-class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara. Reliance Industries' activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications. The petrochemicals segment includes production and marketing operations of petrochemical products. The refining segment includes production and marketing operations of the petroleum products. The oil and gas segment includes exploration, development and production of crude oil and natural gas. The other segment of the company includes textile, retail business and special economic zone (SEZ) development. In the year 1966 the RIL was founded by Shri Dhirubhai H.Ambani, it was started as a small textile manufacturer unit. In May 8, 1973 RIL was incorporated and conformed their name as RIL in the year 1985. Over the years, the company has transformed their business from manufacturing of textiles products into a petrochemical major. The company has set up a texturising / twisting facilities in 1979, RIL has also set up plants for Polyester Staple Fiber (PSF) in 1986 and for Linear Alkyl Benzene (LAB) & Purified Terephthalic Acid (PTA) in 1988. RIL has setup a petrochemical facility to produce HDPE and PVC at Hazira, Gujarat in technical collaboration with DuPont and BF Goodich respectively. The Hazira petrochemical plant was commissioned in 1991-92. In the year 1995-96, the company entered the telecom industry through a joint venture with NYNEX, USA and promoted Reliance Telecom Private Limited in India. Reliance became the first corporate in Asia to issue bonds in the U.S at the year of 1996-97. The company commissioned an 80,000 tonne bottle grade PET chip plant at Hazira manufacturing complex. Reliance's PET chips has been accepted internationally due to their high quality during the year 1997-98 and in the same year Reliance Industries Planned to invest around Rs. 5000 crores (USD 1,250 million) in building two world-scale plants at the site of the Jamnagar refinery in Gujarat. In 1998-99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas. In 1999-2000, RIL commissioned the world's largest 1.4 million tonnes per annum Paraxylene (PX) plant at its new integrated petrochemicals complex at Jamnagar which was planned at 1997-98. With the commissioning of the last crystallization train of the Para-xylene (PX) complex at Jamnagar in June 2017, RIL became the 2nd largest producer of PX globally. In 2000, Reliance commissioned the world's largest grassroots refinery in Jamnagar in a record 36 months. The Jamnagar refinery processes a wide variety of crude oils and produces a range of petroleum products for exports as well as supply in the Indian market. Reliance Petroleum Limited (RPL) was amalgamated with Reliance Industries Ltd in the year 2002-03. In 2004-05, RIL acquired the polyester major, Trevira GmbH, headquartered in Frankfurt, Germany which has the capacity of 130,000 tonnes per annum of polyester staple fibers, polyester filament yarns and polyester chips. In the year 2006, the company set up a new export-oriented refinery through its subsidiary, Reliance Petroleum Limited (RPL). In 2006, RIL entered the organised retail segment through Reliance Retail with its first Reliance Fresh store in Hyderabad. In 2017, Reliance Retail crossed $5 billion revenue mark. Reliance Retail has adopted a multi-prong strategy and operates neighbourhood stores, supermarkets, hypermarkets, wholesale cash & carry stores, specialty stores and online stores and has democratized access to all types of products and services across all segments for all Indian consumers. Reliance Retail operates over 3,300 stores pan India with nearly 13 million square feet of retail space. In the year 2007, Indian Petrochemicals Corporation Limited (IPCL) merged with the company. Also, Reliance Retail entered the organised retail market in India with the launch of its convenience store format under the brand name of Reliance Fresh'. During the year, the company commissioned their largest expansion project. The company expanded its polypropylene (PP) capacity by 280 KTA at Jamnagar that increased the combined capacity to 1,710 KTA. During the year 2007-08, the company signed an agreement to certain polyester (capacity) assets of Hualon, Malaysia. It took over the majority control of Gulf Africa Petroleum Corporation (GAPCO) and started shipping products to the East African markets. Also, the company signed MoU with GAIL (India) Ltd to explore opportunities of setting up petrochemical plants in feedstock rich countries outside India. In April 2008, the company signed gas sales and purchase agreement (GSPA) with the customers in power sector for supply of natural gas to be produced from the KG-D6 block. During the year, Reliance Commercial Associates Ltd, Reliance Neutraceuticals Pvt Ltd, Reliance Pharmaceuticals (India) Pvt Ltd, Reliance Petroinvestments Ltd, Gull Africa Petroleum Corporation (Mauritius), Gapco Tanzania Ltd, Gapoil Tanzania Ltd, Gapco Kenya Ltd, Gapco Uganda Ltd, Gapco Rwanda SARL, Gapoil Zanzibar Ltd, Transenergy Kenya Ltd, Recron (Malaysia) SDH BHD, Peninsula Land Kenya Ltd, Reliance International Exploration and Production INC, Wavely Investments Ltd, Reliance Digital Retail Ltd, Reliance Lifestyle Holdings Ltd, Reliance Universal Ventures Ltd, Reliance Home Store Ltd, Reliance Autozone Ltd, Reliance Trade Services Centre Ltd, Reliance Integrated Agri Solutions Ltd, Reliance Agri Products Distribution Ltd, Reliance Food Processing Solutions Ltd, Reliance Supply Chain Solutions Ltd, Reliance Digital Media Ltd, Strategic Manpower Solutions Ltd, Reliance Gems and Jewels Ltd, Reliance Leisures Ltd, Reliance Loyalty & Analytics Ltd, Reliance Retail Securities and Broking Company Ltd, Delight Proteins Ltd, Reliance F&B Services Ltd, Reliance Hypermart Ltd, Reliance Financial Distribution and Advisory Services Ltd, Reliance Retail Travel & Forex Services Ltd, Reliance Trends Ltd, Reliance Wellness Ltd, Reliance Brands Ltd, Reliance Footprint Ltd, Abcus Retail Pvt Ltd, Bigdeal Retail Pvt Ltd, Advantage Retail Pvt Ltd and RIL (Australia) PTY Ltd became subsidiaries of the company. During the year 2008-09, Reliance People Serve Ltd, Reliance Infrastructure Management Services Ltd, Reliance Global Business, BV, Reliance Gas Corporation Ltd, Reliance Globalenergy Services Ltd, Reliance One Enterprises Ltd, Reliance Personal Electronics Ltd, Reliance Global Energy Services (Singapore) Pte Ltd, Reliance Polymers (India) Pvt Ltd, Reliance Polyolefins Pvt Ltd, Reliance Aromatics and Petrochemicals Pvt Ltd, Reliance Energy and Project Development Pvt Ltd, Reliance Chemicals Pvt Ltd, Reliance Universal Enterprises Pvt Ltd, International Oil Trading Ltd, Reliance Nutritional Food Processors Pvt Ltd, Reliance Review Cinema Pvt Ltd, Reliance Replay Gaming Pvt Ltd, RIL USA Inc. Reliance Commercial Land Infrastructure Pvt Ltd, Reliance Corporate IT Park Ltd, Reliance Eminent Trading & Commercial Pvt Ltd, Reliance Progressive Traders Pvt Ltd, Reliance Prolific Traders Pvt Ltd, Reliance Universal Traders Pvt Ltd, Reliance Prolific Commercial Pvt Ltd, Reliance Comtrade Pvt Ltd, Reliance Ambit Trade Pvt Ltd, Reliance Petro Marketing Pvt Ltd, LPG Infrastructure (India) Pvt Ltd and Reliance Infosolution Pvt Ltd beaome subsidiaries of the company. Also, Abcus Retail Pvt Ltd ceased to be a subsidiary of the company. During the year, Reliance Petroleum Ltd (RPL) merged with the company with effect from April 1, 2008. From April 2, 2009, the company commenced production of hydrocarbons in its KGD6 block in the Krishna Godavari basin with the production of sweet crude of 420 API. In November 2009, the company discovered first oil exploration in the on land exploratory block CB-ONN-2003/1 (CB 10 A&B) awarded under the NELP-V round of exploration bidding. In December 2009, the company discovered gas in the exploration block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. In April 2010, the company commissioned a 1 MW solar Photo Voltaic power plant at Thyagaraj stadium in New Delhi. The power plant is expected to generate around 1.4 million units of electricity a year. It would cater to the power requirements of the stadium and the surplus would be fed to the grid at 11 KV. In addition, the company's subsidiary Reliance Marcellus LLC executed definitive agreements to enter into a joint venture with United States based Atlas Energy, Inc, of Pittsburgh, Pennsylvania under which Reliance will acquire a 40% interest in Atlas' core Marcellus Shale acreage position. In June 2010, the company entered into an agreement to acquire asubstantial stake in Infotel Broadband Services (P) Ltd, which emerged as asuccessful bidder in all the 22 circles of the auction for Broadband Wireless Access (BWA) Spectrum conducted by the DOT. The company sees the broadband opportunity as a new frontier of knowledge economy in which it can take a leadership position and provide India with an opportunity to bein forefront among the countries providing world-class 4G network and services. In August 2010, the company through their subsidiary, Reliance Industries Investment and Holding Pvt Ltd acquired the equity shares of EIH Ltd representing 14.12% from Oberoi Hotels Pvt Ltd and certain other promoters at a total cost of Rs 1,021 crore. In December 2010, the company entered into a joint venture agreement with Russian petrochemical company SIBUR for the production of butyl rubber in India. The joint venture facility will have an initial capacity of 100,000 tonnes of butyl rubber at the company's integrated refining cum petrochemical site in Jamnagar and is expected to be commissioned by 2013. In January 2011, the company's wholly owned subsidiary, Reliance Ventures Ltd entered into an agreement with Infrastructure Leasing and Financial Services Ltd, whereby IL&FS will become a strategic partner and co-promoter of a project which intends to develop a model economic township and other infrastructure facilities at Jhajjar in Haryana. In February 2011, the company entered into a strategic partnership with BP which comprises BP taking a 30% stake in 23 oil and gas production sharing contracts that the company operates in India for a consideration of USD 7.20 billion and the formation of a 50:50 joing venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India. On 15 June 2017, RIL and BP announced that they are moving forward to develop the R-Series' deep water gas fields in Block KGD6 off the east coast of India as first of three that are expected to be developed in an integrated manner producing from about 3 trillion cubic feet of discovered gas resources. In March 2011, the company and D E Shaw Group agreed to establish a joint venture to build a leading financial services business in India. This joint venture will incorporate the D E Shaw Group's investment and technology expertise with the company's operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace. In June 10, 2011, the company and their associate, Reliance Industrial Infrastructure Ltd entered into an agreement with Bharti Enterprises for acquiring Bharti's shareholding of 74% in Bharti Axa Life Insurance Co Ltd and Bharti Axa General Insurance Co Ltd. On completion of the proposed transaction, the company and Reliance Industrial Infrastructure Ltd would effectively own 57% and 17% respectively in both insurance companies and would become Axa's joint ventures partners in India. In September 2011, Reliance Security Solutions Ltd, a subsidiary of the company Siemens Ltd signed an MoU to jointly develop Homeland Security Solutions for Highways in India. In November 2011, the company and BP incorporated India Gas Solutions Pvt Ltd, a 50:50 joint venture company which will focus on global sourcing and marketing of natural gas in India. The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country. India Gas Solutions Pvt Ltd will be funded with equal equity from BP and RIL. In November 2011, AXA SA, Bharti, Reliance Industries Limited (RIL) and its associate Reliance Industrial Infrastructure Limited (RIIL) announced that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti's shareholding of 74% in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd. In February 2012, the company and SIBUR have agreed to form a joint venture named Reliance Sibur Elastomers Pvt Ltd to produce 100,000 tons of butyl rubber per year in Jamnagar, India. The joint venture will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world. On 29 May 2014, RIL announced its entry into the digital space by way of acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast. On 9 December 2014, RIL announced the formation of a joint venture with Shandong Ruyi Science and Technology Group Co. Ltd, China (Ruyi') (through its wholly owned subsidiary) for RIL's textiles business which operates under the Vimal brand. RIL's wholly owned subsidiary Reliance Jio Infocomm announced the commencement of telecom services with Jio Welcome Offer' in September 2016. In a short period of 170 days, Jio crossed a milestone of 100 million customers on its all IP wireless broadband network. On 17 November 2016, RIL and GE announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. In September 2017, RIL won the bid to acquire the assets of Kemrock Industries & Exports Limited of Vadodara (Gujarat) as a part of its efforts to enter the composites business. RIL participated in an on-line e-bidding process held by Allahabad Bank being leader of the consortium of 11 banks to sell/dispose off the assets of Kemrock Industries & Exports Limited.

Reliance Industries Ltd Directors Reports

Dear Members,

The Board of Directors are pleased to present the Company's Forty-second Annual Report (Post-IPO) and the Company's audited financial statements (standalone and consolidated) for the financial year ended March 31, 2019.

FINANCIAL RESULTS

The Company's financial performance for the year ended March 31, 2019 is summarised below:

• 1 US$ = र 69.155 Exchange Rate as on March 31, 2019 (1 US$ = र 65.175 as on March 31, 2018)

• Includes exceptional item of र 1,087 crore ⁿ Pertaining to previous financial year

THE HIGHLIGHTS OF THE COMPANY'S PERFORMANCE (STANDALONE) FOR THE YEAR ENDED MARCH 31, 2019 ARE AS UNDER:

• Value of sales and services increased by 27.2% to र 4,00,986 crore (US$ 58 billion).

• Exports increased by 27.4% to र 2,24,391 crore (US$ 32.4 billion).

• PBDIT increased by 12.9% to र 67,676 crore (US$ 9.8 billion).

• Profit Before Tax increased by 3.6% to र 47,367 crore (US$ 6.8 billion).

• Cash Profit increased by 4.6% to र 48,485 crore (US$ 7.0 billion).

• Net Profit increased by 4.6% to र 35,163 crore (US$ 5.1 billion).

• Gross Refining Margin stood at US$ 9.2/bbl for the year ended March 31, 2019.

FINANCIAL PERFORMANCE REVIEW AND ANALYSIS (CONSOLIDATED)

The Company achieved a consolidated revenue of र 622,809 crore ($ 90.1 billion), an increase of 44.6% as compared to र 430,731 crore in the previous year. Increase in revenue was primarily on account of higher product price realization led by 22% y-o-y increase in average Brent crude price, and increased petrochemical volumes. Robust growth in Retail and Digital Services business also contributed to higher revenues. Operating Profit before other income, depreciation and exceptional items increased by 30.8% on a y-o-y basis to र 83,918 crore ($12.1 billion). Volume growth in Petrochemicals and rapidly increasing contribution from consumer businesses led to significant rise in operating profit for the year.

DIVIDEND

The Board of Directors has recommended a dividend of र 6.50 per equity share of र 10/- each (@65%) for the financial year ended March 31, 2019 (last year र 6/- per equity share). The payout is expected to be र 4,641 crore (inclusive of dividend distribution tax of र 789 crore). The dividend payment is subject to approval of members at the ensuing Annual General Meeting.

The dividend recommended is in accordance with the Company's Dividend Distribution Policy. The Dividend Distribution Policy of the Company is annexed herewith and marked as Annexure I to this Report and the same is put up on the Company's website and can be accessed at http://www.ril.com/ DownloadFiles/IRStatutory/Dividend- Distribution-Policy.pdf

MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

Management's Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is presented in a separate section, forming part of the Annual Report.

DEVELOPMENTS IN BUSINESS OPERATIONS/PERFORMANCE

The developments in business operations/performance of the Company and its major subsidiaries consolidated with the Company are as below:

REFINING & MARKETING BUSINESS

In FY 2018-19, refining EBIT decreased by 19.8% y-o-y to र 19,868 crore, impacted by volatile crude prices, multiyear low gasoline and naphtha cracks. Weakness in light distillate cracks was partly offset by firm middle distillate cracks. The Company's refining margins declined to $9.2/bbl, however, maintained a significant $4.3/bbl premium over the Singapore complex margins. With a countrywide operational network of 1,372 fuel retail outlets, the Company covers all major highways across the country. Supported by the network presence and the growing fleet customer count, Company's outlets registered an outstanding pump throughput of more than double the industry average during the year.

PETROCHEMICALS BUSINESS

In FY 2018-19, petrochemicals business delivered its best ever performance with the segment achieving its highest ever production level of 37.7 MMT, up 16% y-o-y. Petrochemicals segment EBIT increased by 51.9% to its highest level of र 32,173 crore. EBIT margin increased to 18.7% from 16.9%, aided by strong integrated polyester chain margins. With the commencement of ethane cracking at Nagothane, all the key components of petrochemical investment cycle are now fully contributing to the earnings.

OIL AND GAS (EXPLORATION & PRODUCTION) BUSINESS

In FY 2018-19, revenues decreased by 3.8% to र 5,005 crore. Volumes from domestic upstream fields and US shale were lower on account of natural decline and slowdown in development activity. Consequently, upstream operations registered EBIT of र (1,379) crore. RIL is undertaking development of three deepwater fields, R-Cluster, Satellite- Cluster and D55 (MJ) fields. These fields are expected to come onstream from mid-2020 onwards. The new development expects to leverage RIL's partnership with BP, existing infrastructure in the Krishna-Godavari basin and current downturn in the capital equipment and services market. More than 200 wells are on production in Reliance's domestic CBM block with production averaging 1 mmscmd this year.

RETAIL BUSINESS

Reliance Retail achieved a turnover of र 1,30,566 crore in FY 2018-19, an increase of 88.7% y-o-y. The business delivered an EBIT of र 5,546 crore for FY 2018-19, more than doubling over previous year. EBIT margin increased by 120 bps to 4.2% for the year. During the year, Reliance Retail added over 2,800 stores and now operates 10,415 retail stores in over 6,600 towns and cities covering an area of 22 million sq. ft. Reliance Retail operated 516 owned petro retail outlets as on March 31, 2019.

DIGITAL SERVICES

Digital service business achieved revenue of र 46,506 crore, an increase of 94.5% y-o-y. Segment EBIT increased by 176.7% to र 8,784 crore with EBIT margin of 18.9%. The company added 120.1 million subscribers during the year, with year-end subscribers' base at 306.7 million. This was driven by strong adoption of Jio services across the country reflected by healthy customer engagement metrics on data and voice. The Board of Jio approved the demerger of its passive infrastructure, tower and fiber assets into two separate Special Purpose Vehicles (SPVs). The scheme of demerger was effective 31st March 2019 post all requisite internal, shareholder, debt holder and regulatory approvals. The assets would be held by a separate Securities and Exchange Board of India registered Infrastructure Investment Trusts (InvIT). This demerger deleverages the balance sheet and establishes Jio franchise as an asset-light, digital services company.

MEDIA AND ENTERTAINMENT

Reliance's flagship media company Network18 Media & Investments Limited continued on its growth trajectory, and invested in key areas to fill whitespaces or fortify its competitive position. Focus during the year was on regional content, while ad-monetisation witnessed accelerated growth across broadcasting and digital platforms and genres-news, entertainment and film. Network18 reported revenues of र 5,116 crore (growth of 178% y-o-y), and EBIT of र (52) crore on a consolidated basis.

ACQUISITION OF SHARES AND CONTROL OF DEN NETWORKS LIMITED (DEN) AND HATHWAY CABLE AND DATACOM LIMITED (HATHWAY)

During the year, Digital Media Distribution Trust (DMDT), of which Reliance Content Distribution Limited, a wholly-owned subsidiary of the Company is the sole beneficiary, through six Special Purpose Vehicles (SPVs), owned and controlled by DMDT, acquired shares of and sole control over Den Networks Limited and Hathway Cable and Datacom Limited and also acquired indirect control over GTPL Hathway Limited and Hathway Bhawani Cabletel and Datacom Limited.

CREDIT RATING

The Company's financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies as given below:

CONSOLIDATED FINANCIAL STATEMENT

In accordance with the provisions of the Companies Act, 2013 ("the Act") and Ind AS 110-Consolidated Financial Statements read with Ind AS 28 Investments in Associates and Joint Venture and Ind AS 31-Interests in Joint Ventures, the audited consolidated financial statement is provided in the Annual Report.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year under review, companies listed in Annexure II to this Report have become or ceased to be Company's subsidiaries, joint ventures or associate companies.

A statement providing details of performance and salient features of the financial statement of Subsidiary/ Associate/ Joint Venture companies, as per Section 129(3) of the Act, is provided as Annexure A to the consolidated financial statement and therefore not repeated, to avoid duplication.

The audited financial statement including the consolidated financial statement of the Company and all other documents required to be attached thereto is put up on the Company's website and can be accessed at http://www.ril.com/InvestorRelations/ FinancialReporting.aspx. The financial statements of the subsidiaries, as required, are put up on the Company's website and can be accessed at http://www.ril. com/InvestorRelations/Downloads.aspx

These documents will also be available for inspection on all working days, during business hours, at the Registered Office of the Company.

The Company has formulated a Policy for determining Material Subsidiaries. The Policy is put up on the Company's website and can be accessed at https://www.ril. com/DownloadFiles/IRStatutory/Material- Subsidiaries.pdf

SECRETARIAL STANDARDS

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to र Meetings of the Board of Directors' and र General Meetings', respectively, have been duly followed by the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2019, the applicable accounting standards read with requirements set out under Schedule III to the Act have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2019 and of the profit of the Company for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a going concern basis;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India ("SEBI"). The Company has also implemented several best governance practices. The report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance.

BUSINESS RESPONSIBILITY REPORT

As stipulated under the Listing Regulations, the Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective is attached as a part of the Annual Report.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any contract/arrangement/transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is put up on the Company's website and can be accessed at http://www.ril. com/DownloadFiles/IRStatutory/Policy-on- Materiality-of-RPT.pdf

There were no materially significant related party transactions which could have potential conflict with interest of the Company at large.

Members may refer Note 31 to the Standalone Financial Statement which sets out related party disclosures pursuant to Ind AS.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the year under review, the Company has won the Golden Peacock Global Award 2018 for the success of its Corporate Social Responsibility initiatives. This is the third time the Company won the award highlighting its commendable work under CSR ambit. The award is to recognise the transformative work done by Reliance Foundation (RF), the CSR arm of the Company. The Award instituted by the Institute of Directors (IOD), India in 1991, is regarded as a benchmark of Corporate Excellence worldwide. Under the able leadership of its Founder and Chairperson, Smt. Nita M. Ambani, RF has touched the lives of around 26 million people across India covering more than 18,000 villages and 200 urban locations.

The Corporate Social Responsibility and Governance ("CSR&G") Committee has formulated and recommended to the Board, a Corporate Social Responsibility Policy ("CSR Policy") indicating the activities to be undertaken by the Company, which has been approved by the Board. There has not been any change in the policy during the current year.

The CSR Policy is put up on the Company's website and can be accessed at http:// www.ril.com/DownloadFiles/IRStatutory/ CSR-Policy.pdf

The key philosophy of CSR initiatives of the Company is guided by three core commitments of Scale, Impact and Sustainability.

The Company has identified following focus areas for CSR engagement:

• Rural Transformation: Creating sustainable livelihood solutions, addressing poverty, hunger and malnutrition including sustainable development of water and land resources, diversification of livelihoods and access to knowledge resources through digital platforms.

• Health: Promoting healthcare across all levels, including preventive health care and sanitation through improved access, awareness and health seeking behaviour.

• Education: Setting up of an Institution of Eminence for higher education in the country, access to quality education, training and skill enhancement including employability enhancing vocational skills among youth.

• Sports for Development: Long-term commitment towards development of grassroots sports in the country through training, mentoring and other development programmes for the youth.

• Disaster Response: Managing and responding to disaster situations through appropriate relief measures.

• Arts, Culture and Heritage: Protection and promotion of India's art, culture and heritage.

• Environment: Environmental sustainability, ecological balance, conservation of natural resources and promoting biodiversity.

The Company also undertakes other need-based initiatives in compliance with Schedule VII to the Act.

During the year, the Company spent र 849 crore (around 2.09 % of the average net profits of last three financial years) on CSR activities.

The annual report on CSR activities is annexed herewith and marked as Annexure III to this Report.

RISK MANAGEMENT

The Company has an elaborate Group Risk Management Framework, which is designed to enable risks to be identified, assessed and mitigated appropriately.

The Risk Management Committee of the Company has been entrusted with the responsibility to assist the Board in

(a) overseeing and approving the Company's enterprise wide risk management framework; and

(b) overseeing that all the risks that the organisation faces such as Strategic and Commercial, Safety and Operations, Compliance and Control and Financial risks have been identified and assessed and there is an adequate risk management infrastructure in place, capable of addressing those risks.

More details on Risk Management indicating development and implementation of Risk Management policy including identification of elements of risk and their mitigation are covered in Management's Discussion and Analysis section, which forms part of the Annual Report.

INTERNAL FINANCIAL CONTROLS

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitised and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control selfassessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the internal auditors and statutory auditors during the course of their audits. The Company believes that these systems provide reasonable assurance that Company's internal financial controls are designed effectively and are operating as intended.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Act and the Articles of Association of the Company, Shri P.K. Kapil and Smt. Nita M. Ambani, Directors of the Company, retire by rotation at the ensuing Annual General Meeting. The Board of Directors on the recommendation of the Human Resources, Nomination and Remuneration ("HRNR") Committee has recommended their re-appointment.

Prof. Ashok Misra demitted office as an Independent Director of the Company w.e.f. October 17, 2018. The Board places on record its appreciation towards valuable contribution made by Prof. Ashok Misra during his tenure as a Director of the Company.

The term of office of Shri R.S. Gujral as an Independent Director, will expire on June 11, 2020. The Board of Directors, based on the performance evaluation and as per the recommendation of the HRNR Committee has recommended re-appointment of Shri R.S. Gujral, as an Independent Director of the Company for a second term of 5 (five) consecutive years on the expiry of his current term of office. The Board considers that, given his background, experience and contributions made by him during his tenure, the continued association of Shri R.S. Gujral would be beneficial to the Company.

The Board of Directors, on recommendation of the HRNR Committee, has:

(a) Appointed Smt. Arundhati Bhattacharya as an Additional Director, to be an Independent Director, effective October 17, 2018;

(b) Re-appointed Shri P.M.S. Prasad as Executive Director for a period of five years effective August 21, 2019; and

(c) Appointed Smt. Savithri Parekh as Joint Company Secretary and Compliance Officer effective March 29, 2019.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under the Act and the Listing Regulations.

The Company has devised the following Policies viz:

a) Policy for selection of Directors and determining Directors' independence; and

b) Remuneration Policy for Directors,

Key Managerial Personnel and other employees.

The aforesaid policies are put up on the Company's website and can be accessed at http://www.ril.com/DownloadFiles/ IRStatutory/Policy-for-Selection-of- Directors.pdf and http://www.ril.com/ DownloadFiles/IRStatutory/Remuneration- Policy-for-Directors.pdf

The Policy for selection of Directors and determining Directors' independence sets out the guiding principles for the HRNR Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, in case of their appointment as Independent Directors of the Company.

The Policy also provides for the factors in evaluating the suitability of individual Board members with diverse background and experience that are relevant for the Company's operations.

There has been no major change in the aforesaid policy during the year. The criteria of independence, number of directorships and committee memberships prescribed in the policy has been changed to align the policy with the amendment made in this regard in the Act and the Listing Regulations.

The Remuneration Policy for Directors, Key Managerial Personnel and other employees sets out the guiding principles for the HRNR Committee for recommending to the Board the remuneration of the Directors, Key Managerial Personnel and other employees of the Company. There has been no change in the policy during the current year.

PERFORMANCE EVALUATION

The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which include criteria for performance evaluation of Nonexecutive Directors and Executive Directors.

In accordance with the manner specified by the HRNR Committee, the Board carried out annual performance evaluation of the Board, its Committees and Individual Directors. The Independent Directors carried out annual performance evaluation of the Chairperson. The Chairman of the respective Committees shared the report on evaluation with the respective Committee members. The performance of each Committee was evaluated by the Board, based on report on evaluation received from respective Committees. A consolidated report was shared with the Chairman of the Board for his review and giving feedback to each Director.

EMPLOYEES' STOCK OPTION SCHEMES

The HRNR Committee inter alia administers and monitors Employees' Stock Option Schemes of the Company. No grants have so far been made under Employee Stock Option Scheme-2017. Employee Stock Option Scheme-2006 ("ESOS-2006") has been withdrawn during the financial year 2017-18. However options granted under ESOS-2006, which are in force continue to be governed by ESOS-2006.

The Schemes are in line with the SEBI (Share Based Employee Benefits) Regulations, 2014 ("SBEB Regulations"). The Company has received a certificate from the Auditors of the Company that the schemes are implemented in accordance with the SBEB Regulations and the resolutions passed by the members. The certificate would be available at the Annual General Meeting for inspection by members. The details as required to be disclosed under the SBEB Regulations are put up on the Company's website and can be accessed at http://www.ril.com/DownloadFiles/ IRStatutory/SEBI-Regulations-2006.pdf and http://www.ril.com/DownloadFiles/ IRStatutory/SEBI-Regulations-2017.pdf

(I) STATUTORY AUDITORS

S R B C & CO LLP, Chartered Accountants and D T S & Associates, Chartered Accountants were appointed as Auditors of the Company for a term of 5 (five) consecutive years, at the Annual General Meeting held on July 21, 2017. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Notes on financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation, adverse remark or disclaimer.

(II) COST AUDITORS

The Board has appointed following Cost Accountants as Cost Auditors for conducting the audit of cost records of products and services of the Company for various segments for the financial year 2019-20 under section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014:

(i) Textiles Business-Kiran J. Mehta & Co;

(ii) Chemicals Business-Diwanji & Co.,

K.G. Goyal & Associates, V.J. Talati & Co., Suresh D. Shenoy, Shome & Banerjee and Dilip M. Malkar & Co.;

(iii) Polyester Business-VJ. Talati & Co., Suresh D. Shenoy and V. Kumar & Associates;

(iv) Electricity Generation-Diwanji & Co. and Kiran J. Mehta & Co.;

(v) Petroleum Business-Suresh D. Shenoy;

(vi) Oil & Gas Business-V.J. Talati & Co. and Shome & Banerjee;

(vii) Gasification-Suresh D. Shenoy; and

(viii) Composite Solution-Diwanji & Co.

Shome & Banerjee, Cost Accountants, were nominated as the Company's Lead Cost Auditors.

(III) SECRETARIAL AUDITOR

The Board had appointed Dr. K.R. Chandratre, Practising Company Secretary, to conduct Secretarial Audit for the financial year 2018-19. The Secretarial Audit Report for the financial year ended March 31, 2019 is annexed herewith and marked as Annexure IV to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

(I) MEETINGS OF THE BOARD

Seven Meetings of the Board of Directors were held during the year. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance Report.

(II) AUDIT COMMITTEE

The Audit Committee comprises Independent Directors namely Shri Yogendra P. Trivedi (Chairman), Dr. Raghunath A. Mashelkar, Shri Adil Zainulbhai and Shri Raminder Singh Gujral. During the year all the recommendations made by the Audit Committee were accepted by the Board.

(III) CORPORATE SOCIAL RESPONSIBILITY AND GOVERNANCE COMMITTEE

The Corporate Social Responsibility and Governance ("CSR&G") Committee comprises Shri Yogendra P. Trivedi (Chairman), Shri Nikhil R. Meswani, Dr. Raghunath A. Mashelkar and Dr. Shumeet Banerji.

(IV) HUMAN RESOURCES, NOMINATION AND REMUNERATION COMMITTEE

The Human Resources, Nomination and Remuneration Committee comprises Shri Adil Zainulbhai (Chairman), Shri Yogendra P. Trivedi, Dr. Raghunath A. Mashelkar, Shri Raminder Singh Gujaral and Dr. Shumeet Banerji

(V) VIGIL MECHANISM

The Company has established a robust Vigil Mechanism and a Whistle-blower policy in accordance with provisions of the Act and Listing Regulations. The Vigil Mechanism is supervised by an र Ethics & Compliance Task Force' comprising a member of the Board as the Chairperson and senior executives as members.

Protected disclosures can be made by a whistle-blower through an e-mail, or dedicated telephone line or a letter to the Ethics & Compliance Task Force or to the Chairman of the Audit Committee.

The Vigil Mechanism and Whistle-blower policy is put up on the Company's website and can be accessed at: http://www.ril. com/DownloadFiles/IRStatutory/Vigil- Mechanism-and-Whistle-Blower-Policy.pdf

(VI) PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act") and Rules made thereunder, the Company has formed Internal Complaints Committee for various work places to address complaints pertaining to sexual harassment in accordance with the POSH Act. The Company has a policy for prevention of Sexual Harassment, which ensures a free and fair enquiry process with clear timelines for resolution. To build awareness in this area, the Company has been conducting online programme on a continuous basis.

(VII) PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient are provided in the Standalone Financial Statement (Please refer Note 2, 3, 6, 9, 31 and 37 to the Standalone Financial Statement).

(VIII) DEBENTURES

The Company has issued on private placement basis and allotted, Unsecured, Redeemable Non-convertible Debentures (NCDs) aggregating र 19,000 crore (paid up to the extent of र 17,000 crore) during the financial year 2018-19. The funds raised through issuance of NCDs have been utilised for refinancing of existing borrowings and other purpose in the ordinary course of business.

(IX) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in Annexure V to this Report.

(X) ANNUAL RETURN

As required under Section 134(3)(a)of the Act, the Annual Return is put up on the Company's website and can be accessed at http://www.ril.com/DownloadFiles/IRStatutory/Annual Return 2018-19.pdf and http://www.ril.com/DownloadFiles/ IRStatutory/Annual Return 2017-18.pdf

(XI) PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of top ten employees in terms of remuneration drawn and names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules forms part of this Report.

Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report.

Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection on all working days, during business hours, at the Registered Office of the Company.

Any member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

• Details relating to deposits covered under Chapter V of the Act.

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except Employees' Stock Options Schemes referred to in this Report.

• The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.

• Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

• No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

• No fraud has been reported by the Auditors to the Audit Committee or the Board.

• There is no Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016.

ACKNOWLEDGEMENT

The Board of Directors wish to place on record its deep sense of appreciation for the committed services by all the employees of the Company. The Board of Directors would also like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review.

For and on behalf of the Board of Directors

Mukesh D. Ambani

Chairman and Managing Director

Mumbai, April 18, 2019

DIVIDEND DISTRIBUTION POLICY

The Board of Directors (the "Board") of Reliance Industries Limited (the "Company") at its meeting held on April 24, 2017 had adopted this Dividend Distribution Policy (the "Policy") as required by Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations").

OBJECTIVE

The objective of this Policy is to establish the parameters to be considered by the Board of Directors of the Company before declaring or recommending dividend.

The Company has had an uninterrupted dividend payout since listing. In future, the Company would endeavour to pay sustainable dividend keeping in view the Company's policy of meeting the longterm growth objectives from internal cash accruals.

CIRCUMSTANCES UNDER WHICH THE SHAREHOLDERS MAY OR MAY NOT EXPECT DIVIDEND

The Board of Directors of the Company, while declaring or recommending dividend shall ensure compliance with statutory requirements under applicable laws including the provisions of the Companies Act, 2013 and Listing Regulations. The Board of Directors, while determining the dividend to be declared or recommended shall take into consideration the advice of the executive management of the Company and the planned and further investments for growth apart from other parameters set out in this Policy.

The Board of Directors of the Company may not declare or recommend dividend for a particular period if it is of the view that it would be prudent to conserve capital for the then ongoing or planned business expansion or other factors which may be considered by the Board.

PARAMETERS TO BE CONSIDERED BEFORE RECOMMENDING DIVIDEND

The Board of Directors of the Company shall consider the following financial/internal parameters while declaring or recommending dividend to shareholders:

• Profits earned during the financial year

• Retained Earnings

• Earnings outlook for next three to five years

• Expected future capital/liquidity requirements

• Any other relevant factors and material events.

The Board of Directors of the Company shall consider the following external parameters while declaring or recommending dividend to shareholders:

• Macro-economic environment-Significant changes in macro-economic environment materially affecting the businesses in which the Company is engaged in the geographies in which the Company operates

• Regulatory changes-Introduction of new regulatory requirements or material changes in existing taxation or regulatory requirements, which significantly affect the businesses in which the Company is engaged

• Technological changes which necessitate significant new investments in any of the businesses in which the Company is engaged.

UTILISATION OF RETAINED EARNINGS

The Company shall endeavor to utilise the retained earnings in a manner which shall be beneficial to the interests of the Company and also its shareholders.

The Company may utilise the retained earnings for making investments for future growth and expansion plans, for the purpose of generating higher returns for the shareholders or for any other specific purpose, as approved by the Board of Directors of the Company.

PARAMETERS THAT SHALL BE ADOPTED WITH REGARD TO VARIOUS CLASSES OF SHARES

The Company has issued only one class of shares viz. equity shares. Parameters for dividend payments in respect of any other class of shares will be as per the respective terms of issue and in accordance with the applicable regulations and will be determined, if and when the Company decides to issue other classes of shares.

CONFLICT IN POLICY

In the event of any conflict between this Policy and the provisions contained in the Listing Regulations, the Regulations shall prevail.

AMENDMENTS

The Board may, from time to time, make amendments to this Policy to the extent required due to change in applicable laws and Listing Regulations or as deemed fit on a review.

For and on behalf of the Board of Directors

Mukesh D. Ambani

Chairman and Managing Director

Mumbai, April 18, 2019

2. Companies/Bodies Corporate which ceased to be Subsidiaries during the financial year 2018-19:

3. Companies/Bodies Corporate which have become Joint Ventures or Associates during the financial year 2018-19:

4. Companies/Bodies Corporate which ceased to be a Joint Venture or Associate during the financial year 2018-19:

For and on behalf of the Board of Directors

Mukesh D. Ambani

Chairman and Managing Director

Mumbai, April 18, 2019

Note 1: Andhra Pradesh-East Godavari; Gujarat-Bharuch, Jamnagar, Navsari, Surat; Haryana-Jhajjar; Madhya Pradesh

- Anuppur, Shahdol; Maharashtra-Mumbai, Palghar, Thane.

Note 2: Andhra Pradesh-East Godavari; Gujarat-Bharuch, Jamnagar, Navsari, Surat, Vadodara, Ahmedabad; Madhya Pradesh-Shahdol; Maharashtra-Nagpur, Raigad; Uttar Pradesh-Allahabad, Barabanki; Punjab-Hoshiarpur

Note 3: Maharashtra-Mumbai, Gangakhed, Yavatmal; Gujarat-Jasdan, Netrang; Telangana-Warangal; Uttarakhand-Dehradun; Madhya Pradesh-Jamai, Seoni; Rajasthan

- Banswara, Sawai Madhopur; Union Territory-Delhi.

Note 4: Andhra Pradesh-Anantapur, Kurnool, Vishakhapatnam; Bihar-Patna; Gujarat-Ahmedabad; Jharkhand-Ranchi; Madhya Pradesh-Bhopal; Maharashtra

- Mumbai, Nagpur, Pune, Thane, Nashik; Odisha-Bhubneshwar, Rajasthan-Bhilwara, Jaipur; Tamil Nadu-Chennai; Telangana-Karim Nagar, Khammam, Nizamabad; Uttar Pradesh-Ghaziabad, Lucknow; Uttarakhand-Rudraprayag; West Bengal-Kolkata; Union Territory

- Delhi, Chandigarh.

Note 5: Goa-North Goa; Gujarat-Aravalli, Banaskantha, Bharuch, Bhavnagar, Botad, Chhota Udepur, Dahod, Dang, Devbhoomi Dwarka, Gandhinagar, Gir Somnath, Jamnagar, Junagadh, Kheda, Kutch, Mahisagar, Mehsana, Morbi, Narmada, Navsari, Panchmahal, Patan, Porbandar, Rajkot, Sabarkantha, Surat, Surendranagar, Tapi, Vadodara; Haryana-Faridabad;

Karnataka-Bengaluru; Kerela-Kollam; Maharashtra-Mumbai, Thane, Pune, Raigad; Punjab-Amritsar; Rajasthan

- Jaipur; Tamilnadu-Chennai; Union Territory-Delhi, Dadra and Nagar Haveli, Diu and Daman.

Note 6: Andhra Pradesh-Chittoor,

East Godavari, Guntur, Kadapa, Krishna, Kurnool, Prakasam, Srikakulam, Vishakhapatnam, Vizianagaram, West Godavari; Madhya Pradesh-Shahdol; Uttar Pradesh-Anantapur.

Note 7: Gujarat-Gandhinagar; Maharashtra-Mumbai, Nagpur; Uttarakhand-Chamoli; Union Territory - Delhi.

Note 8: Maharashtra-Mumbai; Union Territory-Delhi.

Note 9: Kerala-Wayanad, Kannur, Kozhikode, Malappuram, Palakad, Thirusur, Ernakulam, Allappuzha

IA (1)-Reliance Foundation (RF), a company within the meaning of Section 8 of the Companies Act, 2013 and has a comprehensive approach towards development with an overall aim to create and support meaningful and innovative activities that address some of India's most pressing developmental challenges, with the aim of enabling lives, living and livelihood for a stronger and inclusive India.

IA (2)-Reliance Foundation Institution of Education and Research (RFIER) is a company within meaning of Section 8 of the Companies Act, 2013 to promote, encourage, support and assist educational, research and medical activities.

IA (3)-Reliance Foundation Youth Sports (RFYS), a company within meaning of Section 8 of the Companies Act, 2013 has a comprehensive approach towards development of grassroot sports.

"Includes र 475 crore towards contribution to RFIER as Corpus for the proposed University project.

The implementation and monitoring of Corporate Social Responsibility (CSR) Policy, is in compliance with CSR objectives and policy of the Company.

Reliance Industries Ltd Company Background

Reliance Industries Ltd Company Management

Reliance Industries Ltd Listing Information

Reliance Industries Ltd Finished Product