February 02, 2024

Reliance Industries Limited: Ratings reaffirmed

Summary of rating action

Previous Rated Amount Current Rated Amount

Instrument* Rating Action
(Rs. crore) (Rs. crore)
Non-convertible debentures 18,500.00 18,500.00 [ICRA]AAA (Stable); reaffirmed
[ICRA]AAA (Stable); reaffirmed and
Non-convertible debentures 6,500 -
withdrawn
Commercial paper 10,000.00 10,000.00 [ICRA]A1+; reaffirmed

Total 35,000.00 28,500.00

*Instrument details are provided in Annexure-I

Rationale

The ratings reaffirmation factors in Reliance Industries Limited’s (RIL/the company) dominant position in the oil refining and
petrochemical segment and its growing presence in the digital services/telecom and retail businesses wherein the company
has been able to achieve a leadership position as well. The ratings also factor in RIL’s robust financial profile, reflected in its
healthy profitability, strong debt protection metrics and low working capital intensity. The ratings also factor in the company’s
exceptional financial flexibility derived from its healthy liquid investment portfolio and superior fund-raising ability from
domestic and global banks as well as the capital markets.
ICRA has withdrawn the rating outstanding on the Rs. 6,500-crore non-convertible debenture programme as the NCDs have
been redeemed/not placed and there is no amount outstanding against the rated instrument. The rating has been withdrawn
in accordance with ICRA’s policy on the withdrawal of credit ratings.
Under its oil-to-chemical (O2C) segment, RIL has one of the most complex refineries globally which gives it greater flexibility
in sourcing crude and thus relatively high gross refining margins (GRMs). The refinery complex is highly integrated with the
petrochemical operations, giving the company a significant competitive edge at the global and domestic level in several
products.
As part of its diversification plans, RIL has achieved robust performance in the telecom and retail businesses. Reliance Jio is
now the largest telecom player in terms of subscriber base with 470.9 million subscribers (as on December 31, 2023) and the
second-highest contributor to RIL’s profitability after the O2C segment. In retail, RIL has been expanding its presence with
nearly 18,774 stores (as on December 31, 2023) across the country, which coupled with the acquisition of several brands, has
aided in achieving a dominant position in several retail categories. The ratings also favourably factor in the rise in the
production of natural gas from the Krishna Godavari (KG) basin’s R-Cluster and satellite fields and the commissioning and ramp
up of the MJ-6 field from Q1 FY2024 which will further support the performance of the segment and aid cash flows.
ICRA, however, factors in the sensitivity of the company’s profits and cash generation to the refining and petrochemical margin
cycle, and the risks associated with the E&P business such as geological risk, lack of diversity in the production blocks and
moderate reserve replacement track record. Further, the company’s ability to maintain healthy ARPUs in its telecom venture
would be critical to achieve reasonable returns on the sizeable investments made in the segment. RIL is making significant
investments in building its new energy business, primarily in clean energy. The business will remain exposed to technology
risks as there are several competing technologies in the clean energy space and a dominant technology platform is yet to
emerge. RIL’s credit profile could also be influenced by any large acquisitions or new investments in its energy/consumer
businesses.
The Stable outlook on long-term rating reflects ICRA’s expectation that the credit profile of RIL will continue to be supported
by the healthy cash flow generation from diversified businesses, where it has an established market position and exceptional
financial flexibility.

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 Key rating drivers and their description

Credit strengths

Leadership position, backed by strong competitiveness in O2C segment – RIL has combined its refining and petrochemical
business into an integrated O2C segment since FY2021. It has two coastal refineries with a combined refining capacity of 1.4
million barrels per day (mbpd), and also the largest refining complex at a single location globally. RIL’s crude oil requirements
are largely met through imports and the sheer size of the operations enables RIL to procure crude oil through very large crude
carriers (VLCC), which results in competitive oceanic freight. Further, the company has product placement flexibility due to its
ability to manufacture various grades of petrol and diesel and is in proximity to the shore. Overall, RIL has significant
competitive edge over other global and domestic refineries due to its large scale of operations with capability to process a
wide variety of crude, including some of the heaviest grades, as well as flexibility to manufacture products of high standards.

In the petrochemical business, RIL continues to be among the top 10 producers globally and commands a sizeable market
share in the domestic polymer and polyester market. RIL had both naphtha as well as gas-based crackers earlier and now has
modified crackers to use ethane. This has significantly improved its feedstock flexibility and ability to respond to the changing
market conditions. Further, RIL operates the world’s largest refinery off-gas cracker complex of 1.5 million MTPA capacity along
with downstream plants and utilities, which provide significant integration benefits as the complex utilises off-gases from RIL’s
refineries as feedstock, thereby providing a cost advantage. RIL’s cost competitiveness in its petrochemical business, derived
from its scale, access to superior process technology, development of specialty products and high level of integration enable
it to withstand the commodity price risks associated with the business.

Continued improvement in digital services with largest subscriber market share – RIL’s digital services subsidiary, RJIL, has
witnessed a healthy addition to its user base since its launch in September 2016. It has the largest market share with around
470.9 million subscribers as on December 31, 2023. The segment continues to witness a healthy improvement in the average
revenue per user (ARPU), with the digital services segment now being the second-highest contributor to RIL’s consolidated
operating profits.

Strong market position in retail, backed by expansion and acquisition of brands - Reliance Retail Ventures Limited (RRVL/RIL’s
subsidiary) continues to consolidate its market position as India’s largest retailer with a dominant position across several
formats. The company has been expanding its footprint by adding stores, expanding the reach of its digital and new commerce
platforms and enhancing products and service offerings. It is present across tier-2 and tier-3 cities, with a network of 18,774
stores covering 72.9 million square feet, as on December 31, 2023. Further, RRVL has also been able to ramp up JioMart, India’s
largest hyperlocal platform operating across over 200 cities. The expansion, coupled with the acquisition of several brands and
presence across consumer electronics, grocery, general merchandise, apparel, footwear, lingerie, jewellery, home and living,
and pharma categories, has aided the retail segment’s revenue growth and profit.

Strong coverage indicators and low working capital intensity - As on December 31, 2023, RIL’s total consolidated debt stood
at Rs. 311,743 crore and its financial leverage (gross debt/OPBITDA) was at 1.95 times, excluding capital creditors and deferred
liabilities, compared to a debt of Rs. 313,966 crore and gross debt/OPBITDA of 2.2 times by the end of FY2023. During 9M
FY2024, the interest coverage remained at 6.9 times in 9M FY2024 vis-à-vis 7.3 times in FY2023. RIL’s working capital
requirement, as reflected in the ratio of its net working capital (NWC) to operating income (OI), continues to be negative, given
its ability to command favourable payment terms from creditors and its debtors.

Exceptionally high financial flexibility – RIL has demonstrated exceptional financial flexibility arising from its large liquid
investments, access to treasury shares, and good standing among financial institutions. Besides, RIL has a proven track record
in raising funds from international/domestic bond markets with long tenures at fine rates.

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 Credit challenges

Risks associated with exploration and production (E&P) business – RIL has made significant investments in the E&P business
and has witnessed a healthy ramp-up in the production of natural gas volumes from the KG basin. The business, however,
remains exposed to the risks of lower-than-anticipated production and decline in natural gas prices.

High competition and regulatory risks – The company is exposed to regulatory risks related to the Government’s policies in
telecom and natural gas pricing, which can impact the E&P sector. Further, the telecom and retail sectors are characterised by
high competition, which may impact the company’s ability to improve profitability in these segments.

Large investments in telecom and renewable energy; long gestation period in telecom and technology risks in clean energy
pose challenges - The RIL Group has made large-scale investments in its telecom venture, RJIL, to set up the infrastructure and
acquire the spectrum. It may face challenges in achieving optimal returns from its investments in the medium term owing to
the consolidation seen in the telecom industry and the high competitive intensity, though it would be supported by the healthy
addition to its subscriber base. RIL is also making significant investments in building its new energy business, primarily in clean
energy. The business will remain exposed to technology risks as there are several competing technologies in the clean energy
space and a dominant technology platform is yet to emerge.

Environmental and Social Risks

Environmental considerations: RIL is exposed to increasing environmental regulations in the O2C segment, although the
impact is partly mitigated by the high degree of downstream integration into petrochemicals. Further, the company has
announced its target to achieve carbon neutrality by 2035. ICRA also takes note of RIL’s operational capabilities with a strong
track record of environmental compliance. RIL’s growing diversification into digital services and retail also mitigates the
environmental risk for the entity from a longer-term credit perspective.

Social considerations: The company is also exposed to social risks emanating from changing consumer preferences and the
Government’s initiatives to reduce plastic consumption. Further, the retail and digital services segments are also exposed to
the risk of information security breach and data risks. However, the company’s presence in diversified downstream segments
and the implementation of global best practices to ensure continued data safety mitigate this risk to a large extent.

Liquidity position: Superior

RIL enjoys superior liquidity on account of its increasing profits and negative working capital cycle which results in healthy
retained cash flows. The company has maintained sizeable liquid investments, comprising unencumbered cash and cash
equivalents of Rs. 68,664 crore, and has access to unutilised bank lines, which further strengthens its liquidity profile. The
company also has current investments of Rs. 118,473 crore, other marketable securities of Rs. 1,022 crore1 and Share Call
money receivable on rights issue of Rs. 41 crore, besides holding encumbered cash (total Rs. 188,200 crore as on March 31,
2023). Besides, the company has a proven track record in raising funds from the international/domestic bond markets with
long tenures at fine rates.

Rating sensitivities

Positive factors – NA.

Negative factors – Significantly lower returns from incremental investments on a sustained basis leading to the weakening of
the credit metrics going forward will be a trigger for a downgrade. A specific credit metric that could lead to a downgrade is a
net debt/OPBITDA of more than 2.5x2 on a sustained basis.

1 Includes investments in Jio Digital Fibre Private Limited and Summit Digital Infrastructure Private Limited

2 As per reported financials of the company

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 Analytical approach

Analytical Approach Comments

Corporate Credit Rating Methodology
Rating Methodology for Refining and Marketing
Rating Methodology for Upstream Oil Companies
Applicable rating methodologies
Rating Methodology for entities in the Retail Sector
Rating Methodology for entities in the Telecom Services Sector
ICRA Policy on Withdrawal of Credit Ratings
Parent/Group support Not Applicable
For arriving at the ratings, ICRA has considered RIL’s consolidated profile comprising 337
subsidiaries and 179 associates3 and JVs (enlisted in Annexure-2), including the more material
businesses viz., RJIL and Reliance Retail Ltd. Also, ICRA has combined the business and
Consolidation/Standalone
financial risk profiles of RIL’s group companies – Jamnagar Utilities and Power Private Limited,
and Sikka Ports and Terminals Limited - as they have a high degree of operational integration
with RIL and are thus of significant strategic importance to the company

About the company

Reliance Industries Limited (RIL) is India's largest private sector enterprise. Starting with textiles in the late seventies, the
company has pursued a strategy of backward vertical integration in polyester, fibre intermediates, plastics, other
petrochemicals, petroleum refining and oil and gas exploration and production, thereby emerging as a highly integrated player
with presence across the energy value chain. RIL enjoys global leadership in most of its businesses, being the largest polyester
yarn and fibre producer in the world and among the top 10 producers of major petrochemical products in the world. Through
its subsidiary companies, RIL is also involved in diversified businesses spanning retail, oil marketing and digital services. The
company has achieved leadership position in the digital services and retail businesses in the domestic market with both the
segment contributing a significant share in the overall profitability of RIL.

Key financial indicators (audited)

RIL Consolidated FY2022 FY2023 9M FY2024

Operating income 695,963 877,835 664,531
PAT 67,550 74,064 57,490
OPBDIT/OI 15.6% 16.2% 18.0%
PAT/OI 9.7% 8.4% 8.7%
Total outside liabilities/Tangible net worth (times) 0.7 0.9 -
Total debt/OPBDIT (times) 2.5 2.2 -
Interest coverage (times) 7.4 7.3 6.9
PAT: Profit after tax; OPBDIT: Operating profit before depreciation, interest, taxes and amortisation; Amount in Rs crore

Status of non-cooperation with previous CRA: Not applicable

Any other information: None

3 As of March 31, 2023

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 Rating history for past three years

Chronology of rating history

Current rating (FY2024)
for the past 3 years
Amount Date & Date &
Instrument outstanding rating in rating in Date & rating in FY2022 Date & rating in FY2021
Amount rated FY2024 FY2023
Type as on Dec
(Rs. crore)
31, 2023 Feb 11, Feb 26, May 01,
(Rs. crore) Feb 2, 2024 Feb 10, 2023 Feb 17, 2022 Sep 08, 2020 Apr 01, 2020
2022 2021 2020
Non-convertible [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA
1 Long term 18,500.00 11,675.80
debentures (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
[ICRA]AAA
Non-convertible [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA
2 Long term - - - (Stable);
debentures (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
withdrawn
[ICRA]AAA
Non-convertible [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA
3 Long term 6,500.00 - (Stable);
debentures (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
withdrawn

4 Commercial paper Short term 10,000.00 -- [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+

Complexity level of the rated instruments

Instrument Complexity Indicator

Non-convertible debentures Very Simple
Commercial paper Very Simple

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely
payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial,
business, industry risks or complexity related to the structural, transactional or legal aspects. Details on the complexity levels of the instruments are available on ICRA’s
website: Click Here

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 Annexure I: Instrument details

Instrument Coupon Amount Rated Current Rating and

ISIN Date of Issuance Maturity
Name Rate (Rs. crore) Outlook
INE110L08037 NCD 16-Jun-14 9.25% 16-Jun-24 2500 [ICRA]AAA (Stable)
INE110L08060 NCD 21-Jan-15 9.00% 21-Jan-25 1000 [ICRA]AAA (Stable)
INE110L07047 NCD 30-Oct-15 8.25% 30-Oct-25 3000 [ICRA]AAA (Stable)
[ICRA]AAA (Stable);
INE110L07088 NCD 9-Apr-18 8.00% 9-Apr-23 2500
Withdrawn
[ICRA]AAA (Stable);
INE110L07096 NCD 16-Apr-18 8.00% 16-Apr-23 2500
Withdrawn
INE002A08534 NCD 17-Oct-18 9.05% 17-Oct-28 3,500 [ICRA]AAA (Stable)
INE002A08542 NCD 9-Nov-18 8.95% 9-Nov-28 3,000 [ICRA]AAA (Stable)
INE002A08567 NCD 11-Dec-18 8.65% 11-Dec-28 3,000 [ICRA]AAA (Stable)
INE002A08690 NCD 11-Dec-18 8.70% 11-Dec-28 2,500 [ICRA]AAA (Stable)
[ICRA]AAA (Stable);
NA Unplaced NCD - - - 1,500
Withdrawn
Commercial
Unplaced NA NA 7-365 days 10,000 [ICRA]A1+
paper
Source: Company

Annexure II: List of entities considered for consolidated analysis-

RIL Consolidation
Company Name
Ownership approach
7-India Convenience Retail Limited 85.06% Full consolidation
Aaidea Solutions Limited (Formerly known as Aaidea Solutions Private Limited) 82.07% Full consolidation
Reliance A&T Fashions Private limited (Formerly known as Abraham and Thakore Exports
63.37% Full consolidation
Private Limited)
Addverb Technologies BV 49.51% Full consolidation
Addverb Technologies Private Limited 49.51% Full consolidation
Addverb Technologies Pte Limited 49.51% Full consolidation
Addverb Technologies Pty Limited 49.51% Full consolidation
Addverb Technologies USA Inc. 49.51% Full consolidation
Amante India Limited (Formerly known as Amante India Private Limited) 85.06% Full consolidation
Actoserba Active Wholesale Limited (Formerly known as Actoserba Active Wholesale Private
73.28% Full consolidation
Limited)
Adventure Marketing Private Limited 100.00% Full consolidation
AETN18 Media Private Limited 21.27% Full consolidation
Asteria Aerospace Limited (Formerly known as Asteria Aerospace Private Limited) 49.54% Full consolidation
Bhadohi DEN Entertainment Private Limited 34.14% Full consolidation
Catwalk Worldwide Private Limited 72.33% Full consolidation
Channels India Network Private Limited 50.55% Full consolidation
Chennai Cable Vision Network Private Limited 40.17% Full consolidation
Colorful Media Private Limited 100.00% Full consolidation
Colosceum Media Private Limited 73.15% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Cover Story Clothing Limited (Formerly known as Future Style Lab Limited) 85.06% Full consolidation
Cover Story Clothing UK Limited (Formerly known as Future Style Lab UK Limited) 85.06% Full consolidation
C-Square Info Solutions Private Limited 69.44% Full consolidation
Dadha Pharma Distribution Private Limited 85.06% Full consolidation
DEN Ambey Cable Networks Private Limited 40.84% Full consolidation
Den Broadband Limited (Formerly Den Broadband Private Limited) 66.95% Full consolidation
Den Budaun Cable Network Private Limited 34.14% Full consolidation
Den Discovery Digital Networks Private Limited 34.14% Full consolidation
Den Enjoy Cable Networks Private Limited 34.14% Full consolidation
Den Enjoy Navaratan Network Private Limited 17.41% Full consolidation
Den F K Cable TV Network Private Limited 34.14% Full consolidation
Den Fateh Marketing Private Limited 34.14% Full consolidation
Den Kashi Cable Network Limited 34.14% Full consolidation
Den Malayalam Telenet Private Limited 34.14% Full consolidation
Den Mod Max Cable Network Private Limited 34.14% Full consolidation
Den Nashik City Cable Network Private Limited 34.14% Full consolidation
Den Networks Limited 66.95% Full consolidation
Den Premium Multilink Cable Network Private Limited 34.14% Full consolidation
Den Rajkot City Communication Private Limited 34.13% Full consolidation
Den Satellite Cable TV Network Limited (Formerly Den Satellite Cable TV Network Private Limited 34.14% Full consolidation
Den Saya Channel Network Limited 34.14% Full consolidation
Den Supreme Satellite Vision Private Limited 66.95% Full consolidation
Den-Manoranjan Satellite Private Limited 66.95% Full consolidation
Digital Media Distribution Trust 100.00% Full consolidation
Digital18 Media Limited 73.15% Full consolidation
Drashti Cable Network Limited (Formerly Drashti Cable Network Private Limited 55.47% Full consolidation
Dronagiri Bokadvira East Infra Limited 100.00% Full consolidation
Dronagiri Bokadvira North Infra Limited 100.00% Full consolidation
Dronagiri Bokadvira South Infra Limited 100.00% Full consolidation
Dronagiri Bokadvira West Infra Limited 100.00% Full consolidation
Dronagiri Dongri East Infra Limited 100.00% Full consolidation
Dronagiri Dongri North Infra Limited 100.00% Full consolidation
Dronagiri Dongri South Infra Limited 100.00% Full consolidation
Dronagiri Dongri West Infra Limited 100.00% Full consolidation
Dronagiri Funde East Infra Limited 100.00% Full consolidation
Dronagiri Funde North Infra Limited 100.00% Full consolidation
Dronagiri Funde South Infra Limited 100.00% Full consolidation
Dronagiri Funde West Infra Limited 100.00% Full consolidation
Dronagiri Navghar East Infra Limited 100.00% Full consolidation
Dronagiri Navghar North First Infra Limited 100.00% Full consolidation
Dronagiri Navghar North Infra Limited 100.00% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Dronagiri Navghar North Second Infra Limited 100.00% Full consolidation
Dronagiri Navghar South First Infra Limited 100.00% Full consolidation
Dronagiri Navghar South Infra Limited 100.00% Full consolidation
Dronagiri Navghar South Second Infra Limited 100.00% Full consolidation
Dronagiri Navghar West Infra Limited 100.00% Full consolidation
Dronagiri Pagote East Infra Limited 100.00% Full consolidation
Dronagiri Pagote North First Infra Limited 100.00% Full consolidation
Dronagiri Pagote North Infra Limited 100.00% Full consolidation
Dronagiri Pagote North Second Infra Limited 100.00% Full consolidation
Dronagiri Pagote South First Infra Limited 100.00% Full consolidation
Dronagiri Pagote South Infra Limited 100.00% Full consolidation
Dronagiri Pagote West Infra Limited 100.00% Full consolidation
Dronagiri Panje East Infra Limited 100.00% Full consolidation
Dronagiri Panje North Infra Limited 100.00% Full consolidation
Dronagiri Panje South Infra Limited 100.00% Full consolidation
Dronagiri Panje West Infra Limited 100.00% Full consolidation
e-Eighteen.com Limited 67.26% Full consolidation
Elite Cable Network Private Limited 42.29% Full consolidation
Eminent Cable Network Private Limited 37.49% Full consolidation
Enercent Technologies Private Limited 57.40% Full consolidation
Futuristic Media and Entertainment Limited (Formerly Futuristic Media and Entertainment Private
66.95% Full consolidation
Limited
Faradion Limited 92.01% Full consolidation
Faradion UG 92.01% Full consolidation
Foodhall Franchises Limited 85.06% Full consolidation
Future Lifestyles Franchisee Limited 85.06% Full consolidation
Galaxy Den Media & Entertainment Private Limited 66.95% Full consolidation
Genesis Colors Limited 54.44% Full consolidation
Genesis La Mode Private Limited 77.37% Full consolidation
GLB Body Care Private Limited 81.22% Full consolidation
GLF Lifestyle Brands Private Limited 77.37% Full consolidation
GML India Fashion Private Limited 77.37% Full consolidation
Grab A Grub Services Limited (Formerly known as Grab A Grub Services Private Limited) 70.10% Full consolidation
Greycells18 Media Limited 65.61% Full consolidation
Hamleys (Franchising) Limited* 68.75% Full consolidation
Hamleys Asia Limited* 68.75% Full consolidation
Hamleys of London Limited* 68.75% Full consolidation
Hamleys Toys (Ireland) Limited* 68.75% Full consolidation
Hathway Bhawani Cabletel & Datacom Limited 40.01% Full consolidation
Hathway Cable and Datacom Limited 52.86% Full consolidation
Hathway Digital Limited (Formerly Hathway Digital Private Limited) 52.86% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Hathway Kokan Crystal Cable Network Limited (Formerly Hathway Kokan Crystal Cable Network
52.86% Full consolidation
Private Limited)
Hathway Mantra Cable & Datacom Limited (Formerly Hathway Mantra Cable & Datacom Private
52.86% Full consolidation
Limited
Hathway Nashik Cable Network Private Limited 47.61% Full consolidation
Independent Media Trust 100.00% Full consolidation
IndiaCast Media Distribution Private Limited 31.48% Full consolidation
IndiaCast UK Limited 31.48% Full consolidation
IndiaCast US Limited 31.48% Full consolidation
Indiavidual Learning Limited (Formerly Indiavidual Learning Private Limited) 56.63% Full consolidation
Indiawin Sports Private Limited 100.00% Full consolidation
Indiawin Sports Middle East Limited* 100.00% Full consolidation
Infomedia Press Limited 37.08% Full consolidation
Intimi India Limited (Formerly known as Intimi India Private Limited) 85.06% Full consolidation
Jio Cable and Broadband Holdings Private Limited 100.00% Full consolidation
Jio Content Distribution Holdings Private Limited 100.00% Full consolidation
Intelligent Supply Chain Infrastructure Management Private Limited (Formerly Known as Jio Digital
85.06% Full consolidation
Cableco Private Limited)
Jio Digital Distribution Holdings Private Limited 100.00% Full consolidation
Jio Estonia OÜ* 66.43% Full consolidation
Jio Futuristic Digital Holdings Private Limited 100.00% Full consolidation
Jio Haptik Technologies Limited 66.43% Full consolidation
Jio Information Aggregator Services Limited 100.00% Full consolidation
Jio Infrastructure Management Services Limited 100.00% Full consolidation
Jio Internet Distribution Holdings Private Limited 100.00% Full consolidation
Jio Limited 100.00% Full consolidation
Jio Media Limited 66.43% Full consolidation
Jio Platforms Limited 66.43% Full consolidation
Jio Television Distribution Holdings Private Limited 100.00% Full consolidation
Jio Things Limited 66.43% Full consolidation
Jaisuryas Retail Ventures Limited (Formerly known as Jaisuryas Retail Ventures Private Limited) 85.06% Full consolidation
JD International Pte. Ltd. 54.78% Full consolidation
Jio Satellite Communications Limited 66.43% Full consolidation
Jio Space Technology Limited 33.88% Equity method
Just Dial Limited 54.78% Full consolidation
Kalamboli East Infra Limited 100.00% Full consolidation
Kalamboli North First Infra Limited 100.00% Full consolidation
Kalamboli North Infra Limited 100.00% Full consolidation
Kalamboli North Second Infra Limited 100.00% Full consolidation
Kalamboli North Third Infra Limited 100.00% Full consolidation
Kalamboli South First Infra Limited 100.00% Full consolidation
Kalamboli South Infra Limited 100.00% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Kalamboli West Infra Limited 100.00% Full consolidation
Kishna Den Cable Networks Private Limited 34.14% Full consolidation
Kalanikethan Fashions Limited (Formerly known as Kalanikethan Fashions Private Limited) 85.06% Full consolidation
Kalanikethan Silks Limited (Formerly known as Kalanikethan Silks Private Limited) 85.06% Full consolidation
Kutch New Energy Projects Limited (Formerly known as Reliance Solar Projects Limited) 100.00% Full consolidation
Libra Cable Network Limited 34.14% Full consolidation
Lithium Werks China Manufacturing Co., Ltd.* 85.79% Full consolidation
Lithium Werks Technology B. V.* 85.79% Full consolidation
M Entertainments Private Limited 83.17% Full consolidation
Mahadev Den Cable Network Limited (Formerly Mahadev Den Cable Network Private Limited 34.14% Full consolidation
Mahavir Den Entertainment Private Limited 34.24% Full consolidation
Mansion Cable Network Private Limited 44.19% Full consolidation
Mayuri Kumkum Limited 43.38% Full consolidation
Media18 Distribution Services Limited 73.15% Full consolidation
Amante Exports (Private) Limited (Formerly known as MAS Brands Exports (Private) Limited)* 85.06% Full consolidation
Amante Lanka (Private) Limited (Formerly known as MAS Brands Lanka (Private) Limited)* 85.06% Full consolidation
Meerut Cable Network Private Limited 34.14% Full consolidation
Mesindus Ventures Limited (Formerly known as Mesindus Ventures Private Limited) 70.88% Full consolidation
Mindex 1 Limited 100.00% Full consolidation
Model Economic Township Limited 100.00% Full consolidation
Moneycontrol Dot Com India Limited 67.26% Full consolidation
MYJD Private Limited 54.78% Full consolidation
Netmeds Healthcare Limited (Formerly known as Netmeds Marketplace Limited) 85.06% Full consolidation
Network18 Media & Investments Limited 73.15% Full consolidation
Network18 Media Trust 73.15% Full consolidation
New Emerging World Of Journalism Limited (Formerly New Emerging World Of Journalism Private
49.82% Full consolidation
Limited
NextGen Fast Fashion Limited 85.06% Full consolidation
NowFloats Technologies Limited (Formerly known as NowFloats Technologies Private Limited) 75.13% Full consolidation
Nilgiris Stores Limited 85.06% Full consolidation
Purple Panda Fashions Limited (Formerly known as Purple Panda Fashions Private Limited) 77.46% Full consolidation
Radiant Satellite (India) Private Limited 34.14% Full consolidation
Radisys B.V* 66.43% Full consolidation
Radisys Canada Inc* 66.43% Full consolidation
Radisys Cayman Limited * Cayman 66.43% Full consolidation
Radisys Convedia (Ireland) Limited* 66.43% Full consolidation
Radisys Corporation* 66.43% Full consolidation
Radisys GmbH* 66.43% Full consolidation
Radisys India Limited (Formerly known as Radisys India Private Limited) 66.43% Full consolidation
Radisys International LLC* 66.43% Full consolidation
Radisys International Singapore Pte. Ltd* 66.43% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Radisys Spain S.L.U* 66.43% Full consolidation
Radisys Systems Equipment Trading (Shanghai) Co. Ltd* 66.43% Full consolidation
Radisys Technologies (Shenzhen) Co. Ltd* 66.43% Full consolidation
Radisys UK Limited* 66.43% Full consolidation
RB Holdings Private Limited 100.00% Full consolidation
RB Media Holdings Private Limited 100.00% Full consolidation
RB Mediasoft Private Limited 100.00% Full consolidation
RBML Solutions India Limited 51.00% Full consolidation
Recron (Malaysia) Sdn. Bhd* 100.00% Full consolidation
REC Americas LLC * 100.00% Full consolidation
REC ScanModule Sweden AB * 100.00% Full consolidation
REC Solar (Japan) Co., Ltd. * 100.00% Full consolidation
REC Solar EMEA GmbH * 100.00% Full consolidation
REC Solar France SAS* 100.00% Full consolidation
REC Solar Holdings AS * 100.00% Full consolidation
REC Solar Norway AS * 100.00% Full consolidation
REC Solar Pte. Ltd. * 100.00% Full consolidation
REC Systems (Thailand) Co., Ltd. * 99.99% Full consolidation
REC Trading (Shanghai) Co., Ltd. * 100.00% Full consolidation
REC US Holdings, Inc. * 100.00% Full consolidation
Reliance 4IR Realty Development Limited 100.00% Full consolidation
Reliance Abu Sandeep Private Limited (Formerly known as ABSA Fashions Private Limited) 43.38% Full consolidation
Reliance AK-OK Fashions Limited 51.04% Full consolidation
Reliance Ambit Trade Private Limited 100.00% Full consolidation
Reliance Beauty & Personal Care Limited 85.06% Full consolidation
Reliance Bhutan Limited 100.00% Full consolidation
Reliance Bio Energy Limited 100.00% Full consolidation
Reliance BP Mobility Limited 51.00% Full consolidation
Reliance Brands Luxury Fashion Private Limited (Formerly known as Genesis Luxury Fashion Private
69.68% Full consolidation
Limited
Reliance Brands Holding UK Limited* 68.75% Full consolidation
Reliance Brands Limited 68.75% Full consolidation
Reliance Carbon Fibre Cylinder Limited 100.00% Full consolidation
Reliance Chemicals and Materials Limited 100.00% Full consolidation
Reliance Clothing India Limited (Formerly known as Reliance Clothing India Private Limited) 85.06% Full consolidation
Reliance Commercial Dealers Limited 100.00% Full consolidation
Reliance Comtrade Private Limited 100.00% Full consolidation
Reliance Consumer Products Limited 85.06% Full consolidation
Reliance Content Distribution Limited 100.00% Full consolidation
Reliance Corporate IT Park Limited 100.00% Full consolidation
Reliance Digital Health Limited (Formerly known as Kanhatech Solutions Limited) 100.00% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Reliance Digital Health USA Inc. (Formerly Affinity Names Inc)* 100.00% Full consolidation
Reliance TerraTech Holding LLC (Formerly known as Reliance Eagleford Upstream GP LLC)* 100.00% Full consolidation
Reliance Eagleford Upstream Holding LP* 100.00% Full consolidation
Reliance Eagleford Upstream LLC* 100.00% Full consolidation
Reliance Eminent Trading & Commercial Private Limited 100.00% Full consolidation
Reliance Ethane Holding Pte Limited 100.00% Full consolidation
Reliance Ethane Pipeline Limited 100.00% Full consolidation
Reliance Exploration & Production DMCC* 100.00% Full consolidation
Reliance Finance and Investments USA LLC* 100.00% Full consolidation
Reliance GAS Lifestyle India Private Limited 35.22% Full consolidation
Reliance Gas Pipelines Limited 100.00% Full consolidation
Reliance Global Energy Services (Singapore) Pte. Limited 100.00% Full consolidation
Reliance Global Energy Services Limited 100.00% Full consolidation
Reliance Global Project Services Pte. Ltd.* 100.00% Full consolidation
Reliance Global Project Services UK Limited* 100.00% Full consolidation
Reliance Hydrogen Electrolysis Limited 100.00% Full consolidation
Reliance Hydrogen Fuel Cell Limited 100.00% Full consolidation
Reliance Industrial Investments and Holdings Limited 100.00% Full consolidation
Reliance Industries (Middle East) DMCC* 100.00% Full consolidation
Reliance Infratel Limited 100.00% Full consolidation
Reliance Innovative Building Solutions Private Limited 100.00% Full consolidation
Reliance International Limited 100.00% Full consolidation
Reliance Jio Global Resources LLC* 66.43% Full consolidation
Reliance Jio Infocomm Limited 66.43% Full consolidation
Reliance Jio Infocomm Pte. Limited* 66.43% Full consolidation
Reliance Jio Infocomm UK Limited* 66.43% Full consolidation
Reliance Jio Infocomm USA Inc* 66.43% Full consolidation
Reliance Jio Media Limited 100.00% Full consolidation
Reliance Lifestyle Products Private Limited 69.21% Full consolidation
Reliance Lithium Werks B. V.* 85.79% Full consolidation
Reliance Lithium Werks USA LLC* 85.79% Full consolidation
Reliance Logistics and Warehouse Holdings Limited 85.06% Full consolidation
Reliance Mappedu Multi Modal Logistics Park Limited 85.06% Full consolidation
Reliance Marcellus LLC* 100.00% Full consolidation
Reliance NeuComm LLC* 100.00% Full consolidation
Reliance New Energy Battery Storage Limited 100.00% Full consolidation
Reliance New Energy Carbon Fibre Cylinder Limited 100.00% Full consolidation
Reliance New Energy Hydrogen Electrolysis Limited 100.00% Full consolidation
Reliance New Energy Hydrogen Fuel Cell Limited 100.00% Full consolidation
Reliance New Energy Limited (Formerly known as Reliance New Energy Solar Limited) 100.00% Full consolidation
Reliance New Energy Power Electronics Limited 100.00% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Reliance New Energy Storage Limited 100.00% Full consolidation
Reliance New Solar Energy Limited 100.00% Full consolidation
Reliance Payment Solutions Limited 100.00% Full consolidation
Reliance Petro Marketing Limited 100.00% Full consolidation
Reliance Petro Materials Limited 100.00% Full consolidation
Reliance Polyester Limited (Formerly known as Reliance Petroleum Retail Limited) 100.00% Full consolidation
Reliance Power Electronics Limited 100.00% Full consolidation
Reliance Progressive Traders Private Limited 100.00% Full consolidation
Reliance Projects & Property Management Services Limited 100.00% Full consolidation
Reliance Prolific Commercial Private Limited 100.00% Full consolidation
Reliance Prolific Traders Private Limited 100.00% Full consolidation
Reliance Rahul Mishra Fashion Private Limited (Formerly known as Rahul Mishra Fashion
43.38% Full consolidation
Private Limited)
Reliance Retail and Fashion Lifestyle Limited 85.06% Full consolidation
Reliance Retail Finance Limited 100.00% Full consolidation
Reliance Retail Insurance Broking Limited 100.00% Full consolidation
Reliance Retail Limited 85.00% Full consolidation
Reliance Retail Ventures Limited 85.06% Full consolidation
Reliance Ritu Kumar Private Limited (Formerly known as Ritika Private Limited) 44.41% Full consolidation
Reliance Sibur Elastomers Private Limited 74.90% Full consolidation
Reliance SMSL Limited 100.00% Full consolidation
Reliance SOU Limited 100.00% Full consolidation
Reliance Strategic Business Ventures Limited 100.00% Full consolidation
Reliance Strategic Investments Limited 100.00% Full consolidation
Reliance Syngas Limited 100.00% Full consolidation
Reliance UbiTek* 100.00% Full consolidation
Reliance Universal Traders Private Limited 100.00% Full consolidation
Reliance Vantage Retail Limited 100.00% Full consolidation
Reliance Ventures Limited 100.00% Full consolidation
Reliance-GrandOptical Private Limited 85.06% Full consolidation
Reverie Language Technologies Limited (Formerly Reverie Language) 56.16% Full consolidation
RIL USA, Inc* 100.00% Full consolidation
RISE Worldwide Limited (Formerly IMG Reliance Limited) 100.00% Full consolidation
Ritu Kumar ME (FZE) (Formerly known as Ritu Kumar ME (FZC)) 44.41% Full consolidation
Rod Retail Private Limited 85.06% Full consolidation
Roptonal Limited 21.27% Full consolidation
Rose Entertainment Private Limited 34.14% Full consolidation
RP Chemicals (Malaysia) Sdn. Bhd* 100.00% Full consolidation
RRB Mediasoft Private Limited 100.00% Full consolidation
Saavn Holdings, LLC (Formerly known as Saavn, Inc.) 58.23% Full consolidation
Saavn LLC 58.23% Full consolidation

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 RIL Consolidation
Company Name
Ownership approach
Saavn Media Limited (Formerly Saavn Media Private Limited) 58.23% Full consolidation
SankhyaSutra Labs Limited (Formerly SankhyaSutra Labs Private Limited) 57.66% Full consolidation
Sensehawk Inc* 79.40% Full consolidation
Sensehawk India Private Limited* 79.40% Full consolidation
Sensehawk MEA Limited* 79.40% Full consolidation
Shopsense Retail Technologies Limited (Formerly known as Shopsense Retail Technologies Private
73.74% Full consolidation
Limited)
Shri Kannan Departmental Store Limited (Formerly known as Shri Kannan Departmental Store
85.06% Full consolidation
Private Limited)
skyTran Inc. * 62.83% Full consolidation
Stoke Park Limited * 100.00% Full consolidation
Strand Life Sciences Private Limited 79.53% Full consolidation
Srishti Den Networks Limited 34.14% Full consolidation
Surajya Services Limited (Formerly known as Surajya Services Private Limited) 48.41% Full consolidation
Surela Investment And Trading Limited 100.00% Full consolidation
Tesseract Imaging Limited (Formerly Tesseract Imaging Private Limited) 62.21% Full consolidation
The Indian Film Combine Private Limited 83.17% Full consolidation
Tira Beauty Limited 85.06% Full consolidation
Tresara Health Limited (Formerly known as Tresara Health Private Limited) 85.06% Full consolidation
TV18 Broadcast Limited 41.70% Full consolidation
Ulwe East Infra Limited 100.00% Full consolidation
Ulwe North Infra Limited 100.00% Full consolidation
Ulwe South Infra Limited 100.00% Full consolidation
Ulwe Waterfront East Infra Limited 100.00% Full consolidation
Ulwe Waterfront North Infra Limited 100.00% Full consolidation
Ulwe Waterfront South Infra Limited 100.00% Full consolidation
Ulwe Waterfront West Infra Limited 100.00% Full consolidation
Ulwe West Infra Limited 100.00% Full consolidation
Urban Ladder Home Décor Solutions Limited (Formerly known as Urban Ladder Home Décor
85.05% Full consolidation
Solutions Private Limited)
V-Retail Private Limited 72.30% Full consolidation
VBS Digital Distribution Network Limited (Formerly VBS Digital Distribution 34.14% Full consolidation
Viacom 18 Media (UK) Limited 21.27% Full consolidation
Viacom 18 Media Private Limited 21.27% Full consolidation
Viacom 18 US Inc 21.27% Full consolidation
VasyERP Solutions Private Limited 83.52% Full consolidation
Watermark Infratech Private Limited 100.00% Full consolidation
Web18 Digital Services Limited 73.15% Full consolidation
Alok Industries International Limited British Virgin 40.01% Equity method
Alok Industries Limited 40.01% Equity method
Alok Infrastructure Limited 40.01% Equity method
Alok International (Middle East) FZE United Arab Emirates 40.01% Equity method
Alok International Inc 40.01% Equity method

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 RIL Consolidation
Company Name
Ownership approach
Alok Singapore PTE Limited 40.01% Equity method
Alok Worldwide Limited British Virgin 40.01% Equity method
Big Tree Entertainment DMCC United Arab Emirates 25.86% Equity method
Big Tree Entertainment Lanka Private Limited Sri 25.86% Equity method
Big Tree Entertainment Private Limited 28.74% Equity method
Big Tree Entertainment Singapore PTE. Limited 25.86% Equity method
Big Tree Sport & Recreational Events Tickets Selling L.L.C United Arab Emirates 12.67% Equity method
BookmyShow Live Private Limited 28.74% Equity method
Bookmyshow SDN. BHD 25.86% Equity method
BookmyShow Venues Management Private Limited 28.74% Equity method
Brooks Brothers India Private Limited 33.69% Equity method
Burberry India Private Limited 34.28% Equity method
BVM Overseas Limited 70.00% Equity method
CAA-Global Brands Reliance Private Limited 34.37% Equity method
Canali India Private Limited 34.14% Equity method
Clarks Reliance Footwear Private Limited 22.12% Equity method
Clayfin Technologies Private Limited 38.51% Equity method
D. E. Shaw India Securities Private Limited 50.00% Equity method
DEN ABC Cable Network Ambarnath Private Limited 17.07% Equity method
DEN ADN Network Private Limited 34.14% Equity method
DEN New Broad Communication Private Limited 17.07% Equity method
Den Satellite Network Private Limited 33.48% Equity method
Diesel Fashion India Reliance Private Limited 33.69% Equity method
DL GTPL Broadband Private Limited 5.30% Equity method
DL GTPL Cabnet Private Limited 5.30% Equity method
Dunzo Digital Private Limited 25.94% Equity method
Dunzo Merchant Services Private Limited 25.94% Equity method
Dunzo Wholesale Private Limited 25.94% Equity method
Dyulok Technologies Private Limited 27.47% Equity method
Eenadu Television Private Limited 10.22% Equity method
Esterlina Solar – Proyecto Cinco, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Cuatro, S.L. 39.60% Equity method
Sterling and Wilson Renewable Energy Spain S.L. (Formerly known as Esterlina Solar –
40.00% Equity method
Proyecto Diez, S.L.)
Esterlina Solar – Proyecto Dos, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Nueve, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Ocho, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Seis, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Siete, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Tres, S.L. 39.60% Equity method
Esterlina Solar – Proyecto Uno, S.L. 39.60% Equity method

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 RIL Consolidation
Company Name
Ownership approach
Esterlina Solar Engineers Private Limited 40.00% Equity method
Ethane Crystal LLC Marshall 50.00% Equity method
Ethane Emerald LLC Marshall 50.00% Equity method
Ethane Opal LLC Marshall 50.00% Equity method
Ethane Pearl LLC Marshall 50.00% Equity method
Ethane Sapphire LLC Marshall 50.00% Equity method
Ethane Topaz LLC Marshall 50.00% Equity method
Fantain Sports Private Limited 21.81% Equity method
Foodfesta Wellcare Private Limited 28.74% Equity method
Football Sports Development Limited 65.00% Equity method
Future101 Design Private Limited 29.26% Equity method
Gaurav Overseas Private Limited 50.00% Equity method
GCO Solar Pty. Ltd. 40.00% Equity method
GenNext Ventures Investment Advisers LLP 50.00% Equity method
Grabal Alok International Limited British Virgin 40.01% Equity method
GTPL Abhilash Communication Private Limited 14.44% Equity method
GTPL Bansidhar Telelink Private Limited 12.42% Equity method
GTPL Bariya Television Network 10.39% Equity method
GTPL Bawa Cable 10.39% Equity method
GTPL Broadband Private Limited 20.37% Equity method
GTPL Crazy Network 10.18% Equity method
GTPL Dahod Television Network Private Limited 10.39% Equity method
GTPL DCPL Private Limited 20.37% Equity method
GTPL Hathway Limited 20.37% Equity method
GTPL Insight Channel Network Private Limited 15.17% Equity method
GTPL Jay Santoshima Network Private Limited 10.39% Equity method
GTPL Jaydeep Cable 10.39% Equity method
GTPL Junagadh Network Private Limited 10.39% Equity method
GTPL Jyoti Cable 10.39% Equity method
GTPL Kaizen Infonet Private Limited 20.37% Equity method
GTPL KCBPL Broad Band Private Limited 10.41% Equity method
GTPL Khambhat Cable Network 10.39% Equity method
GTPL Khusboo Video Channel 10.39% Equity method
GTPL Kolkata Cable & Broad Band Pariseva Limited 10.41% Equity method
GTPL Leo Vision 10.39% Equity method
GTPL Link Network Private Limited 10.39% Equity method
GTPL Lucky Video Cable 10.39% Equity method
GTPL Ma Bhagawati Entertainment Services 10.39% Equity method
GTPL Narmada Cable Services 10.39% Equity method
GTPL Narmada Cyberzone Private Limited 12.22% Equity method
GTPL Parshwa Cable Network Private Limited 11.67% Equity method

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 RIL Consolidation
Company Name
Ownership approach
GTPL Parth World Vision 10.39% Equity method
GTPL Rajwadi Network Private Limited 14.66% Equity method
GTPL Sai World Channel 10.39% Equity method
GTPL Shiv Cable Network 15.28% Equity method
GTPL Shreenathji Communication 10.39% Equity method
GTPL SK Network Private Limited 10.39% Equity method
GTPL SK Vision 10.39% Equity method
GTPL SMC Network Private Limited 10.39% Equity method
GTPL Solanki Cable Network Private Limited 10.39% Equity method
GTPL Sorath Telelink Private Limited 10.39% Equity method
GTPL Swastik Communication 10.39% Equity method
GTPL Tridev Cable Network 10.39% Equity method
GTPL V & S Cable Private Limited 19.61% Equity method
GTPL Vision Services Private Limited 10.39% Equity method
GTPL Vraj Cable 10.39% Equity method
GTPL VVC Network Private Limited 10.39% Equity method
GTPL World View Cable 10.39% Equity method
GTPL World Vision 10.39% Equity method
GTPL Zigma Vision Private Limited 20.37% Equity method
Gujarat Chemical Port Limited 41.80% Equity method
Hathway Bhaskar CCN Multi Entertainment Private Limited 52.86% Equity method
Hathway Bhawani NDS Network 20.65% Equity method
Hathway Cable MCN Nanded Private Limited 23.81% Equity method
Hathway Channel 5 Cable and Datacom Private Limited 26.96% Equity method
Hathway Dattatray Cable Network Private Limited 26.96% Equity method
Hathway ICE Television Private Limited 26.96% Equity method
Hathway Latur MCN Cable & Datacom Private Limited 26.96% Equity method
Hathway MCN Private Limited 26.96% Equity method
Hathway Prime Cable & Datacom Private Limited 26.96% Equity method
Hathway Sai Star Cable & Datacom Private Limited 26.96% Equity method
Hathway Sonali OM Crystal Cable Private Limited 35.94% Equity method
Hathway SS Cable & Datacom LLP 26.96% Equity method
Hathway VCN Cablenet Private Limited 13.23% Equity method
IBN Lokmat News Private Limited 20.85% Equity method
Iconix Lifestyle India Private Limited 34.37% Equity method
India Gas Solutions Private Limited 50.00% Equity method
Indian Vaccines Corporation Limited 33.33% Equity method
Indospace MET Logistics Park Farukhnagar Private Limited (Formerly known as Dadri Toe
26.00% Equity method
Warehousing Private Limited)
Ixora Holdings Limited 50.00% Equity method
Jio Payments Bank Limited 76.98% Equity method

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 RIL Consolidation
Company Name
Ownership approach
Konark IP Dossiers Private Limited 16.74% Equity method
Marks and Spencer Reliance India Private Limited 41.68% Equity method
Mileta a.s. Czech 40.01% Equity method
MM Styles Private Limited 27.50% Equity method
Neolync India Private Limited 29.60% Equity method
Neolync Solutions Private Limited 40.00% Equity method
Nexwafe Gmbh 23.78% Equity method
NW18 HSN Holdings PLC 29.77% Equity method
Pan Cable Services Private Limited 17.62% Equity method
Petroleum Trust* NA Equity method
Pipeline Management Services Private Limited 50.00% Equity method
Popclub Vision Tech Private Limited (Formerly known as Preebee Lifestyle Private Limited) 17.24% Equity method
PT Big Tree Entertainment Indonesia 21.43% Equity method
Reliance Bally India Private Limited 34.02% Equity method
Reliance Europe Limited 50.00% Equity method
Reliance Industrial Infrastructure Limited 45.43% Equity method
Reliance Paul & Shark Fashions Private Limited 34.02% Equity method
Reliance Services and Holdings Limited 50.00% Equity method
Reliance Sideways Private Limited 34.02% Equity method
Reliance-GrandVision India Supply Private Limited 42.51% Equity method
Reliance-Vision Express Private Limited 42.51% Equity method
Ritu Kumar Fashion (LLC) 21.76% Equity method
Ryohin-Keikaku Reliance India Private Limited 33.69% Equity method
Sanmina-SCI India Private Limited 50.10% Equity method
Sanmina-SCI Technology India Private Limited 50.10% Equity method
Sintex Industries Limited 70.00% Equity method
Sodium-ion Batteries Pty Limited 45.91% Equity method
Sosyo Hajoori Beverages Private Limited 42.53% Equity method
SpaceBound Web Labs Private Limited 17.24% Equity method
Sterling and Wilson (Thailand) Limited 40.00% Equity method
Sterling and Wilson Engineering (Pty) Ltd. 24.00% Equity method
Sterling and Wilson International LLP 40.00% Equity method
Sterling and Wilson International Solar FZCO 40.00% Equity method
Sterling and Wilson Kazakhstan, LLP 40.00% Equity method
Sterling and Wilson Middle East Solar Energy LLC 40.00% Equity method
Sterling and Wilson Renewable Energy Limited 40.00% Equity method
Sterling And Wilson Renewable Energy Nigeria Limited 40.00% Equity method
Sterling and Wilson Saudi Arabia Limited 38.00% Equity method
Sterling and Wilson Singapore Pte Ltd 40.00% Equity method
Sterling And Wilson Solar Australia Pty. Ltd. 40.00% Equity method
Sterling and Wilson Solar LLC 28.00% Equity method

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 RIL Consolidation
Company Name
Ownership approach
Sterling and Wilson Solar Solutions Inc. 40.00% Equity method
Sterling and Wilson Solar Solutions, LLC 40.00% Equity method
Sterling and Wilson Solar Spain, S.L. 39.60% Equity method
Sterling Wilson - SPCPL - Chint Moroccan Venture 36.80% Equity method
TCO Reliance India Private Limited 33.69% Equity method
Townscript PTE. Ltd, Singapore 27.47% Equity method
Townscript USA, Inc 27.47% Equity method
TribeVibe Entertainment Private Limited 8.67% Equity method
Two Platforms Inc. 16.61% Equity method
Ubona Technologies Private Limited 36.58% Equity method
Vadodara Enviro Channel Limited 28.57% Equity method
Zegna South Asia Private Limited 33.69% Equity method
Jio Space Technology Limited 33.88% Equity method
Source: RIL annual report 2023
*Company having 31st December as reporting date

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Page | 19
 ANALYST CONTACTS
Girishkumar Kadam Prashant Vasisht
+91 22 6114 3441 +91 124 4545 322
[email protected] [email protected]

Varun Gogia Abhijit Nadkarni

+91 98 7115 6542 +91 70 4530 9908
[email protected] [email protected]

RELATIONSHIP CONTACT
L. Shivakumar
+91 22 6114 3406
[email protected]

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
[email protected]

Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

[email protected]

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency
Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

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Page | 20
ICRA Limited

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Tel: +91 11 23357940-45

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Contents may be used freely with due acknowledgement to ICRA.
ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance,
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