Reliance Industries : Intimation of Credit Rating assigned by CARE Ratings Limited

November 02, 2023
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Plot No. C/1, G Block,
Dalal Street,	Bandra-Kurla Complex,
Mumbai 400 001	Bandra (East), Mumbai 400 051
Scrip Code: 500325	Trading Symbol: RELIANCE
Dear Sirs,

Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Intimation of Credit Rating assigned by CARE Ratings Limited

The letter received from CARE Ratings Limited assigning credit rating of CARE AAA/Stable is attached.

The said letter was received by the Company on November 01, 2023 at 10:59 p.m (IST).

Thanking you

Yours faithfully,

For Reliance Industries Limited

SAVITHRI PAREKH

Digitally signed by

SAVITHRI PAREKH

Date: 2023.11.02 19:53:12 +05'30'

Savithri Parekh

Company Secretary and

Compliance Officer

Copy to:
Luxembourg Stock Exchange	Singapore Exchange Limited
35A Boulevard Joseph II	2 Shenton Way, #02-02 SGX Centre 1
L-1840 Luxembourg	Singapore 068804

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India

Phone #: [phone], Telefax: [phone]. E-mail:[e-mail],Website: www.ril.com

CIN- L17110MH1973PLC019786

Press Release

Reliance Industries Limited

November 1, 2023

Facilities/Instruments	Amount (₹ crore)	Rating1	Rating Action
Non-convertible debentures	6,500	CARE AAA; Stable	Reaffirmed
Non-convertible debentures	5,500	CARE AAA; Stable	Reaffirmed
Non-convertible debentures	2,795	CARE AAA; Stable	Reaffirmed
Non-convertible debentures	20,000	CARE AAA; Stable	Assigned
Non-convertible debentures *	-	-	Withdrawn
Non-convertible debentures *	-	-	Withdrawn
Commercial paper	34,500	CARE A1+	Reaffirmed

Details of instruments in Annexure-1.

Rationale and key rating drivers

The ratings assigned to the long-term as well as short-term instruments of Reliance Industries Limited (RIL) continue to derive significant strength from its immensely experienced and resourceful promoter group, the highly integrated nature of its operations with presence across the entire energy value-chain, its diversified revenue streams, and leadership position in the oil-to-chemicals (O2C) segment. The ratings also factor in the leadership position attained by the group's telecom business in the industry, the leadership position in the organised retail sector as well as the induction of various strategic partners in the digital, retail and media & entertainment businesses. RIL's strong consolidated financial risk profile, marked by its comfortable capital structure and superior liquidity as well as financial flexibility, further underpin its ratings.

The above-mentioned strengths mostly offset its exposure to the risks relating to the inherent cyclicality and volatility in crude oil prices, apart from regulatory as well as technology risks associated with the telecom segment. The company's recent foray in the clean energy segment will entail large-size investments and will remain a key monitorable in the medium term.

CARE Ratings Limited (CARE Ratings) has withdrawn the rating assigned to the aforementioned NCD issues* of RIL (ISIN: INE002A08625 and INE002A08658) with immediate effect, as the company has repaid these NCD issues in full and there is no amount outstanding against the issues as on date.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors: Not applicable

Negative factors:

• Any major debt-funded capex resulting in deterioration of the financial risk profile.
• Deterioration in the net debt to PBILDT beyond 2.5x on a sustained basis.

Analytical approach: Consolidated

CARE Ratings has considered the consolidated approach to analyse RIL, as its subsidiaries/step-down subsidiaries/joint venture (JVs)/associates are strategically important to RIL given the significant investments especially in the consumer-facing businesses, viz, telecom and retail, as well as in media and entertainment, alongside the strong operational linkages with some of these companies. The list of entities consolidated with RIL as per its audited results for FY23 has been placed in Annexure-5.

Outlook: Stable

CARE Ratings believes that RIL shall continue to maintain its leadership position in its diversified key business segments, viz., oil to chemicals, telecom and retail, which shall lead to sustenance of its strong credit profile on a consolidated basis.

Detailed description of the key rating drivers

Key strengths

Resourceful promoter group and experienced management:

RIL is the flagship company of the Reliance (Mukesh D. Ambani) group - the largest private sector enterprise in India. The promoters are resourceful and the management, represented by the Board of Directors, comprises eminent individuals with vast experience in their respective fields. The top management team, including Mr. Mukesh D. Ambani, has significant knowledge in the field of petrochemicals and oil and gas, along with a proven track record of successfully implementing large-scale complex projects. The management team's competence is further evidenced from their ability to establish leadership position of the group in consumer facing businesses such as digital/telecom and retail in a relatively short time frame.

1Complete definition of the ratings assigned are available at www.careedge.inand other CARE Ratings Ltd.'s publications

1

CARE Ratings Ltd.

Press Release

Highly integrated product line and operations in the O2C segment:

RIL operates along the entire energy value-chain of O2C segment, starting from oil and gas exploration and production up to manufacturing of petrochemicals and transportation fuels, imparting higher value-addition and making its production line substantially cost-efficient, thereby allowing it to place its products at a competitive price.

Leadership position in the O2C segment:

RIL has reorganised its refining and petrochemicals businesses into an integrated O2C segment. RIL has a leadership position in various product segments of the domestic petrochemical market. RIL is also among the top 10 global manufacturers of products, such as paraxylene, polypropylene, mono ethylene glycol, purified terephthalic acid, etc. A dominant and diverse presence across the petrochemicals segment, coupled with feedstock flexibility, de-risks RIL's revenues from sluggishness in any product and enables the company to command better pricing terms in the industry.

RIL operates the largest single location refinery in the world, at Jamnagar, having a complexity index of 21.1 and a crude processing capacity of almost 1.4 million metric barrels per day (MMBPD). Moreover, with such high complexity, the refinery is capable of processing low-cost, heavy, and ultra-heavy crude to produce clean fuels, thereby commanding higher margins.

The O2C segment contributed around 52% and 38% to RIL's consolidated gross revenue and PBILDT, respectively, during H1FY24 (55% and 42% respectively during FY23). During H1FY24, the segment's gross revenue declined by 13% y-o-y due to relatively lower crude oil prices; however, PBILDT remained largely stable, supported by sustained healthy transportation fuel cracks, and was partly offset by decline in polymers/polyester chain margins due to weak export demand in a well-supplied market.

Leadership position in the organised retail sector:

Reliance Retail Limited (RRL: rated 'CARE AAA; Stable/ CARE A1+'), the organised retail business of the RIL group, is the largest retailer in the country by reach, scale and profitability.

As on September 30, 2023, RRL (on a consolidated basis) had presence in more than 7,000 cities and towns, with 18,650 stores and 71.5 million sq ft of aggregate retail space across its diverse consumption baskets, offering products and services across consumer electronics, grocery, general merchandise, apparel, footwear, lingerie, jewellery, home and living, and pharma categories. The rapid store expansion across Tier-II, III and IV cities, launch and expansion of the digital and new commerce business, stronger value proposition, favourable product mix and the catchment-focussed assortment, leading to increasing footfalls have been the key drivers for the robust growth of its retail business.

During FY21, the company had launched the JioMart grocery consumer platform (jiomart.com) across over 250 cities, leveraging the wide network of RRL's grocery stores and well-established supply chain infrastructure to become India's largest hyperlocal retail solution. JioMart has since expanded beyond grocery into other categories such as electronics, fashion & lifestyle and is now a cross-category horizontal platform with a wide catalogue selection and seller base. The company also activated JioMart Kirana Service, which has expanded its reach with rapid onboarding of around 3 million merchant partners in the existing and new markets. The business continued to attract numerous customers across the country through its wide portfolio of stores and digital commerce platforms, with its registered customer base growing to 281 million as on September 30, 2023, up by 27% y-o-y.

During H1FY24, retail segment's gross revenue and PBILDT witnessed healthy y-o-y growth of 19% and 33% respectively, with around 19% contribution from digital and new commerce business. The retail segment contributed around 27% and 13% to RIL's consolidated gross revenue and PBILDT, respectively, during H1FY24 (24% and 12% respectively during FY23).

Leadership position in the telecom/digital services sector:

Reliance Jio Infocomm Limited (RJIL: rated 'CARE AAA; Stable/ CARE A1+') is the largest telecom operator in the country in terms of subscriber base. As on September 30, 2023, Jio network's subscribers base stood at approximately 459.7 million (up 8% y-o- y). In terms of broadband subscriber base, it has a leading market share of around 52% (as on June 30, 2023) as per the latest Telecom Regulatory Authority of India (TRAI) report. The average revenue per user (ARPU) for Q2FY24 was ₹181.7 per subscriber per month, as compared with ₹177.2 during Q2FY23, led by a sustained improvement in the subscriber mix and data consumption. Consequently, during H1FY24, digital segment's gross revenue and PBILDT witnessed healthy y-o-y growth of 11% and 16% respectively. The digital services segment contributed around 12% and 33% of RIL's consolidated gross revenue and PBILDT, respectively, during H1FY24 (11% and 34% respectively during FY23).

Strong financial risk profile characterised by robust capital structure:

During FY23 & H1FY24, the consolidated PBILDT of the company increased substantially by around 31% and 17% on a y-o-y basis respectively, primarily on account of improved operating performance in consumer-facing businesses, i.e. retail and digital services. RIL has consistently maintained a healthy capital structure which has also been aided by infusion of growth capital by strategic marquee investors in some of its key businesses. After significant equity raising in its subsidiaries Jio Platforms Limited and Reliance Retail Ventures Limited during FY21, Bodhi Tree Systems (a platform of Lupa Systems) invested ₹4,306 crore during Q1FY24 in its media and entertainment step-down subsidiary, Viacom18 Media Private Limited. Also, RRL recently raised equity of ₹15,314 crore from marquee global investors. As on September 30, 2023, the consolidated overall gearing and net debt/PBILDT

2

CARE Ratings Ltd.

Press Release

(debt including deferred spectrum payment and lease liabilities) of RIL stood at a healthy level of 0.49x and 1.46x, respectively (0.54x and 1.85x as on March 31, 2023 respectively).

Liquidity: Superior

RIL has consistently generated healthy cash flow from operations and maintained a healthy capital structure with an overall gearing of less than unity. The company also exhibits a superior liquidity profile, with total cash and equivalents of ₹177,960 crore as on September 30, 2023. Moreover, the company has large unutilized working capital limits, providing an additional liquidity cushion. Furthermore, the company has superior financial flexibility, given its ability to easily access capital markets and raise funds at highly competitive interest rates. RIL is expected to raise ₹20,000 crore through NCD issuances, which is expected to be primarily utilized for refinancing of the debt maturing in next twelve months. This will help RIL to maintain its already strong liquidity profile.

Key weaknesses

Risks due to industry cycles and volatility in crude oil prices:

The prices of crude oil are a function of many dynamic market and fundamental factors such as the global demand-supply dynamics, geo-political situation in countries with oil reserves, Organization of the Petroleum Exporting Countries (OPEC) policies, USD exchange rates, etc. These factors, along with speculation activity, have translated into a high level of volatility in crude oil prices. Any upward revision in the prices of feedstock as well as any downturn in product prices resulting from existing or future excess industry capacities may adversely impact the revenues and profitability of the company. However, RIL's presence across transportation fuels and entire petrochemical value chain helps the company counter the effect of these volatilities and cyclicality to a large extent. Furthermore, most of the payables and receivables of this business are denominated in the USD, thereby minimizing the cash flow risk on account of fluctuations in foreign exchange rates.

Competitive intensity and regulatory risks associated with the telecom segment:

The telecom business of the company is exposed to the competitive pressure as well as regulatory risks (such as spectrum auction policies of the Government, etc) associated with the telecom industry. However, the telecom business of the company has been gaining market share since its launch, both in terms of subscribers and revenue market share.

Large investments envisaged in the capital-intensive and technology-dependent segments, viz, telecom and clean energy:

The RIL group has made large-scale investments towards its telecom business, i.e., RJIL, wherein, it has built a 5G ready network infrastructure and sufficient network capacity. However, the sector needs continuous technology upgradation to support the ever- increasing data consumption needs. Also, the company has incurred large capex towards acquisition of 5G spectrum in August 2022. However, with RJIL's 5G ready network and extensive fibre assets along with access to fiberised towers, the additional capex on the network as well as equipment infrastructure is expected to be moderate.

RIL announced setting up of Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar with giga factories for photovoltaic panels, energy storage, green hydrogen, fuel cell system and power electronics, and has made couple of technological acquisitions for the same. RIL has also announced long-term plan to establish and enable at least 100 GW of solar energy generation capacity by 2030 and achieve the target of becoming net-zero carbon by 2035. RIL's new energy segment remains exposed to technology as well as competitive risks as the RIL group is a relatively new entrant in the sector; however, its experience of timely and successful execution of large-scale and complex projects mitigates this risk to a large extent.

Also, in June 2022, Viacom18 had acquired the exclusive rights to digitally stream Indian Premier League (IPL) cricket matches in the Indian sub-continent as well as certain overseas TV and digital rights for the seasons from 2023 to 2027 at an aggregate cost of ₹24,353 crore. Further, in August 2023, Viacom18 acquired digital and TV media rights for the international and domestic cricket matches from BCCI, for September 2023-March 2028 period, for a rights fee of ₹5,963 crore.

However, RIL's credit profile is expected to remain stable driven by its healthy cash flow generation from diversified businesses and strong financial flexibility. The same is expected to enable it to comfortably meet its various capex requirements, aided by the proven track record of its competent management team.

3

CARE Ratings Ltd.

Press Release

Environment, social, and governance (ESG) risks

Environment	RIL has set the target of becoming net-zero carbon by 2035. To achieve this, RIL has announced
	long term plan to establish and enable at least 100 GW of solar energy generation capacity by
	2030 along with other new energy initiatives.
	Key highlights of new energy business plans:
	• Establish and enable 100 GW of solar energy by 2030
	• Build giga factories to create a fully-integrated renewable energy ecosystem
	• Invest in value chain, partnerships and future technologies including upstream and downstream
	industries
	• Transform its business to net carbon zero operations
	RIL has also enlisted eight global technocrats, many of whom are advisers to governments
	worldwide, as part of a nine member New Energy Council.
	Apart from this, during FY23, RIL achieved 115% increase in renewable energy consumption
	along with 2.53 million giga joule energy savings through conservation efforts leading to reduction
	in GHG emission.
Social	Despite large human capital of 3,89,414 people at Reliance Group, during FY23, it had minimal
	loss time injury rate of 0.14 per million man-hours across key business verticals.
	Also, through its CSR initiatives, RIL has touched lives of more than 6.95 crore people since
	inception. RIL has provided free COVID-19 vaccinations to more than 40 lakh employees,
	extended families, and general communities.
Governance	RIL's senior leadership comprises of a 14-member Board with diversity in skill-set, nationality,
	experience, etc. Presently, the Board consists of two women directors and seven independent
	directors.
	The Board of Directors, through its committees, oversee the ESG initiatives and performance.
	RIL's regulatory compliance risk is addressed by the Reliance Compliance Management System.

Applicable criteria

Policy on Default Recognition

Rating Outlook and Credit Watch

Manufacturing Companies

Consolidation

Financial Ratios - Non-financial Sector

Liquidity Analysis of Non-financial Sector Entities

Short Term Instruments

Policy on Withdrawal of Ratings

About the company and industry

Industry classification

Macro Economic	Sector	Industry	Basic Industry
Indicator
Energy	Oil, Gas & Consumable Fuels	Petroleum Products	Refineries & Marketing

RIL is India's largest private-sector enterprise, with businesses across the energy and materials value chain, along with a significant and growing presence in the retail and telecom sectors. RIL is the flagship company of the Reliance (Mukesh D Ambani) group. It is the first Indian private sector company to feature in the Fortune Global 500 list of the 'World's Largest Corporations' and has been consistently featuring in it for the past 16 consecutive years. The key business segments of RIL include oil and gas exploration, petroleum refining, petrochemicals, retail, and digital services. RIL's manufacturing facilities and service outlets are spread across the country.

The group also forayed into the new energy business during FY22 to focus on renewable and clean energy. It has a plan to establish giga factories for photovoltaic panels, energy storage, green hydrogen, fuel cell system and power electronics, along with a plan to establish and enable at least 100 GW of solar energy generation capacity by 2030, through its subsidiary, Reliance New Energy Limited (RNEL).

	Brief Financials of RIL - Consolidated			FY22 (A)			FY23 (A)			H1FY24 (Prov.)
	(₹ crore)
	Total operating income	6,96,003		8,73,375		4,47,099
	PBILDT	1,08,680		1,42,466		86,849
	PAT	66,184		73,670		38,136
	Overall gearing (times)	0.36		0.54		0.49
	Interest coverage (times)	7.45		7.28		7.51

1. Audited; Prov. Provisional, Financials classified as per CARE Ratings' standards.

4

CARE Ratings Ltd.

Press Release

Note: the above results are latest financial results available.

Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

Rating history for last three years: Annexure-2

Covenants of rated instrument: Detailed explanation of covenants of the rated instruments is given in Annexure-3

Complexity level of various instruments rated: Annexure-4

Lender details: Annexure-6

Annexure-1: Details of instruments

Rating

Name

of

Maturity

Size of

Assigned

Date of Issuance

Coupon

along

the

ISIN

Date

the Issue

(DD-MM-YYYY)

Rate (%)

with

Instrument

(DD-MM-YYYY)

(₹ crore)

Rating

Outlook

INE002A08690*

December 11, 2018

8.70%

December 11, 2028

2,500

INE002A08534

October 17, 2018

9.05%

October 17, 2028

3,500

Debentures-

INE002A08542

November 09, 2018

8.95%

November 09, 2028

3,000

CARE AAA;

Non

INE002A08567

December 11, 2018

8.65%

December 11, 2028

3,000

Stable

Convertible

INE002A08617

April 27, 2020

7.40%

April 25, 2025

2,795

Debentures

Proposed

20,000

INE002A08625

May 13, 2020

7.05%

September 13, 2023

0

Withdrawn

INE002A08658

May 19, 2020

MIBOR+2.90%

September 21, 2023

0

INE002A14KE2

August 11, 2023

6.95%

November 08, 2023

1,000

Commercial

INE002A14KG7

August 11, 2023

6.95%

November 09, 2023

2,000

INE002A14KF9

August 11, 2023

6.95%

November 10, 2023

850

Paper-

INE002A14KF9

August 11, 2023

6.95%

November 10, 2023

450

Commercial

CARE A1+

INE002A14KF9

August 11, 2023

6.95%

November 10, 2023

150

Paper

INE002A14KF9

August 11, 2023

6.95%

November 10, 2023

500

(Standalone)

INE002A14KF9

August 11, 2023

6.95%

November 10, 2023

50

Proposed

29,500

*earlier ISIN number for the instrument was INE002A08674

Annexure-2: Rating history for the last three years

Name of the

Current Ratings

Rating History

Date(s) and

Date(s) and

Date(s) and

Date(s) and

Sr.

Instrument/

Amount

Rating(s)

Rating(s)

Rating(s)

Rating(s)

No.

Bank

Type

Outstanding

Rating

assigned in

assigned in

assigned in

assigned in

Facilities

(₹ crore)

2023-2024

2022-2023

2021-2022

2020-2021

Commercial

1)CARE A1+

Paper-

1)CARE A1+

1)CARE A1+

1)CARE A1+

(04-Mar-21)

1

Commercial

ST

34500.00

CARE A1+

(05-Jul-23)

(06-Jul-22)

(07-Jul-21)

2)CARE A1+

Paper

(07-Jul-20)

(Standalone)

1)CARE AAA;

Debentures-

1)CARE AAA;

1)CARE AAA;

Stable

Non

1)Withdrawn

(04-Mar-21)

2

LT

-

-

Stable

Stable

Convertible

(05-Jul-23)

2)CARE AAA;

(06-Jul-22)

(07-Jul-21)

Debentures

Stable

(07-Jul-20)

1)CARE AAA;

Debentures-

1)CARE AAA;

1)CARE AAA;

Stable

Non

1)Withdrawn

(04-Mar-21)

3

LT

-

-

Stable

Stable

Convertible

(05-Jul-23)

2)CARE AAA;

(06-Jul-22)

(07-Jul-21)

Debentures

Stable

(07-Jul-20)

5

CARE Ratings Ltd.

Press Release

Name of the

Current Ratings

Rating History

Date(s) and

Date(s) and

Date(s) and

Date(s) and

Sr.

Instrument/

Amount

Rating(s)

Rating(s)

Rating(s)

Rating(s)

No.

Bank

Type

Outstanding

Rating

assigned in

assigned in

assigned in

assigned in

Facilities

(₹ crore)

2023-2024

2022-2023

2021-2022

2020-2021

1)CARE AAA;

Debentures-

CARE

1)CARE AAA;

1)CARE AAA;

1)CARE AAA;

Stable

Non

(04-Mar-21)

4

LT

6500.00

AAA;

Stable

Stable

Stable

Convertible

2)CARE AAA;

Stable

(05-Jul-23)

(06-Jul-22)

(07-Jul-21)

Debentures

Stable

(07-Jul-20)

1)CARE AAA;

Debentures-

CARE

1)CARE AAA;

1)CARE AAA;

1)CARE AAA;

Stable

Non

(04-Mar-21)

5

LT

5500.00

AAA;

Stable

Stable

Stable

Convertible

2)CARE AAA;

Stable

(05-Jul-23)

(06-Jul-22)

(07-Jul-21)

Debentures

Stable

(07-Jul-20)

1)CARE AAA;

Debentures-

1)CARE AAA;

1)CARE AAA;

1)CARE AAA;

Stable

Non

(04-Mar-21)

6

LT

-

-

Stable

Stable

Stable

Convertible

2)CARE AAA;

(05-Jul-23)

(06-Jul-22)

(07-Jul-21)

Debentures

Stable

(07-Jul-20)

1)CARE AAA;

Debentures-

1)CARE AAA;

1)CARE AAA;

Stable

Non

1)Withdrawn

(04-Mar-21)

7

LT

-

-

Stable

Stable

Convertible

(05-Jul-23)

2)CARE AAA;

(06-Jul-22)

(07-Jul-21)

Debentures

Stable

(07-Jul-20)

1)CARE AAA;

Stable

Debentures-

(04-Mar-21)

CARE

1)CARE AAA;

1)CARE AAA;

1)CARE AAA;

2)CARE AAA;

Non

8

LT

2795.00

AAA;

Stable

Stable

Stable

Stable

Convertible

Stable

(05-Jul-23)

(06-Jul-22)

(07-Jul-21)

(07-Jul-20)

Debentures

3)CARE AAA;

Stable

(06-Apr-20)

1)CARE AAA;

Stable

Debentures-

(04-Mar-21)

1)CARE AAA;

1)CARE AAA;

1)CARE AAA;

2)CARE AAA;

Non

9

LT

-

-

Stable

Stable

Stable

Stable

Convertible

(05-Jul-23)

(06-Jul-22)

(07-Jul-21)

(07-Jul-20)

Debentures

3)CARE AAA;

Stable

(12-May-20)

Debentures-

CARE

Non

10

LT

20000.00

AAA;

Convertible

Stable

Debentures

LT: Long term, ST: Short term.

Annexure-3: Detailed explanation of covenants of the rated instruments: Not applicable

Annexure-4: Complexity level of the various instruments rated

Sr.

Name of the Instrument

Complexity Level

No.

1

Commercial Paper-Commercial Paper (Standalone)

Simple

2

Debentures-Non Convertible Debentures

Simple

6

CARE Ratings Ltd.

Press Release

Annexure-5: List of subsidiaries consolidated in RIL as on March 31, 2023

	Sr.			Name of Company			%			Sr.			Name of Company			%
	No.					holding			No.					holding
1		7-India Convenience Retail Limited	85.06%		170			Radiant Satellite (India) Private Limited	34.14%
2		Aaidea Solutions Limited	82.07%		171			Radisys B.V.	66.43%
3		Actoserba Active Wholesale Limited	73.28%		172			Radisys Canada Inc.	66.43%
4		Addverb Technologies B.V.	49.51%		173			Radisys Cayman Limited	66.43%
			Addverb Technologies Limited (Formerly
5		known as Addverb Technologies Private	49.51%		174			Radisys Convedia (Ireland) Limited	66.43%
			Limited)
6		Addverb Technologies Pte Limited	49.51%		175			Radisys Corporation	66.43%
7		Addverb Technologies Pty Limited	49.51%		176			Radisys GmbH	66.43%
8		Addverb Technologies USA Inc.	49.51%		177			Radisys India Limited	66.43%
9		Adventure Marketing Private Limited	100.00%		178			Radisys International LLC	66.43%
10		AETN18 Media Private Limited	21.27%		179			Radisys International Singapore Pte. Ltd.	66.43%
			Amante Exports (Private) Limited
11		(Formerly known as MAS Brands Exports	85.06%		180			Radisys Spain S.L.U.	66.43%
			(Private) Limited)
12		Amante India Limited (Formerly known as	85.06%		181			Radisys Systems Equipment Trading	66.43%
	Amante India Private Limited)				(Shanghai) Co. Ltd.
			Amante Lanka (Private) Limited (Formerly								Radisys Technologies (Shenzhen) Co.
13		known as MAS Brands Lanka (Private)	85.06%		182			66.43%
				Ltd.
			Limited)
14		Asteria Aerospace Limited	49.54%		183			Radisys UK Limited	66.43%
15		Bhadohi DEN Entertainment Private	34.14%		184			RB Holdings Private Limited	100.00%
	Limited
16		Catwalk Worldwide Private Limited	72.33%		185			RB Media Holdings Private Limited	100.00%
17		Channels India Network Private Limited	50.55%		186			RB Mediasoft Private Limited	100.00%
18		Chennai Cable Vision Network Private	40.17%		187			RBML Solutions India Limited	51.00%
	Limited
19		Colorful Media Private Limited	100.00%		188			REC Americas LLC	100.00%
20		Colosceum Media Private Limited	73.15%		189			REC ScanModule Sweden AB	100.00%
21		Cover Story Clothing Limited (Formerly	85.06%		190			REC Solar (Japan) Co., Ltd.	100.00%
	known as Future Style Lab Limited)
22		Cover Story Clothing UK Limited (Formerly	85.06%		191			REC Solar EMEA GmbH	100.00%
	known as Future Style Lab UK Limited)
			C-SquareInfo-Solutions Limited (Formerly
23		known as C-SquareInfo-Solutions Private	69.44%		192			REC Solar France SAS	100.00%
			Limited)
			Dadha Pharma Distribution Limited
24		(Formerly known as Dadha Pharma	85.06%		193			REC Solar Holdings AS	100.00%
			Distribution Private Limited)
25		DEN Ambey Cable Networks Private	40.84%		194			REC Solar Norway AS	100.00%
	Limited
26		Den Broadband Limited	66.95%		195			REC Solar Pte. Ltd.	100.00%
27		Den Budaun Cable Network Private	34.14%		196			REC Systems (Thailand) Co., Ltd.	99.99%
	Limited
28		Den Discovery Digital Networks Private	34.14%		197			REC Trading (Shanghai) Co., Ltd.	100.00%
	Limited
29		Den Enjoy Cable Networks Private Limited	34.14%		198			REC US Holdings, Inc.	100.00%
30		Den Enjoy Navaratan Network Private	17.41%		199			Recron (Malaysia) Sdn. Bhd.	100.00%
	Limited
31		Den F K Cable TV Network Private Limited	34.14%		200			Reliance 4IR Realty Development Limited	100.00%
													Reliance A&T Fashions Private limited
32		Den Fateh Marketing Private Limited	34.14%		201			(Formerly known as Abraham and	63.37%
													Thakore Exports Private Limited)
													Reliance Abu Sandeep Private Limited
33		Den Kashi Cable Network Limited	34.14%		202			(Formerly known as ABSA Fashions	43.38%
													Private Limited)
34		Den Malayalam Telenet Private Limited	34.14%		203			Reliance AK-OK Fashions Limited	51.04%
35		Den Mod Max Cable Network Private	34.14%		204			Reliance Ambit Trade Private Limited	100.00%
	Limited
36		Den Nashik City Cable Network Private	34.14%		205			Reliance Beauty & Personal Care Limited	85.06%
	Limited

7

CARE Ratings Ltd.

Press Release

	Sr.			Name of Company			%			Sr.			Name of Company			%
	No.					holding			No.					holding
37		Den Networks Limited	66.95%		206			Reliance Bhutan Limited	100.00%
38		Den Premium Multilink Cable Network	34.14%		207			Reliance Bio Energy Limited	100.00%
	Private Limited
39		Den Rajkot City Communication Private	34.13%		208			Reliance BP Mobility Limited	51.00%
	Limited
40		Den Satellite Cable TV Network Limited	34.14%		209			Reliance Brands Holding UK Limited	68.75%
41		Den Saya Channel Network Limited	34.14%		210			Reliance Brands Limited	68.75%
42		Den Supreme Satellite Vision Private	66.95%		211			Reliance Brands Luxury Fashion Private	69.68%
	Limited				Limited
43		Den-Manoranjan Satellite Private Limited	66.95%		212			Reliance Carbon Fibre Cylinder Limited	100.00%
44		Digital Media Distribution Trust	100.00%		213			Reliance Chemicals and Materials Limited	100.00%
													Reliance Clothing India Limited (Formerly
45		Digital18 Media Limited	73.15%		214			known as Reliance Clothing India Private	85.06%
													Limited)
46		Drashti Cable Network Limited	55.47%		215			Reliance Commercial Dealers Limited	100.00%
47		Dronagiri Bokadvira East Infra Limited	100.00%		216			Reliance Comtrade Private Limited	100.00%
48		Dronagiri Bokadvira North Infra Limited	100.00%		217			Reliance Consumer Products Limited	85.06%
49		Dronagiri Bokadvira South Infra Limited	100.00%		218			Reliance Content Distribution Limited	100.00%
50		Dronagiri Bokadvira West Infra Limited	100.00%		219			Reliance Corporate IT Park Limited	100.00%
51		Dronagiri Dongri East Infra Limited	100.00%		220			Reliance Digital Health Limited	100.00%
52		Dronagiri Dongri North Infra Limited	100.00%		221			Reliance Digital Health USA Inc.	100.00%
53		Dronagiri Dongri South Infra Limited	100.00%		222			Reliance Eagleford Upstream Holding LP	100.00%
54		Dronagiri Dongri West Infra Limited	100.00%		223			Reliance Eagleford Upstream LLC	100.00%
55		Dronagiri Funde East Infra Limited	100.00%		224			Reliance Eminent Trading & Commercial	100.00%
				Private Limited
56		Dronagiri Funde North Infra Limited	100.00%		225			Reliance Ethane Holding Pte Limited	100.00%
57		Dronagiri Funde South Infra Limited	100.00%		226			Reliance Ethane Pipeline Limited	100.00%
58		Dronagiri Funde West Infra Limited	100.00%		227			Reliance Exploration & Production DMCC	100.00%
59		Dronagiri Navghar East Infra Limited	100.00%		228			Reliance Finance and Investments USA	100.00%
				LLC
60		Dronagiri Navghar North First Infra	100.00%		229			Reliance GAS Lifestyle India Private	35.22%
	Limited				Limited
61		Dronagiri Navghar North Infra Limited	100.00%		230			Reliance Gas Pipelines Limited	100.00%
62		Dronagiri Navghar North Second Infra	100.00%		231			Reliance Global Energy Services	100.00%
	Limited				(Singapore) Pte. Limited
63		Dronagiri Navghar South First Infra	100.00%		232			Reliance Global Energy Services Limited	100.00%
	Limited
64		Dronagiri Navghar South Infra Limited	100.00%		233			Reliance Global Project Services Pte. Ltd.	100.00%
65		Dronagiri Navghar South Second Infra	100.00%		234			Reliance Global Project Services UK	100.00%
	Limited				Limited
66		Dronagiri Navghar West Infra Limited	100.00%		235			Reliance Hydrogen Electrolysis Limited	100.00%
67		Dronagiri Pagote East Infra Limited	100.00%		236			Reliance Hydrogen Fuel Cell Limited	100.00%
68		Dronagiri Pagote North First Infra Limited	100.00%		237			Reliance Industrial Investments and	100.00%
				Holdings Limited
69		Dronagiri Pagote North Infra Limited	100.00%		238			Reliance Industries (Middle East) DMCC	100.00%
70		Dronagiri Pagote North Second Infra	100.00%		239			Reliance Infratel Limited	100.00%
	Limited
71		Dronagiri Pagote South First Infra Limited	100.00%		240			Reliance Innovative Building Solutions	100.00%
				Private Limited
72		Dronagiri Pagote South Infra Limited	100.00%		241			Reliance International Limited	100.00%
73		Dronagiri Pagote West Infra Limited	100.00%		242			Reliance Jio Global Resources, LLC	66.43%
74		Dronagiri Panje East Infra Limited	100.00%		243			Reliance Jio Infocomm Limited	66.43%
75		Dronagiri Panje North Infra Limited	100.00%		244			Reliance Jio Infocomm Pte. Ltd.	66.43%
76		Dronagiri Panje South Infra Limited	100.00%		245			Reliance Jio Infocomm UK Limited	66.43%
77		Dronagiri Panje West Infra Limited	100.00%		246			Reliance Jio Infocomm USA, Inc.	66.43%
78		e-Eighteen.com Limited	67.26%		247			Reliance Jio Media Limited	100.00%
79		Elite Cable Network Private Limited	42.29%		248			Reliance Lifestyle Products Private	69.21%
				Limited
80		Eminent Cable Network Private Limited	37.49%		249			Reliance Lithium Werks B. V.	85.79%
81		Enercent Technologies Private Limited	57.40%		250			Reliance Lithium Werks USA LLC	85.79%
82		Faradion Limited	92.01%		251			Reliance Logistics and Warehouse	85.06%
				Holdings Limited

8

CARE Ratings Ltd.

Press Release

	Sr.			Name of Company			%			Sr.			Name of Company			%
	No.					holding			No.					holding
83		Faradion UG	92.01%		252			Reliance Mappedu Multi Modal Logistics	85.06%
				Park Limited
84		Foodhall Franchises Limited	85.06%		253			Reliance Marcellus LLC	100.00%
85		Future Lifestyles Franchisee Limited	85.06%		254			Reliance NeuComm LLC	100.00%
86		Futuristic Media and Entertainment	66.95%		255			Reliance New Energy Battery Storage	100.00%
	Limited				Limited
87		Galaxy Den Media & Entertainment Private	66.95%		256			Reliance New Energy Carbon Fibre	100.00%
	Limited				Cylinder Limited
88		Genesis Colors Limited	69.95%		257			Reliance New Energy Hydrogen	100.00%
				Electrolysis Limited
89		Genesis La Mode Private Limited	77.37%		258			Reliance New Energy Hydrogen Fuel Cell	100.00%
				Limited
90		GLB Body Care Private Limited	81.22%		259			Reliance New Energy Limited	100.00%
91		GLF Lifestyle Brands Private Limited	77.37%		260			Reliance New Energy Power Electronics	100.00%
				Limited
92		GML India Fashion Private Limited	77.37%		261			Reliance New Energy Storage Limited	100.00%
			Grab A Grub Services Limited (Formerly
93		known as Grab A Grub Services Private	70.10%		262			Reliance New Solar Energy Limited	100.00%
			Limited)
94		Greycells18 Media Limited	65.61%		263			Reliance Payment Solutions Limited	100.00%
95		Hamleys (Franchising) Limited	68.75%		264			Reliance Petro Marketing Limited	100.00%
96		Hamleys Asia Limited	68.75%		265			Reliance Petro Materials Limited	100.00%
													Reliance Polyester Limited (Formerly
97		Hamleys of London Limited	68.75%		266			known as Reliance Petroleum Retail	100.00%
													Limited)
98		Hamleys Toys (Ireland) Limited	68.75%		267			Reliance Power Electronics Limited	100.00%
99		Hathway Bhaskar CCN Multi Entertainment	52.86%		268			Reliance Progressive Traders Private	100.00%
	Private Limited				Limited
100		Hathway Bhawani Cabletel & Datacom	40.01%		269			Reliance Projects & Property	100.00%
	Limited				Management Services Limited
101		Hathway Cable and Datacom Limited	52.86%		270			Reliance Prolific Commercial Private	100.00%
				Limited
102		Hathway Digital Limited	52.86%		271			Reliance Prolific Traders Private Limited	100.00%
			Hathway Kokan Crystal Cable Network								Reliance Rahul Mishra Fashion Private
103		52.86%		272			Limited (Formerly known as Rahul	43.38%
	Limited
										Mishra Fashion Private Limited)
104		Hathway Mantra Cable & Datacom Limited	52.86%		273			Reliance Retail and Fashion Lifestyle	85.06%
				Limited
105		Hathway Nashik Cable Network Private	47.61%		274			Reliance Retail Finance Limited	100.00%
	Limited
106		Independent Media Trust	100.00%		275			Reliance Retail Insurance Broking	100.00%
				Limited
107		India Mumbai Indians (Pty) Ltd	100.00%		276			Reliance Retail Limited	85.00%
108		IndiaCast Media Distribution Private	31.48%		277			Reliance Retail Ventures Limited	85.06%
	Limited
109		IndiaCast UK Limited	31.48%		278			Reliance Ritu Kumar Private Limited	44.41%
110		IndiaCast US Limited	31.48%		279			Reliance Sibur Elastomers Private Limited	74.90%
111		Indiavidual Learning Limited	56.63%		280			Reliance SMSL Limited	100.00%
112		Indiawin Sports Middle East Limited	100.00%		281			Reliance SOU Limited	100.00%
113		Indiawin Sports Private Limited	100.00%		282			Reliance Strategic Business Ventures	100.00%
				Limited
114		Infomedia Press Limited	37.08%		283			Reliance Strategic Investments Limited	100.00%
115		Intelligent Supply Chain Infrastructure	85.06%		284			Reliance Syngas Limited	100.00%
	Management Private Limited
			Intimi India Limited (Formerly known as								Reliance TerraTech Holding LLC
116		85.06%		285			(Formerly known as Reliance Eagleford	100.00%
	Intimi India Private Limited)
										Upstream GP LLC)
117		JD International Pte. Ltd.	54.78%		286			Reliance UbiTek LLC	100.00%
			Jaisuryas Retail Ventures Limited								Reliance Universal Traders Private
118		(Formerly known as Jaisuryas Retail	85.06%		287			100.00%
				Limited
			Ventures Private Limited) India

9

CARE Ratings Ltd.