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Reliance Industries Ltd

BSE Code : 500325 | NSE Symbol : RELIANCE | ISIN:INE002A01018| SECTOR : Refineries |

NSE BSE
 
SMC down arrow

2,622.50

-77.90 (-2.88%) Volume 280564

21-Oct-2021 EOD

Prev. Close

2,700.40

Open Price

2,727.40

Bid Price (QTY)

2,622.50(27118)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 2,728.00 - 2,603.20

52 wk High/Low 2,751.35 - 1,830.00

Key Stats

MARKET CAP (RS CR) 1748075.76
P/E 52.82
BOOK VALUE (RS) 685.0304877
DIV (%) 70
MARKET LOT 1
EPS (TTM) 49.66
PRICE/BOOK 3.82902665953856
DIV YIELD.(%) 0.26
FACE VALUE (RS) 10
DELIVERABLES (%) 53.63
4

News & Announcements

20-Oct-2021

Reliance Industries Ltd - Reliance Industries Limited - Loss of Share Certificates

19-Oct-2021

Reliance Industries Ltd in demand

19-Oct-2021

Reliance Industries Ltd - Reliance Industries Limited - Allotment of Securities

18-Oct-2021

Reliance Industries Ltd - Reliance Industries Limited - Loss of Share Certificates

14-Oct-2021

Reliance Industries to announce Quarterly Result

13-Oct-2021

Reliance Group to invest in German solar photovoltaics maker - NexWafe

11-Oct-2021

Reliance Industries to fund RNESL's acquisition of 40% stake in Sterling & Wilson Solar

07-Oct-2021

Reliance Retail to launch to launch 7-Eleven® convenience stores in India

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Bharat Petroleum Corporation Ltd 500547 BPCL
Bongaigaon Refinery & Petrochemicals Ltd(merged) 500072 BONGAIREFN
Cals Refineries Ltd 526652
Chennai Petroleum Corporation Ltd 500110 CHENNPETRO
Hindustan Petroleum Corporation Ltd 500104 HINDPETRO
Indian Oil Corporation Ltd 530965 IOC
Kochi Refineries Ltd(merged) 500873 COCHINREFN
Mangalore Refinery And Petrochemicals Ltd 500109 MRPL
Nagarjuna Oil Refinery Ltd 534184 NAGAROIL
Nayara Energy Ltd 500134 ESSAROIL
Reliance Industries Ltd Partly Paidup 890147 RELIANCEP1
Reliance Petroleum Ltd (Merged) 500364 RELPETRO
Reliance Petroleum Ltd(merged) 532743 RPL

Share Holding

Category No. of shares Percentage
Total Foreign 1877146680 27.76
Total Institutions 865721214 12.80
Total Govt Holding 11771002 0.17
Total Non Promoter Corporate Holding 41657857 0.62
Total Promoters 3323114981 49.14
Total Public & others 648414720 9.59
Total 6762070014 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Reliance Industries Ltd

Reliance Industries is India's largest private sector company on all major financial parameters. In 2004, Reliance Industries (RIL) became the first Indian private sector organisation to be listed in the Fortune Global 500 list. The company operates world-class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara. Reliance Industries' activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications. The petrochemicals segment includes production and marketing operations of petrochemical products. The refining segment includes production and marketing operations of the petroleum products. The oil and gas segment includes exploration, development and production of crude oil and natural gas. The other segment of the company includes textile, retail business and special economic zone (SEZ) development. In the year 1966 the RIL was founded by Shri Dhirubhai H.Ambani, it was started as a small textile manufacturer unit. In May 8, 1973 RIL was incorporated and conformed their name as RIL in the year 1985. Over the years, the company has transformed their business from manufacturing of textiles products into a petrochemical major. The company has set up a texturising / twisting facilities in 1979, RIL has also set up plants for Polyester Staple Fiber (PSF) in 1986 and for Linear Alkyl Benzene (LAB) & Purified Terephthalic Acid (PTA) in 1988. RIL has setup a petrochemical facility to produce HDPE and PVC at Hazira, Gujarat in technical collaboration with DuPont and BF Goodich respectively. The Hazira petrochemical plant was commissioned in 1991-92. In the year 1995-96, the company entered the telecom industry through a joint venture with NYNEX, USA and promoted Reliance Telecom Private Limited in India. Reliance became the first corporate in Asia to issue bonds in the U.S at the year of 1996-97. The company commissioned an 80,000 tonne bottle grade PET chip plant at Hazira manufacturing complex. Reliance's PET chips has been accepted internationally due to their high quality during the year 1997-98 and in the same year Reliance Industries Planned to invest around Rs. 5000 crores (USD 1,250 million) in building two world-scale plants at the site of the Jamnagar refinery in Gujarat. In 1998-99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas. In 1999-2000, RIL commissioned the world's largest 1.4 million tonnes per annum Paraxylene (PX) plant at its new integrated petrochemicals complex at Jamnagar which was planned at 1997-98. With the commissioning of the last crystallization train of the Para-xylene (PX) complex at Jamnagar in June 2017, RIL became the 2nd largest producer of PX globally. In 2000, Reliance commissioned the world's largest grassroots refinery in Jamnagar in a record 36 months. The Jamnagar refinery processes a wide variety of crude oils and produces a range of petroleum products for exports as well as supply in the Indian market. Reliance Petroleum Limited (RPL) was amalgamated with Reliance Industries Ltd in the year 2002-03. In 2004-05, RIL acquired the polyester major, Trevira GmbH, headquartered in Frankfurt, Germany which has the capacity of 130,000 tonnes per annum of polyester staple fibers, polyester filament yarns and polyester chips. In the year 2006, the company set up a new export-oriented refinery through its subsidiary, Reliance Petroleum Limited (RPL). In 2006, RIL entered the organised retail segment through Reliance Retail with its first Reliance Fresh store in Hyderabad. In 2017, Reliance Retail crossed $5 billion revenue mark. Reliance Retail has adopted a multi-prong strategy and operates neighbourhood stores, supermarkets, hypermarkets, wholesale cash & carry stores, specialty stores and online stores and has democratized access to all types of products and services across all segments for all Indian consumers. Reliance Retail operates over 3,300 stores pan India with nearly 13 million square feet of retail space. In the year 2007, Indian Petrochemicals Corporation Limited (IPCL) merged with the company. Also, Reliance Retail entered the organised retail market in India with the launch of its convenience store format under the brand name of Reliance Fresh'. During the year, the company commissioned their largest expansion project. The company expanded its polypropylene (PP) capacity by 280 KTA at Jamnagar that increased the combined capacity to 1,710 KTA. During the year 2007-08, the company signed an agreement to certain polyester (capacity) assets of Hualon, Malaysia. It took over the majority control of Gulf Africa Petroleum Corporation (GAPCO) and started shipping products to the East African markets. Also, the company signed MoU with GAIL (India) Ltd to explore opportunities of setting up petrochemical plants in feedstock rich countries outside India. In April 2008, the company signed gas sales and purchase agreement (GSPA) with the customers in power sector for supply of natural gas to be produced from the KG-D6 block. During the year, Reliance Commercial Associates Ltd, Reliance Neutraceuticals Pvt Ltd, Reliance Pharmaceuticals (India) Pvt Ltd, Reliance Petroinvestments Ltd, Gull Africa Petroleum Corporation (Mauritius), Gapco Tanzania Ltd, Gapoil Tanzania Ltd, Gapco Kenya Ltd, Gapco Uganda Ltd, Gapco Rwanda SARL, Gapoil Zanzibar Ltd, Transenergy Kenya Ltd, Recron (Malaysia) SDH BHD, Peninsula Land Kenya Ltd, Reliance International Exploration and Production INC, Wavely Investments Ltd, Reliance Digital Retail Ltd, Reliance Lifestyle Holdings Ltd, Reliance Universal Ventures Ltd, Reliance Home Store Ltd, Reliance Autozone Ltd, Reliance Trade Services Centre Ltd, Reliance Integrated Agri Solutions Ltd, Reliance Agri Products Distribution Ltd, Reliance Food Processing Solutions Ltd, Reliance Supply Chain Solutions Ltd, Reliance Digital Media Ltd, Strategic Manpower Solutions Ltd, Reliance Gems and Jewels Ltd, Reliance Leisures Ltd, Reliance Loyalty & Analytics Ltd, Reliance Retail Securities and Broking Company Ltd, Delight Proteins Ltd, Reliance F&B Services Ltd, Reliance Hypermart Ltd, Reliance Financial Distribution and Advisory Services Ltd, Reliance Retail Travel & Forex Services Ltd, Reliance Trends Ltd, Reliance Wellness Ltd, Reliance Brands Ltd, Reliance Footprint Ltd, Abcus Retail Pvt Ltd, Bigdeal Retail Pvt Ltd, Advantage Retail Pvt Ltd and RIL (Australia) PTY Ltd became subsidiaries of the company. During the year 2008-09, Reliance People Serve Ltd, Reliance Infrastructure Management Services Ltd, Reliance Global Business, BV, Reliance Gas Corporation Ltd, Reliance Globalenergy Services Ltd, Reliance One Enterprises Ltd, Reliance Personal Electronics Ltd, Reliance Global Energy Services (Singapore) Pte Ltd, Reliance Polymers (India) Pvt Ltd, Reliance Polyolefins Pvt Ltd, Reliance Aromatics and Petrochemicals Pvt Ltd, Reliance Energy and Project Development Pvt Ltd, Reliance Chemicals Pvt Ltd, Reliance Universal Enterprises Pvt Ltd, International Oil Trading Ltd, Reliance Nutritional Food Processors Pvt Ltd, Reliance Review Cinema Pvt Ltd, Reliance Replay Gaming Pvt Ltd, RIL USA Inc. Reliance Commercial Land Infrastructure Pvt Ltd, Reliance Corporate IT Park Ltd, Reliance Eminent Trading & Commercial Pvt Ltd, Reliance Progressive Traders Pvt Ltd, Reliance Prolific Traders Pvt Ltd, Reliance Universal Traders Pvt Ltd, Reliance Prolific Commercial Pvt Ltd, Reliance Comtrade Pvt Ltd, Reliance Ambit Trade Pvt Ltd, Reliance Petro Marketing Pvt Ltd, LPG Infrastructure (India) Pvt Ltd and Reliance Infosolution Pvt Ltd beaome subsidiaries of the company. Also, Abcus Retail Pvt Ltd ceased to be a subsidiary of the company. During the year, Reliance Petroleum Ltd (RPL) merged with the company with effect from April 1, 2008. From April 2, 2009, the company commenced production of hydrocarbons in its KGD6 block in the Krishna Godavari basin with the production of sweet crude of 420 API. In November 2009, the company discovered first oil exploration in the on land exploratory block CB-ONN-2003/1 (CB 10 A&B) awarded under the NELP-V round of exploration bidding. In December 2009, the company discovered gas in the exploration block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. In April 2010, the company commissioned a 1 MW solar Photo Voltaic power plant at Thyagaraj stadium in New Delhi. The power plant is expected to generate around 1.4 million units of electricity a year. It would cater to the power requirements of the stadium and the surplus would be fed to the grid at 11 KV. In addition, the company's subsidiary Reliance Marcellus LLC executed definitive agreements to enter into a joint venture with United States based Atlas Energy, Inc, of Pittsburgh, Pennsylvania under which Reliance will acquire a 40% interest in Atlas' core Marcellus Shale acreage position. In June 2010, the company entered into an agreement to acquire asubstantial stake in Infotel Broadband Services (P) Ltd, which emerged as asuccessful bidder in all the 22 circles of the auction for Broadband Wireless Access (BWA) Spectrum conducted by the DOT. The company sees the broadband opportunity as a new frontier of knowledge economy in which it can take a leadership position and provide India with an opportunity to bein forefront among the countries providing world-class 4G network and services. In August 2010, the company through their subsidiary, Reliance Industries Investment and Holding Pvt Ltd acquired the equity shares of EIH Ltd representing 14.12% from Oberoi Hotels Pvt Ltd and certain other promoters at a total cost of Rs 1,021 crore. In December 2010, the company entered into a joint venture agreement with Russian petrochemical company SIBUR for the production of butyl rubber in India. The joint venture facility will have an initial capacity of 100,000 tonnes of butyl rubber at the company's integrated refining cum petrochemical site in Jamnagar and is expected to be commissioned by 2013. In January 2011, the company's wholly owned subsidiary, Reliance Ventures Ltd entered into an agreement with Infrastructure Leasing and Financial Services Ltd, whereby IL&FS will become a strategic partner and co-promoter of a project which intends to develop a model economic township and other infrastructure facilities at Jhajjar in Haryana. In February 2011, the company entered into a strategic partnership with BP which comprises BP taking a 30% stake in 23 oil and gas production sharing contracts that the company operates in India for a consideration of USD 7.20 billion and the formation of a 50:50 joing venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India. On 15 June 2017, RIL and BP announced that they are moving forward to develop the R-Series' deep water gas fields in Block KGD6 off the east coast of India as first of three that are expected to be developed in an integrated manner producing from about 3 trillion cubic feet of discovered gas resources. In March 2011, the company and D E Shaw Group agreed to establish a joint venture to build a leading financial services business in India. This joint venture will incorporate the D E Shaw Group's investment and technology expertise with the company's operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace. In June 10, 2011, the company and their associate, Reliance Industrial Infrastructure Ltd entered into an agreement with Bharti Enterprises for acquiring Bharti's shareholding of 74% in Bharti Axa Life Insurance Co Ltd and Bharti Axa General Insurance Co Ltd. On completion of the proposed transaction, the company and Reliance Industrial Infrastructure Ltd would effectively own 57% and 17% respectively in both insurance companies and would become Axa's joint ventures partners in India. In September 2011, Reliance Security Solutions Ltd, a subsidiary of the company Siemens Ltd signed an MoU to jointly develop Homeland Security Solutions for Highways in India. In November 2011, the company and BP incorporated India Gas Solutions Pvt Ltd, a 50:50 joint venture company which will focus on global sourcing and marketing of natural gas in India. The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country. India Gas Solutions Pvt Ltd will be funded with equal equity from BP and RIL. In November 2011, AXA SA, Bharti, Reliance Industries Limited (RIL) and its associate Reliance Industrial Infrastructure Limited (RIIL) announced that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti's shareholding of 74% in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd. In February 2012, the company and SIBUR have agreed to form a joint venture named Reliance Sibur Elastomers Pvt Ltd to produce 100,000 tons of butyl rubber per year in Jamnagar, India. The joint venture will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world. On 29 May 2014, RIL announced its entry into the digital space by way of acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast. On 9 December 2014, RIL announced the formation of a joint venture with Shandong Ruyi Science and Technology Group Co. Ltd, China (Ruyi') (through its wholly owned subsidiary) for RIL's textiles business which operates under the Vimal brand. RIL's wholly owned subsidiary Reliance Jio Infocomm announced the commencement of telecom services with Jio Welcome Offer' in September 2016. In a short period of 170 days, Jio crossed a milestone of 100 million customers on its all IP wireless broadband network. On 17 November 2016, RIL and GE announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. In September 2017, RIL won the bid to acquire the assets of Kemrock Industries & Exports Limited of Vadodara (Gujarat) as a part of its efforts to enter the composites business. RIL participated in an on-line e-bidding process held by Allahabad Bank being leader of the consortium of 11 banks to sell/dispose off the assets of Kemrock Industries & Exports Limited. During the fiscal 2018, the company spent towards Capital Expenditure amounting to Rs 79,253 crore. During the FY2018, Reliance Jio Infocomm Ltd, successfully refinanced long term syndicated loans aggregating USD 1.5 billion. On 28 February 2018, TV18 Broadcast Limited ('TV18') a subsidiary of the Company increased its equity interest in Viacom18 Media Private Limited ('Viacom18') from 50% to 51% by acquiring in cash 1% of the equity shares held by MTV Asia Ventures (India) Pte. Ltd., Mauritius for Rs 130 crore and consequently obtained operational control over Viacom18. Accordingly, TV18 has consolidated Viacom18 as subsidiary from 01 March 2018. Consequent to this acquisition, lndiaCast Media Distribution Private Limited ('lndiaCast'), which was hitherto a Joint Venture of TV18, was accounted as subsidiary with effect from 01 March 2018. Pursuant to the sale agreement signed by Reliance Exploration & Production DMCC (REPDMCC), wholly owned subsidiary of the Company, for the sale of the entire 76% interest held by it in Gulf Africa Petroleum Corporation, requisite regulatory approvals, consents have been obtained and transaction successfully concluded. During the FY2018, the Company issued listed unsecured non-convertible redeemable Debentures amounting to Rs 20,000 crore in six tranches (Series A, B, C, D, E and F). The Company also redeemed secured non-convertible Debentures (PPD 177) amounting to Rs 134 crore during the year. During the year, the Company also issued 3.667% Senior Unsecured Notes amounting to US$ 800 million with 10 year maturity. The Company has issued and allotted 308,03,34,238 equity shares to the eligible holders of equity shares on the book closure date (i.e. 09 September, 2017) as bonus equity shares by capitalizing reserves on 13 September, 2017. The Company retained its domestic credit ratings of 'CRISIL AAA' from CRISIL and 'IND AAA' from India Rating and an investment grade rating for its international debt from Moody's as Baa2 and BBB+ from S&P. During the FY2019, the company spent towards Capital Expenditure amounting to Rs 1,32,445 crore. During FY 2018-19, Reliance Jio Infocomm Limited (RJIL) successfully tied up JPY 53.5 billion, the largest Samurai loan for an Asian corporate and also for a telecom company. The loan was successfully syndicated to 9 local Japanese banks aggregating to JPY 19.5 billion, thereby taking the total number of participating banks to 12. Additionally, RJIL also tied-up term loan facilities aggregating to US$1.5 billion. In June 2018, RJIL tied up US$825 million and EUR 150 million Korea Trade Insurance Corporation (K-Sure) supported ECA financing with door to door tenor of over ten years. This transaction was the largest financing transaction globally in the telecom sector supported by K-Sure. The Board of Reliance Jio Infocomm Limited (RJIL) approved the demerger of its passive infrastructure, tower and fiber assets into two separate SPVs. The scheme of the demerger was effective from 31 March 2019 post all requisite internal, shareholder, debt holder and regulatory approvals. The assets would be held by a separate SEBI registered Infrastructure Investment Trusts (InvIT). The company won CII's 'Excellent Energy-efficient Unit' award at the '19th National Award for Excellence in Energy Management 2018. Also won the 'Making India Energy Efficient' award for the year 2018 at Future of Energy Management Summit, Mumbai. The company also awarded 'Platinum Award' at Grow Care India Safety Awards 2018. During the year 2018-19, the Company issued listed unsecured non-convertible redeemable debentures amounting to Rs 19,000 crore (Paid-up to the extent of Rs 17,000 crore) in five tranches (Series G, H, lA, IB and J). The Company also fully redeemed secured nonconvertible Debentures (PPD 177 and PPD 179-T3) amounting to Rs 503 crore. Pursuant to a Composite Scheme of Arrangement among Reliance Jio lnfocomm Ltd (RJIL) and Jio Digital Fibre Private Limited (JDFPL) and Reliance Jio lnfratel Private Limited (RJIPL), RJIL, has demerged its optic fiber cable undertaking to JDFPL and transferred its tower infrastructure undertaking on a slump sale basis to RJIPL. JDFPL has Fair Valued its Assets through reputed International Valuer. Being shareholder of RJIL, the Company received Equity Shares and Optionally Convertible Preference Shares (OCPS) of JDFPL, pursuant to transfer of fibre business. Subsequently, the Company sold its controlling equity stake in JDFPL to a SEBI registered infrastructure investment trust of which Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of the Company is the sponsor. Reliance Ethane Holding Pte. Ltd. (REHPL), a wholly owned subsidiary of the Company, holds 100% controlling equity interest in 6 companies owning Very Large Ethane Carrier (VLEC). REHPL has entered into a binding arrangement with Mitsui O.S.K. Lines, Japan and another investor for investment by them in the 6 companies, resulting in the 6 companies being jointly controlled by REHPL and Mitsui O.S.K. Lines, Japan. Digital Media Distribution Trust, of which Reliance Content Distribution Limited (a wholly-owned subsidiary of the Company) is the sole beneficiary, has, through six SPVs 100% owned and controlled by it, 1. acquired sole control of Den Networks Limited and made a total investment of about Rs. 2707 crore for acquiring 78.06% of the total equity share capital of Den Networks Limited through preferential issue, share purchase and open offer, 2. acquired sole control of Hathway Cable and Datacom Limited and made a total investment of about Rs. 4,120 crore for acquiring 71.96% of the total equity share capital of Hathway Cable and Datacom Limited through preferential issue and open offer, 3. acquired indirect control of GTPL Hathway Limited and made a total investment of about Rs. 42 crore for acquiring 4.48% of the total equity share capital of GTPL Hathway Limited in the open offer and acquired indirect control of Hathway Bhawani Cabletel and Datacom Limited. During the FY2020, the company spent towards Capital Expenditure amounting to Rs 77,444 crore. During the fiscal 2020, The Board of Directors of the Company has approved the issue of equity shares of Rs 10/- each of the Company on rights basis to eligible equity shareholders of the Company at an issue price of Rs 1,257/- per fully paid-up equity share (including a premium of Rs 1,247/- per equity share). The Company has successfully completed the Rights Issue of Rs 53,124 crore. Reliance awarded for exceptional presentation in UNIPOL PE Global Technology Conference 2019 in USA. DTA refinery was awarded India Manufacturing Excellence Award 2019' in High Platinum Category & Future Ready Factory Award by Frost and Sullivan. Reliance won the 13th CII National Award for Excellence in Water Management 2019, in the heavy industry category. Reliance was declared Winner' at 18th Annual Greentech Safety Award 2019 for persistent commitment in the field of safety. RIL was awarded the Golden Peacock Award for Corporate Social Responsibility 2019 for improving the livelihoods of farmers, fisher-folk and livestock owners through information services. Dahej Manufacturing Division, Silvassa Manufacturing Division and Hoshiarpur Manufacturing Division awarded Apex India Environment Excellence Award, 2019 under Platinum Category. Reliance Retail has topped the list of 50 fastest growing retailers globally in Deloitte's Global Powers of Retailing Report, 2020. COVID-19 is significantly impacting business operation of the companies, by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. On 24th March 2020, the Government of India ordered a nationwide lockdown for 21 days which further got extended till 3rd May 2020 to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities. Pursuant to the Scheme of Arrangement amongst RJIL and certain class of its creditors, approved by the Hon'ble National Company Law Tribunal, Ahmedabad bench vide order dated 13 March 2020, certain liabilities of Rs 1,04,365 crore have stood transferred to RIL with an equal amount of consideration. The Commercial Papers (listed) of the Company outstanding as on 31 March 2020 are Rs 27,709 crore. The total Non-Convertible Debentures of the Company outstanding as on 31 March,2020 are Rs 55,599 crore out of which, secured non-convertible debentures are Rs 13,886 crore. The total Non-Convertible Debentures of the Company outstanding (before netting off of prepaid finance charges) as on 31 December 2020 are Rs 67,580 crore out of which, secured nonconvertible debentures are Rs 13,351 crore. During the period April 2020 to December 2020, the Company has issued listed Unsecured Non-Convertible Redeemable Debentures amounting to Rs 24,955 crore in four tranches (Series K, L, M and N) on private placement basis and redeemed listed Unsecured Non-Convertible Redeemable Debentures amounting to Rs 12,000 crore (Series B, C, E, F, PPD1 and PPD2) and listed secured Non-Convertible Redeemable Debentures amounting to Rs 500 crore (Series PPD -180 Tranche 1). During the quarter ended 31 December 2020, Reliance Retail Ventures Limited, a subsidiary of the Company has raised funds to the extent of Rs 39,765 crore by issuing equity shares to external investors. During the quarter ended 31 December 2020, Jio Platforms Limited (JPL), a subsidiary of the Company has raised funds to the extent of Rs 33,737 crore by issuing equity shares to Google International LLC.

Reliance Industries Ltd Chairman Speech

Executing growth engines for India's future

Dear and Esteemed Fellow Shareowners,

I have always started this letter by sharing with you the operational and financial achievements of Reliance during the year. But the past year has been a particularly challenging one for India and its people. The COVID-19 pandemic disrupted several lives and dealt a severe blow to the economic health of the nation. It has also put tremendous burden on the healthcare infrastructure of the nation which is crucial for saving lives and reducing the impact of the pandemic. In these challenging times, the most remarkable and satisfying achievement of the company has been its humanitarian efforts in strengthening the nation's fight against the pandemic.

Right from day one, Reliance has adopted a multi-pronged prevention, mitigation, adaptation and ongoing support strategy to fight the pandemic. Last year, as soon as the first few cases of COVID-19 were reported in India, Reliance Foundation (RF) set up India's

first dedicated COVID-19 hospital in Mumbai in just two weeks. This year, in response to the sudden surge in COVID-19 cases in the city, RF rapidly scaled up its COVID operations to create 875-bed facilities dedicated to COVID care. It is the largest contribution by a philanthropic organisation to COVID care in Mumbai. RF has also set up fully equipped 1,000-bed COVID care facilities in Jamnagar. Overall, Reliance is supporting the set-up and management of over 2,300 beds across various locations.

Last year, Reliance established a manufacturing unit in Silvassa to mass produce high quality PPE kits for the frontline warriors. It became the largest producer of high-quality PPEs in India. This year, in response to the urgent need for medical oxygen across the nation, Reliance repurposed its plants in Jamnagar to produce medical-grade oxygen, soon becoming the largest producer of medical-grade oxygen

from a single location in India. Since the beginning of the pandemic, Reliance has supplied over 55,000 MT of medical grade liquid oxygen across the country. It has also taken several steps to boost India's capacity to swiftly and safely transport this life-saving resource.

The Foundation also launched Mission Anna Seva, a programme to provide free meals to marginalised communities and frontline warriors across the nation. So far, RF has provided over 5.5 crore nutritious meals through ration kits, food coupons and cooked meals across 18 states and one Union Territory. This is the single largest meal distribution programme undertaken in the world by a corporate foundation.

In order to safeguard the health and well-being of our employees and their family members, we have set up several initiatives such as a nationwide emergency response infrastructure that is available 24x7. We have also created

the JioHealthHub app for free virtual video consultations with our doctors. Using the COVID-19 symptom checker, we are tracking the health of our employees and their family members. REFERS, our emergency response service, is constantly monitoring the symptom tracker and reaching out to those showing the risk of being COVID- positive. In addition to this, our teams of medical experts are helping employees preserve mental health and emotional well-being through yoga and wellness sessions and psychological guidance.

A key initiative to safeguard employees from the pandemic is R-Surakshaa, Reliance's own vaccination programme. Under R-Surakshaa, Reliance has initiated a tech-enabled, multi-location vaccination drive to vaccinate all employees, partners, associates, affiliates and their eligible family members for free. The vaccination drive is fully compliant with government rules and regulations.

Also, Reliance has put in place a liberal leave policy for employees affected by COVID-19. It is providing financial assistance of up to 3 months' pay as interest-free salary advance in case of an exigency. In case of unfortunate demise of an employee, Reliance is providing financial support to the family and committing to shoulder the educational expenses of the children.

While the war against COVID is far from over, we, the Reliance Family are confident that in the end we will prevail. We care for each one of our stakeholders including employees, shareholders, vendors, customers and local communities.

I will now update you on your company's operating and financial performance.

Despite unprecedented challenges, we continued to execute on our growth plans across businesses. In our Retail business, we expanded

our customer outreach by growing physical and digital footprint with store additions, strengthening of supply chain infrastructure and launch of JioMart. In Digital Services business, we increased network capacity and spectrum footprint while rapidly growing our customer base.

Our consumer businesses, Reliance Jio and Reliance Retail, have proved to be digital and physical lifelines of the nation in these challenging times.

Our O2C business demonstrated resilience to rapidly evolving business environment. Agile business model, superior product placement capabilities and high utilisation rates while ensuring safe and reliable operations helped achieve industry leading performance.

Financial Performance and Balance Sheet

In a volatile environment, Reliance generated an EBITDA of '97,580 crore (US$13.3 billion), which is 4.6% lower than last year. Diversified earnings stream and resilient consumer businesses helped the company navigate through the unprecedented pandemic headwinds. Reliance recorded a consolidated net profit of '53,739 crore (US$7.4 billion) during the year, registering a growth of 34.8% y-o-y.

; Our consumer businesses retained their leadership positions and recorded robust growth on all operating and financial parameters during the year in spite of challenging hurdles. They now constitute nearly 50% of consolidated segment EBITDA compared to 36% in FY 2019-20.

We executed the largest ever capital raise in India, of '2,60,074 crore (US$36 billion), through rights issue and asset monetisation. The fund raised, along with capital commitments, exceeded net debt levels, helping your company achieve a Net Debt Free balance sheet ahead of the stated timeline of March 2021.

We successfully completed India's largest ever Rights Issue of '53,124 crore (oversubscribed by 1.59 times), which is also the largest in the world by a Non-Financial Institution in the last 10 years.

During the year, Jio Platforms and Reliance Retail raised '1,52,056 crore and '47,265 crore respectively from strategic and financial investors, including Facebook and Google. bp invested '7,629 crore for a 49% stake in our fuel retailing business.

Strong operating cash flow and largest ever capital raise further strengthened our balance sheet, enabling us to deleverage and meet our net-debt zero commitment ahead of stated timeline.

During the year, RIL made pre-payment of US$7.8 billion of long-term foreign currency debt, with requisite approvals from the RBI. This is the highest ever pre-payment of debt undertaken by any corporate borrower in India.

We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines - Jio, Retail and O2C.

I The business delivered a healthy performance with record profit delivery in an operating environment that continued to remain challenging. During the year, the business was impacted by restrictions with 80% stores operational and lower footfalls which were at 65% of last year.

Reliance Retail fulfilled its commitment to serve customers at scale by providing grocery and essential supplies to millions of Indians at their doorstep, overcoming enormous constraints during the lockdown.

Reliance Retail opened 1,456 new stores taking the total store count to over 12,700 stores across the country. Our Retail business operations ensured support for the entire retail ecosystem including consumers, farmers, merchants, small and medium-scale manufacturers and supply-chain service providers. The business generated >65,000 new jobs providing vital support to the community.

Reliance Retail's New Commerce initiative, JioMart, continues to grow in scale with more traffic, active users and orders. Rapid scale-up of digital commerce solutions, including JioMart, compensated for curtailed store operations and lower footfalls. Digital commerce channel Ajio.com witnessed 3x increase in business on higher orders and improvement across all key operating metrics.

I During FY 2020-21, Jio led

subscriber growth in the country with gross addition of 99 million subscribers. Jio became the first operator outside China to achieve 400 million subscribers in a single-country market.

With its next generation all-IP data network, Jio continued to revolutionise digital adoption in India at an unprecedented rate.

Jio's high-speed connectivity services enabled millions of Indians to work from home, study from home, shop from home. It also enabled delivery of food and wellness at home, medical consultation at home and above all kept families connected through the pandemic. Higher acceptance of digital services reflects in 27% y-o-y growth in Jio's total data traffic to 1,668 crore GB in 4Q FY 2021.

Jio Platforms is building a massive digital ecosystem for a billion Indians by providing world-class connectivity and digital solutions across business verticals and customer lifecycle. Jio launched and scaled-up multiple digital platforms like JioMart, JioMeet, JioHaptik and JioUPI during the year. Jio's impact on internet usage in India has been recognised by Brand Finance, who recognised Jio as the 5th strongest brand globally, terming its impact on the market as the 'Jio Effect'.

We are also excited with the development of a new generation cloud native 5G RAN technology that is truly open, and software defined. Qualcomm and Jio successfully tested 5G solutions in India, achieving the 1 Gbps milestone on Jio 5G solution.

Jio's innovation has spearheaded the transformation of India into one of the world's largest consumers of mobile broadband service.

Market environment during the first half of the year witnessed a highly volatile crude and feedstock price environment.

Demand destruction in the first half resulted in sharpest global oil demand contraction in decades, with a decline of 9.5 mb/d to ~90.5 mb/d in CY 2020. Travel restrictions significantly impacted the global demand for transportation fuels. For downstream products, demand destruction in automotive, housing & construction, consumer durables were partially offset by heightened demand from health & hygiene, packaging and e-commerce.

Business environment for O2C segment improved sharply in the second half of the year with gradual easing of lockdowns and revival in economic activities, resulting in demand recovery to near pre-COVID levels by the end of the year. Margin environment also improved in the second half of the year with rising demand and supply disruptions.

Agile business operations through the COVID-19 crisis enabled Reliance to operate its O2C facilities at near 100% by shifting products to export markets. High operating levels helped Reliance meet commitments to suppliers, vendors and consumers, ensuring continuity of operations for the entire ecosystem.

Recently, we initiated process of reorganising our O2C business into a separate subsidiary. The reorganisation will facilitate value creation through strategic partnerships and attract dedicated pool of investor capital. O2C's goal is to maximise crude to chemicals conversion and create a sustainable growth business. The scheme received an overwhelming support from our shareholders and creditors.

Despite extraordinary constraints during the period, Reliance successfully commissioned R Cluster field in KG D6 Block.

Located at a water depth of greater than 2,000 meters, R Cluster is Asia's deepest and India's first ultradeepwater gas field.

This was followed by commissioning of Satellite Fields in April 2021, which was done ahead of schedule. It showcases your company's commitment towards India's transition into a cleaner and greener gas-based economy.

These complex deepwater projects have been executed in over 34 countries and at peak more than 4,000 people have been working offshore and onshore. Additionally, the pandemic constrained movement of people and material across the globe. Despite these odds, the projects had flawless and safe commissioning.

R Cluster and Satellite Fields are two of the three new developments in the KG D6 block, the other being MJ fields which together are expected to meet ~15% of India's gas demand by 2023 and account for ~25% of domestic production. Peak gas production from the three fields is expected to be ~1 bcf/ day by 2023. It will help reduce India's dependence on imported gas.

Sustainability

Our philosophy of inclusive growth is depicted in the way we conduct our businesses. Growth and development are often defined conventionally in terms of net profit, revenue, and other financial performance. While we realise that all these are important, our mission remains to continue growing as a responsible organisation that believes in enriching lives.

We continue undertaking social initiatives in the areas of Education, Healthcare, Community Infrastructure, Skill Enhancement and Social Security.

The growing demand for energy is causing an imbalance in limited resources, especially in developing and emerging countries like India. We are committed to develop and grow in a responsible manner while meeting the expectations of all our stakeholders.

We believe that business priorities co-exist with social commitments and our activities support inclusive growth. While we work towards achieving our goals, we see the need to meet the society's evolving expectations. And therein lies the need to form enriching partnerships that will help us create a sustainable future.

The world is now closing ranks for a strong global action on Climate Change. This gives Reliance the right opportunity to accelerate our own ambitious New Energy and New Materials business wedded to the vision of clean and green development. To combat climate change, Reliance has set itself a target to become Net Carbon Zero by 2035. This is part of a wider ambition to achieve best-in-class standards across environmental, social and governance

parameters under the oversight of our Board. Our vibrant Board consists of independent thought leaders with requisite skill sets and domain expertise to guide our businesses on their future growth path.

Conclusion

As we passionately strive for a better future, we continue to set new paradigms every single day. In an unpredictable and challenging environment, agility and innovation are key to staying consistently successf ul. As technology becomes a driving force in all businesses and facets of life, the future belongs to organisations that can lead and leverage the digital revolution.

I would like to place on record my sincere appreciation to the Board of Directors for their guidance. I would also like to express my gratitude to all our stakeholders for their unwavering faith in Reliance. And I would like to thank the entire team at Reliance for their untiring efforts and unflinching commitment to achieve the lofty goals we have set ourselves for our Golden Decade.

I also want to express my deepest gratitude to scientists, doctors, nurses, police, volunteers and many others who are waging the battle against COVID-19. We all owe a great deal to them. I am confident that we are going to ultimately win the fight against COVID-19.

Because each one of us is engaged in this fight and the human spirit to fight and survive is greater than any disease or pandemic. With our collective effort, India will eventually triumph over the crisis and emerge stronger, bigger and better than ever.

With best wishes,

Sincerely,

Mukesh D. Ambani
Chairman and Managing Director
May 27, 2021

   

Reliance Industries Ltd Company History

Reliance Industries is India's largest private sector company on all major financial parameters. In 2004, Reliance Industries (RIL) became the first Indian private sector organisation to be listed in the Fortune Global 500 list. The company operates world-class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara. Reliance Industries' activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications. The petrochemicals segment includes production and marketing operations of petrochemical products. The refining segment includes production and marketing operations of the petroleum products. The oil and gas segment includes exploration, development and production of crude oil and natural gas. The other segment of the company includes textile, retail business and special economic zone (SEZ) development. In the year 1966 the RIL was founded by Shri Dhirubhai H.Ambani, it was started as a small textile manufacturer unit. In May 8, 1973 RIL was incorporated and conformed their name as RIL in the year 1985. Over the years, the company has transformed their business from manufacturing of textiles products into a petrochemical major. The company has set up a texturising / twisting facilities in 1979, RIL has also set up plants for Polyester Staple Fiber (PSF) in 1986 and for Linear Alkyl Benzene (LAB) & Purified Terephthalic Acid (PTA) in 1988. RIL has setup a petrochemical facility to produce HDPE and PVC at Hazira, Gujarat in technical collaboration with DuPont and BF Goodich respectively. The Hazira petrochemical plant was commissioned in 1991-92. In the year 1995-96, the company entered the telecom industry through a joint venture with NYNEX, USA and promoted Reliance Telecom Private Limited in India. Reliance became the first corporate in Asia to issue bonds in the U.S at the year of 1996-97. The company commissioned an 80,000 tonne bottle grade PET chip plant at Hazira manufacturing complex. Reliance's PET chips has been accepted internationally due to their high quality during the year 1997-98 and in the same year Reliance Industries Planned to invest around Rs. 5000 crores (USD 1,250 million) in building two world-scale plants at the site of the Jamnagar refinery in Gujarat. In 1998-99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas. In 1999-2000, RIL commissioned the world's largest 1.4 million tonnes per annum Paraxylene (PX) plant at its new integrated petrochemicals complex at Jamnagar which was planned at 1997-98. With the commissioning of the last crystallization train of the Para-xylene (PX) complex at Jamnagar in June 2017, RIL became the 2nd largest producer of PX globally. In 2000, Reliance commissioned the world's largest grassroots refinery in Jamnagar in a record 36 months. The Jamnagar refinery processes a wide variety of crude oils and produces a range of petroleum products for exports as well as supply in the Indian market. Reliance Petroleum Limited (RPL) was amalgamated with Reliance Industries Ltd in the year 2002-03. In 2004-05, RIL acquired the polyester major, Trevira GmbH, headquartered in Frankfurt, Germany which has the capacity of 130,000 tonnes per annum of polyester staple fibers, polyester filament yarns and polyester chips. In the year 2006, the company set up a new export-oriented refinery through its subsidiary, Reliance Petroleum Limited (RPL). In 2006, RIL entered the organised retail segment through Reliance Retail with its first Reliance Fresh store in Hyderabad. In 2017, Reliance Retail crossed $5 billion revenue mark. Reliance Retail has adopted a multi-prong strategy and operates neighbourhood stores, supermarkets, hypermarkets, wholesale cash & carry stores, specialty stores and online stores and has democratized access to all types of products and services across all segments for all Indian consumers. Reliance Retail operates over 3,300 stores pan India with nearly 13 million square feet of retail space. In the year 2007, Indian Petrochemicals Corporation Limited (IPCL) merged with the company. Also, Reliance Retail entered the organised retail market in India with the launch of its convenience store format under the brand name of Reliance Fresh'. During the year, the company commissioned their largest expansion project. The company expanded its polypropylene (PP) capacity by 280 KTA at Jamnagar that increased the combined capacity to 1,710 KTA. During the year 2007-08, the company signed an agreement to certain polyester (capacity) assets of Hualon, Malaysia. It took over the majority control of Gulf Africa Petroleum Corporation (GAPCO) and started shipping products to the East African markets. Also, the company signed MoU with GAIL (India) Ltd to explore opportunities of setting up petrochemical plants in feedstock rich countries outside India. In April 2008, the company signed gas sales and purchase agreement (GSPA) with the customers in power sector for supply of natural gas to be produced from the KG-D6 block. During the year, Reliance Commercial Associates Ltd, Reliance Neutraceuticals Pvt Ltd, Reliance Pharmaceuticals (India) Pvt Ltd, Reliance Petroinvestments Ltd, Gull Africa Petroleum Corporation (Mauritius), Gapco Tanzania Ltd, Gapoil Tanzania Ltd, Gapco Kenya Ltd, Gapco Uganda Ltd, Gapco Rwanda SARL, Gapoil Zanzibar Ltd, Transenergy Kenya Ltd, Recron (Malaysia) SDH BHD, Peninsula Land Kenya Ltd, Reliance International Exploration and Production INC, Wavely Investments Ltd, Reliance Digital Retail Ltd, Reliance Lifestyle Holdings Ltd, Reliance Universal Ventures Ltd, Reliance Home Store Ltd, Reliance Autozone Ltd, Reliance Trade Services Centre Ltd, Reliance Integrated Agri Solutions Ltd, Reliance Agri Products Distribution Ltd, Reliance Food Processing Solutions Ltd, Reliance Supply Chain Solutions Ltd, Reliance Digital Media Ltd, Strategic Manpower Solutions Ltd, Reliance Gems and Jewels Ltd, Reliance Leisures Ltd, Reliance Loyalty & Analytics Ltd, Reliance Retail Securities and Broking Company Ltd, Delight Proteins Ltd, Reliance F&B Services Ltd, Reliance Hypermart Ltd, Reliance Financial Distribution and Advisory Services Ltd, Reliance Retail Travel & Forex Services Ltd, Reliance Trends Ltd, Reliance Wellness Ltd, Reliance Brands Ltd, Reliance Footprint Ltd, Abcus Retail Pvt Ltd, Bigdeal Retail Pvt Ltd, Advantage Retail Pvt Ltd and RIL (Australia) PTY Ltd became subsidiaries of the company. During the year 2008-09, Reliance People Serve Ltd, Reliance Infrastructure Management Services Ltd, Reliance Global Business, BV, Reliance Gas Corporation Ltd, Reliance Globalenergy Services Ltd, Reliance One Enterprises Ltd, Reliance Personal Electronics Ltd, Reliance Global Energy Services (Singapore) Pte Ltd, Reliance Polymers (India) Pvt Ltd, Reliance Polyolefins Pvt Ltd, Reliance Aromatics and Petrochemicals Pvt Ltd, Reliance Energy and Project Development Pvt Ltd, Reliance Chemicals Pvt Ltd, Reliance Universal Enterprises Pvt Ltd, International Oil Trading Ltd, Reliance Nutritional Food Processors Pvt Ltd, Reliance Review Cinema Pvt Ltd, Reliance Replay Gaming Pvt Ltd, RIL USA Inc. Reliance Commercial Land Infrastructure Pvt Ltd, Reliance Corporate IT Park Ltd, Reliance Eminent Trading & Commercial Pvt Ltd, Reliance Progressive Traders Pvt Ltd, Reliance Prolific Traders Pvt Ltd, Reliance Universal Traders Pvt Ltd, Reliance Prolific Commercial Pvt Ltd, Reliance Comtrade Pvt Ltd, Reliance Ambit Trade Pvt Ltd, Reliance Petro Marketing Pvt Ltd, LPG Infrastructure (India) Pvt Ltd and Reliance Infosolution Pvt Ltd beaome subsidiaries of the company. Also, Abcus Retail Pvt Ltd ceased to be a subsidiary of the company. During the year, Reliance Petroleum Ltd (RPL) merged with the company with effect from April 1, 2008. From April 2, 2009, the company commenced production of hydrocarbons in its KGD6 block in the Krishna Godavari basin with the production of sweet crude of 420 API. In November 2009, the company discovered first oil exploration in the on land exploratory block CB-ONN-2003/1 (CB 10 A&B) awarded under the NELP-V round of exploration bidding. In December 2009, the company discovered gas in the exploration block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. In April 2010, the company commissioned a 1 MW solar Photo Voltaic power plant at Thyagaraj stadium in New Delhi. The power plant is expected to generate around 1.4 million units of electricity a year. It would cater to the power requirements of the stadium and the surplus would be fed to the grid at 11 KV. In addition, the company's subsidiary Reliance Marcellus LLC executed definitive agreements to enter into a joint venture with United States based Atlas Energy, Inc, of Pittsburgh, Pennsylvania under which Reliance will acquire a 40% interest in Atlas' core Marcellus Shale acreage position. In June 2010, the company entered into an agreement to acquire asubstantial stake in Infotel Broadband Services (P) Ltd, which emerged as asuccessful bidder in all the 22 circles of the auction for Broadband Wireless Access (BWA) Spectrum conducted by the DOT. The company sees the broadband opportunity as a new frontier of knowledge economy in which it can take a leadership position and provide India with an opportunity to bein forefront among the countries providing world-class 4G network and services. In August 2010, the company through their subsidiary, Reliance Industries Investment and Holding Pvt Ltd acquired the equity shares of EIH Ltd representing 14.12% from Oberoi Hotels Pvt Ltd and certain other promoters at a total cost of Rs 1,021 crore. In December 2010, the company entered into a joint venture agreement with Russian petrochemical company SIBUR for the production of butyl rubber in India. The joint venture facility will have an initial capacity of 100,000 tonnes of butyl rubber at the company's integrated refining cum petrochemical site in Jamnagar and is expected to be commissioned by 2013. In January 2011, the company's wholly owned subsidiary, Reliance Ventures Ltd entered into an agreement with Infrastructure Leasing and Financial Services Ltd, whereby IL&FS will become a strategic partner and co-promoter of a project which intends to develop a model economic township and other infrastructure facilities at Jhajjar in Haryana. In February 2011, the company entered into a strategic partnership with BP which comprises BP taking a 30% stake in 23 oil and gas production sharing contracts that the company operates in India for a consideration of USD 7.20 billion and the formation of a 50:50 joing venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India. On 15 June 2017, RIL and BP announced that they are moving forward to develop the R-Series' deep water gas fields in Block KGD6 off the east coast of India as first of three that are expected to be developed in an integrated manner producing from about 3 trillion cubic feet of discovered gas resources. In March 2011, the company and D E Shaw Group agreed to establish a joint venture to build a leading financial services business in India. This joint venture will incorporate the D E Shaw Group's investment and technology expertise with the company's operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace. In June 10, 2011, the company and their associate, Reliance Industrial Infrastructure Ltd entered into an agreement with Bharti Enterprises for acquiring Bharti's shareholding of 74% in Bharti Axa Life Insurance Co Ltd and Bharti Axa General Insurance Co Ltd. On completion of the proposed transaction, the company and Reliance Industrial Infrastructure Ltd would effectively own 57% and 17% respectively in both insurance companies and would become Axa's joint ventures partners in India. In September 2011, Reliance Security Solutions Ltd, a subsidiary of the company Siemens Ltd signed an MoU to jointly develop Homeland Security Solutions for Highways in India. In November 2011, the company and BP incorporated India Gas Solutions Pvt Ltd, a 50:50 joint venture company which will focus on global sourcing and marketing of natural gas in India. The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country. India Gas Solutions Pvt Ltd will be funded with equal equity from BP and RIL. In November 2011, AXA SA, Bharti, Reliance Industries Limited (RIL) and its associate Reliance Industrial Infrastructure Limited (RIIL) announced that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti's shareholding of 74% in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd. In February 2012, the company and SIBUR have agreed to form a joint venture named Reliance Sibur Elastomers Pvt Ltd to produce 100,000 tons of butyl rubber per year in Jamnagar, India. The joint venture will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world. On 29 May 2014, RIL announced its entry into the digital space by way of acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast. On 9 December 2014, RIL announced the formation of a joint venture with Shandong Ruyi Science and Technology Group Co. Ltd, China (Ruyi') (through its wholly owned subsidiary) for RIL's textiles business which operates under the Vimal brand. RIL's wholly owned subsidiary Reliance Jio Infocomm announced the commencement of telecom services with Jio Welcome Offer' in September 2016. In a short period of 170 days, Jio crossed a milestone of 100 million customers on its all IP wireless broadband network. On 17 November 2016, RIL and GE announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. In September 2017, RIL won the bid to acquire the assets of Kemrock Industries & Exports Limited of Vadodara (Gujarat) as a part of its efforts to enter the composites business. RIL participated in an on-line e-bidding process held by Allahabad Bank being leader of the consortium of 11 banks to sell/dispose off the assets of Kemrock Industries & Exports Limited. During the fiscal 2018, the company spent towards Capital Expenditure amounting to Rs 79,253 crore. During the FY2018, Reliance Jio Infocomm Ltd, successfully refinanced long term syndicated loans aggregating USD 1.5 billion. On 28 February 2018, TV18 Broadcast Limited ('TV18') a subsidiary of the Company increased its equity interest in Viacom18 Media Private Limited ('Viacom18') from 50% to 51% by acquiring in cash 1% of the equity shares held by MTV Asia Ventures (India) Pte. Ltd., Mauritius for Rs 130 crore and consequently obtained operational control over Viacom18. Accordingly, TV18 has consolidated Viacom18 as subsidiary from 01 March 2018. Consequent to this acquisition, lndiaCast Media Distribution Private Limited ('lndiaCast'), which was hitherto a Joint Venture of TV18, was accounted as subsidiary with effect from 01 March 2018. Pursuant to the sale agreement signed by Reliance Exploration & Production DMCC (REPDMCC), wholly owned subsidiary of the Company, for the sale of the entire 76% interest held by it in Gulf Africa Petroleum Corporation, requisite regulatory approvals, consents have been obtained and transaction successfully concluded. During the FY2018, the Company issued listed unsecured non-convertible redeemable Debentures amounting to Rs 20,000 crore in six tranches (Series A, B, C, D, E and F). The Company also redeemed secured non-convertible Debentures (PPD 177) amounting to Rs 134 crore during the year. During the year, the Company also issued 3.667% Senior Unsecured Notes amounting to US$ 800 million with 10 year maturity. The Company has issued and allotted 308,03,34,238 equity shares to the eligible holders of equity shares on the book closure date (i.e. 09 September, 2017) as bonus equity shares by capitalizing reserves on 13 September, 2017. The Company retained its domestic credit ratings of 'CRISIL AAA' from CRISIL and 'IND AAA' from India Rating and an investment grade rating for its international debt from Moody's as Baa2 and BBB+ from S&P. During the FY2019, the company spent towards Capital Expenditure amounting to Rs 1,32,445 crore. During FY 2018-19, Reliance Jio Infocomm Limited (RJIL) successfully tied up JPY 53.5 billion, the largest Samurai loan for an Asian corporate and also for a telecom company. The loan was successfully syndicated to 9 local Japanese banks aggregating to JPY 19.5 billion, thereby taking the total number of participating banks to 12. Additionally, RJIL also tied-up term loan facilities aggregating to US$1.5 billion. In June 2018, RJIL tied up US$825 million and EUR 150 million Korea Trade Insurance Corporation (K-Sure) supported ECA financing with door to door tenor of over ten years. This transaction was the largest financing transaction globally in the telecom sector supported by K-Sure. The Board of Reliance Jio Infocomm Limited (RJIL) approved the demerger of its passive infrastructure, tower and fiber assets into two separate SPVs. The scheme of the demerger was effective from 31 March 2019 post all requisite internal, shareholder, debt holder and regulatory approvals. The assets would be held by a separate SEBI registered Infrastructure Investment Trusts (InvIT). The company won CII's 'Excellent Energy-efficient Unit' award at the '19th National Award for Excellence in Energy Management 2018. Also won the 'Making India Energy Efficient' award for the year 2018 at Future of Energy Management Summit, Mumbai. The company also awarded 'Platinum Award' at Grow Care India Safety Awards 2018. During the year 2018-19, the Company issued listed unsecured non-convertible redeemable debentures amounting to Rs 19,000 crore (Paid-up to the extent of Rs 17,000 crore) in five tranches (Series G, H, lA, IB and J). The Company also fully redeemed secured nonconvertible Debentures (PPD 177 and PPD 179-T3) amounting to Rs 503 crore. Pursuant to a Composite Scheme of Arrangement among Reliance Jio lnfocomm Ltd (RJIL) and Jio Digital Fibre Private Limited (JDFPL) and Reliance Jio lnfratel Private Limited (RJIPL), RJIL, has demerged its optic fiber cable undertaking to JDFPL and transferred its tower infrastructure undertaking on a slump sale basis to RJIPL. JDFPL has Fair Valued its Assets through reputed International Valuer. Being shareholder of RJIL, the Company received Equity Shares and Optionally Convertible Preference Shares (OCPS) of JDFPL, pursuant to transfer of fibre business. Subsequently, the Company sold its controlling equity stake in JDFPL to a SEBI registered infrastructure investment trust of which Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of the Company is the sponsor. Reliance Ethane Holding Pte. Ltd. (REHPL), a wholly owned subsidiary of the Company, holds 100% controlling equity interest in 6 companies owning Very Large Ethane Carrier (VLEC). REHPL has entered into a binding arrangement with Mitsui O.S.K. Lines, Japan and another investor for investment by them in the 6 companies, resulting in the 6 companies being jointly controlled by REHPL and Mitsui O.S.K. Lines, Japan. Digital Media Distribution Trust, of which Reliance Content Distribution Limited (a wholly-owned subsidiary of the Company) is the sole beneficiary, has, through six SPVs 100% owned and controlled by it, 1. acquired sole control of Den Networks Limited and made a total investment of about Rs. 2707 crore for acquiring 78.06% of the total equity share capital of Den Networks Limited through preferential issue, share purchase and open offer, 2. acquired sole control of Hathway Cable and Datacom Limited and made a total investment of about Rs. 4,120 crore for acquiring 71.96% of the total equity share capital of Hathway Cable and Datacom Limited through preferential issue and open offer, 3. acquired indirect control of GTPL Hathway Limited and made a total investment of about Rs. 42 crore for acquiring 4.48% of the total equity share capital of GTPL Hathway Limited in the open offer and acquired indirect control of Hathway Bhawani Cabletel and Datacom Limited. During the FY2020, the company spent towards Capital Expenditure amounting to Rs 77,444 crore. During the fiscal 2020, The Board of Directors of the Company has approved the issue of equity shares of Rs 10/- each of the Company on rights basis to eligible equity shareholders of the Company at an issue price of Rs 1,257/- per fully paid-up equity share (including a premium of Rs 1,247/- per equity share). The Company has successfully completed the Rights Issue of Rs 53,124 crore. Reliance awarded for exceptional presentation in UNIPOL PE Global Technology Conference 2019 in USA. DTA refinery was awarded India Manufacturing Excellence Award 2019' in High Platinum Category & Future Ready Factory Award by Frost and Sullivan. Reliance won the 13th CII National Award for Excellence in Water Management 2019, in the heavy industry category. Reliance was declared Winner' at 18th Annual Greentech Safety Award 2019 for persistent commitment in the field of safety. RIL was awarded the Golden Peacock Award for Corporate Social Responsibility 2019 for improving the livelihoods of farmers, fisher-folk and livestock owners through information services. Dahej Manufacturing Division, Silvassa Manufacturing Division and Hoshiarpur Manufacturing Division awarded Apex India Environment Excellence Award, 2019 under Platinum Category. Reliance Retail has topped the list of 50 fastest growing retailers globally in Deloitte's Global Powers of Retailing Report, 2020. COVID-19 is significantly impacting business operation of the companies, by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. On 24th March 2020, the Government of India ordered a nationwide lockdown for 21 days which further got extended till 3rd May 2020 to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities. Pursuant to the Scheme of Arrangement amongst RJIL and certain class of its creditors, approved by the Hon'ble National Company Law Tribunal, Ahmedabad bench vide order dated 13 March 2020, certain liabilities of Rs 1,04,365 crore have stood transferred to RIL with an equal amount of consideration. The Commercial Papers (listed) of the Company outstanding as on 31 March 2020 are Rs 27,709 crore. The total Non-Convertible Debentures of the Company outstanding as on 31 March,2020 are Rs 55,599 crore out of which, secured non-convertible debentures are Rs 13,886 crore. The total Non-Convertible Debentures of the Company outstanding (before netting off of prepaid finance charges) as on 31 December 2020 are Rs 67,580 crore out of which, secured nonconvertible debentures are Rs 13,351 crore. During the period April 2020 to December 2020, the Company has issued listed Unsecured Non-Convertible Redeemable Debentures amounting to Rs 24,955 crore in four tranches (Series K, L, M and N) on private placement basis and redeemed listed Unsecured Non-Convertible Redeemable Debentures amounting to Rs 12,000 crore (Series B, C, E, F, PPD1 and PPD2) and listed secured Non-Convertible Redeemable Debentures amounting to Rs 500 crore (Series PPD -180 Tranche 1). During the quarter ended 31 December 2020, Reliance Retail Ventures Limited, a subsidiary of the Company has raised funds to the extent of Rs 39,765 crore by issuing equity shares to external investors. During the quarter ended 31 December 2020, Jio Platforms Limited (JPL), a subsidiary of the Company has raised funds to the extent of Rs 33,737 crore by issuing equity shares to Google International LLC.

Reliance Industries Ltd Directors Reports

Dear Members,

The Board of Directors present the Company's Forty-fourth Annual Report (Post- IPO) and the Company's audited financial statements for the financial year ended March 31, 2021.

Financial Results

The Company's financial performance (standalone and consolidated) for the year ended March 31, 2021 is summarised below:

Standalone

Consolidated

2020-21

2019-20

2020-21

2019-20

crore US$ million* crore US$ million* crore US$ million* crore US$ million*
Profit Before Tax (Before Exceptional Item) 22,908 3,133 44,561 5,889 49,819 6,814 58,050 7,672
Current Tax - - (7,200) (952) (2,205) (302) (8,630) (1,141)
Deferred Tax 4,732 647 (2,213) (292) 483 66 (5,096) (673)
Profit For The Year (Before Exceptional Item) 27,640 3,780 35,148 4,645 48,097 6,578 44,324 5,858
Exceptional Item (net of tax) A 4,304 589 (4,245) (561) 5,642 772 (4,444) (587)
Profit For The Year 31,944 4,369 30,903 4,084 53,739 7,350 39,880 5,271
Net Profit attributable to Non-Controlling Interest - -

- -

(4,611) (631) (526) (70)
Net Profit Attributable to Owners of the Company 31,944 4,369 30,903 4,084 49,128 6,719 39,354 5,201
Balance in Retained Earnings 14,146 3,141 26,808 4,815 32,972 4,766 12,330 2,038
Pursuant to Scheme of Arrangement # 32,416 4,434 (33,481) (4,425) (728) (99) (8,496) (1,123)
Fresh issue of equity by subsidiaries # - - - - 1,18,170 16,163 - -
Sub-Total 78,506 11,944 24,230 4,474 1,99,542 27,549 43,188 6,116
Appropriations
Transferred to Statutory Reserve - - - - (128) (18) (77) (10)
Transferred to Profit & Loss A/c a (33,217) (4,543) - - - - - -
Transferred to Capital Redemption Reserve - - - - - - (40) (5)
Transferred (to)/from Debenture Redemption Reserve - - - - 41 6 (15) (2)
Transferred (to)/from Special Economic Zone 525 72 (5,500) (727) 525 72 (5,500) (727)
Reinvestment Reserve
Dividend on Equity Shares (3,921) (536) (3,852) (509) (3,921) (536) (3,852) (509)
Tax on dividend - - (732) (97) - - (732) (97)
Closing Balance 41,893 6,937 14,146 3,141 1,96,059 27,073 32,972 4,766

Figures in brackets represent deductions.

* 1 US$ = '73.110 Exchange Rate as on March 31, 2021 (1 US$ = '75.665 as on March 31, 2020).

A Refer Note 31 of the Standalone Financial Statement and Note 29 of the Consolidated Financial Statement.

# Refer Note 14 of the Standalone and Consolidated Financial Statement.

Results of Operations and the state of Company's affairs

The Highlights of the Company's performance (Standalone) for the year ended March 31, 2021 are as under:

• Value of Sales and services was '2,78,940 crore (US$ 38.2 billion)

• Exports for the year was '1,45,143 crore (US$ 19.9 billion)

• EBITDA for the year was '48,318 crore (US$ 6.6 billion)

• Cash Profit for the year was '36,411 crore (US$ 5.0 billion)

• Net Profit for the year was '31,944 crore (US$ 4.4 billion)

Financial Performance (Consolidated)

• Value of Sales and services was '5,39,238 crore (US$ 73.8 billion)

• EBITDA for the year was '97,580 crore (US$ 13.3 billion)

• Cash Profit for the year was '79,828 crore (US$ 10.9 billion)

• Net Profit for the year was '53,739 crore (US$ 7.4 billion)

Dividend

The Board of Directors has recommended a dividend of '7/- (Rupees Seven only) per equity share of '10/- (Ten rupees) each fully paid-up of the Company (last year '6.50 per equity share of '10/- each). Pro-rata dividend

shall be paid in proportion to the paid-up value of the partly paid equity shares. Dividend is subject to approval of members at the ensuing annual general meeting and shall be subject to deduction of income tax at source.

The dividend recommended is in accordance with the Company's Dividend Distribution Policy. The Dividend Distribution Policy of the Company is annexed herewith and marked as Annexure I to this Report and the same is available on the Company's website and can be accessed at

https://www.ril.com/DownloadFiles/

IRStatutory/Dividend-

Distribution-Policy.pdf

Details of material changes from the end of the financial year

The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. Operations and revenue have been impacted due to COVID-19.

Material events during the year under review

Rights issue of Equity Shares

During the year under review, the Company had issued and allotted 42,26,26,894 partly paid-up equity shares of '10/- each of the Company on rights basis, in the ratio of 1 equity share for every 15 equity shares held, to eligible equity shareholders of the Company at an issue price of '1,257/- per fully paid-up equity share (including a premium of '1,247/- per equity share). An amount equivalent to 25% of the issue price viz. '314.25 per equity share was received on application.

In accordance with the terms of issue, the Board of Directors in its meeting held on March 26, 2021 made the following two calls on the aforesaid equity shares:

(a) First call of '314.25 per partly paid equity share (comprising '2.50 towards face value and '311.75 towards securities premium), payable during the period from May 17, 2021 to May 31, 2021, both days inclusive; and

(b) Second & final call of '628.50 per partly paid equity share (comprising '5.00 towards face value and '623.50 towards securities premium), payable during the period from November 15,

2021 to November 29, 2021, both days inclusive.

The funds raised by the Company through Rights Issue, have been utilised for the objects stated in the Letter of Offer, dated May 15, 2020, towards repayment of certain borrowings of the Company.

Issue of Debentures

The Company had issued and allotted on private placement basis, unsecured redeemable non-convertible debentures (NCDs) aggregating

'24,955 crore. Further, during the year, the Company received payment of 3rd tranche, aggregating '500 crore, from the holders of partly paid listed unsecured redeemable non-convertible debentures (PPD Series-IA). The funds raised through NCDs have been utilised for repayment of existing borrowings and other purposes in the ordinary course of business.

Scheme of Amalgamation of Reliance Holding USA Inc., Reliance Energy Generation and Distribution Limited with the Company

A composite scheme of amalgamation and plan of merger amongst Reliance Holding USA Inc. ("RHUSA"), Reliance Energy Generation and Distribution Limited ("REGDL") and the Company (the "Scheme"), which provided for merger of RHUSA with REGDL and merger of REGDL with the Company, was approved by the Hon'ble National Company Law Tribunal, Mumbai Bench and the Scheme became effective from August 21, 2020. Both RHUSA and REGDL were wholly owned subsidiaries of the Company.

Scheme of Arrangement Between the Company and Reliance O2C Limited

The Board of Directors of the Company had approved a scheme of arrangement between (i) the Company, its shareholders and creditors, and (ii) Reliance O2C Limited and its shareholders and creditors (the "Scheme"). The Scheme, inter alia, provides for transfer of the oil- to-chemicals ("O2C") undertaking from the Company to Reliance O2C Limited, a wholly owned subsidiary, as a going concern on a slump sale basis on terms and conditions as detailed in the Scheme. The Scheme has been approved by the Shareholders and Creditors of the Company and is subject to approvals under the applicable laws including approval of the National Company Law Tribunal.

Transfer of Petroleum Retail Marketing Business

During the year under review, the Company transferred its Petroleum Retail Marketing business to Reliance BP Mobility Limited ("RBML"). RBML is

a fuels and mobility business with BP

Global Investments Limited ("bp"). bp holds 49% equity stake in RBML and the balance 51% is held by the Company.

Management Discussion and Analysis Report

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

Business Operations / Performance of the Company and its major Subsidiaries

Major developments and business performance of the Company and its major subsidiaries consolidated with the Company are given below:

Retail

Retail segment delivered a resilient performance against the backdrop of an unprecedented and challenging operating environment, arising from the COVID-19 pandemic situation that emerged at the start of the year. The business achieved revenue of '1,53,818 crore and posted an all-time high EBITDA of '9,842 crore for the year.

This was driven by gradual rebound of revenue streams, judicious cost management initiatives and boosted by higher investment income.

During the year, Reliance Retail executed India's largest fund raise in the consumer / retail sector of '47,265 crore for 10.09% stake from marquee global investors, reflecting the conviction in operating track record, model and prospects.

Digital Services

Digital Service Segment achieved revenue of '90,287 crore, an increase of 29.7% y-o-y. Segment EBITDA was at '34,035 crore for the year, a growth of 45.8% y-o-y. The Digital business added 37.9 million subscribers during the year, with year-end subscriber base at 426.2 million. Customer engagement on the Jio network remained healthy across data and voice services. Jio is one of the largest data networks globally carrying over 5 exabytes of data on a monthly

basis. Average per capita monthly data usage across the subscriber base was 13.3 GB for the quarter ended March 2021.

During the year, Jio completed raising funds of '152,056 crore across 13 marquee global investors. It also enhanced its spectrum portfolio by 56% to 1,732 MHz through acquisition of spectrum via the auction conducted by Department of Telecom in 2021 and spectrum trading agreement with Bharti Airtel.

In the endeavour to continue building the premiere digital society in India, multiple digital platforms like JioMart, JioMeet, JioHaptik, JioPOS-lite, JioGames, JioUPI, JioHealthHub, were launched which were key enablers of work from home, learn from home, health from home and shop from home during the Coronavirus crisis.

Media and Entertainment

The business successfully dealt with the challenges posed by the COVID-19 pandemic and posted much improved profitability across all business lines in a difficult year. During financial year 2020-21, Network18 reported value of services of '5,459 crore and EBITDA of '796 crore (growth of 29% y-o-y). The improvement in profitability is a result of cost controls and concerted efforts to increase annuity-style revenue streams, including subscription and syndication.

Oil to Chemicals

The Oil to Chemicals (O2C) business experienced both price and margin dislocation due to the pandemic and lockdown in many countries during the first half of the financial year. Even in testing times such as this, the business delivered robust performance by leveraging the strong international and domestic supply-chain, multimodal logistics, deep integration and feedstock flexibility. Revenues for the O2C business declined 29% with lower volumes and lower realization due to decline in average crude and feedstock prices specifically during the first half of the year. Brent crude price for the year averaged at US$44.3/bbl versus US$61.1/bbl in the previous year. The segment performance was supported by sharp recovery in downstream demand and deltas in the second half of the year. During the financial year 2020-21, O2C business

reported revenue of '3,20,008 crore and EBITDA of '38,170 crore.

Overall production meant for sale reduced from 71 MMT to 63.6 MMT. Most of the reduction came from transportation fuels due to global demand destruction. However, with agile business model and feedstock flexibility, the Company was able to maximize downstream throughput which stood at 71.9 MMT, a decrease of 10% y-o-y.

Oil and Gas E&P

Segment Revenues for the year was lower by 33.4% y-o-y to '2,140 crore primarily due to lower volumes from conventional fields and overall lower commodity price realization. EBITDA for the year declined by 27% to '258 crore. For the year, domestic production (the Company's share) was at 27.8 BCFe, down 28.4% y-o-y due to expiry of Panna Mukta Production Sharing Contract in December 2019 and cessation of production from D1D3 (KG D6) field in February 2020. US Shale (the Company's share), production was 98.8 BCFe, up 22.9% on y-o-y basis. During the year, R-Cluster fields in KG D6 block commenced production and achieved peak production level of 12.8 MMSCMD in mid-April 2021, ahead of plan. In April 2021, Satellite fields also commenced production two months ahead of schedule despite COVID-19 challenges.

Credit Rating

The Company's financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies. The details of credit ratings are disclosed in the Management Discussion and Analysis Report, which forms part of the Annual Report.

Consolidated Financial Statement

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

Subsidiaries, Joint Ventures and Associate Companies

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

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

The audited financial statement including the consolidated financial statement of the Company and all other documents required to be attached thereto is available on the Company's website and can be accessed at https://www.ril.com/ar2020-21/pdf/RIL- Integrated-Annual-Report-2020-21.pdf The financial statements of the subsidiaries, as required, are available on the Company's website and can be accessed at

https://www.ril.com/Financial-

Statement-2020-21.aspx

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

During the year under review:

a) Reliance Retail Limited, Jio Platforms Limited, Reliance Jio Infocomm Limited and Reliance Global Energy Services (Singapore) Pte. Limited, were material subsidiaries of the Company, as per Listing Regulations.

b) The Company along with JM Financial Asset Reconstruction Company Limited (acting in its capacity

as a Trustee of 'JMFARC- March 2018 - Trust'- (JMFARC) acquired, in accordance with the approved Resolution plan, joint control over Alok Industries Limited. The Company holds 40.01% equity stake and JMFARC holds 34.99% equity stake in Alok Industries Limited aggregating to 75%.

Secretarial Standards

The Company has followed the applicable Secretarial Standards, i.e.

SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and 'General Meetings' respectively.

Directors' Responsibility Statement

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2021, the applicable accounting standards read with requirements set out under Schedule III to the Act have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2021 and of the profit of the Company for the year ended on that date;

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

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

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

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

Corporate Governance

The Company is committed to maintain the highest standards of Corporate Governance and adheres to the Corporate Governance requirements set out by the Securities and Exchange Board of India ("SEBI"). The Company has also implemented several best

governance practices. The report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report. Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance.

Business Responsibility Report

As stipulated under the Listing Regulations, the Business Responsibility Report (BRR) describing the initiatives taken by the Company from an environmental, social and governance perspective is available on the Company's website and can be accessed at https://www.ril.com/ DownloadFiles/BRR202021.pdf

Contracts or arrangements with Related Parties

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions or which is required to be reported in Form No. AOC-2 in terms of Section 134(3) (h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.

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

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

Members may refer to Note 33 to the Standalone Financial Statement which sets out related party disclosures pursuant to Ind AS.

Corporate Social Responsibility (CSR)

Over the past decade, the Company has focused on several corporate social responsibility programs. The CSR initiatives of the Company under the leadership of Smt. Nita M. Ambani, Founder and Chairperson, Reliance Foundation, have touched the lives of more than 4.5 crore people covering more than 44,700 villages and several urban locations across India.

The Company continues its endeavour to improve the lives of people and provide opportunities for their holistic development through its different initiatives in the areas of Rural Transformation, Health, Education, Sports for Development, Disaster Response, Arts, Culture, Heritage and Urban Renewal.

The Company adopted a multi-pronged approach to address the COVID-19 pandemic. The Company supported initiatives on healthcare, medical oxygen supply, emergency meal distribution, supply of free fuel, masks and awareness creation. Over 5.5 crore meals provided under Mission Anna Sewa; over 81 lakh masks were distributed under Mission COVID-19 Suraksha and free fuel support was provided to 14,000+ emergency vehicles. Medical oxygen production was ramped up from zero to 11% of India's treatment needs for meeting the requirement of over one lakh patients every day. This was supplied free to several State Governments.

The Company supported national initiatives like Gram Uday Se Bharat Uday Abhiyan, Unnat Bharat Abhiyan, Swachh Bharat Abhiyan, Poshan Abhiyan, Jal Shakti Abhiyan, Sabki Yojana Sabka Vikas, Skill India Mission, Digital India and Doubling Farmers' Income.

The CSR initiatives of the Company have won several awards including India Today-MDRA Special Healthgiri Award 2020, CII National Awards for Excellence in Water Management 2020 in the 'Beyond the Fence' category and ICSI 5th CSR Excellence Award in Large Category. Town & Country, America's leading general interest magazine, featured Smt. Nita M. Ambani and Reliance Foundation among the world's top Philanthropists of 2020.

The CSR policy, formulated by the Corporate Social Responsibility and Governance ("CSR&G") Committee and approved by the Board, continues unchanged. The policy can be accessed at

https://www.ril.com/DownloadFiles/

IRStatutorv/CSR-Policv.pdf

The three core commitments of Scale, Impact and Sustainability form the bed-rock of the Company's philosophy on CSR initiatives. As per the CSR policy of the Company, Rural Transformation, Health, Education, Environment,

Arts, Heritage & Culture and Disaster Response, are the focus areas for CSR engagement.

During the year, the Company spent '922 crore (around 2.09% of the average net profits of last three financial years) on CSR activities.

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

Risk Management

The Company has a structured Group Risk Management Framework, designed to identify, assess and mitigate risks appropriately. The Risk Management Committee has been entrusted with the responsibility to assist the Board in:

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

b) ensuring that all material Strategic and Commercial including Cybersecurity, Safety and Operations, Compliance, Control and Financial risks have been identified and assessed and adequate risk mitigations are in place, to address these risks.

Further details on the Risk Management activities including the implementation of risk management policy, key risks identified, and their mitigations are covered in Management Discussion and Analysis section, which forms part of the Annual Report.

Internal Financial Controls

Internal Financial Controls are an integral part of the Group Risk Management framework and processes that address financial as well as financial reporting

risks. The key internal financial controls have been documented, automated wherever possible and embedded in the respective business processes.

Assurance to the Board on the effectiveness of internal financial controls is obtained through 3 Lines of Defence which include:

a) Management reviews and self-assessment;

b) Continuous controls monitoring by functional experts; and

c) Independent design and operational testing by the Group Internal Audit function.

The Company believes that these systems provide reasonable assurance that the Company's internal financial controls are adequate and are operating effectively as intended.

Directors and Key Managerial Personnel

In accordance with the provisions of the Act and the Articles of Association of the Company, Shri Nikhil R. Meswani and Shri P. K. Kapil, Directors of the Company, retire by rotation at the ensuing annual general meeting. The Board of Directors, on the recommendation of the Human Resources, Nomination and Remuneration ("HRNR")

Committee, has recommended their re-appointment.

The Board of Directors, based on performance evaluation and as per the recommendation of the HRNR Committee has commended the reappointment of Dr. Shumeet Banerji, as an Independent Director of the Company for a second term of 5 (five) consecutive years, effective July 21, 2022 on completion of his current term of office.

In the opinion of the Board, he possesses requisite expertise, integrity and experience (including proficiency) for appointment as an Independent Director of the Company and the Board considers that, given his professional background, experience and contributions made by him during his tenure, the continued association of Dr. Shumeet Banerji would be beneficial to the Company.

The Company has received declarations from all the Independent Directors of the Company confirming that:

a) they meet the criteria of independence prescribed under the Act and the Listing Regulations; and

b) they have registered their names in the Independent Directors' Databank.

The Company has devised, inter alia, the following policies viz.:

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

b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.

The aforesaid policies are available on the Company's website and can be accessed at

http://www.ril.com/DownloadFiles/ IRStatutorv/Policv-for-Selection-of- Directors.pdf and

https://www.ril.com/DownloadFiles/

IRStatutorv/Remuneration-Policv-

for-Directors.pdf

The Policy for selection of Directors and determining Directors' independence sets out the guiding principles for the HRNR Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, while considering their appointment as Independent Directors of the Company. The Policy also provides for the factors in evaluating the suitability of individual Board members with diverse background and experience that are relevant for the Company's operations. There has been no change in the policy during the current year.

The Company's remuneration policy is directed towards rewarding performance based on review of achievements. The remuneration policy is in consonance with existing industry practice. There has been no change in the policy during the current year.

Performance Evaluation

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

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

Employees' Stock Option Schemes

The Employee Stock Option Scheme - 2006 ("ESOS-2006") was withdrawn during financial year 2017-18. However, options granted under ESOS-2006, but pending to be exercised, continue to be governed by ESOS-2006. The HRNR Committee, through RIL ESOS 2017 Trust inter alia administers and monitors Reliance Industries Limited Employees' Stock Option Scheme 2017 ("ESOS-2017") of the Company.

The above Schemes are in line with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 ("SBEB Regulations"). The Company has obtained certificates from the Auditors of the Company stating that the Schemes have been implemented in accordance with the SBEB Regulations and the resolutions passed by the members. The certificates are available for inspection by members in electronic mode. The details as required to be disclosed under the SBEB Regulations can be accessed at https://www.ril.com/DownloadFiles/ IRStatutorv/ESOS-2006- Disclosure-2020-21.pdf and https://www.ril.com/DownloadFiles/ IRStatutorv/ESOS-2017- Disclosure-2020-21.pdf

Auditors and Auditors' Report Auditors

S R B C & CO LLP, Chartered Accountants and D T S & Associates

LLP (formerly known as D T S & Associates), Chartered Accountants l were appointed as Auditors of the Company for a term of 5 (five) consecutive years, at the annual general meeting held on July 21, 2017. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

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

Cost Auditors

The Board has appointed the following Cost Accountants as Cost Auditors for conducting the audit of cost records of products and services of the Company for various segments for the financial year 2021-22 under Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014:

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

ii. Chemicals Business - Diwanji & Co., K.G. Goyal & Associates, VJ. Talati & Co., Suresh D. Shenoy, Shome & Banerjee and Dilip M. Malkar & Co.;

iii. Polyester Business - VJ. Talati & Co., Suresh D. Shenoy, V.

Kumar & Associates and K.G.

Goyal & Associates;

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

v. Petroleum Business - Suresh D. Shenoy;

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

vii. Gasification - Suresh D. Shenoy; and

viii. Composite Solution - Kiran J. Mehta & Co.

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

In accordance with the provisions of Section 148(1) of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost records.

Secretarial Auditor

The Board had appointed Dr. K.R. Chandratre, Practising Company Secretary, to conduct Secretarial Audit for the financial year 2020-21. The

Secretarial Audit Report for the financial year ended March 31, 2021 is annexed herewith and marked as Annexure IV to this Report. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Disclosures

Meetings of the Board

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

Audit Committee

The Audit Committee comprises Shri Yogendra P. Trivedi (Chairman),

Dr. Raghunath A. Mashelkar, Shri Adil Zainulbhai, Shri Raminder Singh Gujral and Shri K. V. Chowdary. During the year, all the recommendations made by the Audit Committee were accepted by the Board.

Corporate Social Responsibility and Governance Committee

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

Human Resources, Nomination and Remuneration Committee

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

Stakeholders' Relationship Committee

The Stakeholders' Relationship Committee comprises Shri Yogendra P. Trivedi (Chairman), Smt Arundhati Bhattacharya, Shri K. V. Chowdary,

Shri Nikhil R. Meswani and Shri Hital R. Meswani.

Details of composition of other committees are given in the Corporate Governance Section of the Annual Report.

Vigil Mechanism

The Company has established a robust Vigil Mechanism and a Whistleblower policy in accordance with the provisions of the Act and the Listing Regulations. An Ethics and Compliance Task Force (ECTF) comprising an Executive Director, General Counsel, Group Controller and Group Company Secretary has been established which oversees and monitors the implementation of ethical business practices in the Company. The task force reviews complaints and incidents on a quarterly basis and reports them to the Audit Committee.

Employees and other stakeholders are required to report actual or suspected violations of applicable laws and regulations and the Code of Conduct. Such genuine concerns (termed Reportable Matter) disclosed as per Policy are called "Protected Disclosures" and can be raised by a Whistle-blower through an e-mail or dedicated telephone line or a letter to the ECTF or to the Chairman of the Audit Committee. The Vigil Mechanism and Whistle-blower policy is available on the Company's website and can be accessed at

https://www.ril.com/DownloadFiles/

IRStatutorv/Viail-Mechanism-and-

Whistle-Blower-Policy.pdf

Prevention of Sexual Harassment at Workplace

In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act") and Rules made thereunder, the Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace. The Company has constituted Internal Committee(s) (ICs) to redress and resolve any complaints arising under the POSH Act. Training/awareness programs are conducted throughout the year to create sensitivity towards ensuring respectable workplace.

Particulars of loans given, investments made, guarantees given and securities provided

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security provided is proposed to be utilised by the recipient are provided in the Standalone Financial Statement

(Refer Note 2, 3, 6, 9, 33 and 39 to the Standalone Financial Statement).

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

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

Annual Return

The Annual Return of the Company as on March 31, 2021 is available on the Company's website and can be accessed at

https://www.ril.com/DownloadFiles/

IRStatutorv/Annual-Return-2020-21.pdf

Particulars of Employees and Related Disclosures

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

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

Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Any member interested in obtaining such information may address their email to rilagm@ril.com

General

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

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

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

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

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

its subsidiaries.

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

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

• There has been no change in the nature of business of the Company.

• There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

• There was no instance of onetime settlement with any Bank or Financial Institution.

Acknowledgement

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

For and on behalf of the Board of Directors

Mukesh D. Ambani

Chairman and Managing Director

April 30, 2021

   

Reliance Industries Ltd Company Background

Mukesh D AmbaniMukesh D Ambani
Incorporation Year1973
Registered Office3rd Floor Maker Chambers IV,222 Nariman Point
Mumbai,Maharashtra-400021
Telephone91-22-22785000 / 35555000,Managing Director
Fax91-22-22042268 / 22852214
Company SecretaryK Sethuraman
AuditorDTS & Associates LLP/S R B C & Co LLP
Face Value10
Market Lot1
ListingBSE,London,Luxembourg,MSEI ,NASDAQ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Reliance Industries Ltd Company Management

Director NameDirector DesignationYear
Mukesh D Ambani Chairman & Managing Director 2021
Nikhil Meswani Executive Director 2021
Hital R Meswani Executive Director 2021
Y P Trivedi Non-Exec. & Independent Dir. 2021
Dipak C Jain Non-Exec. & Independent Dir. 2021
R A Mashelkar Non-Exec. & Independent Dir. 2021
PMS Prasad Executive Director 2021
Pawan Kumar Kapil Executive Director 2021
K Sethuraman Group Company Secretary 2021
Adil Zainulbhai Non-Exec. & Independent Dir. 2021
Nita M Ambani Non-Exec & Non-Independent Dir 2021
Raminder Singh Gujral Non-Exec. & Independent Dir. 2021
Shumeet Banerji Non-Exec. & Independent Dir. 2021
Arundhati Bhattacharya Non-Exec. & Independent Dir. 2021
Savithri Parekh Joint Company Secretary 2021
K V Choudhary Non-Exec & Non-Independent Dir 2021

Reliance Industries Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEOIL
CNXENERGY
CNX100
CNXINFRAST
CNX200
CNXCOMMODI
BSECARBONE
NFT100LQ15
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEENERGY
BSEMANUFAC
SENSEX50
ESG100
LMI250
BSEDSI
NFT50EQWT
NFT100LV30
BSE100LTMC

Reliance Industries Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Oil to Chemicals MT 000261866
GST Recovered NA 00013871
Income from Services NA 0002315
Oil & Gas NA 000470
Others NA 000389
Retail NA 00029
Unspecified NA 0000
Oil-Crude-Refinery MT 0000
Toluole MT 0000
Refining NA 0000
Other Chemicals MT 0000
Oil-Crude MT 0000
Petrochemicals NA 0000
Petroleum Products MT 0000
Diesel MT 0000
Liquefied Petroleum Gas MT 0000
Ethane Propane Mix MT 0000
Chlorine MT 0000
Gas BTU0000
Hydrogen Gas MT 0000
Hydro Cynic Acid MT 0000
Caustic Soda MT 0000
Caustic soda Lye/Flakes MT 0000
Paraffin-Normal MT 0000
Ethylene MT 0000
Propylene MT 0000
Butadiene MT 0000
Butadiene & Others C4s MT 0000
Cyclohexane MT 0000
Benzene MT 0000
Toluene MT 0000
Ortho Xylene MT 0000
Para Xylene MT 0000
Xylene MT 0000
Ethylene Glycol MT 0000
High Ethylene Glycol MT 0000
Mono Ethylene Glycol MT 0000
Ethylene Oxide MT 0000
Ethyl Vinyl Acetate MT 0000
PTA MT 0000
Acrylonitrile MT 0000
Poly Butadiene Rubber MT 0000
Linear Alkylbenzene MT 0000
Polyethylene MT 0000
LDPE- High/Linear MT 0000
Low Density Polyethylene MT 0000
HDPE Pipe MT 0000
Polypropylene MT 0000
PVC MT 0000
Polyethylene Terephthalate MT 0000
Polyethylene pipes-High DensitMtr0000
ASF Spun Yarn MT 0000
PSF Spun Yarn MT 0000
PFY/Polyester Chips MT 0000
Polyester Filament Yarn MT 0000
Fabric Mtr0000
Fibre Fill-PSF MT 0000
PSF/Polyester Chips MT 0000
MMF Spun Yarn on Worsted Sys-SNo 0000
Looms-Manmade Fabrics No 0000
Knitting Machines-Manmade FibrNo 0000
Spindles-Cott./Man.Fib.Yarn No 0000
Solar Photovoltaic Cell/ModuleMW 0000

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