Reliance Petroleum Ltd merged Directors Report

RELIANCE PETROLEUM LIMITED ANNUAL REPORT 2007-2008 DIRECTORS REPORT Dear Shareholders, Your Directors are pleased to present the 3rd Annual Report and the audited accounts of the Company for the year ended March 31, 2008. Operations - Implementation of the Project: The Company has set a blistering pace on all implementation fronts and achieved 90% overall progress in implementation of its world-class, complex Refinery Project at Jamnagar in Gujarat. The Company leveraged the benefits of its intelligent repeat designs and the impeccable project management and execution skills of the Reliance group successfully. The Company has surpassed several significant milestones, including near completion of engineering, procurement and contracting activities, substantial completion of equipment deliveries and equipment installations at site. The year also witnessed rapid progress in the construction activities, leading to a dramatic change in the skyline of the project site at Jamnagar. Encouraged by the rapid progress achieved on the construction and pre- commissioning front, the Company expects to commission the refinery ahead of its initial schedule. Accordingly, the Company has shifted focus on start-up planning and operations preparedness activities to support early commissioning of the Refinery in 2008. The Company has completed the long term debt financing for the Project and in all, has contracted term debt to the tune of Rs. 15,750 crore. As on March 31, 2008, the Company has utilised Rs. 23,319 crore for the Project. The projected utilisation of funds as per the Prospectus dated April 28, 2006 was Rs. 22,130 crore. The variation is mainly due to payments in advance under various project contracts to ensure continued efficient and speedy implementation of the Project. The Company has not commenced revenue operations hence no Profit and Loss Account has been prepared. Managements Discussion & Analysis Report: A detailed review of the progress of the Project and the future outlook of the Company and its business, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is presented in a separate section forming part of the Annual Report. Directors: Under the provisions of Section 260 of the Companies Act, 1956 and Article 135 of the Articles of Association of the Company, Mr. Michael Warwick was appointed as an additional director, with effect from July 18, 2007. He shall hold office up to the date of the ensuing Annual General Meeting. The Company has received a notice in writing from a member proposing the candidature of Mr. Michael Warwick for the office of a Director liable to retire by rotation. Mr. Jagjeet Singh Bindra, nominee of Chevron, resigned from the office of the Director of the Company with effect from October 23, 2007. The Board records its appreciation for the valuable contribution made by him during his tenure as Director of the Company. In terms of Article 131A of the Articles of Association, Chevron had nominated Mr. Joffrey R. Pryor as its nominee director on the Board with effect from January 15, 2008. In terms of the provisions of Section 313 of the Companies Act, 1956 and Article 131A of the Articles of Association of the Company, Mr. John R. Digby was appointed as an Alternate Director to act for Mr. Joffrey R. Pryor. In terms of Article 155 of the Articles of Association, Mr. Atul S. Dayal and Mr. Bobby Parikh, retire by rotation and being eligible, offer themselves for reappointment at the ensuing Annual General Meeting. Promoter Group Companies: Pursuant to intimation from Promoter i.e. Reliance Industries Limited, names of Promoters and companies comprising the group as defined in the Monopolies and Restrictive Trade Practices Act, 1969, have been disclosed in the Annual Report of the Company for the purpose of Regulation 3(1)(e) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Directors Responsibility Statement: Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed that: (i) in the preparation of the annual accounts, the applicable accounting standards have been followed and there is no material departure from the same; (ii) 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, 2008; (iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and (iv) the directors have prepared the annual accounts of the Company on a going concern basis. Secretarial Audit Report: Your Company appointed Dr. K. R. Chandratre, Practising Company Secretary, to conduct Secretarial Audit of the Company for the financial year ended March 31, 2008. The Secretarial Audit Report addressed to the Board of Directors of the Company is attached to this Annual Report. The Secretarial Audit Report confirms that the Company has complied with all the applicable provisions of the Companies Act, 1956, Depositories Act, 1996, Listing Agreement with Stock Exchanges, Securities Contract (Regulation) Act, 1956 and all the Regulations of SEBI as applicable to the Company including SEBI (Disclosure and Investor Protection) Guidelines, 2000, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the SEBI (Prohibition of Insider Trading) Regulations, 1992. Auditors and Auditors Report: M/s. Chaturvedi & Shah, Chartered Accountants and M/s. Deloitte Haskins & Sells, Chartered Accountants, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received letters from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956 and that they are not disqualified for such reappointment within the meaning of Section 226 of the said Act. Particulars of Employees: In terms of the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, the particulars of employees are set out in annexure to this Report. However, as per the provisions of Section 219(1)(b)(iv) of the said Act read with the Clause 32 of the Listing Agreement, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company. Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo: The particulars relating to energy conservation, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under. Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are as under: Conservation of Energy: From the early stages of plant design, very conscious efforts were made to minimise energy consumption and as the design efforts continued, more and more innovations and improvements were introduced to further reduce energy consumption. Some additional energy conservation features incorporated in the past year are as under: 1. Use of back pressure steam turbo generator (STG) sets to generate incremental electrical power while reducing steam pressures to meet process requirements. 2. Use of very low pressure steam, which generally would be wasted, to heat process lines requiring heating, thus avoiding use of electrical energy for such heating. 3. Use of evaporative cooling in large areas requiring cooling in place of conventional air-conditioning. 4. Collection, purification and recirculation of hydrocarbon waste products (Waste Gas Recovery) that would otherwise be flared, improving the yield of the process. The savings resulting from energy saving measures would be realised once the refinery is commissioned. Technology Absorption: Number of new Technologies have been introduced in the new refinery. Major technology suppliers are UOP and Exxon Mobile Research and Engineering Co. During the design and engineering stage, the concepts were understood and incorporated in the Refinery. Now, as the Refinery start up is closer, operations teams have been sent to the technology suppliers facilities for hands-on training and familiarisation. These teams have spent considerable time in similar facilities operational elsewhere in the world and learned the detailed aspects of safety, operation, optimisation, quality control etc. Upon return, the teams are engaged in further training other team members and new recruits so that entire operations team is fully prepared for smooth start up in days to come. Foreign Exchange Earnings and Outgo: Foreign Exchange Earned : Nil Foreign Exchange Used : Rs. 9936,57,98,606/- Corporate Governance: Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the stipulations set out in the Listing Agreement with the Stock Exchanges. A report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges forms part of the Annual Report. Certificate from the Auditors of the Company, M/s Chaturvedi & Shah, and M/s Deloitte Haskins & Sells confirming compliance of conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is annexed to this Report. Acknowledgment: Reliance Industries Limited, the parent company, has been involved in the Project since inception and is extending comprehensive support to the Company. Your Directors take this opportunity to express its sincere appreciation of the commitment extended by Reliance Industries Limited to the Project. Your Directors also place on record their appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, vendors and members during the year under review. Your Directors wish to place on record their appreciation for the committed services of the executives, staff and workers of the Company. For and on behalf of the Board of Directors Mukesh D. Ambani Chairman Mumbai, April 16, 2008 MANAGEMENT DISCUSSION AND ANALYSIS Forward Looking Statements: This report contains forward looking statements, which may be identified by their use of words like plans, expects, will, anticipates, believes, intends, projects, estimates or other words of similar meaning. All statements that address expectations or projections about the ,future, including but not limited to statements about the company, strategy for growth, product development, market position, expenditures and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realised. The companys actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent developments, information or events. Introduction: Reliance Petroleum Limited (RPL or the Company) has made substantial progress during the year in implementation of its large and complex refinery, being built at Jamnagar in Gujarat on the west coast of India. RPL was set up with the objective of creating significant value by harnessing the emerging opportunities in the global energy sector, arising out of several years of under investment in refining capacity. The Company is setting up a 580,000 barrels of crude oil per stream day (BPSD) greenfield petroleum refinery and 0.9 million tonnes per annum polypropylene plant in a Special Economic Zone (SEZ) at Jamnagar. On completion, the RPL refinery will be the sixth largest in the world with a Nelson Complexity Index of 14.0, which is amongst the highest amongst similar large refineries in the world. The refinery and petrochemical complex is being set up at a capital cost of Rs. 27,000 crores. RPL is a subsidiary of Reliance Industries Limited (RIL), which is Indias largest private sector company on all major financial parameters. RIL is a global Fortune 500 company with leadership position in all its key businesses, both in India and globally. RPL benefits further from its strategic alliance with Chevron Corporation USA, a global super major in the energy sector. RPL refinery implementation ahead of schedule; Well poised to create superior shareholder value: During the year, RPL has set a blistering pace on all fronts and achieved 90% overall progress in implementation of its world-class, complex refinery at Jamnagar in Gujarat. RPL expects to complete the refinery project ahead of schedule. This is despite global shortage of engineering and construction resources and vendor manufacturing capacities that are resulting in extraordinary delays and cancellation of several new and expansion projects by refiners across the world. The completion of the RPL refinery in less than 36months will be a new record for project implementation of similar large refineries across the world. In a positive industry environment that augurs well for large and complex refineries, RPL is well poised to create enhanced value for its shareholders by completing the project ahead of schedule and at capital cost much lower than that of similar refineries and further leveraging its synergy with RIL. * The RPL refinery is being set up at a capital cost of less than US$ 10,000 per barrel per day (BPD). This is substantially lower than the capital cost being incurred by other refineries globally. According to International Energy Agency (IEA), capital cost for new refinery projects is well in excess of US$ 20,000 per barrel per day. When adjusted for complexity, the RPL refinery fares even better. Its capital cost of US$ 665 per complexity barrel per day is much lower than the average capital cost of US$ 2,600 per complexity barrel per day for new refinery projects globally. * The RPL refinery will be one of the most complex refineries in the world with a Nelson Complexity Index of 14.0. This will enable the refinery to process various challenged crude varieties to produce superior quality products that meet stringent specifications and command price premiums. This is a significant competitive advantage in the current industry landscape of increasingly heavy and sour new crude finds, which have led to wide light heavy differentials. The RPL refinery is located adjacent to the existing refinery and petrochemicals complex of RIL, which is amongst the largest and most efficient in the world, thus offering significant synergies. Through exchange of best practices and leveraging mutual strengths, RPL will gain significantly in the areas of operational efficiency, logistics, cost effective crude sourcing, optimised product placement and risk management. * Finally, the RPL refinery will gain from an early mover advantage in a market that is being considered by experts as an extended golden era of refining, resulting in high gross refining margins. Overview of the Implementation Progress: The Company has made rapid strides on all implementation fronts during the year. The overall project progress catapulted from about 50% to 90% this year. In doing so, the Company has surpassed several significant milestones, including completion of engineering, procurement and contracting activities as well as substantial completion of equipment deliveries and their installation at site. The year also witnessed rapid progress in construction activities, leading to a dramatic change in the skyline of the project site at Jamnagar. During the year, the project engineering activities were completed with release of all required drawings for concreting, structural steel works, underground and above-ground piping as well as electrical and instrumentation activities. Successful completion of this massive engineering effort in 28 months reflects the success of a massive team effort that involved over 7,500 engineering experts, who worked from several interconnected locations across the world. The achievement on the procurement front is equally significant. All procurement and contracting activities for equipments and bulk materials have been completed. Deliveries of key equipment and their installation gained significant momentum during the year. The Company has so far received over 5,350 equipments, including several over dimensional consignments (ODCs) and super heavy equipments, from vendors across the world. This represents over 93% of equipment scope for the project. Deliveries of bulk materials, including pipes, fittings as well as electrical and instrumentation bulks matched the pace of equipment deliveries and their installation. Overall procurement progress now stands at 99% and focus has shifted towards achieving a close-out and vendor follow-up for residual deliveries. Having transitioned successfully to the construction phase during the last year, construction activities gained enhanced momentum during the year. The Company achieved near completion of civil construction with 2.0 million cubic meters of concreting works done at site. Over 4,000 equipments, including several super heavy equipments, have already been installed and are at various stages of completion and testing. Over 95% of structural steel fabrication work, 74% of structural erection and 94% of underground piping works are now complete. Substantial progress has been achieved in the areas of above-ground pipe fabrication and erection as well. The construction activities are at peak and RPL is fully geared to sustain construction on fast track. Simultaneously, considerable progress has been made on the start-up planning and operations preparedness activities to support commissioning of the refinery. Project Financing: During this year, the Company completed its long term debt borrowing program by tying up the balance term debt required for the refinery project. The Company raised further rupee term debt of Rs. 900 crore and also committed foreign currency debt of US$ 500 million with commercial banks and US$ 775 million with Export Credit Agencies during the year. With this, the Company has completed long term debt financing for the Project and in all, has contracted term debt to the extent of Rs. 15,750 crore, as envisaged. Industry Overview and Prospects The sector fundamentals remain intact and augur well for complex refiners like RPL. During the year, the industry environment remained encouraging with robust demand, tight product supplies and slow growth in new capacities in an already stretched refining system - all of which resulted in superior refining margins for most part of the year. This was despite a rising and volatile crude price environment that resulted in crude prices climbing inexorably to peak above $100 per barrel levels. Complex refiners gained further from sustained wide light-heavy differentials that reflected changing global crude dynamics. Demand Resilience despite high oil prices: The global demand for petroleum products grew strongly from 84.90 million BPD to 86.0 million BPD, reflecting a growth of 1.3 % in 2007. While the demand from Non-OECD countries grew by 1.2 million BPD, driven primarily by China, Middle East and Latin America, the actual demand from OECD nations shrank by 0.2 million BPD due to sluggish economic activity, higher oil prices and mild weather conditions, particularly in the pacific region. Looking ahead, even with slower economic expansion outlook, the IEA expects to see continued strong growth in global demand for petroleum products and forecasts it to grow by 1.5% to 87.2 million BPD in 2008. A substantial part of the growth will be driven by increased consumption in China, India and the Middle East that are witnessing continued strong economic growth. Importantly, the medium term outlook remains strong with demand for petroleum products expected to grow at a compounded annual rate of 2.2% during 2008 to 2012. IEA expects the actual consumption to increase to 95.8 million barrels per day in 2012 (Source: IEA Mid Term Outlook - July 2007). Transportation fuels driving the growth: The shift in demand towards cleaner and lighter transportation fuels continued during the year. Aggregate demand for gasoline, diesel and jet- kero grew by 1.2% as against a marginal decline in consumption of fuel oil during 2007. This trend is likely to continue even in the future. According to World Refining and Fuel Service - Hart, gasoline, diesel and jet-kero are expected to record a compounded annual growth rate of 1.7%, 2.5% and 2.2% respectively till 2010. Residual fuel oil is expected to see sluggish growth during this period due to continued substitution of natural gas in power generation and heavy industrial applications. Greening of Fuels: Meanwhile, the trend of tightening product specifications continued in several regions of the world. A significant milestone will be reached in 2009, when most countries in the major oil consuming regions like the EU and Asia, will mandate a 10 ppm sulphur content in both diesel and gasoline. The current standard for sulphur content in the United States is 15 ppm for diesel and 30 ppm for gasoline and that for Canada is 15 ppm for both. Europe has further reduced the maximum limit for sulphur content in Gasoil from 2000 ppm to 1000 ppm from January 2008. These present new trade opportunities for complex refiners, like RPL. Refinery capacity and utilization trends: Meanwhile, in contrast to strong demand growth, global refining capacity grew only marginally, from 85.1 million BPD to 85.3 million BPD in 2007, as per Oil & Gas Journal Worldwide Report. The increase in capacity was largely on account of capacity creep by select players, according to Oil & Gas Worldwide Refinery Report. This resulted in additional pressure on the global refining system that was already stretched with an operating rate of 85.3%. The average capacity utilization for refineries in North America, Europe and Asia was at 86.2%, 83.9% and 85.7% during 2007, as against 87.0%, 85.0% and 87.0% respectively in 2006. This set the stage for continued strength in refining margins. Looking beyond, the IEA estimates additional crude distillation capacity requirement of about 9.7 million BPD towards meeting the estimated global demand by 2012. Though several large capacity announcements have taken place in recent years, their progress so far has been quite slow on account of rising costs and resource shortages. This augurs well for early movers like RPL. GRM performance: The year witnessed significant volatility in refining margins globally. The refining margins peaked during the second quarter due to booming light product cracks and tightened product markets but dropped during the third quarter on the back of higher crude prices and reduced cracks. The fourth quarter witnessed a further fall in US Gulf Coast margins, but Singapore complex margins increased on the strength of record high jet-kero and gas oil cracks. Though averaged a shade lower than the previous year, global benchmarks remained above historical averages. These higher complex margins were supported by tightened product markets, booming light product cracks and unplanned maintenance by large refiners. The medium term outlook for refining margins appear positive due to continuing robust growth in demand, limited conversion capacity, stretched refinery utilization and lagging new capacity build-up. Complex refiners would gain further from (i) higher premiums for ultr a clean products in the western markets and (ii) changing crude dynamics sustaining the wide light-heavy differentials. The average light heavy differentials remained high at around US$ 5.4 per barrel during the year as against US$ 5.6 per barrel during last year. The outlook remains positive given the likely slump in production of light crude volumes and with incremental production being in the challenged category. This will immensely benefit complex refiners, like RPL, who have the ability to process heavy and sour crudes as well as produce value added products. Crude price movements and outlook: During the year, crude prices continued to rise and touched a new high, with the WTI peaking at $110.4 per barrel in March 2008. Spurt in crude prices were due to a combination of geopolitical events and unplanned outages of some of the oil production fields. The prices continued to hover at historically high levels with Brent, WTI and Dubai crude prices averaging at US$82.8, US$81.6 and US$76.5 per barrel during the year, reflecting an increase of 29%, 26% and 25% respectively over the corresponding levels of previous year. According to oil price forecast by various analysts, crude oil prices are expected to remain within the $70 - 96 per barrel range, which is a significant upward revision from the earlier estimates. Opportunities and Challenges: The Company sees an exciting opportunity in global refining on the back of continuing strong growth in demand, slow growth in capacities and upgrades as well as tightening product specifications. While these would support superior margins, the continuing wide light-heavy differentials would be a margin booster for complex refiners, like RPL. The likely completion of its refinery project ahead of schedule at significantly lower capital costs and its potential synergies with RIL provides RPL with an opportunity to further enhance value. The challenge ahead of RPL is to ensure seamless transition of the refinery project from its construction phase to a start- up phase. RPL will leverage the learnings and experience of RIL and ensure the same. Internal Controls: RPL has a defined organization structure and has developed well documented policy guidelines with predefined authority levels. An extensive system of internal controls to ensure optimal utilization of resources and accurate reporting of financial transactions and strict compliance with applicable laws and regulations has also been implemented. The Company has put in place sufficient systems to ensure that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are authorized, recorded, and reported correctly. Also, it has an exhaustive budgetary control system to monitor capital related as well as other costs, against approved budgets on an ongoing basis. Health, Safety and Environment: Health: The Company has built a fully equipped occupational health center within the project site as well as medical centres in all employee colonies. The occupational health center is equipped with round-the-clock availability of doctors, paramedics and ambulances capable of providing intensive care. Preventive medication through comprehensive examination of all new workers and studies and audits for health risk assessments are conducted periodically. In addition, RPL is committed to support community medical initiatives of the Reliance Group. These initiatives involve provision of free preventive and curative health care to nearby communities and also participating in national health programs such as Pulse Polio, Revised National Tuberculosis Control Program, National Immunization Program and Maternal and Child Health from time to time. Safety: The Company believes that safety is integral to efficient business management and has benchmarked its processes to the highest standards of safety at the project site. During the year, RPL established a safety facility consisting of 35 qualified safety professionals, supported by an expert safety manager from Bechtel and from its Group Centre for HSE Excellence. Also, the Company enhanced and nurtured safety organisations of all contractors during the year, resulting in availability of more than 150 trained safety professionals at the project site. Sound safety systems and procedures are in place with well laid out standards that are accredited and enhanced by international safety experts. Their implementation and compliance is strictly monitored. Regular audits are also conducted by internal and external experts. Continuous efforts with respect to safety, training and education are RPLs commitment to the safety program. During the year, the Company developed and implemented many new safety training modules, based on the phase of project, risk assessment and learning from incidents. There is continuous effort for increasing awareness amongst site personnel through safety leaflets, handouts, display of safety signs, posters and other instructions. Monitoring of safety performance is conducted through a central safety committee and around 15 area safety committees are in force. All incidents are reported, investigated and classified. Learning from these incidents are shared, during Tool Box Talk sessions, area meetings, etc. with regard to identified causes and preventive measures to avoid reoccurrence. Environment The Company is committed to ensuring the highest standards of environment management and strict compliance with regulatory requirements at all times. The objective is to create an environmentally conducive eco- system at the location. Towards this end, the Company has taken utmost care at various stages of project implementation viz. planning, design, construction towards compliance with applicable laws. This mega project is being implemented with virtually no ecological disturbance and the Company proposes to create green belts that are beyond statutory norms. The refinery is designed to produce environmentally stringent green fuels. It will also be a zero effluent refinery with the entire water being recycled. It is expected that the various water bodies that are being created at the location will not only help in water management, but also attract various species of birds. Social Responsibility and Community Development: The Company continued extending helping hand towards social and economic development of the villages and the communities located close to its operations and also providing assistance to improving their quality of life. During year, activities focused on improving the village infrastructure by constructing concrete roads, creating drainage facilities, school buildings, water tanks & pipelines etc. and supply of drinking water, education support etc. The Company has made investments towards implementation of these development activities in the village area of Kanalus, Padana, Kanachikari, Derachikari and Navagam. In addition, towards maintaining and supporting cows in surrounding villages, new cow-sheds for Kanalus and Kanachikari villages were constructed and handed over to the residents of these villages. These cowsheds receive regular fodder supply from RPL at Jamnagar. Simultaneous to these, the Company furthered its community development activities by laying the drinking water pipelines for the benefit of residents at the village Kanachikari and also building a new primary school building at Navagam during the year. The Company also assisted in repairing of village schools at other nearby villages. Persons constituting Group coming within the definition of group as defined in the Monopolies and Restrictive Trade Practice Act, 1969 include the following: Reliance Industries Limited (Promoter) Chevron India Holdings Pte. Limited (Promoter) Abcus Retail Private Limited Advantage Retail Private Limited Bigdeal Retail Private Limited Delight Proteins Limited Gapco Kenya Limited Gapco Rwanda SARL Gapco Tanzania Limited Gapco Uganda Limited Gapoil Tanzania Limited Gapoil Zanzibar Limited Gulf Africa Petroleum Corporation (Mauritius) Peninsula Land Kenya Limited Recron (Malaysia) Sdn Bhd Reliance Agri Products Distribution Limited Reliance Aromatics and Petrochemicals Private Limited Reliance Autozone Limited Reliance Brands Limited Reliance Chemicals Private Limited Reliance Commercial Associates Limited Reliance Dairy Foods Limited Reliance Digital Media Limited Reliance Energy and Project Development Private Limited Reliance Exploration & Production DMCC Reliance F&B Services Limited Reliance Financial Distribution and Advisory Services Limited Reliance Food Processing Solutions Limited Reliance Footprint Limited Reliance Fresh Limited Reliance Gems and Jewels Limited Reliance Global Management Services Limited Reliance Haryana SEZ Limited Reliance Home Store Limited Reliance Hypermart Limited Reliance Industrial Infrastructure Limited Reliance Industrial Investment & Holdings Limited Reliance Industries (Middle East) DMCC Reliance Integrated Agri Solutions Limited Reliance International Exploration and Production Inc. Reliance Jamnagar Infrastructure Limited Reliance Leisures Limited Reliance Lifestyle Holdings Limited Reliance Loyalty & Analytics Limited Reliance Netherlands BV Reliance Nutraceuticals Private Limited Reliance Petroinvestments Limited Reliance Pharmaceuticals (India) Private Limited Reliance Polyolefins Private Limited Reliance Retail Finance Limited Reliance Retail Insurance Broking Limited Reliance Retail Limited Reliance Retail Securities and Broking Company Limited Reliance Retail Travel & Forex Services Limited Reliance Strategic Investments Limited Reliance Supply Chain Solutions Limited Reliance Trade Services Centre Limited Reliance Trends Limited Reliance Universal Ventures Limited Reliance Ventures Limited Reliance Wellness Limited Reliancedigital Retail Limited RESQ Limited. Retail Concepts and Services (India) Limited RIL (Australia) Pty Ltd. Strategic Manpower Solutions Limited Transenergy Kenya Limited Wavely Investments Limited