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

November 4, 2023
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Plot No. C/1, G Block,
Dalal Street,	Bandra-Kurla Complex,
Mumbai 400 001	Bandra (East), Mumbai 400 051
Scrip Code: 500325	Trading Symbol: RELIANCE
Dear Sirs,

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

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

The said letter was received by the Company today, i.e. November 4, 2023 at 04:42 a.m. (IST).

Thanking you

Yours faithfully,

For Reliance Industries Limited

SAVITHRI PAREKH

Digitally signed by

SAVITHRI PAREKH Date: 2023.11.04 15:46:13 +05'30'

Savithri Parekh

Company Secretary and

Compliance Officer

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

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

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

CIN- L17110MH1973PLC019786

11/3/23, 11:36 PM

Rating Rationale

		Rating Rationale
		November 03, 2023 | Mumbai
		Reliance Industries Limited
	'CRISIL AAA/Stable' assigned to Non Convertible Debentures
Rating Action
	Total Bank Loan Facilities Rated		Rs.100000 Crore
	Long Term Rating		CRISIL AAA/Stable (Reaffirmed)
	Short Term Rating		CRISIL A1+ (Reaffirmed)

Rs.20000 Crore Non Convertible Debentures

Rs.795 Crore (Reduced from Rs.10000 Crore) Non Convertible Debentures

Rs.2500 Crore Non Convertible Debentures

Rs.19000 Crore Non Convertible Debentures

Rs.2000 Crore Non Convertible Debentures

Rs.1500 Crore (Reduced from Rs.10000 Crore) Non Convertible Debentures

Rs.34500 Crore Commercial Paper

CRISIL AAA/Stable (Assigned)

CRISIL AAA/Stable (Reaffirmed)

CRISIL AAA/Stable (Withdrawn)

CRISIL AAA/Stable (Reaffirmed)

CRISIL AAA/Stable (Withdrawn)

CRISIL AAA/Stable (Reaffirmed)

CRISIL A1+ (Reaffirmed)

Note: None of the Directors on CRISIL Ratings Limited's Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million

Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating on the proposed non-convertible debenture of Reliance Industries Limited (RIL) and reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the existing debt instruments and bank loan facilities.

Further, CRISIL Ratings has withdrawn its rating on NCDs aggregating Rs 22,205 crore (see annexure 'Details of Rating Withdrawn' for details) on receipt of requisite documents. The withdrawal is in line with CRISIL Ratings' rating withdrawal policy.

RIL's consolidated operating performance remained healthy for the first six months of fiscal 2024, with 16.8% y-o-y growth in operating profitability while revenue contracted by 1.7% as revenue from oil to chemical (O2C) segment decreased owing to reduction in crude oil prices. The operating profitability was supported by continuing growth in retail and digital service segment. The consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Rs 86,849 crore for the six months ended September 2023 as compared to Rs 74,382 crore in the corresponding period of the previous fiscal.

The ratings continue to reflect RIL's leadership position and strong competitiveness in the O2C business, leadership position attained by Reliance Jio Infocomm Limited (RJIL; 'CRISIL AAA/Stable/CRISIL A1+') in the telecommunications (telecom) industry and by Reliance Retail Ventures Ltd (RRVL; 'CRISIL AAA/Stable/CRISIL A1+') in the retail industry, along with its exceptional financial flexibility.

Analytical Approach

CRISIL Ratings continues to follow an analytical approach that combined the business and financial risk profiles of RIL and its subsidiaries, as these entities are part of RIL's core operations.

CRISIL Ratings has also fully combined the group companies that are strategically important to RIL, and have significant operational linkages with it. These companies are part of the Reliance Industries Holding Pvt Ltd group, viz. Jamnagar Utilities and Power Pvt Ltd (JUPPL; 'CRISIL AAA/Stable/CRISIL A1+') and Sikka Ports & Terminals Ltd (SPTL; 'CRISIL AAA/Stable/CRISIL A1+'). CRISIL Ratings considers these entities as strategic given their strong integration with RIL's oils-to- chemicals operations.

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

1/17

11/3/23, 11:36 PM

Rating Rationale

RIL had transferred the fibre and tower assets of RJIL, along with a portion of its liabilities, to two special purpose vehicles (SPVs): Jio Digital Fibre Pvt Ltd (JDFPL; 'CRISIL AAA/Stable/CRISIL A1+') and Summit Digitel Infrastructure Pvt Ltd (SDIPL; 'CRISIL AAA/Stable') that are held by separate trusts outside RIL. While the SPVs operate independently, RJIL has entered into off-take arrangements with these SPVs given the criticality of these assets for its operations. CRISIL Ratings has thus capitalised the present value of a part of payments as per the long-term contracts, as per the applicable accounting standards. CRISIL Ratings has followed a similar approach for contractual obligations made to Pipeline Infrastructure Ltd (PIL; 'CRISIL AAA/Stable').

Pass-through certificates (PTCs) issued by First Business Receivables Trust ('CRISIL AAA(SO)/Stable'), under a securitisation transaction originated by RIL, have been added to debt.

Deferred payment liabilities of RJIL towards the Department of Telecommunication (DoT) for acquisition of spectrum too, has been considered as debt.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Leadership and strong competitiveness in the O2C business in India

RIL has combined its refining and petrochemicals business into an integrated O2C segment. The company is amongst the top global petrochemical manufacturers. It is the world's largest integrated producer of polyester, world's third largest producer of paraxylene and among the top five global producer of purified terephthalic acid (PTA) and polypropylene. In India, RIL accounts for nearly half of the total domestic cracker (ethylene) capacity and has a production share of more than 50% in the polymers (PE, PP and PVC) market. Its strong market position helps it operate its petrochemical plants at full capacity and also benefits from its large scale.

RIL operates one of the largest ethane transportation and cracker facility, which enables a sizeable procurement of ethane from North America. This provides RIL with flexibility to operate on either ethane or naphtha (produced by its own refinery) as feedstock for its petrochemical operations, based on the prevailing price dynamics. Moreover, its Refinery Off-Gas cracker (ROGC) project enables the use of off-gas, which is a by-product of its refinery.

RIL's competitive advantage in refining arises from its global-scale capacity as the largest single-site refinery in the world, broad product portfolio, and highly integrated operations. With a crude refining capacity of 1.4 million barrels per day (mbpd), RIL is a significant player in the domestic oil refining market with a refining capacity share of about 27%. Both refineries of the company have consistently maintained high utilisation levels over the years. The Jamnagar site benefits from a superior Complexity Index (CI) of 21.1, which makes it amongst the most complex in the world, enabling RIL to process crudes of varying specific gravity and sulphur content.

High utilisation of the refineries helps maintain strong operating efficiency and healthy profitability. In addition, RIL's proximity to oil fields in West Asia (its facilities are located along India's western coast) gives it a logistical advantage, as it helps control transportation cost in procuring crude and exporting refined products.

RIL's strong competitive advantage has been enhanced by improved energy efficiency contributed by its pet-coke gasification project set up. In the long term, RIL plans to maximize downstream and reduce transportation fuels foot print in a phased manner, to hedge the risk of flagging demand for automotive fuels.

Strong market position in the retail segment

RRVL continues to consolidate its position as India's largest retailer by revenue, scale and profits. The company's strong market position is reflected in its leadership position across several formats and has been supported by consistent revenue and profit growth. The company has been expanding its footprint by adding stores, expanding reach of its digital and new commerce platforms and enhancing product and service offerings. It is widely spread in tier-2 and tier-3 cities, with a network of 18,650 stores as on September 30, 2023.

RRVL has successfully been able to expand and ramp up the JioMart catalogue by offering an assortment of consumer electronics and fashion and lifestyle products and integration with WhatsApp. Through its new commerce initiative, RRVL is linking producers with small merchants and consumers to create a win-win partnership model. The new commerce merchant partner base has been expanded to more than 3 million, which is expected to further increase following the integration with recent acquisition of Metro Cash and Carry India Pvt Ltd (rated 'CRISIL A1+').

Sustained market share leadership in telecom

RJIL, subsidiary of Jio Platforms Ltd (JPL; CRISIL A1+), has leadership position in terms of subscriber and revenue market share in the Indian telecom industry. As per TRAI data, RJIL had broadband customer market share of ~52% and overall wireless subscriber market share of ~38%, as of May 2023. Moreover, for quarter ended March 2023, RJIL had revenue market share of ~44.5% in terms of adjusted gross revenue.

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

2/17

11/3/23, 11:36 PM

Rating Rationale

RJIL purchased spectrum worth ~Rs 87,947 crores during the previous auction. Post the auction, RJIL's total owned spectrum footprint has increased significantly to 26,768 MHz (uplink + downlink), which is the highest in India. Besides, the company also has access to an extensive network of telecom towers and optical fiber network in the country. This, along with the acquisition of spectrum in premium 700 MHz band in the recent auction would help the company to provide superior quality of services and enhanced coverage across circles, results in better operating efficiencies.

It also intends to complete pan India rollout of 5G services which was launched in October 2022 by December 2023 which could be the fastest rollout for a large nation.

Exceptional financial flexibility

RIL's financial flexibility is demonstrated by its ability to raise resources by tapping the capital markets and through its large cash and liquid investments. Financial flexibility is also supported by unutilised bank lines. The company has a strong financial risk profile underpinned by stable, healthy profitability, and strong debt protection metrics.

RIL is planning to raise Rs 20,000 crore through NCD issuance, which is expected to be primarily utilized for refinancing the existing debt maturing over the next 12 months.

Weaknesses:

Exposure to regulatory and technological risks in the telecom sector

Regulatory and policy changes have played a central role in defining the risk characteristics of the Indian telecom sector, which is structurally dynamic.

The telecom industry also remains susceptible to technological changes. New technology in the telecom industry necessitates fresh investments or overhaul of existing networks. The advent of 4G, for instance, has seen operators investing substantially in upgrading infrastructure even before they had made significant gains on investments in 3G. Similarly, with the transition to 5G, RJIL is continuously ramping up rollout of 5G services across cities in India, which could result in higher capital expenditure outgo in the near term. However, the capex intensity is expected to gradually come down once mass 5G networks have been established. Moreover, the company is not expected to incur any significant amount for purchasing spectrum in the forthcoming auction in India. Higher-than-expected investments having a bearing on financial risk profile will continue to be monitored.

High competitive intensity in the retail sector

RRVL faces competition from other organised retailers, some of which have stores in catchment areas that overlap with its stores. Furthermore, with organised retail penetration in India being modest at below 15%, players face intense competition from the unorganised sector, which operates in various addressable markets. However, India's unorganised retail sector is fragmented and plagued by operational inefficiency. Reliance Retail's New Commerce initiative connects millions of small kirana and merchants across India with suppliers, manufacturers, and brands. It enables businesses to become more efficient and offers them a compelling value proposition to grow their businesses and earnings and thus benefit all players in the retail value chain.

Liquidity: Superior

Liquidity should remain robust owing to the exceptional financial flexibility, given the company's resource-raising ability from capital markets, and sizeable cash and liquid investments (Rs 177,960 crore as on September 30, 2023) at a consolidated level. Moreover, financial flexibility remains supported by sizable bank lines, which usually remain moderately utilised. Sufficient cash accrual, and cash & cash equivalents should be adequate to meet maturing debt as well a portion of the capex requirement. Ample liquidity and strong cash flow from operations shall aid in meeting the capex requirement.

Environment, social and governance (ESG) profile

CRISIL Ratings believes that RIL's ESG profile supports its already strong credit risk profile.

Oil to chemical segment contributes significantly to RIL's business mix. This segment has a significant carbon footprint and has a material impact on the environment. Recognizing climate change as a global threat, RIL is developing solutions for decarbonization and harnessing innovative technologies to combat it. RIL is investing in renewables and alternative energy to provide affordable green energy while prioritizing the collective well-being of humanity.

Key ESG highlights:

Company has set the target to achieve net carbon status by year 2035.

RIL is building world-class,world-scale assets to produce new-age material, green energy, green chemicals, transforming its O2C business into a more sustainable model targeting circularity and net carbon zero.

RIL continues to work on energy efficiency of equipment and processes by undertaking a variety of initiatives in the field of waste heat recovery, cogeneration, process optimisation and technology upgradation.

RIL is committed to invest Rs. 75,000 crore towards building new energy manufacturing ecosystem. This investment with a readiness to double over the coming years will further the company's goals related to energy transition.

RIL has taken various initiative for switching to clean technology such as changing technology from vapour phase reaction to liquid phase isomerisation (LPI) process in Parex train-2 resulting in fuel gas and high pressure (HP) steam saving.

RIL utilizes alternate sources of energy. It uses co-firing of biomass with coal at Dahej and Hazira manufacturing divisions. The company has generated 5320 MWh power from commissioned 3.56 MW solar power generation project

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

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11/3/23, 11:36 PM

Rating Rationale

at Silvassa Manufacturing Division. The use of renewable energy increased by 115% during fiscal 2023.

RIL is amongst the first OMCs to launch E20 fuel (20% blend of ethanol) and has also commissioned its first compressed biogas retailing facility in line with the Government of India's vision.

RIL has India's largest corporate CSR programme with CSR spends of Rs. 1,271 crore during FY23.

RIL partners with local communities, governments, and other stakeholders to design and implement its social development programmes that bring to life its pervasive philosophy of Care and Empathy for all.

RIL has robust governance practices ensuring transparency, accountability and effective risk management.

It's governance structure is characterized by strong board comprising seven independent directors, healthy investor grievance redressal and extensive disclosures.

There is growing importance of ESG among investors and lenders. The commitment of RIL to ESG principles will play a key role in enhancing stakeholder confidence, given its moderate share of market borrowing in its overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes RIL's credit risk profile will continue to be supported by the highly integrated operations in the core business of O2C, healthy profitability in its digital and retail businesses, and exceptional liquidity.

Rating Sensitivity factors

Downward factors

Considerably large, debt-funded capex or acquisition weakening the capital structure

High leverage reflected in sustained net debt to EBITDA ratio of over 2.5 times

About the Company

RIL is one of India's largest private sector companies, with diverse interests, including petrochemicals, oil refining, and upstream oil and gas exploration and production. RIL has strong competitiveness in the global oil refining and petrochemicals business, arising from its integrated business model with superior Complexity Index of 21.1 for its Jamnagar site, which makes it amongst the most complex sites in the world. RIL has also established its presence in the consumer facing business space by providing retail and digital services, which currently is RIL's principal growth drivers. RRL is India's largest retail entity by revenue, while RJIL has also become India's largest telecom service provider by revenue market share. The group is also in the process of establishing itself in the green energy space.

Key Financial Indicators

Particulars	Unit	2023	2022
Revenue	Rs crore	871,936	6,98,672
Profit after tax (PAT)	Rs crore	74,088	67,845
PAT margins	%	8.5	9.7
Interest Coverage	Times	7.3	7.6
Total debt/Adjusted Networth*	Times	0.9	0.4
*Debt including deferred spectrum payments and lease liabilities

Any other information: Not applicable

Note on complexity levels of the rated instrument:

CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

		Date of	Coupon	Maturity	Issue	Complexity	Rating
ISIN	Name of instrument	size (Rs	assigned with
allotment	rate (%)	date	level
		crore)	outlook
INE002A08567	Debenture	11-Dec-18	8.65%	11-Dec-	3000	Simple	CRISIL
28	AAA/Stable
INE002A08690	Debenture	11-Dec-18	8.70%	11-Dec-	2500	Simple	CRISIL
28	AAA/Stable
INE002A08617	Debenture	27-Apr-20	7.40%	25-Apr-25	2795	Simple	CRISIL
AAA/Stable
INE002A08534	Debenture	17-Oct-18	9.05%	17-Oct-28	3500	Simple	CRISIL
AAA/Stable

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

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11/3/23, 11:36 PM

Rating Rationale

INE002A08542

Debenture

9-Nov-18

8.95%

9-Nov-28

3000

Simple

CRISIL

AAA/Stable

INE110L08037

Debenture

16-Jun-14

9.25%

16-Jun-24

2500

Simple

CRISIL

AAA/Stable

INE110L08060

Debenture

21-Jan-15

9.00%

21-Jan-25

1000

Simple

CRISIL

AAA/Stable

INE110L07047

Debenture

30-Oct-15

8.25%

30-Oct-25

3000

Simple

CRISIL

AAA/Stable

NA

Debenture%

NA

NA

NA

20000

Simple

CRISIL

AAA/Stable

NA

Commercial Paper

NA

NA

7-365

34500

Simple

CRISIL A1+

days

NA

External Commercial

NA

NA

NA

12400

NA

CRISIL

Borrowing

AAA/Stable

NA

Fund Based Facility*

NA

NA

NA

25245

NA

CRISIL

AAA/Stable

NA

Proposed Fund Based

NA

NA

NA

1035

NA

CRISIL

Facility

AAA/Stable

NA

Non-Fund Based

NA

NA

NA

58905

NA

CRISIL A1+

Facility

NA

Proposed Non-Fund

NA

NA

NA

2415

NA

CRISIL A1+

Based Facility

% Yet to be placed

*Fund based facilities are fungible with non-fund based facilities

Annexure - Details of Rating Withdrawn

Name of

Date of

Coupon

Maturity

Issue

Complexity

Rating

ISIN

size

assigned with

instrument

allotment

rate (%)

date

(Rs

level

outlook

crore)

INE002A08658

Debenture

19-May-20

MIBOR

21-Sep-23

3600

Simple

Withdrawn

LINKED+2.90%

INE002A08591

Debenture

17-Apr-20

REPO+2.80%

17-Apr-23

4500

Simple

Withdrawn

INE002A08633

Debenture

13-May-20

6.95%

12-May-23

825

Simple

Withdrawn

INE002A08625

Debenture

13-May-20

7.05%

13-Sep-23

4235

Simple

Withdrawn

INE002A08609

Debenture

17-Apr-

7.20%

17-Apr-23

4000

Simple

Withdrawn

2020

INE110L07088

Debenture

10-Apr-18

8.00%

10-Apr-23

1861

Simple

Withdrawn

INE110L07096

Debenture

17-Apr-18

8.00%

17-Apr-23

2025

Simple

Withdrawn

NA

Debenture%

NA

NA

NA

1159

Simple

Withdrawn

% Yet to be placed

Annexure - List of entities consolidated

Names of Entities Consolidated	Extent of Consolidation	Rationale for Consolidation
Reliance Jio Infocomm Limited	Full consolidation	Subsidiary
Reliance Retail Limited	Full consolidation	Subsidiary
7-India Convenience Retail Limited	Full consolidation	Subsidiary
Aaidea Solutions Limited	Full consolidation	Subsidiary
Actoserba Active Wholesale Limited	Full consolidation	Subsidiary
Addverb Technologies BV	Full consolidation	Subsidiary
Addverb Technologies Limited (Formerly known as	Full consolidation	Subsidiary
Addverb Technologies Private Limited)
Addverb Technologies Pte Limited	Full consolidation	Subsidiary
Addverb Technologies Pty Limited	Full consolidation	Subsidiary
Addverb Technologies USA Inc.	Full consolidation	Subsidiary
Adventure Marketing Private Limited	Full consolidation	Subsidiary
AETN18 Media Private Limited	Full consolidation	Subsidiary
Amante Exports (Private) Limited (Formerly known	Full consolidation	Subsidiary
as MAS Brands Exports (Private) Limited)
Amante India Private Limited (Formerly known as	Full consolidation	Subsidiary
MAS Brands India Private Limited)
Amante Lanka (Private) Limited (Formerly known as	Full consolidation	Subsidiary
MAS Brands Lanka (Private) Limited)
Asteria Aerospace Limited	Full consolidation	Subsidiary
Bhadohi DEN Entertainment Private Limited	Full consolidation	Subsidiary

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

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11/3/23, 11:36 PM	Rating Rationale
	Catwalk Worldwide Private Limited	Full consolidation	Subsidiary
	Channels India Network Private Limited	Full consolidation	Subsidiary
	Chennai Cable Vision Network Private Limited	Full consolidation	Subsidiary
	Colorful Media Private Limited	Full consolidation	Subsidiary
	Colosceum Media Private Limited	Full consolidation	Subsidiary
	Cover Story Clothing Limited (Formerly known as	Full consolidation	Subsidiary
	Future Style Lab Limited)
	Cover Story Clothing UK Limited (Formerly known as	Full consolidation	Subsidiary
	Future Style Lab UK Limited)
	C-SquareInfo-Solutions Limited (Formerly known as	Full consolidation	Subsidiary
	C-Square Info Solutions Private Limited)
	Dadha Pharma Distribution Limited (Formerly known	Full consolidation	Subsidiary
	as Dadha Pharma Distribution Private Limited)
	DEN Ambey Cable Networks Private Limited	Full consolidation	Subsidiary
	Den Broadband Private Limited	Full consolidation	Subsidiary
	Den Budaun Cable Network Private Limited	Full consolidation	Subsidiary
	Den Discovery Digital Network Private Limited	Full consolidation	Subsidiary
	Den Enjoy Cable Networks Private Limited	Full consolidation	Subsidiary
	Den Enjoy Navaratan Network Private Limited	Full consolidation	Subsidiary
	DEN Enjoy SBNM Cable Network Private Limited	Full consolidation	Subsidiary
	Den F K Cable TV Network Private Limited	Full consolidation	Subsidiary
	Den Fateh Marketing Private Limited	Full consolidation	Subsidiary
	Den Kashi Cable Network Private Limited	Full consolidation	Subsidiary
	DEN Malayalam Telenet Private Limited	Full consolidation	Subsidiary
	Den Mod Max Cable Network Private Limited	Full consolidation	Subsidiary
	Den Nashik City Cable Network Private Limited	Full consolidation	Subsidiary
	Den Networks Limited	Full consolidation	Subsidiary
	Den Premium Multilink Cable Network Private	Full consolidation	Subsidiary
	Limited
	Den Rajkot City Communication Private Limited	Full consolidation	Subsidiary
	Den Satellite Cable TV Network Private Limited	Full consolidation	Subsidiary
	Den Saya Channel Network Private Limited	Full consolidation	Subsidiary
	Den Supreme Satellite Vision Private Limited	Full consolidation	Subsidiary
	Den-Manoranjan Satellite Private Limited	Full consolidation	Subsidiary
	Digital Media Distribution Trust	Full consolidation	Subsidiary
	Digital18 Media Limited	Full consolidation	Subsidiary
	Drashti Cable Network Private Limited	Full consolidation	Subsidiary
	Dronagiri Bokadvira East Infra Limited	Full consolidation	Subsidiary
	Dronagiri Bokadvira North Infra Limited	Full consolidation	Subsidiary
	Dronagiri Bokadvira South Infra Limited	Full consolidation	Subsidiary
	Dronagiri Bokadvira West Infra Limited	Full consolidation	Subsidiary
	Dronagiri Dongri East Infra Limited	Full consolidation	Subsidiary
	Dronagiri Dongri North Infra Limited	Full consolidation	Subsidiary
	Dronagiri Dongri South Infra Limited	Full consolidation	Subsidiary
	Dronagiri Dongri West Infra Limited	Full consolidation	Subsidiary
	Dronagiri Funde East Infra Limited	Full consolidation	Subsidiary
	Dronagiri Funde North Infra Limited	Full consolidation	Subsidiary
	Dronagiri Funde South Infra Limited	Full consolidation	Subsidiary
	Dronagiri Funde West Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar East Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar North First Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar North Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar North Second Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar South First Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar South Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar South Second Infra Limited	Full consolidation	Subsidiary
	Dronagiri Navghar West Infra Limited	Full consolidation	Subsidiary
	Dronagiri Pagote East Infra Limited	Full consolidation	Subsidiary
	Dronagiri Pagote North First Infra Limited	Full consolidation	Subsidiary
	Dronagiri Pagote North Infra Limited	Full consolidation	Subsidiary
	Dronagiri Pagote North Second Infra Limited	Full consolidation	Subsidiary
	Dronagiri Pagote South First Infra Limited	Full consolidation	Subsidiary
	Dronagiri Pagote South Infra Limited	Full consolidation	Subsidiary

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

6/17

11/3/23, 11:36 PM	Rating Rationale
	Dronagiri Pagote West Infra Limited	Full consolidation	Subsidiary
	Dronagiri Panje East Infra Limited	Full consolidation	Subsidiary
	Dronagiri Panje North Infra Limited	Full consolidation	Subsidiary
	Dronagiri Panje South Infra Limited	Full consolidation	Subsidiary
	Dronagiri Panje West Infra Limited	Full consolidation	Subsidiary
	e-Eighteen.com Limited	Full consolidation	Subsidiary
	Elite Cable Network Private Limited	Full consolidation	Subsidiary
	Eminent Cable Network Private Limited	Full consolidation	Subsidiary
	Enercent Technologies Private Limited	Full consolidation	Subsidiary
	Faradion Limited	Full consolidation	Subsidiary
	Faradion UG	Full consolidation	Subsidiary
	Foodhall Franchises Limited	Full consolidation	Subsidiary
	Future Lifestyles Franchisee Limited	Full consolidation	Subsidiary
	Futuristic Media and Entertainment Limited	Full consolidation	Subsidiary
	Galaxy Den Media & Entertainment Private Limited	Full consolidation	Subsidiary
	Genesis Colors Limited	Full consolidation	Subsidiary
	Genesis La Mode Private Limited	Full consolidation	Subsidiary
	GLB Body Care Private Limited	Full consolidation	Subsidiary
	GLF Lifestyle Brands Private Limited	Full consolidation	Subsidiary
	GML India Fashion Private Limited	Full consolidation	Subsidiary
	Grab A Grub Services Limited (Formerly known as	Full consolidation	Subsidiary
	Grab A Grub Services Private Limited)
	Greycells18 Media Limited	Full consolidation	Subsidiary
	Hamleys (Franchising) Limited	Full consolidation	Subsidiary
	Hamleys Asia Limited	Full consolidation	Subsidiary
	Hamleys of London Limited	Full consolidation	Subsidiary
	Hamleys Toys (Ireland) Limited	Full consolidation	Subsidiary
	Hathway Bhaskar CCN Multi Entertainment Private	Full consolidation	Subsidiary
	Limited
	Hathway Bhawani Cabletel & Datacom Limited	Full consolidation	Subsidiary
	Hathway Cable and Datacom Limited	Full consolidation	Subsidiary
	Hathway Digital Limited	Full consolidation	Subsidiary
	Hathway Kokan Crystal Cable Network Private	Full consolidation	Subsidiary
	Limited
	Hathway Mantra Cable & Datacom Private Limited	Full consolidation	Subsidiary
	Hathway Nashik Cable Network Private Limited	Full consolidation	Subsidiary
	Intelligent Supply Chain Infrastructure Management	Full consolidation	Subsidiary
	Private Limited
	Independent Media Trust	Full consolidation	Subsidiary
	India Mumbai Indians (Pty) Ltd	Full consolidation	Subsidiary
	IndiaCast Media Distribution Private Limited	Full consolidation	Subsidiary
	IndiaCast UK Limited	Full consolidation	Subsidiary
	IndiaCast US Limited	Full consolidation	Subsidiary
	Indiavidual Learning Limited	Full consolidation	Subsidiary
	Indiawin Sports Middle East Limited	Full consolidation	Subsidiary
	Indiawin Sports Private Limited	Full consolidation	Subsidiary
	Infomedia Press Limited	Full consolidation	Subsidiary
	Intimi India Limited (Formerly known as Intimi India	Full consolidation	Subsidiary
	Private Limited)
	Jaisuryas Retail Ventures Limited (Formerly known
	as Jaisuryas Jaisuryas Retail Ventures Private	Full consolidation	Subsidiary
	Limited)
	JD International Pte. Ltd.	Full consolidation	Subsidiary
	Jio Cable and Broadband Holdings Private Limited	Full consolidation	Subsidiary
	Jio Content Distribution Holdings Private Limited	Full consolidation	Subsidiary
	Jio Digital Distribution Holdings Private Limited	Full consolidation	Subsidiary
	Jio Estonia OU	Full consolidation	Subsidiary
	Jio Futuristic Digital Holdings Private Limited	Full consolidation	Subsidiary
	Jio Haptik Technologies Limited	Full consolidation	Subsidiary
	Jio Internet Distribution Holdings Private Limited	Full consolidation	Subsidiary
	Jio Limited	Full consolidation	Subsidiary
	Jio Media Limited	Full consolidation	Subsidiary
	Jio Platforms Limited	Full consolidation	Subsidiary

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

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11/3/23, 11:36 PM	Rating Rationale
	Jio Satellite Communications Limited	Full consolidation	Subsidiary
	Jio Television Distribution Holdings Private Limited	Full consolidation	Subsidiary
	Jio Things Limited	Full consolidation	Subsidiary
	Just Dial Limited	Full consolidation	Subsidiary
	Kalamboli East Infra Limited	Full consolidation	Subsidiary
	Kalamboli North First Infra Limited	Full consolidation	Subsidiary
	Kalamboli North Infra Limited	Full consolidation	Subsidiary
	Kalamboli North Second Infra Limited	Full consolidation	Subsidiary
	Kalamboli North Third Infra Limited	Full consolidation	Subsidiary
	Kalamboli South First Infra Limited	Full consolidation	Subsidiary
	Kalamboli South Infra Limited	Full consolidation	Subsidiary
	Kalamboli West Infra Limited	Full consolidation	Subsidiary
	Kalanikethan Fashions Limited (Formerly known as	Full consolidation	Subsidiary
	Kalanikethan Fashions Private Limited)
	Kalanikethan Silks Limited (Formerly known as	Full consolidation	Subsidiary
	Kalanikethan Silks Private Limited)
	Kutch New Energy Projects Limited	Full consolidation	Subsidiary
	Kishna DEN Cable Networks Private Limited	Full consolidation	Subsidiary
	Libra Cable Network Limited	Full consolidation	Subsidiary
	Lithium Werks China Manufacturing Co., Ltd.	Full consolidation	Subsidiary
	Lithium Werks Technology B. V.	Full consolidation	Subsidiary
	M Entertainments Private Limited	Full consolidation	Subsidiary
	Mahadev Den Cable Network Private Limited	Full consolidation	Subsidiary
	Mahavir Den Entertainment Private Limited	Full consolidation	Subsidiary
	Mansion Cable Network Private Limited	Full consolidation	Subsidiary
	Mayuri Kumkum Limited	Full consolidation	Subsidiary
	Media18 Distribution Services Limited	Full consolidation	Subsidiary
	Meerut Cable Network Private Limited	Full consolidation	Subsidiary
	Mesindus Ventures Limited	Full consolidation	Subsidiary
	Mindex 1 Limited	Full consolidation	Subsidiary
	Model Economic Township Limited	Full consolidation	Subsidiary
	Moneycontrol Dot Com India Limited	Full consolidation	Subsidiary
	MYJD Private Limited	Full consolidation	Subsidiary
	Netmeds Healthcare Limited (Formerly known as	Full consolidation	Subsidiary
	Netmeds Marketplace Limited)
	Network 18 Media Trust	Full consolidation	Subsidiary
	Network18 Media & Investments Limited	Full consolidation	Subsidiary
	New Emerging World of Journalism Private Limited	Full consolidation	Subsidiary
	NextGen Fast Fashion Limited	Full consolidation	Subsidiary
	Nilgiris Stores Limited	Full consolidation	Subsidiary
	NowFloats Technologies Limited (Formerly known as	Full consolidation	Subsidiary
	NowFloats Technologies Private Limited)
	Purple Panda Fashions Limited (Formerly known as	Full consolidation	Subsidiary
	Purple Panda Fashions Private Limited)
	Radiant Satellite (India) Private Limited	Full consolidation	Subsidiary
	Radisys B.V.	Full consolidation	Subsidiary
	Radisys Canada Inc.	Full consolidation	Subsidiary
	Radisys Cayman Limited	Full consolidation	Subsidiary
	Radisys Convedia (Ireland) Limited	Full consolidation	Subsidiary
	Radisys Corporation	Full consolidation	Subsidiary
	Radisys GmbH	Full consolidation	Subsidiary
	Radisys India Limited	Full consolidation	Subsidiary
	Radisys International LLC	Full consolidation	Subsidiary
	Radisys International Singapore Pte. Ltd.	Full consolidation	Subsidiary
	Radisys Spain S.L.U.	Full consolidation	Subsidiary
	Radisys Systems Equipment Trading (Shanghai) Co.	Full consolidation	Subsidiary
	Ltd.
	Radisys Technologies (Shenzhen) Co. Ltd.	Full consolidation	Subsidiary
	Radisys UK Limited	Full consolidation	Subsidiary
	RB Holdings Private Limited	Full consolidation	Subsidiary
	RB Media Holdings Private Limited	Full consolidation	Subsidiary
	RB Mediasoft Private Limited	Full consolidation	Subsidiary
	RBML Solutions India Limited	Full consolidation	Subsidiary

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

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11/3/23, 11:36 PM	Rating Rationale
	REC Americas LLC	Full consolidation	Subsidiary
	REC ScanModule Sweden AB	Full consolidation	Subsidiary
	REC Solar (Japan) Co., Ltd	Full consolidation	Subsidiary
	REC Solar EMEA GmbH	Full consolidation	Subsidiary
	REC Solar France SAS	Full consolidation	Subsidiary
	REC Solar Holdings AS	Full consolidation	Subsidiary
	REC Solar Norway AS	Full consolidation	Subsidiary
	REC Solar Pte. Ltd	Full consolidation	Subsidiary
	REC Systems (Thailand) Co., Ltd.	Full consolidation	Subsidiary
	REC Trading (Shanghai) Co., Ltd	Full consolidation	Subsidiary
	REC US Holdings, Inc.	Full consolidation	Subsidiary
	Recron (Malaysia) Sdn. Bhd.	Full consolidation	Subsidiary
	Reliance 4IR Realty Development Limited	Full consolidation	Subsidiary
	Reliance A&T Fashions Private limited (Formerly
	known as Abraham and Thakore Exports Private	Full consolidation	Subsidiary
	Limited)
	Reliance Abu Sandeep Private Limited (Formerly	Full consolidation	Subsidiary
	known as ABSA Fashions Private Limited)
	Reliance AK-OK Fashions Limited	Full consolidation	Subsidiary
	Reliance Ambit Trade Private Limited	Full consolidation	Subsidiary
	Reliance Beauty & Personal Care Limited	Full consolidation	Subsidiary
	Reliance Bhutan Limited	Full consolidation	Subsidiary
	Reliance Bio Energy Limited	Full consolidation	Subsidiary
	Reliance BP Mobility Limited	Full consolidation	Subsidiary
	Reliance Brands Luxury Fashion Private Limited	Full consolidation	Subsidiary
	Reliance Brands Holding UK Limited	Full consolidation	Subsidiary
	Reliance Brands Limited	Full consolidation	Subsidiary
	Reliance Carbon Fibre Cylinder Limited	Full consolidation	Subsidiary
	Reliance Chemicals and Materials Limited	Full consolidation	Subsidiary
	Reliance Clothing India Limited (Formerly known as	Full consolidation	Subsidiary
	Reliance Clothing India Private Limited)
	Reliance Commercial Dealers Limited	Full consolidation	Subsidiary
	Reliance Comtrade Private Limited	Full consolidation	Subsidiary
	Reliance Consumer Products Limited	Full consolidation	Subsidiary
	Reliance Content Distribution Limited	Full consolidation	Subsidiary
	Reliance Corporate IT Park Limited	Full consolidation	Subsidiary
	Reliance Digital Health Limited	Full consolidation	Subsidiary
	Reliance Digital Health USA Inc.	Full consolidation	Subsidiary
	Reliance Eagleford Upstream Holding LP	Full consolidation	Subsidiary
	Reliance Eagleford Upstream LLC	Full consolidation	Subsidiary
	Reliance Eminent Trading & Commercial Private	Full consolidation	Subsidiary
	Limited
	Reliance Ethane Holding Pte Limited	Full consolidation	Subsidiary
	Reliance Ethane Pipeline Limited	Full consolidation	Subsidiary
	Reliance Exploration & Production DMCC	Full consolidation	Subsidiary
	Reliance Finance and Investments USA LLC	Full consolidation	Subsidiary
	Reliance Gas Lifestyle India Private Limited	Full consolidation	Subsidiary
	Reliance Gas Pipelines Limited	Full consolidation	Subsidiary
	Reliance Global Energy Services (Singapore) Pte	Full consolidation	Subsidiary
	Ltd.
	Reliance Global Energy Services Limited	Full consolidation	Subsidiary
	Reliance Global Project Services Pte. Ltd.	Full consolidation	Subsidiary
	Reliance Global Project Services UK Limited	Full consolidation	Subsidiary
	Reliance Hydrogen Electrolysis Limited	Full consolidation	Subsidiary
	Reliance Hydrogen Fuel Cell Limited	Full consolidation	Subsidiary
	Reliance Industries (Middle East) DMCC	Full consolidation	Subsidiary
	Reliance Infratel Limited	Full consolidation	Subsidiary
	Reliance Innovative Building Solutions Private	Full consolidation	Subsidiary
	Limited
	Reliance International Limited	Full consolidation	Subsidiary
	Reliance Jio Global Resources LLC	Full consolidation	Subsidiary
	Reliance Jio Infocomm Pte. Limited	Full consolidation	Subsidiary
	Reliance Jio Infocomm UK Limited	Full consolidation	Subsidiary

https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RelianceIndustriesLimited_November 03, 2023_RR_331173.html

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