Reliance Industries Limited

1
Reliance Industries Limited Financial
Presentation April-December 2000
2
The Worst Earthquake affecting India in last 50
years

• The recent earthquake in Gujarat is the most
  severe to hit the Indian subcontinent in the last
  50 years
• - 8.46 a.m. 26th Jan, 2001
• - 7.9 on Richter scale
• Last severe earthquake in the Gujarat area was
  in the year 1819 (also measuring 7.9 on Richter
  scale)

3
National Calamity of Unprecedented Proportions

• Unprecedented loss of life and property
• Loss of life running into tens of thousands of
  people
• Death toll still climbing - large numbers
  currently missing / injured
• Initial estimates of damage to property in the
  state of Gujarat exceed Rs.15,000 crores (US 3.3
  bn)

The Gujarat earthquake tragedy represents the
biggest calamity to hit India in recent times
4
Reliance Deploys its Entire Resources for Relief
Operations

• Reliance has initially allocated a sum of Rs. 15
  crores (US 3.3 mn) for earthquake relief
  measures in Gujarat
• Rs. 5 crores (US 1.1 mn) already contributed to
  the Prime Ministers Relief Fund
• Reliance has placed all available human and
  material resources at the disposal of the state
  government and the army / air force authorities,
  for rescue and relief operations
• Reliance actively engaged in rescue and relief
  operations in Ahmedabad, Jamnagar, Bhuj, and
  surrounding areas
• Reliance has fully adopted the village of Anjar,
  for rescue, relief and reconstruction activities
• - located 40 kms from Bhuj, population
  estimated at 80,000
• - second most affected area, with most
  structures completely flattened

Reliance is committed to deploying all resources
for relief of affected people in Gujarat
5
Round-the-Clock Efforts to Alleviate Suffering

• More than 3,000 construction workers, and
  hundreds of vehicles (including dumpers, trucks,
  tempos) pressed into service for round-the-clock
  relief work
• Over 60 heavy equipments and machinery (cranes,
  bull-dozers, etc) mobilised for removal of debris
  / rescue work
• Continuously distributing food rations and water
  supplies to about 15,000 people
• Several medical centres opened including a very
  large makeshift hospital, with over 50 medical
  and paramedical staff, and over 200 other
  personnel, on round-the-clock duty

Reliance is working round-the-clock and providing
all possible support to help the affected areas
6
Serving the People Devastated by the Tragedy

• 20 DG sets provided in Bhuj, the worst affected
  area for restoration of emergency power
• Communication links opened in several areas with
  satellite telephones
• Direct wireless links set up between Anjar and
  Jamnagar
• Helicopter sorties are being flown to bring in
  people, materials, supplies and to evacuate the
  most seriously injured persons

Emergency supplies of food, clothing and
materials are being rushed from all over the
country to the control rooms set up at Mumbai and
Jamnagar to coordinate the relief work
7
Reliance Operations Normal within Days

• Superior design and technology of Reliances
  world class complexes ensured there was no loss
  of life or property
• Automated safety procedures achieved safe
  shutdown of the Hazira and Jamnagar complexes
  within moments of the tremors
• Power systems and other utilities fully restored
  within hours of the earthquake - phased start-up
  of plants activated the same day
• Most plants already operating normally - the
  balance following progressively, in accordance
  with safe start-up procedures
• All product evacuation infrastructure safe and
  intact - jetty, pipelines, rail and road loading
  terminals

The entire Reliance team responded to the
occasion, and ensured operations were normalised
within hours of the incident
8
Index
Operating Environment Financial
Performance Current Business Outlook Reliance
Petroleum Reliance Infocom Shareholder Value
Enhancement Summary and Outlook
9

• Operating Environment

10
Increased Feedstock Costs and Declining Product
Selling Prices ...
The petrochemicals industry globally faced
difficult times in Q3, owing to increased
feedstock costs, and declining product selling
prices

• Crude oil prices touched record highs in 35 to
  40 range - 65 rise from April 2000
• Key feedstock, naphtha, soared from 210 in
  April 2000 to 310 in Q3 - rise of 50
• Decline in product selling prices, with bunching
  of new capacities
• Reliances strategy - focus on productivity,
  efficiency, and cost reduction
• Increasing emphasis on speciality products, to
  improve pricing power and enhance margins

Reliance Industries Ltd.
11
.leading to pressure on operating margins
change in average prices for Q3 2000-01 over Q3
1999-2000
Raw Material Costs Crude oil (/bbl)
25 Naphtha Prices (/MT) 5
Naphtha Landed (Rs.kg) 15 Naphtha
prices were significantly higher in Q3...
Domestic Selling Prices of Products (Rs./kg)
PE 1 PP
-1 PVC
-2 POY
1 PSF
-5 PTA
10 MEG
-10 PX
2 with product prices trending flat to
lower - negative impact on margins
Reliance Industries Ltd.
12
Increase in Product Selling Prices for first 9
months has lagged increase in Feedstock Costs
change in prices April-December, 2000 over
April-December, 1999
Raw Material Costs Crude oil (/bbl)
46 Naphtha Prices (/MT) 17
EDC Prices (/MT) 7 Naphtha
Landed (Rs./Kg) 24 The increase in
naphtha prices...
Domestic Selling Prices of Products (Rs./kg)
PE 11 PP
7 PVC
14 POY
0.5 PSF
6 PTA
21 MEG
12 PX
9 is higher than the increase in product
selling prices
Reliance Industries Ltd.
13
Future Margin Outlook dependent on Several Macro
Variables

• International crude oil prices have come off
  significantly from their Q3 highs - volatility in
  energy prices continues
• Longer term impact of recent output cuts by OPEC
  suppliers to be awaited
• The impact of a slowdown in the US economy on
  global demand growth is also an important
  variable
• Depreciation in the value of regional Asian
  currencies relative to the US and the Indian
  rupee may impact regional prices

Feedstock prices have come off their recent
highs, but several other variables may have an
impact on margins
Reliance Industries Ltd.
14

• Financial Performance

15
Income Statement for first 9 months
Apr-Dec 2000
Apr-Dec 1999
Change
Rs. crs.
mn.
mn.
Rs. crs.
Gross Sales 13,707 3,151 21,564 4,619 57 Gr
oss Sales(excl. 13,707 3,151 19,287 4,132 41 R
PL exports) Net Sales 8,204
1,886 13,526 2,898 65
EBITDA 3,153 725 4,049 867
28
Interest 699 161 925 699
Depreciation 705 162 1,018 218
Tax - - - -
Net Profit 1,749 402 2,106 451 20
Cash Profit 2,454 564 3,124
669 27
Production volumes increased 24to 7.9 million
tonnes
16
US GAAP Reconciliation
Indian GAAP US GAAP Rs.
crs. mn Rs. crs mn
Net Profit 2,106 451 1,754 376 Difference
(352) (75)
The differences are largely on account of foreign
exchange variations and deferred taxation
17
Elements of Sales Growth

• Composition of 41
• Sales Revenue Growth
• Impact of volume growth 32
• Impact of price increases 9

Volume growth contributed significantly to the
revenue growth as a result of commissioning of
Jamnagar Petrochemical complex
18
Profitability Ratios
Healthy profitability ratios reflect global
competitiveness and sound business strategies
19
Liquidity Ratios
Conservative liquidity ratios underscore inherent
financial strength
20
Income Statement for Q3
Oct-Dec 2000
Oct-Dec 1999
Change
Rs. crs.
mn.
mn.
Rs. crs.
Gross Sales 5,034 1,157 6,555 1,404
30 Net Sales 2,933 674
4,439 951 51
EBITDA 1,161 267 1,406
301 21
Interest 276 63 294
63 Depreciation 258 59 353
76 Tax - - -
-
Net Profit 627 144 759
163 21
Cash Profit 885 203 1,112
238 26
Quarter-on-quarter sales and profit growth for 43
consecutive quarters
21
Exponential Growth in Exports

• Combined exports of RIL and RPL have grown 8
  times to US 1.5 bn (Rs.7,000 crs) during the
  nine month period, making Reliance the largest
  manufacturer exporter from India
• RILs exports grew 200 to US 491 mn (Rs.2,292
  crs) while RPLs exports were US 1,024 mn
  (Rs.4,714 crs)
• Exports comprised 12 of RILs total sales, 20
  of RPLs total sales, and 16 of their
  combined sales, during this period
• High exports reflect superior product quality,
  diversification of markets, and optimal
  utilisation of installed facilities

Strong growth in exports achieved while retaining
thrust on domestic markets - 84 of combined
revenues coming from sales within India
22
Conservative Financial Management
RIL has achieved quantum growth in the scale of
its operations, while pursuing conservative
financial policies

• Top end domestic AAA credit rating
• international ratings constrained by sovereign
  ceiling
• RILs cash flows for approximately 2 years
  sufficient to extinguish its net debt
• External debt of 1.3 billion has weighted
  average maturity of 22 years
• RILs exports are more than 5 times its annual
  FX denominated interest liability, providing
  adequate risk management
• Dollar revenues from oil and gas provide
  additional cover

23

• Current Business Outlook

24
Business Mix
Break-down of RILs sales - excluding exports of
RPLs products
Balanced exposure to polyester and plastics
contributes to stability in margins
25
Business Review - Oil and Gas
Apr-Dec
Apr-Dec
1999 2000 change
Reliances Production
Oil ( in KT) 256 307 20 Gas (in
KTOE) 506 516 2
The oil and gas operations are progressively
becoming more significant in Reliances overall
business profile
26
Oil and Gas - Plans and Outlook
Reliance is generating attractive dollar
denominated revenues from its growing oil and gas
business

• RIL is Indias No.1 private sector EP player
  with 100,000 sq. kms in exploration acreage
• Oil and Gas production from existing fields is
  growing at 5-10 per year
• Potential to increase gas production by 3 times
• 14 exploration blocks recently awarded under
  attractive new policy regime, with fiscal and
  other benefits - will participate in next round
• Enrons 30 stake in PMT venture under sale
  process - Reliance reviewing options

27
Business Review - Polyester
Industry Reliance
Apr-Dec Apr-Dec Apr-Dec
Apr-Dec 1999 2000
change 1999 2000 change
(Production in 000 tonnes)
Polyester 1036 1083 5 481 560
16 (PFY, PSF, PET) Fibre Intermed. 1710
2713 59 1503 2182 45 (PTA,
MEG, PX)
The sharp increase in fibre intermediates
production reflects the commissioning of the new
paraxylene facilities at Jamnagar
28
Polyester (PFY, PSF and PET)

• Reliance is now the 2nd largest, and the lowest
  cost, producer of polyester in the world, as per
  latest industry rankings
• Reliance is also the 3rd largest producer of PX,
  and the 4th largest producer of PTA, in the world
• Demand growth forecast to outpace capacity
  additions in India, in Asia, and globally, over
  the next few years
• Reliance is the only player making investments
  in the Indian polyester sector, to capture future
  demand growth
• Import tariffs already at resting point of 20,
  as per the WTO bound rates

Reliance is ideally positioned to benefit from an
improvement in long term industry fundamentals,
with its global scale and cost leadership
29
Global Polyester Demand Growth to Outpace
Additions
2001 2002 2003 Total
2001-03
(MMT)

• Global Forecast Capacity Additions
• POY 0.8 0.8 0.8 2.4
• PSF 0.5 0.6 0.7 1.8
• POYPSF 1.3 1.4 1.5 4.2
• Global Forecast Demand Growth
• POY 1.1 1.0 1.0 3.1
• PSF 0.5 0.7 0.6 1.8
• POYPSF 1.6 1.7 1.6 4.9

Source PCI World Synthetic Report
Global polyester demand growth in each of the
next 3 years is forecast to exceed capacity
additions
Reliance Industries Ltd.
30
Positive Global Demand Supply Fundamentals
Global operating rates are forecast to steadily
climb to historically high levels of 95 in
this decade
31
Positive Regional Demand Supply Fundamentals
Regional operating rates are likewise expected
to increase consistently over the next few years
32
Polyester - Indian Demand Supply Situation
3000
200
Available Capacity
Demand
Demand exceeds capacity in every year beginning
from the current year
Operating Rate
180
Deficit 1.3 million tonnes
2500
160
140
2000
KT
120
()
(assuming no new capacity additions)
1500
100
80
1000
60
40
500
20
0
0
90-91
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
04-05
09-10
Room for creating 1.3 mn tonnes additional
capacity in this decade - Reliance is well poised
to capture this growth
Reliance Industries Ltd.
33
Business Review - Polymers
Industry Reliance
Apr-Dec Apr-Dec Apr-Dec
Apr-Dec 1999 2000
change 1999 2000 change
(Production in 000 tonnes)
Polymers 1650 2224 34 917 1187
30 (PE, PP, PVC)

• Demand for RILs polymers increased 15 during
  the nine month period
• Demand for PP, which accounts for nearly 60 of
  RILs polymers production, increased 25 during
  the nine month period

34
Polymers (PP, PE and PVC)

• India is the worlds fastest growing polymers
  market
• Global industry demand supply fundamentals will
  improve, over the next 3 years, with demand
  growth exceeding capacity additions by 6 million
  tonnes
• Reliance will benefit from these trends, with
  its world scale capacity, and cost leadership, in
  the Indian polymers markets
• Limited room for further import tariff cuts over
  next few years - rupee depreciation provide
  cushion

The global demand supply balance is expected to
improve from 2002, with the Indian markets
offering the highest growth opportunities
35
Global Polymer Demand Supply to Improve
Significantly
2001 2002 2003 Total
2001-03

• Global Forecast Capacity Additions (MMT)
• PE 4.2 1.7 1.9 7.8
• PP 2.2 1.6 2.1 5.9
• PVC 0.7 0.2 0.3 1.2
• PEPPPVC 7.1 3.5 4.3 14.9
• Global Forecast Demand Growth (MMT)
• PE 3.0 2.9 3.3 9.2
• PP 2.4 2.1 2.5 7.0
• PVC 1.6 1.4 1.5 4.5
• PEPPPVC 7.0 6.4 7.3 20.7

Source Chemsystems
Global demand growth over the next 3 years will
exceed capacity increases by 6 MMT - by
comparison, in 1999 and 2000, capacity had
outpaced demand by 3 MMT, leading to the current
imbalance
Reliance Industries Ltd.
36
Emphasis on Speciality Products leads to
Important Competitive Advantages

• Wider product choice to customers
• Product differentiation from commodity producers
• Enhanced margins due to premium pricing of
  speciality grades
• Enabling expansion into new markets, including
  the most discerning and quality conscious export
  markets
• Reliance is ahead of competition in introducing
  specialty grades
• Part insulation from volatility of commodity
  product prices

Reliance is able to deliver superior overall
value to its customers with its increasing thrust
on speciality products
37
Growing Emphasis on Speciality Products
Speciality as Premium over
of Total Volume Commodity 1999-2000
Apr-Dec00 (Rs./MT) ()
POY 10 19 3,000-15,000
5-25 PSF 41 63 500-14,000
1-28 PE 13 25 500-4,500
1-11 PP 17 19 500-4,500
1-12
Reliance is the only producer of many fast
growing speciality products in India - leading to
higher value added product portfolio and superior
competitive position
38

• Reliance Petroleum

39
Reliance Petroleum - Overview

• RPL operates the largest, and most complex,
  refinery in India, with over 25 of total
  domestic capacity
• Worlds largest grassroots refinery, with
  capacity of 27 mn tpa - the 7th largest refinery
  in the world at any single location
• 30 capital cost advantage, over global peer
  group
• Flexibility in crude processing and product mix
• Capacity utilisation of 101 achieved in the
  second and third quarters of operations - a
  unique achievement in the global context

RPL and RIL are now Indias top 2 private sector
companies
40
Significant Q3 Highlights

• Capacity utilisation of 101 in Q3 - compares
  with Indian sector average of 93, Asian average
  of 99, and US average of 91
• Exports of HSD, gasoline, and naphtha for the
  first time from India - products meet the most
  stringent international norms
• Indias largest manufacturer exporter with
  exports of US 1.02 billion (Rs. 4,714 crs.) in
  the first nine months of the current financial
  year
• CRISIL upgraded rating of RPLs debt from BBB to
  AA, indicating high safety of timely payment of
  interest and principal
• The first Indian refinery to perform risk
  management under the new government policies for
  hedging price and margin risks

41
RPL - Income Statement
Oct-Dec 2000
Apr-Dec 2000
Rs. crs.
mn.
Rs. crs.
mn.
RPL has generated cash profits of Rs.1,636 crores
(US 350 million) in the first nine months of
operations
42
Profitability Ratios

• Apr-Dec 2000 Oct-Dec 2000
• OPM 9.4 8.9
• NPM 5.0 4.8
• ROE 24.1 23.4
• ROCE 13.3 13.9
• Annualised EPS (Rs.) 3.3
  3.7
• Annualised CEPS (Rs.) 4.6 5.1

Healthy profitability ratios reflect global
competitiveness and efficiency of operations
43
Current Marketing Arrangements

• RPL is required to sell 5 controlled products
  (gasoline, diesel, kerosene, LPG, ATF) to oil
  PSUs
• Market determined import parity prices received
  for controlled products
• Payments received directly from oil PSUs
  normally within 10 days - not linked to the OCC
  pool mechanism
• All other products marketed directly by RPL -
  20-30 output consumed by group companies
• Complete flexibility in sourcing of crude oil,
  and determining product mix

RPLs margins are determined by international
market related prices, even under the current
regulatory environment
44
Petroleum Product Demand to Grow Manifold

• Consumption
• Per Capita (kgs.
  p.a.) Total (MMT)
• India 98 95
• China 165 200
• North America 2,610 1,047
• World Average 585 3,462

China consumes more than double the quantity of
petroleum products than India
45
Conservative and Strong Financial Profile
Healthy operating cash flows and strong balance
sheet provide ability to pursue attractive future
growth opportunities

• Low debt equity ratio of 0.83 1
• High interest coverage of 2.39
• Foreign exchange debt exposure limited to US 130
  million in an over US 3 billion project
• Strong cash flows
• Large shareholder family of over 2 million -
  stable base of retail investors reduces share
  price volatility
• Weightage of 10.3 in Sensex and 9.1 in Nifty
  Index

Reliance Industries Ltd.
46
Future Growth Opportunities for RPL

• RPL intends participating in marketing of all
  petroleum products - has applied for direct
  marketing rights
• Marketing rights likely to be granted during the
  course of the year - APM to be dismantled by
  March, 2002, as per current schedule
• RPL already has dedicated product evacuation
  infrastructure to support full-fledged marketing
  activities for its entire production
• - Port and jetties
• Rail despatch terminal
• Road loading facilities
• Pipelines

RPL is pursuing growth opportunities for
generating attractive returns and enhancing
competitiveness
47
Future Growth Opportunities for RPL

• RPL is also making investments for creating
  distribution infrastructure for petroleum
  products across the country
• RPL has a 10 stake in Petronet India, the
  holding company, responsible for setting up
  pipeline networks in the country
• RPL to invest Rs. 500 crores (US 110 mn) for 26
  stake, in Central India Pipeline Ltd. (CIPL),
  implementing a 1615 km pipeline reaching markets
  in the central/southern parts of India
• RPL has a 13 stake in the already operational,
  113 km Vadinar Kandla pipeline, connecting
  Jamnagar to the high growth Northern markets
  through the Kandla Bhatinda pipeline

New pipelines being set up in the country will
open up new markets and lead to increased
consumption of petroleum products
48
Reliance Telecom
49
Reliance Telecom - Cellular Operations

• Rapid growth in coverage and subscriber base,
  currently over 150,000 subscribers in over 75
  cities
• Reliances cellular subscriber base has grown
  115 during April-Dec 2000, compared with
  industry growth rate of 65
• Average revenue per user (ARPU) of over Rs.
  1,000 per month - in line with trend in metros
• Cellular operations have already become cash
  positive
• Reliances licensed area covers 13 states, 1/3rd
  of Indias geographical area, and 380 mn
  population

Indias largest network, and the growing presence
in large contiguous areas, fits in perfectly with
the groups infocom plans
50
Reliance Infocom
51
Overview
Reliances low-cost communications
infrastructure, and integrated approach, will
provide a lasting competitive edge

• Reliance to offer full bouquet of voice, data,
  image, and value-added services, and high quality
  end-to-end connectivity, on a nationwide basis
• A nationwide, terabit bandwidth, 60,000 route
  kilometer broadband network, connecting Indias
  top 115 cities
• Build-up of last mile connectivity and roll-out
  of services based on market revenue potential -
  initial focus on high revenue business segment
• Targeting leading positions in all major
  segments of the voice markets initially

52
Reliances Voice Offerings
Reliance will provide all voice services on a
nationwide basis, thereby delivering superior
service to a largecustomer base

• Voice services to provide end-to-end
  connectivity, to customers on a nationwide basis
• Leading presence targeted in all segments of the
  voice market
• - Local
• - National Long Distance
• - International Long Distance
• - Mobile
• Reliance has already filed applications for
  basic services licences in 11 circles

53
Reliances Data and Other Value Added Services
Internet data centres
Colocation
Web-hosting
Secure VPNs
Reliance Infocoms communications infrastructure
Managed software services
E-commerce
Media-casting
Serving ISPs/ ASPs/ content and other service
providers
Bandwidth selling/ trading
Call centres
Reliances comprehensive offerings strategy will
reduce risk, and generate attractive returns even
in an intensely competitive scenario
54
An Old Economy Approach to a New Economy
Business
Reliance is implementing its infocom project with
a traditional return based philosophy to
maximise value

• Speed and efficiency of execution
• Lowest cost provider of services
• Integrated service offerings
• Capturing value across the entire chain
• Investments based on traditional financial
  criteria, including
• - Positive Cash Flows
• - Attractive IRRs
• - Low payback period
• - ROE Enhancing

55
Open Door Policies to encourage entry of new
players

• Unlimited entry for new players in fixed line
  services in all circles at attractive terms
• Limited mobility (WiLL) by fixed line operators
  approved - mobile telephony at lower costs
• Entry of fourth operator in all cellular circles
  through bidding process
• Multi-stage process, existing players can not
  bid in their own circles
• Graded payment to eliminate unrealistically high
  bids
• Introduction of WiLL leading to lower tariffs
  and licence valuations
• Unlimited entry for new players in long distance
  at reasonable terms

A suitable framework for Reliance to create a
national telecom footprint
56
Reliance Infocom - Progress

• Backbone presently being implemented in 13
  states - Tamil Nadu, Andhra Pradesh, Karnataka,
  Maharashtra, Gujarat, Rajasthan, Delhi, Haryana,
  Uttar Pradesh, Madhya Pradesh, Orissa, W. Bengal
  and Kerala
• Over 35,000 strong construction force at work
• Fast growing team of highly qualified and
  experienced industry professionals from all over
  the world
• Rollout of services based on market revenue
  potential
• Fibre being sourced internationally - 100
  in-house project management
• The nationwide backbone to be completed by end
  2002

Reliance will rollout its services and offerings
in a phased manner, starting in the next
financial year
57
Reliance Infocom - Corporate Structure

• Reliance Infocom will be the lead company for
  undertaking/ promoting all future telecom/
  infocom initiatives of the Reliance group
• Capital outlay, excluding licence fees,
  presently estimated at Rs. 15,000 crores (US 3.3
  billion) - 21 debt equity being considered
• RIL to hold 45 of equity, balance to be held by
  employees, Reliance promoters, and other Reliance
  group companies
• International listing of Reliance Infocom at an
  appropriate time over the next 2-3 years, to
  unlock value for RIL shareholders

Proposed corporate structure targets the optimal
risk/ return balance for RIL shareholders
58

• Shareholder Value Enhancement

59
RIL shares superior price performance
Change RIL Sensex Nifty YTD
15 10 9 Year 2000 45 -20 -14 1 year
16 -18 -14 2 year 194 32 43 3
year 160 36 43 5 year 345 50 63 10
year 700 345 -
The RIL stock price has consistently outperformed
the broad market indices over all time frames
60
Top Sensex Performer for Calendar Year 2000
RIL is the best performing Sensex stock in the
calendar year 2000
61
RIL Best Performer Amongst Leading Global
Petrochemicals Stocks
RIL is amongst the best performing petrochemicals
stocks globally, measured even in US terms
62
Valuation Upside from RPL Stake

• RIL will consolidate RPLs financials, from the
  year 2001-02
• - adding approximately 40 to RILs bottomline
• contributing additional Rs. 10 EPS
• reflecting consolidated ROE of 28
• RPL will pay a dividend this year - contributing
  to RILs cash flows
• The value of RILs stake in RPL translates into
  over Rs. 200 per share - unrealised capital gains
  on this account over Rs. 13,000 crs. (US 3 bn)
• RIL exploring various options for unlocking
  value in its RPL stake for the benefit of RIL
  shareholders

RILs investment in RPL has rapidly created
significant shareholder value, in a business
regarded as having long gestation
63
Summary
A world class enterprise, at the intersection of
the old and the new economy

• RIL gives exposure to major growth sectors of
  the Indian economy
• Significant hidden values in RILs interests in
  oil and gas, shareholding in Reliance Petroleum
  and Reliance Telecom, and the infocom initiative
• Reliance is the demonstrated leader in
  identifying and capturing attractive market
  opportunities in India
• RIL is amongst the best performing larger Indian
  stocks since the past several years

64
Reliance Industries Limited Indias World Class
Corporation