Press Release

Reliance Industries Limited

November 1, 2023

Facilities/Instruments Amount (₹ crore) Rating1 Rating Action

Non-convertible debentures 6,500 CARE AAA; Stable Reaffirmed
Non-convertible debentures 5,500 CARE AAA; Stable Reaffirmed
Non-convertible debentures 2,795 CARE AAA; Stable Reaffirmed
Non-convertible debentures 20,000 CARE AAA; Stable Assigned
Non-convertible debentures * - - Withdrawn
Non-convertible debentures * - - Withdrawn
Commercial paper 34,500 CARE A1+ Reaffirmed
Details of instruments in Annexure-1.

Rationale and key rating drivers

The ratings assigned to the long-term as well as short-term instruments of Reliance Industries Limited (RIL) continue to derive
significant strength from its immensely experienced and resourceful promoter group, the highly integrated nature of its operations
with presence across the entire energy value-chain, its diversified revenue streams, and leadership position in the oil-to-chemicals
(O2C) segment. The ratings also factor in the leadership position attained by the group’s telecom business in the industry, the
leadership position in the organised retail sector as well as the induction of various strategic partners in the digital, retail and
media & entertainment businesses. RIL’s strong consolidated financial risk profile, marked by its comfortable capital structure and
superior liquidity as well as financial flexibility, further underpin its ratings.
The above-mentioned strengths mostly offset its exposure to the risks relating to the inherent cyclicality and volatility in crude oil
prices, apart from regulatory as well as technology risks associated with the telecom segment. The company’s recent foray in the
clean energy segment will entail large-size investments and will remain a key monitorable in the medium term.
CARE Ratings Limited (CARE Ratings) has withdrawn the rating assigned to the aforementioned NCD issues* of RIL (ISIN:
INE002A08625 and INE002A08658) with immediate effect, as the company has repaid these NCD issues in full and there is no
amount outstanding against the issues as on date.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors: Not applicable
Negative factors:
• Any major debt-funded capex resulting in deterioration of the financial risk profile.
• Deterioration in the net debt to PBILDT beyond 2.5x on a sustained basis.

Analytical approach: Consolidated

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

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

Detailed description of the key rating drivers

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

1
Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications
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Highly integrated product line and operations in the O2C segment:

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

Leadership position in the O2C segment:

RIL has reorganised its refining and petrochemicals businesses into an integrated O2C segment. RIL has a leadership position in
various product segments of the domestic petrochemical market. RIL is also among the top 10 global manufacturers of products,
such as paraxylene, polypropylene, mono ethylene glycol, purified terephthalic acid, etc. A dominant and diverse presence across
the petrochemicals segment, coupled with feedstock flexibility, de-risks RIL’s revenues from sluggishness in any product and
enables the company to command better pricing terms in the industry.
RIL operates the largest single location refinery in the world, at Jamnagar, having a complexity index of 21.1 and a crude
processing capacity of almost 1.4 million metric barrels per day (MMBPD). Moreover, with such high complexity, the refinery is
capable of processing low-cost, heavy, and ultra-heavy crude to produce clean fuels, thereby commanding higher margins.
The O2C segment contributed around 52% and 38% to RIL’s consolidated gross revenue and PBILDT, respectively, during H1FY24
(55% and 42% respectively during FY23). During H1FY24, the segment’s gross revenue declined by 13% y-o-y due to relatively
lower crude oil prices; however, PBILDT remained largely stable, supported by sustained healthy transportation fuel cracks, and
was partly offset by decline in polymers/polyester chain margins due to weak export demand in a well-supplied market.

Leadership position in the organised retail sector:

Reliance Retail Limited (RRL: rated ‘CARE AAA; Stable/ CARE A1+’), the organised retail business of the RIL group, is the largest
retailer in the country by reach, scale and profitability.
As on September 30, 2023, RRL (on a consolidated basis) had presence in more than 7,000 cities and towns, with 18,650 stores
and 71.5 million sq ft of aggregate retail space across its diverse consumption baskets, offering products and services across
consumer electronics, grocery, general merchandise, apparel, footwear, lingerie, jewellery, home and living, and pharma
categories. The rapid store expansion across Tier-II, III and IV cities, launch and expansion of the digital and new commerce
business, stronger value proposition, favourable product mix and the catchment-focussed assortment, leading to increasing
footfalls have been the key drivers for the robust growth of its retail business.
During FY21, the company had launched the JioMart grocery consumer platform (jiomart.com) across over 250 cities, leveraging
the wide network of RRL's grocery stores and well-established supply chain infrastructure to become India's largest hyperlocal
retail solution. JioMart has since expanded beyond grocery into other categories such as electronics, fashion & lifestyle and is now
a cross-category horizontal platform with a wide catalogue selection and seller base. The company also activated JioMart Kirana
Service, which has expanded its reach with rapid onboarding of around 3 million merchant partners in the existing and new
markets. The business continued to attract numerous customers across the country through its wide portfolio of stores and digital
commerce platforms, with its registered customer base growing to 281 million as on September 30, 2023, up by 27% y-o-y.
During H1FY24, retail segment’s gross revenue and PBILDT witnessed healthy y-o-y growth of 19% and 33% respectively, with
around 19% contribution from digital and new commerce business. The retail segment contributed around 27% and 13% to RIL’s
consolidated gross revenue and PBILDT, respectively, during H1FY24 (24% and 12% respectively during FY23).

Leadership position in the telecom/digital services sector:

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

Strong financial risk profile characterised by robust capital structure:

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

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

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

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

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

Large investments envisaged in the capital-intensive and technology-dependent segments, viz, telecom and clean
energy:
The RIL group has made large-scale investments towards its telecom business, i.e., RJIL, wherein, it has built a 5G ready network
infrastructure and sufficient network capacity. However, the sector needs continuous technology upgradation to support the ever-
increasing data consumption needs. Also, the company has incurred large capex towards acquisition of 5G spectrum in August
2022. However, with RJIL’s 5G ready network and extensive fibre assets along with access to fiberised towers, the additional
capex on the network as well as equipment infrastructure is expected to be moderate.
RIL announced setting up of Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar with giga factories for
photovoltaic panels, energy storage, green hydrogen, fuel cell system and power electronics, and has made couple of technological
acquisitions for the same. RIL has also announced long-term plan to establish and enable at least 100 GW of solar energy
generation capacity by 2030 and achieve the target of becoming net-zero carbon by 2035. RIL’s new energy segment remains
exposed to technology as well as competitive risks as the RIL group is a relatively new entrant in the sector; however, its
experience of timely and successful execution of large-scale and complex projects mitigates this risk to a large extent.
Also, in June 2022, Viacom18 had acquired the exclusive rights to digitally stream Indian Premier League (IPL) cricket matches
in the Indian sub-continent as well as certain overseas TV and digital rights for the seasons from 2023 to 2027 at an aggregate
cost of ₹24,353 crore. Further, in August 2023, Viacom18 acquired digital and TV media rights for the international and domestic
cricket matches from BCCI, for September 2023-March 2028 period, for a rights fee of ₹5,963 crore.
However, RIL’s credit profile is expected to remain stable driven by its healthy cash flow generation from diversified businesses
and strong financial flexibility. The same is expected to enable it to comfortably meet its various capex requirements, aided by
the proven track record of its competent management team.

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Environment, social, and governance (ESG) risks

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

Applicable criteria
Policy on Default Recognition
Rating Outlook and Credit Watch
Manufacturing Companies
Consolidation
Financial Ratios – Non-financial Sector
Liquidity Analysis of Non-financial Sector Entities
Short Term Instruments
Policy on Withdrawal of Ratings

About the company and industry

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

RIL is India's largest private-sector enterprise, with businesses across the energy and materials value chain, along with a
significant and growing presence in the retail and telecom sectors. RIL is the flagship company of the Reliance (Mukesh D Ambani)
group. It is the first Indian private sector company to feature in the Fortune Global 500 list of the ‘World’s Largest Corporations’
and has been consistently featuring in it for the past 16 consecutive years. The key business segments of RIL include oil and gas
exploration, petroleum refining, petrochemicals, retail, and digital services. RIL’s manufacturing facilities and service outlets are
spread across the country.
The group also forayed into the new energy business during FY22 to focus on renewable and clean energy. It has a plan to
establish giga factories for photovoltaic panels, energy storage, green hydrogen, fuel cell system and power electronics, along
with a plan to establish and enable at least 100 GW of solar energy generation capacity by 2030, through its subsidiary, Reliance
New Energy Limited (RNEL).

Brief Financials of RIL – Consolidated

FY22 (A) FY23 (A) H1FY24 (Prov.)
(₹ crore)
Total operating income 6,96,003 8,73,375 4,47,099
PBILDT 1,08,680 1,42,466 86,849
PAT 66,184 73,670 38,136
Overall gearing (times) 0.36 0.54 0.49
Interest coverage (times) 7.45 7.28 7.51
A: Audited; Prov. Provisional, Financials classified as per CARE Ratings’ standards.

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Note: the above results are latest financial results available.

Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

Rating history for last three years: Annexure-2

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

Complexity level of various instruments rated: Annexure-4

Lender details: Annexure-6

Annexure-1: Details of instruments

Rating
Assigned
Name of Maturity Size of
Date of Issuance Coupon along
the ISIN Date the Issue
(DD-MM-YYYY) Rate (%) with
Instrument (DD-MM-YYYY) (₹ crore)
Rating
Outlook
INE002A08690* December 11, 2018 8.70% December 11, 2028 2,500
INE002A08534 October 17, 2018 9.05% October 17, 2028 3,500
Debentures- INE002A08542 November 09, 2018 8.95% November 09, 2028 3,000 CARE AAA;
Non INE002A08567 December 11, 2018 8.65% December 11, 2028 3,000 Stable
Convertible INE002A08617 April 27, 2020 7.40% April 25, 2025 2,795
Debentures Proposed 20,000
INE002A08625 May 13, 2020 7.05% September 13, 2023 0
Withdrawn
INE002A08658 May 19, 2020 MIBOR+2.90% September 21, 2023 0
INE002A14KE2 August 11, 2023 6.95% November 08, 2023 1,000
INE002A14KG7 August 11, 2023 6.95% November 09, 2023 2,000
Commercial
INE002A14KF9 August 11, 2023 6.95% November 10, 2023 850
Paper-
INE002A14KF9 August 11, 2023 6.95% November 10, 2023 450
Commercial CARE A1+
INE002A14KF9 August 11, 2023 6.95% November 10, 2023 150
Paper
INE002A14KF9 August 11, 2023 6.95% November 10, 2023 500
(Standalone)
INE002A14KF9 August 11, 2023 6.95% November 10, 2023 50
Proposed 29,500
*earlier ISIN number for the instrument was INE002A08674

Annexure-2: Rating history for the last three years

Current Ratings Rating History
Name of the
Date(s) and Date(s) and Date(s) and Date(s) and
Sr. Instrument/ Amount
Rating(s) Rating(s) Rating(s) Rating(s)
No. Bank Type Outstanding Rating
assigned in assigned in assigned in assigned in
Facilities (₹ crore)
2023-2024 2022-2023 2021-2022 2020-2021
Commercial
1)CARE A1+
Paper-
1)CARE A1+ 1)CARE A1+ 1)CARE A1+ (04-Mar-21)
1 Commercial ST 34500.00 CARE A1+
(05-Jul-23) (06-Jul-22) (07-Jul-21) 2)CARE A1+
Paper
(07-Jul-20)
(Standalone)
1)CARE AAA;
Debentures- Stable
1)CARE AAA; 1)CARE AAA;
Non 1)Withdrawn (04-Mar-21)
2 LT - - Stable Stable
Convertible (05-Jul-23) 2)CARE AAA;
(06-Jul-22) (07-Jul-21)
Debentures Stable
(07-Jul-20)
1)CARE AAA;
Debentures- Stable
1)CARE AAA; 1)CARE AAA;
Non 1)Withdrawn (04-Mar-21)
3 LT - - Stable Stable
Convertible (05-Jul-23) 2)CARE AAA;
(06-Jul-22) (07-Jul-21)
Debentures Stable
(07-Jul-20)

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Current Ratings Rating History

Name of the
Date(s) and Date(s) and Date(s) and Date(s) and
Sr. Instrument/ Amount
Rating(s) Rating(s) Rating(s) Rating(s)
No. Bank Type Outstanding Rating
assigned in assigned in assigned in assigned in
Facilities (₹ crore)
2023-2024 2022-2023 2021-2022 2020-2021
1)CARE AAA;
Debentures- Stable
CARE 1)CARE AAA; 1)CARE AAA; 1)CARE AAA;
Non (04-Mar-21)
4 LT 6500.00 AAA; Stable Stable Stable
Convertible 2)CARE AAA;
Stable (05-Jul-23) (06-Jul-22) (07-Jul-21)
Debentures Stable
(07-Jul-20)
1)CARE AAA;
Debentures- Stable
CARE 1)CARE AAA; 1)CARE AAA; 1)CARE AAA;
Non (04-Mar-21)
5 LT 5500.00 AAA; Stable Stable Stable
Convertible 2)CARE AAA;
Stable (05-Jul-23) (06-Jul-22) (07-Jul-21)
Debentures Stable
(07-Jul-20)
1)CARE AAA;
Debentures- Stable
1)CARE AAA; 1)CARE AAA; 1)CARE AAA;
Non (04-Mar-21)
6 LT - - Stable Stable Stable
Convertible 2)CARE AAA;
(05-Jul-23) (06-Jul-22) (07-Jul-21)
Debentures Stable
(07-Jul-20)
1)CARE AAA;
Debentures- Stable
1)CARE AAA; 1)CARE AAA;
Non 1)Withdrawn (04-Mar-21)
7 LT - - Stable Stable
Convertible (05-Jul-23) 2)CARE AAA;
(06-Jul-22) (07-Jul-21)
Debentures Stable
(07-Jul-20)
1)CARE AAA;
Stable
(04-Mar-21)
Debentures-
CARE 1)CARE AAA; 1)CARE AAA; 1)CARE AAA; 2)CARE AAA;
Non
8 LT 2795.00 AAA; Stable Stable Stable Stable
Convertible
Stable (05-Jul-23) (06-Jul-22) (07-Jul-21) (07-Jul-20)
Debentures
3)CARE AAA;
Stable
(06-Apr-20)
1)CARE AAA;
Stable
(04-Mar-21)
Debentures-
1)CARE AAA; 1)CARE AAA; 1)CARE AAA; 2)CARE AAA;
Non
9 LT - - Stable Stable Stable Stable
Convertible
(05-Jul-23) (06-Jul-22) (07-Jul-21) (07-Jul-20)
Debentures
3)CARE AAA;
Stable
(12-May-20)
Debentures-
CARE
Non
10 LT 20000.00 AAA;
Convertible
Stable
Debentures
LT: Long term, ST: Short term.

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

Annexure-4: Complexity level of the various instruments rated

Sr.
Name of the Instrument Complexity Level
No.
1 Commercial Paper-Commercial Paper (Standalone) Simple
2 Debentures-Non Convertible Debentures Simple

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

Sr. % Sr. %
Name of Company Name of Company
No. holding No. holding
1 7-India Convenience Retail Limited 85.06% 170 Radiant Satellite (India) Private Limited 34.14%
2 Aaidea Solutions Limited 82.07% 171 Radisys B.V. 66.43%
3 Actoserba Active Wholesale Limited 73.28% 172 Radisys Canada Inc. 66.43%
4 Addverb Technologies B.V. 49.51% 173 Radisys Cayman Limited 66.43%
Addverb Technologies Limited (Formerly
5 known as Addverb Technologies Private 49.51% 174 Radisys Convedia (Ireland) Limited 66.43%
Limited)
6 Addverb Technologies Pte Limited 49.51% 175 Radisys Corporation 66.43%
7 Addverb Technologies Pty Limited 49.51% 176 Radisys GmbH 66.43%
8 Addverb Technologies USA Inc. 49.51% 177 Radisys India Limited 66.43%
9 Adventure Marketing Private Limited 100.00% 178 Radisys International LLC 66.43%
10 AETN18 Media Private Limited 21.27% 179 Radisys International Singapore Pte. Ltd. 66.43%
Amante Exports (Private) Limited
11 (Formerly known as MAS Brands Exports 85.06% 180 Radisys Spain S.L.U. 66.43%
(Private) Limited)
Amante India Limited (Formerly known as Radisys Systems Equipment Trading
12 85.06% 181 66.43%
Amante India Private Limited) (Shanghai) Co. Ltd.
Amante Lanka (Private) Limited (Formerly
Radisys Technologies (Shenzhen) Co.
13 known as MAS Brands Lanka (Private) 85.06% 182 66.43%
Ltd.
Limited)
14 Asteria Aerospace Limited 49.54% 183 Radisys UK Limited 66.43%
Bhadohi DEN Entertainment Private
15 34.14% 184 RB Holdings Private Limited 100.00%
Limited
16 Catwalk Worldwide Private Limited 72.33% 185 RB Media Holdings Private Limited 100.00%
17 Channels India Network Private Limited 50.55% 186 RB Mediasoft Private Limited 100.00%
Chennai Cable Vision Network Private
18 40.17% 187 RBML Solutions India Limited 51.00%
Limited
19 Colorful Media Private Limited 100.00% 188 REC Americas LLC 100.00%
20 Colosceum Media Private Limited 73.15% 189 REC ScanModule Sweden AB 100.00%
Cover Story Clothing Limited (Formerly
21 85.06% 190 REC Solar (Japan) Co., Ltd. 100.00%
known as Future Style Lab Limited)
Cover Story Clothing UK Limited (Formerly
22 85.06% 191 REC Solar EMEA GmbH 100.00%
known as Future Style Lab UK Limited)
C-Square Info-Solutions Limited (Formerly
23 known as C-Square Info-Solutions Private 69.44% 192 REC Solar France SAS 100.00%
Limited)
Dadha Pharma Distribution Limited
24 (Formerly known as Dadha Pharma 85.06% 193 REC Solar Holdings AS 100.00%
Distribution Private Limited)
DEN Ambey Cable Networks Private
25 40.84% 194 REC Solar Norway AS 100.00%
Limited
26 Den Broadband Limited 66.95% 195 REC Solar Pte. Ltd. 100.00%
Den Budaun Cable Network Private
27 34.14% 196 REC Systems (Thailand) Co., Ltd. 99.99%
Limited
Den Discovery Digital Networks Private
28 34.14% 197 REC Trading (Shanghai) Co., Ltd. 100.00%
Limited
29 Den Enjoy Cable Networks Private Limited 34.14% 198 REC US Holdings, Inc. 100.00%
Den Enjoy Navaratan Network Private
30 17.41% 199 Recron (Malaysia) Sdn. Bhd. 100.00%
Limited
31 Den F K Cable TV Network Private Limited 34.14% 200 Reliance 4IR Realty Development Limited 100.00%
Reliance A&T Fashions Private limited
32 Den Fateh Marketing Private Limited 34.14% 201 (Formerly known as Abraham and 63.37%
Thakore Exports Private Limited)
Reliance Abu Sandeep Private Limited
33 Den Kashi Cable Network Limited 34.14% 202 (Formerly known as ABSA Fashions 43.38%
Private Limited)
34 Den Malayalam Telenet Private Limited 34.14% 203 Reliance AK-OK Fashions Limited 51.04%
Den Mod Max Cable Network Private
35 34.14% 204 Reliance Ambit Trade Private Limited 100.00%
Limited
Den Nashik City Cable Network Private
36 34.14% 205 Reliance Beauty & Personal Care Limited 85.06%
Limited
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Sr. % Sr. %
Name of Company Name of Company
No. holding No. holding
37 Den Networks Limited 66.95% 206 Reliance Bhutan Limited 100.00%
Den Premium Multilink Cable Network
38 34.14% 207 Reliance Bio Energy Limited 100.00%
Private Limited
Den Rajkot City Communication Private
39 34.13% 208 Reliance BP Mobility Limited 51.00%
Limited
40 Den Satellite Cable TV Network Limited 34.14% 209 Reliance Brands Holding UK Limited 68.75%
41 Den Saya Channel Network Limited 34.14% 210 Reliance Brands Limited 68.75%
Den Supreme Satellite Vision Private Reliance Brands Luxury Fashion Private
42 66.95% 211 69.68%
Limited Limited
43 Den-Manoranjan Satellite Private Limited 66.95% 212 Reliance Carbon Fibre Cylinder Limited 100.00%
44 Digital Media Distribution Trust 100.00% 213 Reliance Chemicals and Materials Limited 100.00%
Reliance Clothing India Limited (Formerly
45 Digital18 Media Limited 73.15% 214 known as Reliance Clothing India Private 85.06%
Limited)
46 Drashti Cable Network Limited 55.47% 215 Reliance Commercial Dealers Limited 100.00%
47 Dronagiri Bokadvira East Infra Limited 100.00% 216 Reliance Comtrade Private Limited 100.00%
48 Dronagiri Bokadvira North Infra Limited 100.00% 217 Reliance Consumer Products Limited 85.06%
49 Dronagiri Bokadvira South Infra Limited 100.00% 218 Reliance Content Distribution Limited 100.00%
50 Dronagiri Bokadvira West Infra Limited 100.00% 219 Reliance Corporate IT Park Limited 100.00%
51 Dronagiri Dongri East Infra Limited 100.00% 220 Reliance Digital Health Limited 100.00%
52 Dronagiri Dongri North Infra Limited 100.00% 221 Reliance Digital Health USA Inc. 100.00%
53 Dronagiri Dongri South Infra Limited 100.00% 222 Reliance Eagleford Upstream Holding LP 100.00%
54 Dronagiri Dongri West Infra Limited 100.00% 223 Reliance Eagleford Upstream LLC 100.00%
Reliance Eminent Trading & Commercial
55 Dronagiri Funde East Infra Limited 100.00% 224 100.00%
Private Limited
56 Dronagiri Funde North Infra Limited 100.00% 225 Reliance Ethane Holding Pte Limited 100.00%
57 Dronagiri Funde South Infra Limited 100.00% 226 Reliance Ethane Pipeline Limited 100.00%
58 Dronagiri Funde West Infra Limited 100.00% 227 Reliance Exploration & Production DMCC 100.00%
Reliance Finance and Investments USA
59 Dronagiri Navghar East Infra Limited 100.00% 228 100.00%
LLC
Dronagiri Navghar North First Infra Reliance GAS Lifestyle India Private
60 100.00% 229 35.22%
Limited Limited
61 Dronagiri Navghar North Infra Limited 100.00% 230 Reliance Gas Pipelines Limited 100.00%
Dronagiri Navghar North Second Infra Reliance Global Energy Services
62 100.00% 231 100.00%
Limited (Singapore) Pte. Limited
Dronagiri Navghar South First Infra
63 100.00% 232 Reliance Global Energy Services Limited 100.00%
Limited
64 Dronagiri Navghar South Infra Limited 100.00% 233 Reliance Global Project Services Pte. Ltd. 100.00%
Dronagiri Navghar South Second Infra Reliance Global Project Services UK
65 100.00% 234 100.00%
Limited Limited
66 Dronagiri Navghar West Infra Limited 100.00% 235 Reliance Hydrogen Electrolysis Limited 100.00%
67 Dronagiri Pagote East Infra Limited 100.00% 236 Reliance Hydrogen Fuel Cell Limited 100.00%
Reliance Industrial Investments and
68 Dronagiri Pagote North First Infra Limited 100.00% 237 100.00%
Holdings Limited
69 Dronagiri Pagote North Infra Limited 100.00% 238 Reliance Industries (Middle East) DMCC 100.00%
Dronagiri Pagote North Second Infra
70 100.00% 239 Reliance Infratel Limited 100.00%
Limited
Reliance Innovative Building Solutions
71 Dronagiri Pagote South First Infra Limited 100.00% 240 100.00%
Private Limited
72 Dronagiri Pagote South Infra Limited 100.00% 241 Reliance International Limited 100.00%
73 Dronagiri Pagote West Infra Limited 100.00% 242 Reliance Jio Global Resources, LLC 66.43%
74 Dronagiri Panje East Infra Limited 100.00% 243 Reliance Jio Infocomm Limited 66.43%
75 Dronagiri Panje North Infra Limited 100.00% 244 Reliance Jio Infocomm Pte. Ltd. 66.43%
76 Dronagiri Panje South Infra Limited 100.00% 245 Reliance Jio Infocomm UK Limited 66.43%
77 Dronagiri Panje West Infra Limited 100.00% 246 Reliance Jio Infocomm USA, Inc. 66.43%
78 e-Eighteen.com Limited 67.26% 247 Reliance Jio Media Limited 100.00%
Reliance Lifestyle Products Private
79 Elite Cable Network Private Limited 42.29% 248 69.21%
Limited
80 Eminent Cable Network Private Limited 37.49% 249 Reliance Lithium Werks B. V. 85.79%
81 Enercent Technologies Private Limited 57.40% 250 Reliance Lithium Werks USA LLC 85.79%
Reliance Logistics and Warehouse
82 Faradion Limited 92.01% 251 85.06%
Holdings Limited
8 CARE Ratings Ltd.
Press Release

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

9 CARE Ratings Ltd.

Press Release

Sr. % Sr. %
Name of Company Name of Company
No. holding No. holding
Jio Cable and Broadband Holdings Private
119 100.00% 288 Reliance Vantage Retail Limited 100.00%
Limited
Jio Content Distribution Holdings Private
120 100.00% 289 Reliance Ventures Limited 100.00%
Limited
Jio Digital Distribution Holdings Private
121 100.00% 290 Reliance-Grand Optical Private Limited 85.06%
Limited
122 Jio Estonia OÜ 66.43% 291 Reverie Language Technologies Limited 56.16%
Jio Futuristic Digital Holdings Private
123 100.00% 292 RIL USA, Inc. 100.00%
Limited
124 Jio Haptik Technologies Limited 66.43% 293 RISE Worldwide Limited 100.00%
Jio Information Aggregator Services
125 100.00% 294 Ritu Kumar ME (FZE) 44.41%
Limited
Jio Infrastructure Management Services
126 100.00% 295 Rod Retail Private Limited 85.06%
Limited
Jio Internet Distribution Holdings Private
127 100.00% 296 Roptonal Limited 21.27%
Limited
128 Jio Limited 100.00% 297 Rose Entertainment Private Limited 34.14%
129 Jio Media Limited 66.43% 298 RP Chemicals (Malaysia) Sdn. Bhd. 100.00%
130 Jio Platforms Limited 66.43% 299 RRB Mediasoft Private Limited 100.00%
Saavn Holdings, LLC (Formerly known as
131 Jio Satellite Communications Limited 66.43% 300 58.23%
Saavn, Inc.)
Jio Television Distribution Holdings Private
132 100.00% 301 Saavn, LLC 58.23%
Limited
133 Jio Things Limited 66.43% 302 Saavn Media Limited 58.23%
134 Just Dial Limited 54.78% 303 Sankhya Sutra Labs Limited 57.66%
135 Kalamboli East Infra Limited 100.00% 304 Sensehawk Inc 79.40%
136 Kalamboli North First Infra Limited 100.00% 305 Sensehawk India Private Limited 79.40%
137 Kalamboli North Infra Limited 100.00% 306 Sensehawk MEA Limited 79.40%
138 Kalamboli North Second Infra Limited 100.00% 307 Shopsense Retail Technologies Limited 73.74%
139 Kalamboli North Third Infra Limited 100.00% 308 Shri Kannan Departmental Store Limited 85.06%
140 Kalamboli South First Infra Limited 100.00% 309 skyTran Inc. 62.83%
141 Kalamboli South Infra Limited 100.00% 310 Srishti Den Networks Limited 34.14%
142 Kalamboli West Infra Limited 100.00% 311 Stoke Park Limited 100.00%
Kalanikethan Fashions Limited (Formerly
143 known as Kalanikethan Fashions Private 85.06% 312 Strand Life Sciences Private Limited 79.53%
Limited)
Kalanikethan Silks Limited (Formerly
144 known as Kalanikethan Silks Private 85.06% 313 Surajya Services Limited 48.41%
Limited)
Kishna Den Cable Networks Private
145 34.14% 314 Surela Investment And Trading Limited 100.00%
Limited
146 Kutch New Energy Projects Limited 100.00% 315 Tesseract Imaging Limited 62.21%
147 Libra Cable Network Limited 34.14% 316 The Indian Film Combine Private Limited 83.17%
Lithium Werks China Manufacturing Co.,
148 85.79% 317 Tira Beauty Limited 85.06%
Ltd.
149 Lithium Werks Technology B. V. 85.79% 318 Tresara Health Limited 85.06%
150 M Entertainments Private Limited 83.17% 319 TV18 Broadcast Limited 41.70%
151 Mahadev Den Cable Network Limited 34.14% 320 Ulwe East Infra Limited 100.00%
Mahavir Den Entertainment Private
152 34.24% 321 Ulwe North Infra Limited 100.00%
Limited
153 Mansion Cable Network Private Limited 44.19% 322 Ulwe South Infra Limited 100.00%
154 Mayuri Kumkum Limited 43.38% 323 Ulwe Waterfront East Infra Limited 100.00%
155 Media18 Distribution Services Limited 73.15% 324 Ulwe Waterfront North Infra Limited 100.00%
156 Meerut Cable Network Private Limited 34.14% 325 Ulwe Waterfront South Infra Limited 100.00%
157 Mesindus Ventures Limited 70.88% 326 Ulwe Waterfront West Infra Limited 100.00%
158 Mindex 1 Limited 100.00% 327 Ulwe West Infra Limited 100.00%
Urban Ladder Home Décor Solutions
159 Model Economic Township Limited 100.00% 328 85.05%
Limited
160 Moneycontrol Dot Com India Limited 67.26% 329 V-Retail Private Limited 72.30%
161 MYJD Private Limited 54.78% 330 VasyERP Solutions Private Limited 83.52%
Netmeds Healthcare Limited (Formerly
162 85.06% 331 VBS Digital Distribution Network Limited 34.14%
known as Netmeds Marketplace Limited)
10 CARE Ratings Ltd.
Press Release

Sr. % Sr. %
Name of Company Name of Company
No. holding No. holding
163 Network 18 Media Trust 73.15% 332 Viacom 18 Media (UK) Limited 21.27%
164 Network18 Media & Investments Limited 73.15% 333 Viacom 18 Media Private Limited 21.27%
New Emerging World of Journalism
165 49.82% 334 Viacom 18 US Inc. 21.27%
Limited
Vitalic Health Limited (Formerly known
166 NextGen Fast Fashion Limited 85.06% 335 64.59%
as Vitalic Health Private Limited)
167 Nilgiris Stores Limited 85.06% 336 Watermark Infratech Private Limited 100.00%
NowFloats Technologies Limited (Formerly
168 known as NowFloats Technologies Private 75.13% 337 Web18 Digital Services Limited 73.15%
Limited) India
Purple Panda Fashions Limited (Formerly
169 known as Purple Panda Fashions Private 77.46%
Limited)

Annexure-6: Lender details: Not applicable

Note on the complexity levels of the rated instruments: CARE Ratings has classified instruments rated by it on the basis
of complexity. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any
clarifications.

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Phone: +91-22-6754 3404
E-mail: [email protected] Name: Krunal Modi
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CARE Ratings Limited
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E-mail: [email protected]

About us:
Established in 1993, CARE Ratings is one of the leading credit rating agencies in India. Registered under the Securities and
Exchange Board of India, it has been acknowledged as an External Credit Assessment Institution by the RBI. With an equitable
position in the Indian capital market, CARE Ratings provides a wide array of credit rating services that help corporates raise capital
and enable investors to make informed decisions. With an established track record of rating companies over almost three decades,
CARE Ratings follows a robust and transparent rating process that leverages its domain and analytical expertise, backed by the
methodologies congruent with the international best practices. CARE Ratings has played a pivotal role in developing bank debt
and capital market instruments, including commercial papers, corporate bonds and debentures, and structured credit.

Disclaimer:
The ratings issued by CARE Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to
sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. These ratings do not convey suitability or price for the investor.
The agency does not constitute an audit on the rated entity. CARE Ratings has based its ratings/outlook based on information obtained from reliable and credible
sources. CARE Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions
and the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings have paid a credit rating fee,
based on the amount and type of bank facilities/instruments. CARE Ratings or its subsidiaries/associates may also be involved with other commercial transactions with
the entity. In case of partnership/proprietary concerns, the rating/outlook assigned by CARE Ratings is, inter-alia, based on the capital deployed by the
partners/proprietors and the current financial strength of the firm. The ratings/outlook may change in case of withdrawal of capital, or the unsecured loans brought
in by the partners/proprietors in addition to the financial performance and other relevant factors. CARE Ratings is not responsible for any errors and states that it has
no financial liability whatsoever to the users of the ratings of CARE Ratings. The ratings of CARE Ratings do not factor in any rating-related trigger clauses as per the

11 CARE Ratings Ltd.

Press Release

terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and
triggered, the ratings may see volatility and sharp downgrades.

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12 CARE Ratings Ltd.