Reliance Industries

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Reliance Industries Limited
FormerlyReliance Commercial Corporation (1958–1966)
Reliance Textiles and Engineers (1966–1973)
Company type Public
ISIN INE002A01018
Industry Conglomerate
Founded1958;66 years ago (1958) [1]
Founder Dhirubhai Ambani
Headquarters
Mumbai, Maharashtra
,
India
Area served
Worldwide
Key people
 Mukesh Ambani
(Chairman & Managing Director)
Products Petroleum
Natural gas
Chemical
Petrochemical
Oil refining
Retail
Telecommunications
Media
Entertainment
RevenueIncrease2.svg₹1,000,122 crore (US$120 billion) [2]  (2024)
Increase2.svg₹104,340 crore (US$13 billion) (2024)
Increase2.svg₹79,020 crore (US$9.5 billion) (2024)
Total assets Increase2.svg₹1,755,986 crore (US$210 billion) (2024)
Total equity Increase2.svg₹925,788 crore (US$110 billion) (2024)
Owner Mukesh Ambani (51%) [3]
Number of employees
Decrease2.svg 347,362 (2024) [4]
Subsidiaries Jio Platforms (67.03%)
Reliance Retail
Jio Financial Services (47.12%)
Jio-bp (51%)
JioStar (16.34%)
Viacom18 (70.49%)
Network18 Group (56.89%)
DEN Networks (78.62%)
Hathway (71.95%)
Alok Industries (75%)
Reliance Foundation
Indiawin Sports
Relicord
Reliance Institute of Life Sciences
Reliance Industrial Infrastructure (45.43%)
Renewable Energy Corporation
Website www.ril.com OOjs UI icon edit-ltr-progressive.svg

Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai, Maharashtra, India. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation [5] and revenue, [6] and the 100th largest company worldwide. [7] It is India's largest private tax payer [8] and largest exporter, accounting for 7% of India's total merchandise exports. [9]

Contents

The company has attracted controversy for reports of political corruption, cronyism, fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources. [10] [11] [12] [13] [14] Its chairman, Mukesh Ambani, has been described as a plutocrat. [15]

History

1958–1980

Stamp released in 2002 to honor company founder Dhirubhai Ambani Dhirubhai Ambani 2002 stamp of India.jpg
Stamp released in 2002 to honor company founder Dhirubhai Ambani

Reliance Commercial Corporation was set up in 1958 by Dushyant Corporation (DC Group of Company) as a small venture firm trading commodities, especially spices and polyester yarn. [1] In 1965, the partnership ended and Dhirubhai continued the polyester business of the firm. [16] In 1966, Reliance Textiles Industries Pvt. Ltd. was incorporated in Maharashtra. It established a synthetic fabrics mill in the same year at Naroda in Gujarat. [17] On 8 May 1973, it became Reliance Textiles Industries Limited. In 1975, the company expanded its business into textiles, with "Vimal" becoming its major brand in later years. The company held its initial public offering (IPO) in 1977. [18] The issue was over-subscribed by seven times. [19] In 1979, a textiles company Sidhpur Mills was amalgamated with the company. [20] In 1980, the company expanded its polyester yarn business by setting up a Polyester Filament Yarn Plant in Patalganga, Raigad, Maharashtra with financial and technical collaboration with E. I. du Pont de Nemours & Co., U.S. [17]

1981–2000

In 1985, the name of the company was changed from Reliance Textiles Industries Ltd. to Reliance Industries Ltd. [17] During 1985 to 1992, the company expanded its installed capacity for producing polyester yarn by over 145,000 tonnes per annum. [17]

The Hazira petrochemical plant was commissioned in 1991–92. [21]

In 1993, Reliance turned to the overseas capital markets for funds through a global depository issue of Reliance Petroleum. In 1996, it became the first private sector company in India to be rated by international credit rating agencies. S&P rated Reliance "BB+, stable outlook, constrained by the sovereign ceiling". Moody's rated "Baa3, Investment grade, constrained by the sovereign ceiling". [22]

In 1995/96, the company entered the telecommunications industry through a joint venture with NYNEX, USA, and promoted Reliance Telecom Private Limited in India. [21]

In 1998, Reliance took over Indian Petrochemicals Corporation Limited during privatization of public sector enterprises.

In 1998/99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas. [21]

The years 1998–2000 saw the construction of the integrated petrochemical complex at Jamnagar in Gujarat, [21] the largest refinery in the world.

2001 onwards

In 2001, Reliance Industries Ltd. and Reliance Petroleum Ltd. became India's two largest companies in terms of all major financial parameters. [23] In 2001–02, Reliance Petroleum was merged with Reliance Industries. [18]

In 2002, Reliance announced India's biggest gas discovery (at the Krishna Godavari basin) in nearly three decades and one of the largest gas discoveries in the world during 2002. The in-place volume of natural gas was more than 7 trillion cubic feet, equivalent to about 120 crore (1.2 billion) barrels of crude oil. This was the first-ever discovery by an Indian private sector company. [18] [ non-primary source needed ] [24]

In 2002–03, RIL purchased a majority stake in Indian Petrochemicals Corporation Ltd. (IPCL), India's second largest petrochemicals company, from the government of India, [25] RIL took over IPCL's Vadodara Plants and renamed it as Vadodara Manufacturing Division (VMD). [26] [27] IPCL's Nagothane and Dahej manufacturing complexes came under RIL when IPCL was merged with RIL in 2008. [28] [29]

In 2005 and 2006, the company reorganised its business by demerging its investments in power generation and distribution, financial services and telecommunication services into four separate entities. [30] [ non-primary source needed ]

In 2006, Reliance entered the organised retail market in India [31] with the launch of its retail store format under the brand name of 'Reliance Fresh'. [32] [33] By the end of 2008, Reliance Retail had close to 600 stores across 57 cities in India. [18] [ non-primary source needed ]

In November 2009, Reliance Industries issued 1:1 bonus shares to its shareholders.[ citation needed ]

In 2010, Reliance entered the broadband services market with acquisition of Infotel Broadband Services Limited, which was the only successful bidder for pan-India fourth-generation (4G) spectrum auction held by the government of India. [34] [35] In the same year, Reliance and BP announced a partnership in the oil and gas business. BP took a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the KG-D6 block for $7.2 billion. [36] Reliance also formed a 50:50 joint venture with BP for sourcing and marketing of gas in India. [37]

In 2017, RIL set up a joint venture with Russian Company Sibur for setting up a Butyl rubber plant in Jamnagar, Gujarat, to be operational by 2018. [38]

In August 2019, Reliance added Fynd [39] primarily for its consumer businesses and mobile phone services in the e-commerce space. [40] [41]

In December 2022, Reliance Industries Market cap stood at Rs.17,59,017.23 crore. [42]

In February 2024, Reliance Industries Ltd. and The BharatGPT group announced that it will launch large language model (LLM), Hanuman's AI system in March 2024. The model will work in 11 local languages in four major areas: health, governance, financial services and education. [43]

In March 2024, Reliance Industries partnered with Disney to introduce Reliance-Disney OTT platform. [44] [45]

On 24 October 2024, Nvidia to supply chips to Reliance, other Indian companies in AI push . [46]

Shareholding

The number of shares of RIL are approx. 644.51 crore (6.44 billion). [47] The promoter group, the Ambani family, holds 50.39% of the total shares whereas the remaining 49.61% shares are held by public shareholders, including FII and corporate bodies. [47] Life Insurance Corporation of India, public sector company, is the largest non-promoter investor in the company, with 6.49% shareholding. [48]

In January 2012, the company announced a buyback program to buy a maximum of 12 crore (120 million) shares for ₹10,400 crore (US$1.5 billion). By the end of January 2013, the company had bought back 4.62 crore (46.2 million) shares for ₹3,366 crore (US$400 million). [49]

Listing

The company's equity shares are listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited. The Global Depository Receipts (GDRs) issued by the company are listed on London Stock Exchange. [50] [51] It has issued approx. 5.6 crore (56 million) GDRs wherein each GDR is equivalent to two equity shares of the company. Approximately 3.46% of its total shares are listed on Luxembourg Stock Exchange. [47] [ non-primary source needed ]

Its debt securities are listed at the Wholesale Debt Market (WDM) Segment of the National Stock Exchange of India Limited (NSE). [52] [ non-primary source needed ]

It has received domestic credit ratings of AAA from CRISIL (S&P subsidiary) and Fitch. Moody's and S&P have provided investment grade ratings for international debt of the company, as Baa2 positive outlook (local currency issuer rating) and BBB+ outlook respectively. [53] [ non-primary source needed ] [54] [55] On 28 December 2017, RIL announced that it will be acquiring the wireless assets of Anil Ambani-led Reliance Communications for about ₹23,000 crores. [56]

Operations

The company's petrochemical, refining, and oil and gas-related operations form the core of its business; other divisions of the company include cloth, retail, telecommunications, and special economic zone (SEZ) development. In 2012–13, it earned 76% of its revenue from refining, 19% from petrochemicals, 2% from oil & gas and 3% from other segments. [57] [ non-primary source needed ]

In July 2012, RIL informed that it was going to invest US$1 billion over the next few years in its new aerospace division which will design, develop and manufacture equipment and components, including aircraft, engine, radars, avionics and accessories for military and civilian aircraft, helicopters, unmanned airborne vehicles, and aerostats. [58]

In July 2024, Reliance Industries was granted the approval by United States to resume importing oil from Venezuela. [59]

The company had more than 200 subsidiary companies and more than 15 associate companies as of 2024. [60] [61]

Subsidiaries

Jio Platforms

Jio Platforms Limited, essentially a technology company, is a majority-owned subsidiary of RIL. It has a valuation of more than US$ 100 billion on expert view as of October 2022. It is the result of a corporate restructuring announced in October 2019, resulting in all the digital initiatives and the telecommunication assets being housed under this new subsidiary. [62] This new subsidiary holds all the digital business assets including Reliance Jio Infocomm Ltd, which in turn holds the Jio connectivity business - mobile, broadband and enterprise, and also the other digital assets (Jio Apps, Tech backbone and Investments in other tech entities like Haptic, Hathway and Den Networks among others). [63] In April 2020, RIL announced a strategic investment of ₹43,574 crore (US$5.2 billion) by Facebook into Jio Platforms. This investment translated into a 9.99% equity stake, on a fully diluted basis. [64] [ non-primary source needed ] Further in May 2020, RIL sold roughly 1.15% stake in Jio Platforms for ₹5,656 crore (US$680 million) to the American private equity investor, Silver Lake Partners. [65] Intel became the 12th company to invest in Reliance Jio platforms after it invested ₹1,894.50 crore ($250 million), the total investments in Jio platforms is ₹117,588.45 crore so far. [66] On 16 July 2020, Google announced that it will acquire a 7.7% stake in Jio Platforms for ₹33,737 crore. [67] Mukesh Ambani has named his son, Akash Mukesh Ambani as the chairperson of Jio in 2022. [68]

Reliance Retail

Reliance Retail is the retail business wing of the Reliance Industries. In March 2013, it had 1466 stores in India. [69] [ non-primary source needed ] It is the largest retailer in India. [70] Many brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness, Reliance Trends, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, Reliance Market (Cash n Carry) and Reliance Jewel come under the Reliance Retail brand. Its annual revenue for the financial year 2012–13 was ₹108 billion (US$1.3 billion) with an EBITDA of ₹780 million (US$9.3 million). Its market value is more than $60 billion. [57] [ non-primary source needed ] [71] Mukesh Ambani stepped down from the position of chairperson of Reliance Retail and handed over the job to his daughter Isha Ambani Piramal. [72] Ambani announced it during the 45th Reliance AGM, in 2022. As per reports, this act is a part of Ambani's leadership transition. [73]

Reliance Industrial Infrastructure

Reliance Industrial Infrastructure Limited (RIIL) is an associate company of RIL. It was incorporated in September 1988 as Chembur Patalganga Pipelines Limited, with the main objective being to build and operate cross-country pipelines for transporting petroleum products. The company's name was subsequently changed to CPPL Limited in September 1992, and thereafter to its present name, Reliance Industrial Infrastructure Limited, in March 1994. [74] RIIL is mainly engaged in the business of setting up and operating industrial infrastructure. The company is also engaged in related activities involving leasing and providing services connected with computer software and data processing. [75] [ non-primary source needed ]

Network18 Group

Between 2011 and 2014, Reliance acquired majority stake in Network18 Group. Though Network18, Reliance owns multiple news channels including CNN-News18 and News18 India. [76]

Network 18 is a mass media company. It has interests in television, digital platforms, publication, mobile apps and films. It also operates two joint ventures, namely Viacom18 and History TV18 with Viacom and A+E Networks respectively. It has also acquired a partial part of ETV Network and since renamed its channels under the Colors TV brand.[ citation needed ]

Other

Former holdings

In March 2017, Reliance Industries Ltd (RIL) completed the sale process of its 76% equity stake in Mauritius-based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of the French oil and gas firm Total SE. [102]

The East West Pipeline has been acquired by India Infrastructure Trust, which is owned by Brookfield Asset Management for a consideration of ₹ 13,000 crore. [103]

Criticism and controversies

The company has attracted controversy for reports of political corruption, cronyism, fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources. [10] [104] [12] [13] [105] The chairman of Reliance Industries, Mukesh Ambani, has been described as a plutocrat. [106]

ONGC litigation

In May 2014, ONGC moved to Delhi High Court accusing RIL of pilferage of 18 billion cubic metres of gas from its gas-producing block in the Krishna Godavari basin. [107] Subsequently, the two companies agreed to form an independent expert panel to probe any pilferage. [108]

Cronyism

Seminar magazine (2003) detailed Reliance founder Dhirubhai Ambani's proximity to politicians, his enmity with Bombay Dyeing's Nusli Wadia, the exposes by the Indian Express and Arun Shourie about illegal imports by the company and overseas share transactions by shell companies, and the botched attempt to acquire Larsen & Toubro. [109]

As early as 1996, Outlook magazine addressed other controversies related to fake and switched shares; insider trading; and a nexus with the state-owned Unit Trust of India. Five main allegations concerning Reliance, which have plunged the Indian capital markets into a period of uncertainty unsurpassed since the days of the securities scam were:

2005 Criminal investigation

The Central Bureau of Investigation (CBI) filed a charge sheet in a Mumbai court against Reliance Industries Limited (RIL) and four retired employees of National Insurance Company Limited (NICL), including a former CMD, under provisions of the Prevention of Corruption Act for criminal conspiracy and other charges. Acting on a reference from CVC in March 2005, the CBI started probing the conspiracy that led to the filing of the charge sheet on 9 December 2011. The 2005 complaint had alleged irregularities in the issuance of insurance policies — for coverage of default payments — by NICL to RIL. The charge sheet also mentioned criminal offenses with dishonest intention and causing wrongful loss totaling ₹147.41 crores to NICL and wrongful gain to the private telecom provider. [12]

Two retired senior officials of National Insurance Company Limited and 11 others were awarded varying jail terms by a Delhi court in Jan 2014. [110]

RIL plane grounded

A business jet owned by Reliance Industries (RIL) was grounded by The Directorate General of Civil Aviation (DGCA) on 22 March 2014 during a surprise inspection, for carrying expired safety equipment on board; its pilot was also suspended for flying without a license. [111]

Krishna Godavari (KG) Basin gas controversy

Reliance Industries Limited (RIL) was supposed to relinquish 25% of the total area outside the discoveries in 2004 and 2005, as per the Production Sharing Contract (PSC). However, the entire block was declared as a discovery area and RIL was allowed to retain it. In 2011, the Comptroller and Auditor General of India (CAG) criticized the Oil Ministry for this decision. The CAG also faulted RIL for limiting the competition in contracts, stating that RIL awarded a $1.1 billion contract to Aker on a single-bid basis. [13] [112]

Petition against Reliance Jio

A PIL filed in the Supreme Court by an NGO Centre for Public Interest Litigation, through Prashant Bhushan, challenged the grant of a pan-India license to RJIL by the Government of India. The PIL alleged that RJIL was allowed to provide voice telephony along with its 4G data service, by paying an additional fee of just INR 16,580 million (US$280 million) which was arbitrary and unreasonable and contributed to a loss of INR 228,420 million (US$3.8 billion) to the exchequer. [113] [114]

The CAG in its draft report alleged rigging of the auction mechanism, whereby an unknown ISP, Infotech Broadband Services Pvt Ltd, acquired the spectrum by bidding 5000 times its net worth, after which the company was sold to Reliance Industries. [115]

Future Retail deal and possession

In February 2022, Reliance terminated the leases of hundreds of Future Retail locations, the next largest retail chain in India, and took possession of those brick-and-mortar shops. Future Retail had a deal to sell its assets to Reliance, but that deal was contested by Amazon.com, which in 2019 acquired a stake in a subunit of Future Retail along with certain rights with respect to the transfer of the retailer's assets. Reliance's possessions came after rounds of legal wrangling, including a 2020 arbitration in Singapore and an antitrust review by the Competition Commission of India. [116] [117] [118] [119]

Stock manipulation and penalty

For manipulating shares of Reliance Petroleum Limited (RPL), Reliance Industries was fined Rs. 950 crore (about 447 crore in retracted gains and 500 crore in interest) in 2007. [105] In April 2006, RPL went public as a Reliance subsidiary at a price of Rs. 60 per share. The market crashed by 30% after it floated at roughly Rs. 100, and RPL was back at 60. In accordance with Securities and Exchange Board of India directive, RIL carried out an organised operation with the help of its agents in order to obtain unauthorised profits from the trading of its formerly listed unit, RPL, which was combined with the former in 2009. [120] [121] [122] [123] [124]

Reliance demerger and family feud

The Ambani family holds around 45% of the shares in RIL. [125] Since its inception, the company was managed by its founder and chairman Dhirubhai Ambani. After suffering a stroke in 1986, he handed over the daily operations of the company to his sons Mukesh Ambani and Anil Ambani. After the death of Dhirubhai Ambani in 2002, the management of the company was taken up by both the brothers. In November 2004, Mukesh Ambani, in an interview, admitted to having differences with his brother Anil over 'ownership issues'. [126] He also said that the differences "are in the private domain". The share prices [127] of RIL were impacted by some margin when this news broke out. In 2005, after a bitter public feud between the brothers over the control of the Reliance empire, mother Kokilaben intervened to broker a deal splitting the RIL group business into two parts. [128] In October 2005, the split of Reliance Group was formalised. Mukesh Ambani got Reliance Industries and IPCL. Younger brother Anil Ambani received telecom, power, entertainment, and financial services business of the group. The Anil Dhirubhai Ambani Group includes Reliance Communications, Reliance Infrastructure, Reliance Capital, Reliance Natural Resources and Reliance Power. [129] [130]

The division of Reliance group business between the two brothers also resulted in de-merger of 4 businesses from RIL. [131] [132] These businesses immediately became part of Anil Dhirubhai Ambani Group. The existing shareholders in RIL, both the promoter group and non-promoters, received shares in the de-merged companies. [30]

Awards and recognition

See also

Related Research Articles

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Dhirajlal Hirachand "Dhirubhai" Ambani was an Indian billionaire businessman who founded Reliance Industries in 1958. Ambani took Reliance public in 1977. In 2016, he was honoured posthumously with the Padma Vibhushan, India's second-highest civilian honour for his contributions to trade and industry. Ambani faced numerous accusations of market manipulation, tax evasion, and cronyism.

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Anil Dhirubhai Ambani is an Indian businessman, chairman, and managing director of Reliance Group. The Reliance Group was created in July 2006 following a demerger from Reliance Industries Limited. He led several listed corporations, including Reliance Capital, Reliance Infrastructure, Reliance Power, and Reliance Communications. Anil's net worth is currently estimated at around $30 million.

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<span class="mw-page-title-main">Reliance Retail</span> Indian retail company

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