"Growth has no limit at Reliance. I keep revising my vision.

Only when you can

dream it, you can do it."

Dhirubhai H. Ambani
Founder Chairman Reliance Group
December 28, 1932 - July 6, 2002

Dhirubhai Ambani founded Reliance as a textile company and led its evolution as a global
leader in the materials and energy value chain businesses.

He is credited to have brought about the equity cult in India in the late seventies and is
regarded as an icon for enterprise in India. He epitomized the spirit

'dare to dream and learn to excel'.

What is Reliance? The Reliance Group is Indias largest business house with total
revenues being more than $22.6 billion. This is equal to 3.5% of Indias GDP. Reliance
contributes to 10% of Indias total indirect tax and 6% of her total exports. Reliance network
of exports spread out to more than one hundred countries across the globe.
What are the activities of Reliance? It is involved in oil exploration and production, gas
refining and marketing, petrochemicals, textiles, financial services, insurance, power,
telecommunications and infocom initiatives.

The names of Reliance and Dhirubhai Ambani go hand in hand. He was born on 28th
December 1932, in Chorwad, Gujarat. He belonged to the Hindu Modh Bania community.
Dhirubhai built Indias largest private sector empire, Reliance, and created an equity cult. His
father was a schoolteacher. Dhirubhai started off by selling fried snacks to pilgrims in Mount
Girnar during weekends. After school he became a dispatch clerk at A.Besse & Company.
The latter became distributors of Shell and Dhirubhai was sent to manage an oil filling station
at Aden. For sometime he also worked in Dubai. In 1958 he returned to India with INR
50,000/- in his pocket. With this he set up a textile trading company.
This was the first chapter of the story of Reliance. Aptly helped by his wife and two sons
Dhirubhai diversified his interests to petrochemicals, telecommunications and information,
technology, energy, power, finance, capital markets and logistics. Reliance gave new
dimensions to Indias equity culture. Till then the market had been dominated by financial
institutions but with Reliance coming into the picture thousands of retail investors jumped
into the fray by putting their trust in the name of Reliance. With innovative instruments like
convertible debentures from the 1980s Reliance became a hot favorite in the Stock Market.
Reliance was the pioneer Indian company to raise funds in the international markets. Only
Indias sovereign rating restricted its high credit taking in international markets.
The Federation of Indian Chambers of Commerce and Industry named Dhirubhai Ambani of
Reliance.

The Indian Entrepreneur of the 20th century. The Times of India conducted a poll in
which he was acclaimed to be the greatest creator of wealth in the 20th century.
Thus we see that Reliance Industries Ltd was the brainchild and product of the labors of
Indian business tycoon, Dhirubhai Ambani alias Dhirajlal Hirachand Ambani.
The story of Reliance makes fascinating reading. During the 1950s the administrators of
Yemen discovered that a lot of their currency, the Rial, was disappearing through Aden
because of a young man placing unlimited buy orders for Rials. The Rials, at that time, were
made of pure silver and was greatly in demand in the London Bullion Exchange. Dhirubhai
bought and melted the Rials and sold it to the London bullion traders. Within three months
his work came to a halt but by that time he had made few lacs.
In the 60s Dhirubhai returned to India and started Reliance Commercial Corporation with a
humble capital. The business was related to the import of polyester yarn and export of spices.
The first address of Reliance was in Narsinathan Street in Masjid Bunder a small 350 sq ft
joint with a telephone, table and three chairs and only two assistants. The family too managed
in a one room flat.

The fortunes of Reliance soon began to change. In 1966 the first textile mill was set
up at Naroda using polyester fibre. He branded his products Vimal and thanks to
intensivemarketing , Vimal became a household name. Financial retail outlets were set up
where only Vimal brands were sold. In 1975 a visiting World Bank team certified it to be
excellent even by the standards of the developed world.

The next step of Reliance was to enter the equity world. An equity cult came to be
created. Nearly 60,000 investors from all parts of India placed their trust in Reliance IPO in
1977. Rural India and first time investors learnt to place its trust and money in the name of
Reliance.

In 1982 Reliance Industries came up against a rights issue about partly convertible
debentures. It was rumored that Reliance was making all efforts to see that their stock prices
did not fall by even an inch. Ready to strike, a Bear cartel consisting of a group of
stockbrokers from Calcutta began to short sell Reliance shares. Another group, friendly
towards Reliance began to buy the short sold shares on the Bombay Exchange. The Bears
were confident that the Bulls would soon run out of cash and be prepared for an
understanding under the badla-trading scheme prevalent in the Bombay Stock during that
time. But the tables came to be turned in favor of Reliance.

Dhirubhai himself provided the required cash when the Bulls demanded a physical
delivery of shares. The net result was that Reliance shares shot up from INR 152/- to 180/-
within a few minutes. The market was in uproar with Dhirubhai as the uncrowned king. The
Bombay Stock Exchange came to be closed for three full days. Authorities intervened and
brought down the unbadla rate to 2/- with a ruling that the Bear cartel would have to deliver
the shares within the next few days. The Bears bought Reliance shares from the market at
higher price levels and most probably Dhirubhai himself supplied these shares and earned a
healthy profit from the great adventure.

Questions naturally arose around Reliance. How could a yarn trader within a few
years cough up such huge amounts of cash during a crisis? Parliament began to face queries.
The Finance Minister gave the information that a non-resident Indian had invested nearly
220/- million INR in Reliance from 1982/83. These had been channelized through many
companies all registered in the Isle of Man. The peculiarity was that all the owners had the
common surname or Shah. However, Reserve Bank investigations did not find anything
wrong done by Reliance and its friends.

Keeping its core in petrochemicals Reliance soon diversified its activities to

telecommunications, information technology, energy, power, retail, textiles, infrastructure
services, capital markets and logistics. BBC described it as a business empire with an
estimated annual turnover of $12bn, and an 85,000- strong workforce. Reliance has the
distinction of being the only public limited company whose many annual general meetings
had to be held in stadiums with more than 350,000 shareholders in attendance.
Success creates jealousy. Reliance had to suffer its share.

Nusli Wadia of Bombay Dyeing group was once the biggest competitor of Reliance.
Wadia was known for his clout in political circles during the time when the economy had not
been liberalized. Competition took an ugly turn when during the seventies Wadia got a
permission from the then Janata Party ruled government to build a DMT (Dimethyl
Terephthalate) plant. Then Ramnath Goenka of Indian Express turned his pen against
Reliance. It seemed that Goenka was using a national newspaper for his own personal
vendetta. But despite everything people did not lose faith in Reliance. Reliance ran into rough
weather also with the V.P.Singh government. The license for importing Purified Terephthalic
Acid was cancelled. This was essential as a raw material for manufacturing polyester yarn.

The first stroke had paralyzed Dhirubhai but the second stroke spelt out the death
sentence for him. He died in 2nd July 2002 leaving behind at the helm of Reliance his two
sons Mukesh and Anil, wife and two daughters. His funeral was attended not only by big
business and politicians but also by thousands of ordinary folks. He is an example of what a
common person can do to help himself as well as the economy of his country.

At the time of his death the Reliance group had a gross turn over of INR 75,000 crores
from 70 crores in 1976/77. In 20003 Government of India issued a postal stamp
(denomination 5/- INR) in Dhirubhais honour.

Reliance began to flow through two channels after the death of Dhirubhai.
Differences broke out between his two sons over ownership issues as well as private matters.
It was expressed that this would have no impact on the functioning of the company it being a
company managed aggressively by professionals. This is of great importance to the Indian
economy as a whole. The wife of Dhirubhai, Kokilaben mediated for her sons.

Mukesh was awarded Reliance Industries and IPCL and this group came to be known,
as Reliance Industries Ltd. Anil became head of Infocomm, Reliance Energy and Reliance
Capital known as the Anil Dhirubhai Ambani Group (ADAG)
"Between my past, the present and the future, there is one common factor: Relationship
and Trust. This is the foundation of our growth."

Shri Dhirubhai H. Ambani

Founder Chairman Reliance Group
December 28, 1932 - July 6, 2002

Board of Directors of Reliance Industries Limited

Shri Mukesh D. Ambani

Chairman & Managing Director

Shri Nikhil R. Meswani Shri Hital R. Meswani Shri H.S.Kohli

Executive Director Executive Director Executive Director

Shri PMS Prasad

Shri Ramniklal H. Ambani Shri Mansingh L. Bhakta
Executive Director
Shri Yogendra P. Trivedi Dr. D. V. Kapur Shri M. P. Modi

Dr. Raghunath
Prof. Ashok Misra Prof. Dipak C Jain
Anant Mashelkar
Board Composition

The Company's policy is to maintain optimum combination of Executive and Non-

Executive Directors. The Board consists of 13 Directors, out of which 7 are Independent
Directors. Composition of the Board and category of Directors are as follows:

Category Name of the Directors

Promoter Director Mukesh D. Ambani

Chairman & Managing Director

Executive Directors

Nikhil R. Meswani

Hital R. Meswani

Hardev Singh Kohli

PMS Prasad

Non-Executive,
Ramniklal H. Ambani
Non-Independent Director

Independent Directors

Mansingh L. Bhakta

Yogendra P. Trivedi

Dr. D. V. Kapur

M. P. Modi

Prof. Ashok Misra

Prof. Dipak C Jain

Dr. Raghunath A Mashelkar

Board Committees

The Board has established the following Committees to assist the Board in discharging its
responsibilities:

• Audit Committee
• Remuneration Committee
• Shareholders'/Investors' Grievance Committee
 • Finance Committee
• Health, Safety and Environment Committee
• Corporate Governance and Stakeholders' Interface Committee
• Employees Stock Compensation Committee

The Board has adopted charters setting forth the roles and responsibilities of each of the
above Committees as well as qualifications for Committee membership, procedures for
Committee members' appointment and removal, Committee structure and operations and
reporting to the Board. The Board may constitute new Committees or dissolve any existing
Committee, as it deems necessary for the discharge of its responsibilities.

Growth through Governance

Reliance is in the forefront of implementation of Corporate Governance best practices

Corporate Governance at Reliance is based on the following main principles:

• Constitution of a Board of Directors of appropriate composition, size, varied expertise

and commitment to discharge its responsibilities and duties.

• Ensuring timely flow of information to the Board and its Committees to enable them
to discharge their functions effectively.

• Independent verification and safeguarding integrity of the Company’s financial

reporting.

• A sound system of risk management and internal control.

• Timely and balanced disclosure of all material information concerning the Company
to all stakeholders.

• Transparency and accountability.

• Compliance with all the applicable rules and regulations.

• Fair and equitable treatment of all its stakeholders including employees, customers,
shareholders and investors.

Manufacturing Facilities

• Reliance Industries Limited operates world-class manufacturing facilities across the

country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane,
Nagpur, Naroda, Patalganga, Silvassa and Vadodara.
• Allahabad Manufacturing Division located in Allahabad, Uttar Pradesh, is spread over
105 acres. It is equipped with polymerization and continuous polymerization
facilities.
• Barabanki Manufacturing Division located near Lucknow, Uttar Pradesh, is spread
over 106 acres. It manufactures Black Fibre.
• Dahej Manufacturing Division located near Bharuch, Gujarat, is spread over 1,778
acres. It comprises of an ethane / propane recovery unit, a gas cracker, a caustic
chlorine plant and 4 downstream plants, which manufacture polymers and fibre
intermediates.
• Hoshiarpur Manufacturing Division located in Hoshiarpur, Punjab, is spread over 69
acres. It manufactures a wide range of PSF, PFF, POY and polyester chips.
• Hazira Manufacturing Division located near Surat, Gujarat, is spread over 700 acres.
It comprises of a Naptha cracker feeding downstream fibre intermediates, plastics and
polyester plants.
• Jamnagar Manufacturing Division located in Jamnagar, Gujarat, is spread over 7,400
acres. It comprises of a petroleum refinery and associated petrochemical plants. The
refinery is equipped to refine various types of crude oil (sour crude, sweet crude or a
mixture of both) and manufactures various grades of fuel from motor gasoline to
Aviation Turbine Fuel (ATF). The petrochemicals plants produces plastics and fibre
intermediates.
• Nagothane Manufacturing Division located in Raigad, Maharashtra, is spread over
1,860 acres. It comprises of an ethane and propane gas cracker and five downstream
plants for the manufacture of polymers, fibre intermediates and chemicals.
• Nagpur Manufacturing Division located in Nagpur, Maharashtra, is spread over 368
acres. It manufactures polyester filament yarn, dope-dyed specialty products of
different ranges, fully drawn yarn and polyester chips.
• Naroda Manufacturing Division located near Ahmedabad, Gujarat, is RIL’s first
manufacturing facility and is spread over 150 acres. This synthetic textiles and fabrics
manufacturing facility manufactures and markets woven and knitted fabrics for home
textiles, synthetic and worsted suiting and shirting, ready to wear garments and
automotive fabrics.
• Patalganga Manufacturing Division located near Mumbai, Maharashtra, is spread over
200 acres. It comprises of polyester, fibre intermediates and linear alklyl benzene
manufacturing plants.
• Silvassa Manufacturing Division located in the Union Territory of Dadra and Nagar
Haveli, is spread over 127 acres. It manufactures a wide range of specialty products
such as Recron Stretch, Linen Like, Melange, Thick-n-thin and Bi-shrinkage yarns.
 • Vadodara Manufacturing Division located in Vadodara, Gujarat, is spread over 1,263
acres. It comprises of a Naptha cracker and 15 downstream plants for the manufacture
of polymers, fibres, fibre intermediates and chemicals.
• Each of these complexes has world class manufacturing facilities.

Products & Brands

The Company expanded into textiles in 1975. Since its initial public offering in 1977, the
Company has expanded rapidly and integrated backwards into other industry sectors, most
notably the production of petrochemicals and the refining of crude oil.

The Company now has operations that span from the exploration and production of oil and
gas to the manufacture of petroleum products, polyester products, polyester intermediates,
plastics, polymer intermediates, chemicals and synthetic textiles and fabrics.

The Company from time to time seeks to further diversify into other industries. The
Company's subsidiary Reliance Jamnagar Infrastructure Limited is currently establishing
infrastructure facilities such as roads and buildings for the proposed Special Economic Zone
(SEZ) at Jamnagar, Gujarat.

The Company's major products and brands, from oil and gas to textiles are tightly integrated
and benefit from synergies across the Company. Central to the Company's operations is its
vertical backward integration strategy; raw materials such as PTA, MEG, ethylene, propylene
and normal paraffin that were previously imported at a higher cost and subject to import
duties are now sourced from within the Company. This has had a positive effect on the
Company's operating margins and interest costs and decreased the Company's exposure to the
cyclicality of markets and raw material prices. The Company believes that this strategy is
also important in maintaining a domestic market leadership position in its major product lines
and in providing a competitive advantage.

The Company's operations can be classified into four segments namely:

• Petroleum Refining and Marketing business

• Petrochemicals business
• Oil and Gas Exploration & Production business
• Others

The Company has the largest refining capacity at any single location.
The Company is:

• Largest producer of Polyester Fibre and Yarn

• 4th largest producer of Polypropylene (PP) and Paraxylene (PX)
• 6th Largest producer of Purified Terephthalic Acid (PTA)
• 7th largest producer of Mono Ethylene Glycol (MEG)

Growth through Recognition

Reliance has merited a series of awards and recognitions for excellence for businesses and
operations.

2008-2009

• Shri Mukesh Ambani was awarded the Defence India Excellence Award 2007. The
Award is a salute to those who have made the country proud.

• Shri Mukesh Ambani was conferred the Indian of the Year Award by NDTV. This is
India’s most prestigious award for outstanding contribution towards the betterment of
the nation. Shri Mukesh Ambani received the coveted award in the Business
Category.

• Shri Mukesh Ambani was conferred the Outstanding Business Leader of the Year
Award by CNBC TV18.

• Shri Mukesh Ambani was awarded the Business Leadership Award 2007 by NDTV
Profit.

• Shri Mukesh Ambani was conferred the Leadership Award for Global Vision by the
United States India Business Council.

• Shri Mukesh Ambani was elected to be a member of the Honorary Fellows of The
Institution of Chemical Engineers, UK.

• On invitation to Shri Mukesh Ambani, Reliance Industries Limited became a Council

Member of World Business Council for Sustainable Development (WBCSD) in July
2007. Presently, Shri Mukesh Ambani is the only Indian CEO who is Council
Member of WBCSD.

Leadership
 • Shri Mukesh Ambani received the American India Foundation's (AIF), USA, 'The
2008 Annual Spring Gala Award' in 2008.

• Shri Mukesh Ambani was elected as Vice Chairman of the World Business Council
for Sustainable Development's (WBCSD) Executive Committee in 2008.

• Shri PMS Prasad has been named as the 'Energy Executive of the year 2008' by the
London based magazine, Petroleum Economist in 2009.

• Dr. R. A. Mashelkar received 'Foreign Fellow' from Australian Academy of

Technological Sciences and Engineering (ATSE) in 2008.

• Dr. R. A. Mashelkar represented India in the 'I-20 Global Innovation Leadership

Summit' held at San Francisco, USA, 2009.

• In recognition of his major contributions / achievements for the year, South Gujarat
Chamber of Commerce and Industry conferred 'CEO 2007-08, Golden Jubilee Trust
Award ' on Shri Hardev Singh Kohli in 2008
Corporate Ranking & Ratings:
• RIL continues to be featured, for the fifth consecutive year, in the Fortune Global 500
list of 'World's largest corporations'; ranking for 2009 is as follows:
 Ranked 264th in terms of sales
 Ranked 117th in terms of profits
• RIL is ranked 75th in 2009, in the FT Global 500 (up from previous year's 80th rank).

• RIL won the Golden Peacock Global Award for Excellence in Corporate Governance
for the year 2008.

• RIL is rated as 15th most innovative company in the world, climbing 4 positions, in a
survey conducted by Business Week and Boston Consulting Group. This survey of
around 3000 global CEOs is done to rate the world's top 50 most innovative
companies.

• Jamnagar Manufacturing Division bagged the 'Refinery of the Year Award for 2008',
for second successive year from 'Petroleum Federation of India'.
Health, Safety and Environment
• Dahej Manufacturing Division received the 'Greentech Safety Award 2009 - Gold'
from the Greentech Foundation for excellence in safety practices.
 • Hoshiarpur Manufacturing Division received BSC 5-Star Rating in Health & Safety
certification by BSC, UK, with a score of 94.2 percent. Further, the manufacturing
division got BSC 5Star Rating in environment certification by BSC, UK with a score
of 97.4 percent.

• Hoshiarpur Manufacturing Division bagged Punjab Safety Award for two consecutive
2007-08 & 2008-09.

• Hoshiarpur Manufacturing Division won 'Hong Kong Green Level Certificate' for its
PET recycling initiatives; the division recycled PET bottles of 30 tons per day.

• Jamnagar Manufacturing Division received 'Platinum Award' for excellence in

environment management in refinery and chemical sector, respectively, from
GreenTech Foundation, India.

• Jamnagar Manufacturing Division received 'G-Cube Award for Good Green

Governance' from Shrishti.

• Silvassa Manufacturing Division achieved 5-Star Rating in Safety & Health with a
rating score of 95.1% by British Safety Council (BSC), UK, and was also awarded the
'Sword of Honour - 2008' by BSC, UK.

• Silvassa Manufacturing Division achieved 5-Star rating in environment with 98.76%

by BSC, UK- highest percentage points in the world awarded by BSC so far in 95
countries. Further, Silvassa Manufacturing Division recognised for Golden Globe
Award in Environment by BSC, UK.
Training and Development
• Hazira Manufacturing Division's 'Truckers Safety Programme' and 'Workers Safety
Programme' received 'Excellence in Practice Award' from American Society for
Training & Development (ASTD) in the training management category.

• Patalganga Manufacturing Division was selected to receive an 'Excellence in Practice

Award' from ASTD
for the case study 'Learning Function - A catalyst to Organisational Change for Global
Leadership'.
Quality
• Allahabad Manufacturing Division's two quality circle projects were adjudged 'par
excellent' in the annual quality control exhibitions organised by National Centre for
Quality Control (NCQC) 2008.

• Dahej Manufacturing Division won the 'Ramkrishna Bajaj National Quality

Performance Excellence Trophy 2008'.

• Dahej Manufacturing Division's two quality circles: PVC and HDPE won the
'Excellence Award' at the 22nd National Convention.

• Hazira Manufacturing Division was bestowed 'International Star of Quality Award -

2008' (Platinum Category) at Geneva for institutionalising the TQM QC100 Quality
Principles.

• Hazira Manufacturing Division's Quality Control Circle won the International

Exposition on Team Excellence (IETEX) Gold Award 2008 at Singapore.

• Hazira Manufacturing Division won the second prize at International Quality &
Productivity Centre QPC Asia-Pacific Summit-2008 (Singapore) by 'Cobalt recovery
improvement in Catalyst Recovery Unit's Six Sigma project.

• Hazira Manufacturing Division excelled at the regional and national convention on

quality circles held at Vadodara with all its 9 participating teams getting various
recognitions for their QCC / Gemba Kaizen Activities.

• Hazira Manufacturing Division was conferred, at France, the highest recognition of 5

Star rating for a non-European organisation by the European Foundation for Quality
Management (EFQM) (Brussels), the Mecca for Business Excellence in Europe under
the aegis of Global Excellence Model (GEM) Council.

• Patalganga Manufacturing Division has won international award in the category 'Best
Process Improvement in Service & Transaction Project' through DMAIC of Six
Sigma. This summit was organised by International Quality & Productivity Centre,
London in 2008.
Energy Conservation / Efficiency
• Dahej Manufacturing Division bagged the 'Excellence in Energy Award 2008' for
energy conservation initiatives from Confederation of Indian Industry (CII).
 • Dahej Manufacturing Division bagged the 'Most Efficient Unit Award 2008' for
efficiency in water management at the site from CII.

• Hazira Manufacturing Division won the 'Golden Peacock Award for Combating
Climate Change - 2008' from Indian Chemical Council Award for excellence in
energy conservation and management.

• Hazira Manufacturing Division won the 'Indian Chemical Council Award' for water
resource management in chemical industry.

• Hazira Manufacturing Division won the 'CII National Award in Energy Management
2008'.

• Jamnagar Manufacturing Division received the National Award for 'Excellence in

Energy Management' for the fifth time from CII.
Technology, Patents, R&D and Innovation
• Hazira Manufacturing Division won the 'Indian Chemical Council Acharya PC Ray
Award 2008' for development of in-house technology of high performance catalyst for
external donor.

• Hazira Manufacturing Division won the 'Indian Chemical Council Merit Award 2008'
for Development of Indigenous Technology for Para Di Ethyl Benzene.

• Hazira Manufacturing Division won the 'Golden Peacock Innovation Award -2008'
from Institute of Directors at London for catalyst innovation.
Information Technology
• 'Bronze Winner - Excellence in Information Integrity (EII) Award', for profit
category, from Information Integrity Coalition (IIC), USA, in 2008.

• 'The NASSCOM - CNBC TV 18 IT User Award', in the manufacturing sector

category, in 2008.

• 'Indian Most Admired Knowledge Enterprise (MAKE) Award', KNOW Network,

USA, in 2008.

• 'Global CIO 50 - IT Leaders Changing the Business World' by Information Week,

USA, in 2009
Corporate Social Responsibility
• According to the Nielsen India Corporate Image Monitor 2008, a study designed to
 measure people's perceptions of the image and reputation of India's leading
companies, RIL is one of the most admired companies by stakeholders for its CSR
initiatives.
Sustainability Report
• Amongst 'India's 10 largest companies by market capitalisation', International Finance
Corporation (IFC) has rated RIL's Sustainability Report's reporting quality as "good" -
the highest rating given for this report, in 2009

Major Milestones

2009
• RPL merger with RIL: Value creation through scale and synergies - The merger of
Reliance Petroleum Limited (RPL) with Reliance Industries Limited (RIL) has
enabled seamless integration of operational scale and financial synergies that existed
between the two Companies. Assets and liabilities of RPL have been transferred to
RIL with effect from 1st April 2008, as per the approval granted by the Hon. High
Courts of Mumbai and Gujarat. Shareholders of RPL received 1 share of RIL in lieu
of every 16 shares of RPL held by them, as per the scheme of merger. Accordingly,
6.92 crore new equity shares of RIL have been allotted to the shareholders of RPL.

• RIL joins the league of global deepwater oil and gas operators - RIL commenced
production of hydrocarbons in its KGD6 block in the Krishna Godavari basin with the
production of sweet crude of 420 API. The production of oil in KG-D6 was
commissioned in just over two years of its discovery, making it the world’s fastest
green-field deepwater oil development project.

2008
• During the year, Reliance signed an agreement to acquire certain polyester (capacity)
assets of Hualon, Malaysia.

• In the Refining & Marketing business, Reliance took over majority control of Gulf
Africa Petroleum Corporation (GAPCO) and started shipping products to the East
African markets.

• Reliance also signed MoU with GAIL (India) Limited to explore opportunities of
 setting up petrochemical plants in feedstock rich countries outside India.

• Reliance Petroleum Limited (RPL) continued the second year of implementation of its
refinery project with an overall project progress of 90%.

• During the year, Reliance Retail Limited (RRL) continued its rollout of stores across
various verticals and formats. Reliance Retail today operates over 590 stores in 57
cities, spanning 13 states, with over 3.5 million square feet of trading space.
2007
• Value creation through integration - A landmark merger of Indian Petrochemicals
Corporation Limited (IPCL) with Reliance Industries Ltd. (RIL) has been completed.

• Reliance Retail entered the organised retail market in India with the launch of its
convenience store format under the brand name of ‘Reliance Fresh’.

• The world’s largest polyester expansion project commissioned during the year. We
brought a Polyester capacity of 550 KTA on stream at globally competitive costs in a
record time of eighteen months. With this expansion, our polyester capacity has been
augmented to 2 million tonnes per year. Subsequently, Reliance now have 4% of
global polyester capacity and 6% of global production.

• During the year, we expanded our polypropylene (PP) capacity by 280 KTA at
Jamnagar that increased the combined capacity to 1,710 KTA. With this expansion,
we now have 3.5% of global PP capacity and 3.6% of global PP production.

Financial Milestones

2009
• Total Assets crossed Rs. 200,000 crore mark (Rs. 245,706 crore, US$ 48.44 billion),
Networth crossed Rs. 100,000 crore mark (Rs. 126,373 crore, US$ 24.92 billion),
unparalleled in the Indian Private sector.

• RIL declares Dividend of 130%. Payout of Rs 1,897 Crore, highest in the Indian
Private Sector.
2008
 • Revenue crossed Rs. 130,000 crore mark (Rs. 139,269 crore, US$ 34.7 billion), Net
Profit crossed Rs. 15,000 crore mark (Rs. 19,458 crore, US$ 4.9 billion) and Total
Assets crossed Rs. 140,000 crore mark (Rs. 149,839 crore, US$ 37.3 billion),
unparalleled in the Indian Private sector.

• Exports crossed Rs. 80,000 crore mark (Rs. 83,492 crore, US$ 20.8 billion), 13.4%
of India's total exports.

• RIL declares Dividend of 130%. Payout of Rs 1,631 Crore, highest in the Indian
Private Sector.
2007
• Revenue crossed Rs. 100,000 crore mark (Rs. 118,354 crore, US$ 27 billion), Net
Profit crossed Rs. 10,000 crore mark (Rs. 11,943 crore, US$ 2.75 billion) and Total
Assets crossed Rs. 100,000 crore mark (Rs. 117,353 crore, US$ 27 billion),
unparalleled in the Indian Private sector.

• Exports crossed Rs. 60,000 crore mark (Rs. 66,627 crore, US$ 15 billion), 12% of
India's total exports.

• RIL declares Dividend of 110%. Payout of Rs 1,440 Crore, highest in the Indian
Private Sector.

Major Subsidiaries & Associates

RIL has ownership interest in the following subsidiaries & associates.

Major Subsidiaries :
Reliance Netherlands B.V.
Reliance Retail Limited
Reliance Jamnagar Infrastructure Limited
Reliance Haryana SEZ Limited
Reliance Industrial Investments and Holdings Limited
Reliance Ventures Limited
Reliance Strategic Investments Limited
Reliance Exploration and Production DMCC
Reliance Industries (Middle East) DMCC
Reliance Global Management Services Limited
Reliance Commercial Associates Limited
RIL (Australia) Pty Ltd
Recron (Malaysia) Sdn Bhd
Gulf African Petroleum Corporation (Mauritius)
GAPCO Tanzania Limited
GAPOil Tanzania Limited
GAPCO Kenya Limited
Transenergy Kenya Limited
GAPCO Uganda Limited
GAPCO Rwanda Sarl
GAPOil (Zanzibar) Limited
Reliance Fresh Limited
Retail Concepts and Services (India) Limited
Reliance Retail Insurance Broking Limited
Reliance Dairy Foods Limited
Reliance Retail Finance Limited
RESQ Limited
Reliancedigital Retail Limited
Reliance Financial Distribution and Advisory Services Limited
Reliance Hypermart Limited
Reliance Retail Travel & Forex Services Limited
Reliance Brands Limited
Reliance Wellness Limited
Reliance Footprint Limited
Reliance Integrated Agri Solutions Limited
Reliance Trends Limited
Reliance Lifestyle Holdings Limited
Reliance Universal Ventures Limited
Reliance Autozone Limited
Strategic Manpower Solutions Limited
Reliance Gems and Jewels Limited
Delight Proteins Limited
Reliance F&B Services Limited
Reliance Agri Products Distribution Limited
Reliance Leisures Limited
Reliance Retail Securities and Broking Company Limited
Reliance Home Store Limited
Reliance Trade Services Centre Limited
Reliance Food Processing Solutions Limited
Reliance Supply Chain Solutions Limited
Reliance Loyalty and Analylitics Limited
Reliance Digital Media Limited
Reliance-GrandOptical Private Limited
Reliance Vantage Retail Limited
Reliance People Serve Limited
Reliance Infrastructure Management Services Limited
Reliance International Exploration and Production, Inc
Reliance Petroinvestments Limited
Reliance Universal Commercial Limited
Reliance Global Commercial Limited
Wave Land Developers Limited
Reliance Cyprus Limited
Reliance Global Business B.V.
Reliance Global Energy Services Limited
Reliance Gas Corporation Limited
Reliance Global Energy Services (Singapore) Pte. Ltd
Reliance Polymers (India) Limited
Reliance Polyolefins Limited
Reliance Aromatics & Petrochemicals Private Limited
Reliance Energy and Project Development Private Limited
Reliance Chemicals Limited
Reliance Universal Enterprises Limited
Reliance One Enterprises Limited
Reliance Personal Electronics Limited
International Oil Trading Limited
Reliance Review Cinema Limited
Reliance Replay Gaming Limited
Reliance Nutritional Food Processors Limited
 Reliance Commercial Land & Infrastructure Private Limited
Reliance Eminent Trading & Commercial Private Limited
Reliance Progressive Traders Private Limited
Reliance Prolific Traders Private Limited
Reliance Universal Traders Private Limited
Reliance Prolific Commercial Private Limited
Reliance Comtrade Private Limited
Reliance Ambit Trade Private Limited
Reliance Corporate IT Park Limited
Reliance Petro Marketing Private Limited
LPG Infrastructure (India) Private Limited
Reliance Infosolution Private Limited
RIL USA Inc.
Reliance Corporate Centre Limited
Reliance Convention and Exhibition Centre Limited

Major Associates :
Reliance Industrial Infrastructure Limited
Reliance Europe Limited

STOCK

According to the company website "1 out of every 4 investors in India is a Reliance
shareholder." Reliance has more than 3 million shareholders, making it one of the world's
most widely held stock. Reliance Industries Ltd, subsequent to its split in January 2006 has
continued to grow. Reliance companies have been among the best performing in the Indian
stock market.

PRODUCTS

Reliance Industries Limited has a wide range of products from petroleum products,
petrochemicals, to garments (under the brand name of Vimal), Reliance Retail has entered
into the fresh foods market as Reliance Fresh and launched a new chain called Delight
Reliance Retail and NOVA Chemicals have signed a letter of intent to make energy-efficient
structures. The primary business of the company is petroleum refining and petrochemicals. It
operates a 33 million tonne refinery at Jamnagar in the Indian state of Gujarat. Reliance has
also completed a second refinery of 29 million tons at the same site which started operations
in December 2008. The company is also involved in oil & gas exploration and production. In
2002, it struck a major find on India's eastern coast in the Krishna Godavari basin. Production
from this find is expected to start by the third quarter of 2008.

SUBSIDIARIES

Major Subsidiaries & Associates - Reliance Petroleum Limited (RPL) is a subsidiary

of Reliance Industries Limited (RIL) and was created to exploit the emerging opportunities,
creating value in the refining sector worldwide. Reliance Life Sciences is a diversified and
integrated biotechnology initiative of the Reliance group companies, India's largest private
sector companies.

Reliance Industrial Infrastructure Limited (RIIL), a Reliance Group company, is

principally engaged in the formation and operation of industrial infrastructure, involving the
leasing and supply with the software of the computer and data processing.

Reliance Life Sciences Institute (Rils), established by Dhirubhai Ambani Foundation,

is an institution of higher education in various fields of life sciences and related technologies.

Solutions primarily to remote and rural areas and bring about a transformation in the
quality of life. reliance Logistics(P) Ltd., a Reliance group company, is a single window
solution provider for all your transportation, distribution, storage, logistics and supply chain
needs.

Reliance Clinical Research Services (RCRS), a Reliance group company, is a contract

research organization (CRO) and its wholly owned subsidiary of Reliance Life Sciences,
which aims to provide world-class services for clinical research, pharmaceuticals,
biotechnology companies and medical equipment.
Reliance Life Sciences (RLS) initiative, offering services of cord blood banking is supported
by Reliance Group, India's largest business house.

Reliance's Oil & Gas find

In 2002, Reliance found natural gas in the Krishna Godavari basin off the coast of Andhra
Pradesh near Vishakapatnam. It was the largest discovery of natural gas in world in financial
year 2002-2003. On 1 April 2009, Reliance Industries (RIL) commenced natural gas
production from its D-6 block in the Krishna-Godavari (KG) basin.

The gas reserve is 7 trillion cubic feet in size. Equivalent to 1.2 billion barrels (165 million
tonnes) of crude oil, but only 5 trillion cubic feet are extractable.

On 2008 Oct 8, Anil Ambani's Reliance Natural Resources took Reliance Industries to the
Bombay High Court to uphold a memorandum of understanding that said RIL will supply the
natural gas at $2.34 per million British thermal units to Anil Ambani.

Reliance Retail

Reliance Retail is the retail business wing of the Reliance business. Many brands like
Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness,
Reliance Trendz, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore,
Reliance Home Kitchens, and Reliance Jewel come under the Reliance Retail brand.

Environmental record

Reliance Industry is the worlds largest polyester producer and as a result one of the largest
producers of polyester waste in the world. In order to deal with this large amount of waste
they had to create a way to recycle the waste. They operate the largest polyester recycling
center that uses the polyester waste as a filling and stuffing. They use this process to develop
a strong recycling process which won them a reward in the Team Excellence competition.

Reliance Industries backed a conference on environmental awareness in New Delhi in 2006.

The conference was run by the Asia Pacific Jurist Association in partnership with the
Ministry of Environment & Forests, Govt. of India and the Maharashtra Pollution Control
Board. The conference was to help bring about new ideas and articles on various aspects of
environmental protection in the region. Maharashtra Pollution Control Board invited various
industries complied with the pollution control norms to take active part in the conference and
to support as a sponsor. The conference proved effective as a way to promote environmental
concern in the area.

Awards & Recognition

• International Refiner of the Year in 2005 at the 23rd Annual Hart's World Refining
and Fuels Conference

Awards for managers

• Mukesh D. Ambani received the United States of America-India Business Council

(USIBC) leadership award for "Global Vision" 2007 in Washington in July 2007.

• Mukesh D. Ambani was conferred the Asia Society Leadership Award by the Asia
Society, Washington, USA, May 2004.

• Mukesh D. Ambani ranked 13th in Asia's Power 25 list of The Most Powerful People
in Business published by Fortune magazine, August 2004.

• Mukesh D. Ambani is Economic Times Business Leader of the Year

 Anil Ambani

Anil Ambani (born June 4, 1959) is an Indian billionaire and a major shareholder in Reliance
Anil Dhirubhai Ambani Group. Anil's elder brother, Mukesh Ambani, is also a billionaire,
and owns another company called Reliance Industries. With an estimated personal wealth of
$ 17 Billion, he is the third richest Indian in the world, behind Mukesh Ambani and Lakshmi
Mittal.

He is a member of the Board of Overseers at the Wharton School of the University of

Pennsylvania. He is also the member of the Board of Governors of the Indian Institute of
Technology Kanpur; Indian Institute of Management, Ahmedabad. He is a member of the
Central Advisory Committee, Central Electricity Regulatory Commission. In March 2006, he
resigned. He is also the Chairman of Board of Governors of DA-IICT, Gandhinagar.

Career

Ambani joined Reliance, the company founded by his late father Dhirubhai Ambani, in 1983
as Co-Chief Executive Officer and is credited with having pioneered many financial
innovations in the Indian capital markets. For example, he led India's first forays into
overseas capital markets with international public offerings of global depositary receipts,
convertibles and bonds. He directed Reliance in its efforts to raise, since 1991, around US$2
billion from overseas financial markets; with a 100-year Yankee bond issue in January 1997
being the high point, after which people regarded him as a financial wizard. He along with his
brother, Mukesh Ambani, has steered the Reliance Group to its current status as India's
leading textiles, petroleum, petrochemicals, power, and telecom company.

He has been linked with several starlets in his long career including his current wife of more
than 15 years. He is a close friend of movie star Amitabh Bachchan and Subrata Roy.One of
his major achievements in the entertainment industry is the takeover of Adlabs, the movie
production to distribution to multiplex company that owns India's only dome theatre and the
recently announced joint venture worth US$ 825 million with Steven Spielberg

He has been embroiled in a dispute with his brother, Mukesh Ambani, over the supply of gas
from the latter's KG basin..
He recently topped Business Sheet's "world's biggest loser" list of business leaders who lost
money in the Late 2000s recession, losing $32.5 billion in 2008, which brought him out of
the top ten list to number 34 in 2009.

Awards and Recognition

* Voted the 3rd most powerful person in India in the 2009 India Today Power List, in
March.
* Voted Businessman of the Year 2006 by Times of India-TNS poll
* Adjudged as the CEO of the Year at the prestigious Platts Global Energy Awards for
2004.
* Voted as 'MTV Youth Icon of the Year for 2003' in September 2003.
* Conferred 'The Entrepreneur of the Decade Award' by the Bombay Management
Association, October 2002.
* Awarded the First Wharton Indian Alumni Award by the Wharton India Economic
Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global
leader in many of its business areas, December 2001.
* Conferred the ' Businessman of the Year 1997' award by India's leading business
magazine Business India, December 1997.

Personal life

He is married to Indian Bollywood Actress Tina Munim and has two sons Anmol and
Anshul. He has taken part in the Mumbai Marathon race. Ambani is also a fan of Coca-Cola
Championship club, Newcastle United and was extremely close to buying the club in
September 2008. In June 2004, Anil was elected as an Independent Member of the Rajya
Sabha - Upper House, Parliament of India with the support of the Samajwadi Party. He wakes
up daily at 4:00am, checks the news and then goes for a run.

Travel

He has a Bell 412 13-seat helicopter, which he purchased in 2001.

Assassination attempt

On the evening of 23 April 2009, mud, gravel and pebbles were found in his 13-seat
helicopter VT-RCL's (a Bell 412) gearbox. Despite the gear box being located at a height of
10 feet from the ground, the gravel and pebbles were put in the filler cap in the gear box. A
senior pilot of Reliance Transport and Travels Pvt. Ltd., Captain RN Joshi filed a complaint
with the Mumbai Police Commissioner's office, Maharashtra Chief Minister's office,
Maharasthra Home Minister's office, Chief Secretary's office, Joint Commissioner of Police's
office and also at the Santa Cruz Police Station.

The helicopter was standing outside a hangar at the Mumbai Airport when the sabotage was
found by Bharat Borge, a technician for Air Works. Borge was found dead on April 28, 2009
on Mumbai's suburban railway tracks between Vile Parle and Andheri. A letter was also
found with him. Railway Police believes that he might have been run over by the Churchgate-
bound fast-local. "Borge's mysterious death created a flutter, lending credence to Anil
Ambani's charge that certain 'rival business groups were trying to eliminate him'. "

The post-mortem conducted on Bharat Borge revelated that he died of shock due to multiple
fractures, resulting in brain haemorrhage. There was also a letter found in his pocket written
in marathi saying "I haven't done anything wrong. That day, some Reliance people came and
spoke to me. I didn't tell them anything. One of them took my number and said that he'll talk
to me later. I felt they were using me. I am writing this letter after thinking all night. It looks
like the blame will be on me. I think the investigation is on the right track and truth will
emerge soon."

Investigators later said that Borge's death was an accident and not suicide.

Airworks India Engineering Pvt. Ltd., the company that maintains the helicopter, was
questioning its employees in the case.

English Premier League

Ambani was in talks Everton officials over a deal to takeover the club. Before this he was
also on the brink of buying Newcastle United. He is now believed to be keen to re-kindle his
interest in Everton as Chairman Bill Kenwright has admitted he will now actively seek to sell
his shares due to the collapse of the clubs collapsed Destination Kirkby stadium project.