>RELIANCE INDUSTRIES LIMITED (JP MORGAN)

Everything you wanted to know about RIL…

RIL – India’s largest company
■ India’s largest company - $70 bn market cap
■ 12% of NIFTY, MSCI India; 13% of SENSEX
■ Daily trading volumes - $190mn

Key business segments
■ Refining – largest single location refinery complex in the world
■ Petrochemicals – local dominance, pursuing global opportunities
■ E&P – Changing earnings mix; driving earnings, valuations


Genesis
"Starting with textiles in the 1970s, RIL grew through a series of massive projects in polyester, fiber intermediates, plastics, petrochemicals, petroleum refining and oil & gas E&P. It is a fully integrated player in materials and the energy value chain. The company has ventured into organized retail and infrastructure development (SEZs) and pursuing inorganic growth opportunities in energy, chemicals.

"In 2005, as part of the family settlement, RIL underwent substantial restructuring. Dhirubhai
Ambani’s elder son, Mukesh Ambani, retained control of RIL with the core petrochemical, refining and E&P businesses. The younger son, Anil Ambani, got control of the telecom, power utility and financial services businesses

"Key strengths: Excellent project execution; managing the environment

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