Plain-text annual report
Integrated Annual Report
2020-21
Made
for India.
Made
in India.
Essentials. Fuels.
Materials. Connectivity.
Reliance Industries Limited
is a Fortune 500 company
and the largest private
sector corporation in India.
Highlights FY 2020-21
CONSOLIDATED TURNOVER
18.3%
`5,39,238 crore
NET WORTH
58.2%
`5,87,999 crore
NET PROFIT
34.8%
`53,739 crore
Fund raises in FY 2020-21
JIO PLATFORMS
`1,52,056 crore
RELIANCE RETAIL
`47,265 crore
RIGHTS ISSUE
`53,124 crore
RELIANCE-BP FUEL RETAILING
PARTNERSHIP
`7,629 crore
Made for India.
Made in India.
Essentials. Fuels. Materials. Connectivity.
What is good for India is good for Reliance. This belief has shaped our ambitions and
actions every day since inception. Today, as India emerges as a global hotbed of innovation,
enterprise, connectivity and prosperity, we are partnering with a new generation of Indians
to propel the nation’s transformation. We are unleashing their power of innovation and
differentiated thinking while nurturing their commitment to a better planet and a better future
for all.
We are building new platforms and hyper‑growth engines that are intertwined with the
nation’s rapid progress on the world stage. We are constantly aligning our ambitions with
India’s dreams. We have committed resources and ideas to a digital revolution, created
world‑class manufacturing assets that produce clean fuels and materials of the future and
built a consumer‑focused, integrated retail ecosystem. We have also joined forces with the
best in the world, to bring the best of the world to India.
At Reliance, we are on a pursuit of self‑reliant, sustainable growth and are stepping up to the
challenge of taking on the future and making it India’s own.
Bringing finest shopping
experience to Indian
consumers
PG 14
Building India’s digital
lifeline for today and
tomorrow
PG 16
Creating sustainable
energy and materials
for India’s future needs
PG 18
Partnering
with the best in
the world for India
PG 20
Our dreams have to be bigger.
Our ambitions higher. Our
commitment deeper. And our
efforts greater. This is my dream
for Reliance and for India.
Shri Dhirubhai H. Ambani
Founder Chairman
For the first time in history,
mankind has an opportunity
to solve big problems
inherited from the past.
This will create a world
of prosperity, beauty and
happiness for all.
India must lead this change
to create a better world.
Shri Mukesh D. Ambani
Chairman and Managing Director
Table of contents
Corporate Overview
Management Review
Governance
Financial Statements
2
6
8
Reliance at a glance
Value-creation approach
Key performance indicators
10 Chairman and Managing
Director’s statement
14 Made for India. Made in India.
22 Standing together with India
24 Board of Directors
26 Value-creation model
28 Strategy
30 ESG at Reliance
32 People
34 Reliance Foundation
36
JioGenNext
38 10-Year Financial Highlights
40 Management Discussion
and Analysis
42 Overview
46 Financial Performance and Review
50 Business Overview
136 Integrated Approach to
Sustainable Growth
178 Corporate Governance Report
225 Standalone
204 Board’s Report
300 Consolidated
The icons below have been used through
the report for cross‑referencing the relevant
capitals.
In these challenging times, the
most remarkable and satisfying
achievement of the Company has
been its humanitarian efforts in
strengthening the nation’s fight
against the pandemic.
Shri Mukesh D. Ambani
PG 10
Digital Technology
Platforms
Strategic focus areas
New Commerce
Connecting
producers, kiranas
and consumers
De-carbonisation
Transition from B2B
to B2B2C Conversion
of fuels to chemicals
50
Retail
68
Digital Services
82
Media and
Entertainment
94
Oil to
Chemicals
112
Oil and Gas
Exploration
& Production
144
Natural Capital
148
Human Capital
154
Manufactured Capital
160
Intellectual Capital
164
Financial Capital
168
Social and Relationship
Capital
176
Independent Assurance on
Sustainability Disclosures
Our COVID Response
Communities
People
PG 22
PG 32
Business
67 Retail
81 Digital Services
93 Media and Entertainment
109 Oil to Chemicals
120 Oil and Gas Exploration
and Production
Our Value-creation approach
and Strategy
PG 26
122 Liquidity and Capital Resources
124 Risk and Governance
133 Awards and Recognition
Our reporting suite 2020-21
Integrated Annual Report
CSR Report
https://www.ril.com/ar2020-21/
https://www.ril.com/
pdf/RIL-Integrated-Annual-
DownloadFiles/CSR202021.pdf
Report-2020-21.pdf
Business Responsibility
Report
Online Integrated Annual
Report
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https://www.ril.com/ar2020-21/
DownloadFiles/BRR202021.pdf
index.html
About this Report
The Reliance Integrated Annual Report has been prepared in alignment
with the Integrated Reporting Framework laid down by the
International Integrated Reporting Council (IIRC). In preparing the Report,
GRI Standards, National Voluntary Guidelines (NVGs), United Nations
Sustainable Development Goals (UN SDGs) and 13 other frameworks
were referenced. The Report outlines RIL’s commitment to stakeholder
value creation, and defines the actions taken and outcomes achieved for
its stakeholders.
Attending the 44th
AGM online
RIL invites the participation of all
shareholders to its 44th Annual General
Meeting (AGM), to be held on
24th June, 2021.
Following regulatory guidelines and to
ensure the safety of all stakeholders, the
AGM will be conducted virtually. Respected
shareholders are requested to kindly join
the link below to participate.
Link for the AGM
https://jiomeet.jio.com/rilagm
Reliance at a glance
Progressing with India.
Every step of the way.
Reliance is India’s largest and most profitable private sector company.
We are a significant global player in the integrated energy value chain
and have established leadership position in the Retail and Digital Services
business in India.
Over the past four decades, we have emerged as a stakeholder-centric
organisation, building for India and innovating for India. Driven by a set
of timeless values and a contemporary vision, we have created three
hyper-growth engines that align with India’s needs of tomorrow.
Our values
Our hyper-growth engines
Omni-channel
Retail
India’s largest company
BY MARKET CAPITALISATION
BY REVENUE
`13,15,998 crore
`5,39,238 crore
BY PROFITABILITY
`53,739 crore
One of the largest contributors to India
THROUGH EXPORTS
BY CREATING JOBS
CSR ACTIVITIES
`1,45,143 crore
75,000+ during the year
`1,140 crore
Note: as on/for the year ended March 31, 2021
Highly integrated
O2C business
World-class
Digital Services
2
3
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Reliance at a glance
Making India self-sufficient
in high-impact sectors
Operating leading businesses
Retail
India’s largest retailer
by reach, revenue
and profitability. Only Indian
retailer to feature in the list of
Global Powers of Retailing.
Digital
Services
Through Jio Platforms Limited
(JPL), Reliance operates India’s
largest telecom network.
Media and
Entertainment
One of India’s largest media
houses with omni-channel
presence, bringing the world
to households.
Oil to
Chemicals
One of the world’s most
integrated Oil to Chemicals
operations, driving India’s
energy security.
Oil and Gas
E&P
Upstream portfolio consisting
of deep water acreage and
CBM blocks in India and
Shale Gas in the United States
of America.
REVENUE
5.6%
`1,53,818 crore
EBITDA
1.5%
`9,842 crore
REVENUE
29.7%
`90,287 crore
EBITDA
45.8%
`34,035 crore
REVENUE
11.8%
`5,459 crore
EBITDA
29.0%
`796 crore
RETAIL AREA
(million sq. ft.)
33.8
JIO SUBSCRIBERS
(million)
426.2
TV VIEWERSHIP SHARE
(%)
12.6
REVENUE
29.1%
`3,20,008 crore
EBITDA
29.1%
`38,170 crore
PRODUCTION
MEANT FOR SALE
(MMT)
63.6
REVENUE
33.4%
`2,140 crore
EBITDA
26.9%
`258 crore
PRODUCTION (RIL’s share)
(BCFe)
126.6
Incubating the
future
2018-19
2019-20
2020-21
22.0
28.7
33.8
2018-19
2019-20
2020-21
306.7
387.5
426.2
2018-19
2019-20
2020-21
13.4
11.9
12.6
2018-19
2019-20
2020-21
70.2
71.0
63.6
2018-19
2019-20
2020-21
153.4
119.2
126.6
JioGenNext is a startup
accelerator backed by
Reliance Industries.
We advise and mentor
exceptional founders for
launching their startup in
the Jio ecosystem.
PG 36
PG 50
PG 68
PG 82
PG 94
PG 112
4
5
Creating large-scale
social impact
India’s largest corporate
CSR programme,
covering Rural
Transformation,
Education, Health,
Sports for Development,
Arts, Culture and
Heritage, Disaster
Response and Urban
Renewal.
PG 34
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Value-creation approach
Forward with India.
Forward with everyone.
Value Added Statement
(Consolidated)
Value added is defined as the value created by the activities of a business and its employees.
FY 2020-21
FY 2019-20
Reinvested in the Group to
maintain and develop operations
`76,390 crore
`62,675 crore
Providers of Debt
`25,777 crore
`30,280 crore
Employee Benefits
`14,817 crore
`14,075 crore
Providers of Equity Capital
`3,921 crore
`3,852 crore
Contribution to Society
`1,140 crore
`1,022 crore
Contribution to National Exchequer
`1,35,468 crore
`1,15,461 crore
TOTAL VALUE ADDED
IN FY 2020-21
`2,57,513 crore
TOTAL VALUE ADDED
IN FY 2019-20
`2,27,365 crore
Sustainable growth enablers
Technology and consumer-
centric platforms
Strong project management
capability
Diversification, integration and
cost leadership
Competitive access to capital
Creating lasting stakeholder value
Investors and
Shareholders
Government and
Regulatory Authorities
Supporting
Communities
Reliance is a pioneer who started the
equity revolution in India, and over the
years has given superior and consistent
returns to the shareholders and investors.
US$200 billion
Market capitalisation crossed
during the year
Reliance is one of the largest tax payers
(direct and indirect) in India. We have a
strong track record of mandatory and
voluntary compliance, and we endorse
national schemes set for India’s growth.
Highest payer of Indirect Taxes
including Excise, Custom duties,
GST and Others
32%
CAGR in market capitalisation
since IPO
`1,35,468 crore
Contribution to National
Exchequer
Through Reliance Foundation, we
run one of the largest corporate
philanthropies in India, with
far-reaching impact.
`1,140 crore
CSR expenditure during
the year
4.5+ crore
Lives touched since inception
PG 164
PG 168
Employees
Customers
Suppliers and Partners
One of India’s employers of choice,
we attract skilled talent from various
backgrounds, and provide them with a
fair, diverse and meritocratic ecosystem
for career development.
Reliance today is a consumer-oriented
company, offering consumer-centric
solutions. We provide superior
experience and delight customers
across all businesses.
Our partnerships continue to power
our way forward in the sectors that we
operate in. We also maintain an agile,
while predictable supply chain, and
work closely with our vendors, including
MSMEs and domestic manufacturers.
2,36,334
Employees on roll
Over 1 lakh
Customers served per hour by Retail
10,000+
MSME vendors
RIL ranked among LinkedIn’s
‘Top 25 best workplaces to grow
your career in India’
Over 5 Exabytes
Data traffic carried by
Jio network per month
Value accretive partnerships with
global leaders to serve over a
billion Indian consumers
PG 148
PG 168
PG 168
6
7
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Key performance indicators
Promise meets performance
Financial
TURNOVER
PROFIT AFTER TAX
EARNINGS PER SHARE
DIVIDEND PER SHARE
`5,39,238 crore
`53,739 crore
18.3%
34.8%
`76.4
21.1%
2018-19
2019-20
2020-21
6,25,212
2018-19
6,59,997
2019-20
39,837
39,880
2018-19
2019-20
66.8
63.1
5,39,238
2020-21
53,739
2020-21
76.4
`7
2018-19
2019-20
2020-21
Consumer Business Metrics
REGISTERED LOYAL CUSTOMERS
OF RELIANCE RETAIL
JIO
SUBSCRIBERS
156 million
24.8%
426.2 million
10.0%
6.5
6.5
2018-19
2019-20
7
2020-21
91
125
2018-19
2019-20
156
2020-21
306.7
387.5
426.2
NET WORTH
BOOK VALUE PER SHARE
DEBT EQUITY RATIO
`5,87,999 crore
58.2%
`1,086.4
53.3%
0.36
2018-19
2019-20
2020-21
3,24,644
3,71,570
2018-19
2019-20
653.3
708.5
2018-19
2019-20
0.74
0.75
5,87,999
2020-21
1,086.4
2020-21
0.36
MARKET CAPITALISATION
`13,15,998 crore
5,59,223
4,28,909
3,38,703
13,15,998*
8,63,996
7,05,212
CONTRIBUTION TO
NATIONAL EXCHEQUER
`1,35,468 crore
EBITDA OF
CONSUMER BUSINESS
`43,877 crore
SHARE OF CONSUMER
BUSINESS IN SEGMENT EBITDA
49.5%
1,16,251
1,15,461
2018-19
21,542
2019-20
33,043
2018-19
2019-20
23.9
35.9
1,35,468
2020-21
43,877
2020-21
49.5
2018-19
2019-20
2020-21
ESG
HSE EXPENDITURE
`592 crore
2018-19
2019-20
2020-21
CUMULATIVE REACH
(Through CSR Initiatives)
MAN-HOURS OF TRAINING
IMPARTED
4.5+ crore
664
668
592
2018-19
2019-20
2020-21
2.6
3.6
1.8 crore
0.6+
2018-19
2019-20
1.1+
4.5
2020-21
1.8
ENERGY SAVED
VILLAGES BENEFITTED
MEALS DISTRIBUTED
51,47,687 GJ
44,700+
5.5+ crore
(till date)
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
* As on March 31, 2021
8
9
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Chairman and Managing Director’s Statement
Executing growth engines
for India’s future
In an unpredictable
and challenging
environment, agility
and innovation are key
to staying consistently
successful.
Shri Mukesh D. Ambani
Chairman and Managing Director
Dear and Esteemed Fellow Shareowners,
I have always started this letter by
sharing with you the operational and
financial achievements of Reliance
during the year. But the past year has
been a particularly challenging one for
India and its people. The COVID-19
pandemic disrupted several lives and
dealt a severe blow to the economic
health of the nation. It has also put
tremendous burden on the healthcare
infrastructure of the nation which is
crucial for saving lives and reducing
the impact of the pandemic. In these
challenging times, the most remarkable
and satisfying achievement of the
company has been its humanitarian
efforts in strengthening the nation’s
fight against the pandemic.
Right from day one, Reliance has
adopted a multi-pronged prevention,
mitigation, adaptation and ongoing
support strategy to fight the pandemic.
Last year, as soon as the first few cases
of COVID-19 were reported in India,
Reliance Foundation (RF) set up India’s
first dedicated COVID-19 hospital in
Mumbai in just two weeks. This year,
in response to the sudden surge in
COVID-19 cases in the city, RF rapidly
scaled up its COVID operations to create
875-bed facilities dedicated to COVID
care. It is the largest contribution by a
philanthropic organisation to COVID
care in Mumbai. RF has also set up
fully equipped 1,000-bed COVID
care facilities in Jamnagar. Overall,
Reliance is supporting the set-up and
management of over 2,300 beds across
various locations.
Last year, Reliance established a
manufacturing unit in Silvassa to mass
produce high quality PPE kits for the
frontline warriors. It became the largest
producer of high-quality PPEs in India.
This year, in response to the urgent
need for medical oxygen across the
nation, Reliance repurposed its plants
in Jamnagar to produce medical-grade
oxygen, soon becoming the largest
producer of medical-grade oxygen
from a single location in India. Since the
beginning of the pandemic, Reliance
has supplied over 55,000 MT of medical
grade liquid oxygen across the country.
It has also taken several steps to boost
India’s capacity to swiftly and safely
transport this life-saving resource.
The Foundation also launched Mission
Anna Seva, a programme to provide
free meals to marginalised communities
and frontline warriors across the nation.
So far, RF has provided over 5.5 crore
nutritious meals through ration kits,
food coupons and cooked meals across
18 states and one Union Territory. This
is the single largest meal distribution
programme undertaken in the world by
a corporate foundation.
In order to safeguard the health and
well-being of our employees and
their family members, we have set up
several initiatives such as a nationwide
emergency response infrastructure that
is available 24x7. We have also created
SUPPLIED MEDICAL GRADE
LIQUID OXYGEN ACROSS
THE COUNTRY
55,000 MT
the JioHealthHub app for free virtual
video consultations with our doctors.
Using the COVID-19 symptom checker,
we are tracking the health of our
employees and their family members.
REFERS, our emergency response
service, is constantly monitoring the
symptom tracker and reaching out to
those showing the risk of being COVID-
positive. In addition to this, our teams of
medical experts are helping employees
preserve mental health and emotional
well-being through yoga and wellness
sessions and psychological guidance.
A key initiative to safeguard employees
from the pandemic is R-Surakshaa,
Reliance’s own vaccination programme.
Under R-Surakshaa, Reliance has
initiated a tech-enabled, multi-location
vaccination drive to vaccinate all
employees, partners, associates,
affiliates and their eligible family
members for free. The vaccination drive
is fully compliant with government rules
and regulations.
Also, Reliance has put in place a liberal
leave policy for employees affected
by COVID-19. It is providing financial
assistance of up to 3 months’ pay as
interest-free salary advance in case
of an exigency. In case of unfortunate
demise of an employee, Reliance is
providing financial support to the
family and committing to shoulder the
educational expenses of the children.
While the war against COVID is far
from over, we, the Reliance Family
are confident that in the end we will
prevail. We care for each one of our
stakeholders including employees,
shareholders, vendors, customers and
local communities.
I will now update you on your company’s
operating and financial performance.
Despite unprecedented challenges,
we continued to execute on our
growth plans across businesses. In
our Retail business, we expanded
EBITDA CONTRIBUTION FROM
CONSUMER BUSINESSES
LARGEST EVER CAPITAL RAISE
IN INDIA
~50%
`2,60,074 crore
We executed the largest
ever capital raise in India, of
J2,60,074 crore (US$36 billion),
through rights issue and asset
monetisation. The fund raised,
along with capital commitments,
exceeded net debt levels,
helping your company achieve
a Net Debt Free balance
sheet ahead of the stated
timeline of March 2021.
We successfully completed India’s
largest ever Rights Issue of `53,124
crore (oversubscribed by 1.59 times),
which is also the largest in the world
by a Non-Financial Institution in
the last 10 years.
During the year, Jio Platforms and
Reliance Retail raised `1,52,056 crore
and `47,265 crore respectively from
strategic and financial investors,
including Facebook and Google. bp
invested `7,629 crore for a 49% stake in
our fuel retailing business.
Strong operating cash flow and largest
ever capital raise further strengthened
our balance sheet, enabling us to
deleverage and meet our net-debt zero
commitment ahead of stated timeline.
During the year, RIL made pre-payment
of US$7.8 billion of long-term foreign
currency debt, with requisite approvals
from the RBI. This is the highest ever
pre-payment of debt undertaken by any
corporate borrower in India.
We now have a strong balance-sheet
with high liquidity that will support
growth plans for our three hyper-growth
engines – Jio, Retail and O2C.
our customer outreach by growing
physical and digital footprint with store
additions, strengthening of supply chain
infrastructure and launch of JioMart. In
Digital Services business, we increased
network capacity and spectrum
footprint while rapidly growing our
customer base.
Our consumer businesses,
Reliance Jio and Reliance Retail,
have proved to be digital and
physical lifelines of the nation in
these challenging times.
Our O2C business demonstrated
resilience to rapidly evolving business
environment. Agile business model,
superior product placement capabilities
and high utilisation rates while ensuring
safe and reliable operations helped
achieve industry leading performance.
Financial Performance and
Balance Sheet
In a volatile environment, Reliance
generated an EBITDA of `97,580 crore
(US$13.3 billion), which is 4.6% lower
than last year. Diversified earnings
stream and resilient consumer
businesses helped the company
navigate through the unprecedented
pandemic headwinds. Reliance
recorded a consolidated net profit
of `53,739 crore (US$7.4 billion)
during the year, registering a growth
of 34.8% y-o-y.
Our consumer businesses retained
their leadership positions and recorded
robust growth on all operating and
financial parameters during the year in
spite of challenging hurdles. They now
constitute nearly 50% of consolidated
segment EBITDA compared to
36% in FY 2019-20.
10
11
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Chairman and Managing Director’s Statement
Retail
Digital Services
Oil to Chemicals
Oil and Gas E&P
Sustainability
The business delivered a healthy
performance with record
profit delivery in an operating
environment that continued to
remain challenging. During the
year, the business was impacted
by restrictions with 80% stores
operational and lower footfalls
which were at 65% of last year.
PG 50
Reliance Retail fulfilled its commitment
to serve customers at scale by providing
grocery and essential supplies to
millions of Indians at their doorstep,
overcoming enormous constraints
during the lockdown.
Reliance Retail opened 1,456 new
stores taking the total store count to
over 12,700 stores across the country.
Our Retail business operations ensured
support for the entire retail ecosystem
including consumers, farmers,
merchants, small and medium-scale
manufacturers and supply-chain service
providers. The business generated
>65,000 new jobs providing vital
support to the community.
Reliance Retail’s New Commerce
initiative, JioMart, continues to grow
in scale with more traffic, active users
and orders. Rapid scale-up of digital
commerce solutions, including JioMart,
compensated for curtailed store
operations and lower footfalls. Digital
commerce channel Ajio.com witnessed
3x increase in business on higher
orders and improvement across all key
operating metrics.
12
During FY 2020-21, Jio led
subscriber growth in the country
with gross addition of 99 million
subscribers. Jio became the
first operator outside China to
achieve 400 million subscribers
in a single-country market.
Market environment during the
first half of the year witnessed
a highly volatile crude and
feedstock price environment.
Despite extraordinary
constraints during the
period, Reliance successfully
commissioned R Cluster field
in KG D6 Block.
PG 68
With its next generation all-IP data
network, Jio continued to revolutionise
digital adoption in India at an
unprecedented rate.
Jio’s high-speed connectivity services
enabled millions of Indians to work
from home, study from home, shop
from home. It also enabled delivery of
food and wellness at home, medical
consultation at home and above all
kept families connected through the
pandemic. Higher acceptance of digital
services reflects in 27% y-o-y growth
in Jio’s total data traffic to 1,668 crore
GB in 4Q FY 2021.
Jio Platforms is building a massive
digital ecosystem for a billion Indians
by providing world-class connectivity
and digital solutions across business
verticals and customer lifecycle. Jio
launched and scaled-up multiple
digital platforms like JioMart, JioMeet,
JioHaptik and JioUPI during the year.
Jio’s impact on internet usage in India
has been recognised by Brand Finance,
who recognised Jio as the 5th strongest
brand globally, terming its impact on the
market as the ‘Jio Effect’.
We are also excited with the
development of a new generation cloud
native 5G RAN technology that is truly
open, and software defined. Qualcomm
and Jio successfully tested 5G solutions
in India, achieving the 1 Gbps milestone
on Jio 5G solution.
Jio’s innovation has spearheaded the
transformation of India into one of the
world’s largest consumers of mobile
broadband service.
PG 94
Demand destruction in the first half
resulted in sharpest global oil demand
contraction in decades, with a decline
of 9.5 mb/d to ~90.5 mb/d in CY 2020.
Travel restrictions significantly impacted
the global demand for transportation
fuels. For downstream products,
demand destruction in automotive,
housing & construction, consumer
durables were partially offset by
heightened demand from health &
hygiene, packaging and e-commerce.
Business environment for O2C segment
improved sharply in the second half
of the year with gradual easing of
lockdowns and revival in economic
activities, resulting in demand recovery
to near pre-COVID levels by the end
of the year. Margin environment
also improved in the second half
of the year with rising demand and
supply disruptions.
Agile business operations through
the COVID-19 crisis enabled Reliance
to operate its O2C facilities at near
100% by shifting products to export
markets. High operating levels helped
Reliance meet commitments to
suppliers, vendors and consumers,
ensuring continuity of operations for the
entire ecosystem.
Recently, we initiated process of
reorganising our O2C business into a
separate subsidiary. The reorganisation
will facilitate value creation through
strategic partnerships and attract
dedicated pool of investor capital. O2C’s
goal is to maximise crude to chemicals
conversion and create a sustainable
growth business. The scheme received
an overwhelming support from our
shareholders and creditors.
PG 112
Located at a water depth of greater
than 2,000 meters, R Cluster is
Asia’s deepest and India’s first ultra-
deepwater gas field.
This was followed by commissioning of
Satellite Fields in April 2021, which was
done ahead of schedule. It showcases
your company’s commitment towards
India’s transition into a cleaner and
greener gas-based economy.
These complex deepwater projects
have been executed in over 34
countries and at peak more than 4,000
people have been working offshore and
onshore. Additionally, the pandemic
constrained movement of people and
material across the globe. Despite these
odds, the projects had flawless and
safe commissioning.
R Cluster and Satellite Fields are two
of the three new developments in the
KG D6 block, the other being MJ fields
which together are expected to meet
~15% of India’s gas demand by 2023
and account for ~25% of domestic
production. Peak gas production from
the three fields is expected to be ~1 bcf/
day by 2023. It will help reduce India’s
dependence on imported gas.
Our philosophy of inclusive
growth is depicted in the way
we conduct our businesses.
Growth and development are
often defined conventionally in
terms of net profit, revenue, and
other financial performance.
While we realise that all these
are important, our mission
remains to continue growing as
a responsible organisation that
believes in enriching lives.
PG 136
We continue undertaking social
initiatives in the areas of Education,
Healthcare, Community Infrastructure,
Skill Enhancement and Social Security.
The growing demand for energy
is causing an imbalance in limited
resources, especially in developing and
emerging countries like India. We are
committed to develop and grow in a
responsible manner while meeting the
expectations of all our stakeholders.
We believe that business priorities
co-exist with social commitments and
our activities support inclusive growth.
While we work towards achieving our
goals, we see the need to meet the
society’s evolving expectations. And
therein lies the need to form enriching
partnerships that will help us create a
sustainable future.
The world is now closing ranks for a
strong global action on Climate Change.
This gives Reliance the right opportunity
to accelerate our own ambitious New
Energy and New Materials business
wedded to the vision of clean and
green development. To combat climate
change, Reliance has set itself a target
to become Net Carbon Zero by 2035.
This is part of a wider ambition to
achieve best-in-class standards across
environmental, social and governance
parameters under the oversight of
our Board. Our vibrant Board consists
of independent thought leaders with
requisite skill sets and domain expertise
to guide our businesses on their
future growth path.
Conclusion
As we passionately strive for a
better future, we continue to set
new paradigms every single day. In
an unpredictable and challenging
environment, agility and innovation are
key to staying consistently successful.
As technology becomes a driving force
in all businesses and facets of life, the
future belongs to organisations that can
lead and leverage the digital revolution.
I would like to place on record my
sincere appreciation to the Board of
Directors for their guidance. I would also
like to express my gratitude to all our
stakeholders for their unwavering faith
in Reliance. And I would like to thank the
entire team at Reliance for their untiring
efforts and unflinching commitment
to achieve the lofty goals we have set
ourselves for our Golden Decade.
I also want to express my deepest
gratitude to scientists, doctors, nurses,
police, volunteers and many others who
are waging the battle against COVID-19.
We all owe a great deal to them. I am
confident that we are going to ultimately
win the fight against COVID-19.
Because each one of us is engaged in
this fight and the human spirit to fight
and survive is greater than any disease
or pandemic. With our collective effort,
India will eventually triumph over the
crisis and emerge stronger, bigger and
better than ever.
With best wishes,
Sincerely,
Mukesh D. Ambani
Chairman and Managing Director
May 27, 2021
13
Integrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Hyper-growth engine: Omni-channel Retail
Bringing finest
shopping experience
to Indian consumers
We have built an
integrated, omni-channel
retail ecosystem that
provides unlimited
choices, superior
value proposition and
unmatched shopping
experience to Indian
consumers.
We are transforming the
unorganised retail landscape
through the inclusive New
Commerce model by digitally
enabling and empowering merchant
partners. Our commitment to
serving the needs of Indians was
apparent even during the lockdown,
as we ensured seamless supply of
essentials to our customers at their
doorsteps.
Amongst the
fastest growing
retailers in the
world
Serving over
1,00,000
customers
every hour
Strengthening
omni-channel
capabilities and
digital commerce
platforms
`47,265 crore
Executed India’s
largest fundraise
in the consumer
sector from
marquee global
investors
Hyper-growth engine: World-class Digital Services
Building India’s
digital lifeline for
today and tomorrow
Digital connectivity
has become a
gamechanger for a
nation of 1.3 billion.
Today, India is one of the fastest
growing digital economies in the
world, and we are building the
most advanced platforms that
connect everything, everyone,
everywhere. When the raging
pandemic forced the populace
indoors, the Jio platforms became
a lifeline for millions of Indians
trying to adapt to the new reality.
Providing a platform
to startups through
JioGenNext
PG 36
First telecom
company in
India and second
in the world to
cross 400 million
subscribers
Achieved 1 Gbps
speed milestone
on the Jio 5GNR
solution
5 Exabytes –
data carried by
Jio every month
Jio Platforms
is one of the
only two Indian
companies
featuring in the
2021 TIME100
Most Influential
Companies list *
* Source: https://time.com/collection/
time100-companies/5949996/
jio-platforms/
Hyper-growth engine: Highly integrated O2C business
Creating
sustainable energy
and materials for
India’s future needs
We are building world-
class, world-scale
assets that produce
clean fuels and
materials of the future.
As an active participant
in the nation’s sustainable
development, we are developing
next-generation carbon
capture utilisation and storage
technologies to convert carbon-
dioxide into useful products and
chemicals.
We plan to participate in the
transition from fossil fuel to clean
and affordable energy.
Creating holistic and
circular materials
businesses
Maximising
crude to
chemicals
conversion
Progressing
in converting
CO2 generated
at Jamnagar
into high-
value proteins,
nutraceuticals,
advanced
materials and
fuels
Target to
become Net
Carbon Zero by
2035
Sourced the
world’s first
consignment of
‘carbon-neutral
oil’
Strategic alliances for the future
Partnering
with the best
in the world
for India
We are committed to propelling
India’s rapid progress in the new
world order.
To facilitate this faster-than-expected
transition, we are bringing future-ready
technologies by partnering with some of the
most Innovative institutions globally. We are
combining our execution strength and digital
ecosystem with our partners’ technology
expertise to create world-class, futuristic
solutions at scale.
Partnerships with
Enhancing ease of living,
ease of doing business
through strategic partnerships
with Microsoft, Facebook
and Google
Pioneering mobile fuel
retailing and changing
the game in electro
mobility with bp
We are excited about the
future of mobility, and
have acquired a majority
stake in skyTran
Making next generation
5G technology affordable
with Qualcomm
Nurturing new growth
platforms with
investments from
marquee global investors
COVID-19: Community response
Standing together
with India
As COVID-19 disrupted lives,
Reliance engaged all its
resources to fight the pandemic
and support India.
Oxygen supply
Mission Anna Seva
India faced a dearth of oxygen supply for
those affected with COVID-19, and once
again Reliance stepped into to support the
nation by providing oxygen to hospitals in
need.
1,000 MT
Oxygen provided to patients on a daily
basis, equivalent to the daily requirement of
1,00,000+ patients per day
Reliance Foundation ensured that daily
wagers, police personnel, migrant
labourers and others who are on the move
and in service receive timely meals during
these testing times.
5.5+ crore meals
Distributed till date to over
27+ lakh beneficiaries
Hospital beds
Prevention and awareness
With a high volume of cases plaguing the
country, there was a significant dearth of
hospital beds in metros such as Mumbai.
Reliance quickly rose to action and
supported setting up and management of
over 2,300 beds across various locations
including Mumbai, Jamnagar and Surat.
Mission COVID Suraksha focused on
prevention awareness and safety through
distribution of 81+ lakh masks across India
reaching 50+ lakh individuals.
Community initiatives
1,000 beds
COVID care facility set up
in Jamnagar
875 beds
managed by RFH in
Mumbai
39+ lakh
Individuals
supported with
COVID advisories
37,000
Individuals’ queries on
government schemes
and social benefits
answered
23
Integrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Board of Directors
Leadership meets good governance
Shri Mukesh D. Ambani
Chairman and Managing Director
Smt. Nita M. Ambani
Non-Executive Director
Smt. Arundhati Bhattacharya
Non-Executive Director
Shri K. V. Chowdary
Non-Executive Director
Director since: 1977
Director since: 2014
Director since: 2018
Director since: 2019
The face of emerging India’s enterprising spirit; led the creation
of the world’s largest petroleum refinery, one of the most
expansive 4G networks and India’s largest retail footprint
C
A businesswoman, educationist, and philanthropist; Founder
and Chairperson of Reliance Foundation which through
focused interventions has impacted the lives of over 45 million
people across India
A banker and former Chairperson of India’s largest bank, SBI;
currently leads Indian operations of Salesforce, a global leader
in customer relationship management software
Former Central Vigilance Commissioner, Former Chairman
CBDT and Former Advisor to Department of Revenue
M M
MM
M M
Shri Yogendra P. Trivedi
Non-Executive Director
Prof. Dipak C. Jain
Non-Executive Director
Shri Nikhil R. Meswani
Executive Director
Shri Hital R. Meswani
Executive Director
Director since: 1992
Director since: 2005
Director since: 1986
Director since: 1995
Practicing senior advocate at the Supreme Court of India;
served on the boards of PSU banks; associated with leading
industries and trade bodies
A distinguished teacher and scholar; served as Dean of
some of the world’s leading management schools; currently
president of China Europe International Business School
One of the Founder Directors; instrumental in making Reliance
a global petrochemicals leader; serves on Board of Trade,
Ministry of Commerce, and National Council of CII
Leads several functions from refining to human resources;
involved in all mega initiatives of Reliance including the Hazira
petrochemicals complex and Jamnagar refinery complex
CC
C
M
M M M
C
M M M
Dr. Raghunath A. Mashelkar
Non-Executive Director
Shri Adil Zainulbhai
Non-Executive Director
Shri P. M. S. Prasad
Executive Director
Shri Pawan Kumar Kapil
Executive Director
Director since: 2007
Director since: 2013
Director since: 2009
Director since: 2010
An eminent Indian scientist and National Research Professor;
awarded Padmashri, Padmabhushan & Padmavibhushan for
his pioneering contribution to science & technology
M
MM
M
Former Chairman of McKinsey & Company, India; Chairman
of Quality Council of India and Chairman of the Capability
Building Commission of India; serves on the boards of various
Reliance companies, Larsen & Toubro, and Cipla.
C C
M
A career spanning almost four decades with Reliance across
fibres, petrochemicals, refining, marketing, and exploration &
production businesses
Led the commissioning and start-up of the Jamnagar
complex; spearheaded various large scale projects in a career
spanning over five decades in the petroleum refining
M M
M
Shri Raminder Singh Gujral
Non-Executive Director
Dr. Shumeet Banerji
Non-Executive Director
Director since: 2015
Director since: 2017
Former Finance Secretary, Government of India, and former
Chairman of National Highways Authority of India (NHAI);
also serves on the boards of various Reliance and Adani
Group of Companies
Former founding CEO of Booz & Company; currently leads an
advisory and investment firm specialising in developing early
stage companies
M
M
M
M
M
A brief resume of the Directors, nature of their expertise in specific
functional areas etc. are available on the Company’s website
24
Committees
Board Snapshot
Audit Committee
Stakeholders’ Relationship Committee
Corporate Social Responsibility and
Governance Committee
Human Resources, Nomination and
Remuneration Committee
Finance Committee
Health, Safety and Environment Committee
Risk Management Committee
C Chairman M Member
Board Governance Structure
5 Executive Directors
9 Non Executive Directors
Tenure
Years
0-5
5-10
10+
3 Directors
3 Directors
8 Directors
25
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW
Value-creation model
Delivering superior and
consistent outcomes
Inputs
Value-creation approach
Outputs
Outcomes
Natural capital
• Sourced two million barrels of the world’s first
carbon neutral oil
• Mangrove plantations of over 875 acres
• Installed state-of-the-art technologies for
water recycling
Human capital
• Over 75,000 new jobs created in
the pandemic year
• Diversity and inclusion initiatives
across businesses
• `592 crore HSE expenditure
• Total number of employees 2,36,334
Manufactured capital
• `79,667 crore - Capital expenditure
• Total throughput for O2C - 71.9 MMT
• 12,711 Retail store count
• Total Spectrum footprint of 1,732 MHz
Intellectual capital
• `2,572 crore R&D expenditure
• 900+ researchers and scientists
• 28,000+ engineers in technical roles
• Central R&D facility with total area of
1,25,000 sq. ft. and state-of-the-art equipment
Financial capital
• Largest ever capital raised in India by a
Corporate in a year – `2,60,074 crore
• Cash and marketable securities of
`2,54,019 crore
• Debt free on ‘net basis’
Social and relationship
capital
• `1,140 crore spent on CSR initiatives
• 1,000 MT of medical-grade oxygen per day
• Setting up and managing 2,300+
COVID care beds
26
Our motto
Growth is Life
Mission
Be the most admired, innovative
and value generating organisation
for all our stakeholders
Digital
Technology
Platforms
Strategic focus areas
New
Commerce
Connecting
producers,
kiranas and
consumers
De-carbonisation
Transition from
B2B to B2B2C
Conversion of
fuels to chemicals
Values
• Customer Value
• Ownership Mindset
• Respect
• Integrity
• One Team
• Excellence
Integrating
ESG in
Business
Model
PG 28
PG 136
Our Businesses
Retail
India’s largest retailer by reach,
revenue and profitability
Digital Services
Jio has a future proof all-IP
data network with the latest
4G LTE technology
Media and Entertainment
Network18 is one of India’s
most diversified Media and
Entertainment platforms
Oil to Chemicals
Pioneered vertical integration
and conceived Oil-to-Chemical
concept well ahead of industry
Oil and Gas E&P
Upstream portfolio includes
operations in deepwater
acreages and the CBM block
Sustainable Growth
Enablers
Technology
and Consumer
Centric Platforms
Strong Project
Management Capability
Diversification,
Integration and
Cost Leadership
Competitive
Access to Capital
PG 50
• 99 million KL water recycled
• 51,47,687 GJ of energy saved from
conservation initiatives
• Recycling capacity of about
2.3 billion PET bottles
PG 144
Sustainable access to
markets – exports to 107
countries
PG 148
Inclusive and sustainable
growth for the nation
• India’s Best companies to work for as per Great
Places to Work (GPTW)
• 16.9% of employees are women
• 1.8 crore man-hours of training imparted
• `53,739 crore Net Profit
• 63.6 MMT production meant for sale (O2C)
• Over 1 lakh customers served/hour (Retail)
• 426.2 million Jio customer base
• Carrying worlds highest data traffic
(>5.0 exabyte per month)
PG 154
PG 160
• Indigenously developed 5G Stack
• 137 patents granted, Next-gen bio materials,
bioplastic, use of waste plastic in road
construction and network technology
• 91 patent applications filed
• 159 start-ups supported by GenNext
PG 164
• Strong international credit rating – rated two
notches above sovereign by S&P and one notch
above sovereign by Moody’s
• Investment income – `14,412 crore
• Availed funding at optimised rate
PG 168
• Foundation activities positively impacted 4.5+ crore
people in over 44,700 villages
• Jio was lifeline for over 40 crore customers during
the COVID-19 pandemic
Improved health and
well-being
Partnership with global
leaders to bring the best
to India
Lowest carbon intensity
per TB of data usage
Unmatched connectivity
for everyone
Ambitious target of Net
Carbon Zero by 2035
Quicker access to effective
healthcare
Product stewardship
on circular economy for
plastics
• Largest Meal Program by a Corporate Foundation -
5.5+ crore meals distributed
Touching everyday lives of
millions of Indians
27
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Strategy
Building the hyper-growth
engines of tomorrow
At Reliance, our growth
roadmap is built around our
three hyper-growth engines,
which reimagine the way India
connects, consumes and grows.
They characterise our long-term
strategy and fuel our next wave
of exponential growth.
Digital technologies
and platforms through
Jio Platforms
New Commerce
connecting producers, kiranas
and consumers through
Reliance Retail
Decarbonisation, transition
from B2B to B2B2C and fuel to
chemicals integration through
Reliance O2C, New Energy and
New Materials
Capitals
linkage
Capitals
linkage
Capitals
linkage
Strategic objective
Strategic objective
Strategic objective
Digital
Technology
Platforms
Leverage technology to create market
leading disruptive solutions that manifest
as products to add value to our customers,
across and beyond India
Transform retail landscape in India through a
win-win partnership model with producers,
brand companies and merchant partners.
Build Reliance as one of the world’s leading
O2C, New Energy and New Materials Company
with a sustainable and circular business model
Strategic focus areas
New
Commerce
Connecting
producers,
kiranas and
consumers
De-carbonisation
Transition from
B2B to B2B2C
Conversion of fuels
to chemicals
Natural Capital
Human Capital
Manufactured Capital
Intellectual Capital
Financial Capital
Social and Relationship Capital
28
Enablers and way forward
• Connectivity
Largest all-IP mobility network to ensure
connectivity across the country and enabling a
digital revolution
• Core technology platforms
Continuous platform building based on cutting-
edge, disruptive technologies such as AI,
blockchain, cloud computing and IoT
• Disruptive ecosystem solutions
Developing expertise in deep analytics, big data
analytics, deep learning algorithms, AR/VR
technologies, AI-based education solutions,
healthcare, chatbots, speech and language
processing, supercomputing, and vision-oriented
fleet management, among others
• Ultra-broadband
With fiber rollout to millions of homes and
enterprises, Jio has opened the door for the next
generation of ultra-broadband solutions to be
brought straight into Indian living rooms and
small businesses
• 5G readiness
5G-ready network and extensive fiber assets,
enabling services across connectivity layers,
enhancing consumer experience along with
efficient pricing
Enablers and way forward
• Expanding selling ecosystem
Largest retailing footprint in India, with physical
and digital distribution presence and 2/3rd of stores
operating in growing Tier II, Tier III and Tier IV towns
• Connected supply chain
Actively investing in building a state-of-the-art
supply chain infrastructure to link all major sourcing
locations through an automated, reliable and
scalable warehousing, logistics and last-mile
fulfilment ecosystem
• Inclusive New Commerce model
Focusing on expanding its portfolio, scaling its
geographical reach and delivery capabilities,
thus helping reduce inefficiencies, and
creating more value for everyone in the retail
ecosystem – producers, manufacturers, brand
companies and retailers
• MSME partnerships
Fostering partnerships with millions of small
merchants, digitally enabling and empowering
them, while offering a compelling value proposition
to grow their business
Enablers and way forward
• Net Carbon Zero
RIL targets to become a Net Carbon Zero
company by 2035. We are embracing new
technologies in the O2C business to minimise
CO2 emissions and are planning to develop
next generation carbon capture utilisation and
storage technologies to convert CO2 into useful
products and chemicals
• Maximising O2C conversion
O2C business will leverage technology and
its existing assets and streams to maximise
conversion of crude to chemicals and materials,
with an aim to create a sustainable, holistic,
circular materials business
• New Energy and New Materials Business
Complementing traditional fuels with clean
electricity and hydrogen, and build an optimal
mix of reliable, clean and affordable energy
and storage using solar, wind and batteries.
The business will be based on the principle of
Carbon Recycle and Circular Economy with a
portfolio of advanced and speciality materials
29
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW ESG at Reliance
ESG at Reliance
Setting standards for responsibility
and accountability
Environment
Social
Governance
Reliance is building the India of
the future, with responsibility
towards all its stakeholders
and nature. As we invest in
future-ready businesses, we
view sustainability as an enabler
that can aid our purpose and
deliver superior outcomes for
all. Our ambitions, efforts and
intent are aligned to this, across
environmental and social facets,
with good governance guiding
our practices.
Key focus areas
• Managing Environmental
Impacts
• Clean Energy
• Waste Management
• Water Management
• Asset Utilisation
• Product Stewardship
• Circularity
To manage various aspects
of our Natural capital, such
as carbon, waste, water, air
emissions, and land use,
among others, we have
strongly governed systems
and policies. We also
leverage technology to its
best extent, to upgrade
systems that result in
environmental efficiency
PG 144
Key focus areas
• Safety
• Health
• Opportunity and Diversity
• Customer Satisfaction
• Supply Chain Management
• Community Development
• Support to Communities
during pandemic
PG 148
PG 168
Key initiatives and
highlights
• One of India’s largest
philanthropic support
systems during COVID-19
and in high-impact
development areas
• One of India’s top and
desired employers
providing fair, inclusive,
well-being focused
career opportunities
• One of India’s
biggest shareholder
wealth creators
• India’s largest
tax contributor
Key focus areas
• Code of Conduct
• Whistle Blower Policy
• Vigil Mechanism
• Ethics and Compliance
Task Force (ECTF)
Read more in the Corporate
Governance Report
PG 178
• Data Security
PG 154
• Risk and Governance
PG 124
Key initiatives and
highlights
• A diverse Board
constituting executive,
non-executive and
independent members
• Highest standards
of data integrity and
information security
• Singular focus
on sustained
stakeholder value creation
Climate change is a reality that
is shaping the way businesses
plan in the 21st century.
At Reliance, we are aligned
to the global agenda of
de-carbonisation, and targets
to become a Net Carbon Zero
Company by 2035.
30
CUMULATIVE SAPLINGS PLANTED TILL DATE
EMPLOYEE BENEFITS AND COMPENSATION
2.3+ crore
2018-19
2019-20
2020-21
2.1+
2.2+
2.3+
`14,817 crore
12,488
2018-19
2019-20
2020-21
14,075
14,817
RIL has a well-established
“Three Lines of Defense”
risk management approach
• Risk and Governance
PG 124
31
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW People
Protecting, supporting
and engaging our people
Our people form the bedrock of our existence. At Reliance, we are an
employer of choice for tens of thousands of people, and we provide them
with a conducive environment for personal and career growth. We engage
regularly with them at various levels and consider their well-being our
topmost priority.
Launched in 2021, R-World
brings the world of Reliance
on a digital platform with user-
customisable experiences.
It is a one-stop-shop for all
organisational communications.
Reliance Family Day, held
annually in memory of Shri
Dhirubhai Ambani, was held
virtually this year, with a special
address from the Ambani
family.
MyVoice, an internal multi-
media platform for employees
to share their reflections,
feelings, and ideas, saw active
participation from 23,000+
users.
Periodic employee check-ins
instituted to keep a constant
tab on employee sentiment
during the challenging times.
Surveys recorded over 90%
positive sentiment across key
parameters.
Learning at Reliance shifted
to 100% virtual mode in FY
2020-21 and digital learning
consumption doubled.
Organisation-wide interventions
such as Base Camp, Ascender,
Great People Skills and STAR
Trek focused on building skills
and resilience.
‘Putting People First’ became the guiding principle for our COVID Response Strategy.
As a Group, we marshalled all our human, financial, and technical resources, leveraging years
of business expertise and community development experience, to support our entire
workforce and families. Some interventions are provided below.
Health and safety
• Set up COVID war room comprising
cross-functional heads, Medical
Services, Corporate Services, HR, IT,
Security and Communication teams
• Developed digital COVID-19
dashboard to monitor risks and case-
trends across workforce, their families
and deploy emergency care services
• Augmented medical personnel
infrastructure for employee care
• Introduced Symptom Checker, a fully
digitised solution, to assess the risk
status of employees and their families
• Implemented aggressive RT PCR
and antigen testing for employees
entering the premises
• Country-wide tie-ups for adequate
isolation centres for affected
employees and family members
• Set up dedicated 120-bed isolation
centre at Navi Mumbai campus
Extended support
• Provided financial support for
all COVID-19 related expenses
borne by employees
• Home delivery of groceries,
essentials and medicines through
JioMart and Netmeds
• Multiple-channel, detailed and
frequent communications on
COVID-19 for all employees
Leveraging JioHealthHub for
effective vaccination
Vaccination centres established
at Reliance’s medical locations;
tie-ups with private hospitals
pursued to ensure pan-India
coverage for the convenience of
employees, family members and
the local population.
Dedicated 24x7 toll-free
emergency helpline under
REFERS, our emergency
response service, to connect
all employees in need with
required medical support
PG 148
32
33
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Reliance Foundation
Empowering India at scale
With a comprehensive
development approach, Reliance
Foundation, the CSR arm of
Reliance Industries, positively
touches the lives of millions every
year, making it one of the largest
corporate philanthropies in India
and the world.
Rural
Transformation
Health
Education
A long-term programme that
addresses all the critical
development indicators like
rural livelihoods, water, food and
nutrition, women’s empowerment
and access to knowledge resources.
Reliance has invested in developing
a multi-tiered health response
system, leveraging our health
infrastructure and resources to
meet challenges to public health
that arise from time to time.
We aim to provide opportunities for
the young to develop themselves
into future citizens who contribute
to society.
44,700+
Villages empowered
70 lakh
Health consultations
provided
3.5+ lakh
Children impacted through
various education initiatives
l o p m e n t
e
v
e
Rural Transfo
r
m
a
ti
o
n
H
e
a
l
t
h
LIVES TOUCHED
SINCE INCEPTION
4.5+ crore
Sports f o r D
e
s
n
o
p
s
e
R
r
e
t
s
a
s
i
D
A
r
t
s
,
C
ult
ure and Heritage
a tio n
c
u
E d
Arts, Culture and
Heritage
Disaster
Response
We support and endorse tributes
to renowned artists. We also help
in the revival and upkeep of public
spaces.
We provide quick response to mitigate
the effect of natural disasters. This
includes early warnings, mobilisation
and distribution of relief materials,
supporting local governments with the
communities affected by disasters,
including post-disaster relief.
Sports for
Development
Our initiatives in sports offer a
platform for budding athletes
across India to develop their talent
and prowess in various sporting
segments.
Read more about the
initiatives of Reliance
Foundation in our
CSR report
10 lakh
People benefitted
2.15 crore
Youth and children
reached
34
35
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW
JioGenNext
Nurturing homegrown enterprises
Our startup accelerator programme, JioGenNext, supports exceptional
founders for launching their startups in the Reliance ecosystem.
In FY 2020-21, remote acceleration became the new normal in our
incubation platform, and we added 22 new startups into the ecosystem.
Even during the pandemic situation, our startups were able to accelerate
technological advancements, solve critical challenges, receive funding and
prove their viability.
Sectoral breakup of selected startups
EdTech
AgriTech
12
10
Drone
2
Digital Consumer
Services
12
HealthTech
& Fitness
13
IoT
10
Social Media
4
Robotics
1
Logistics
9
Media &
Entertainment
13
Enterprise
Solutions
24
FinTech
32
Network
4
Retail
13
Alumni startups rise
to the occasion
Keeping in line with Reliance’s ethos
of service, several alumni startups
contributed to fight the pandemic and
support the nation.
For example, Dozee, a pioneer in contactless
patient monitoring and early warning system
using Artificial Intelligence, helped address the
shortage of ICU beds in nine cities across India
by enabling hospitals to convert 4,000+ beds
into step-down ICUs in minutes. As COVID-19
returns in a second wave, Dozee has intensified
its efforts with dedicated resources.
Similarly, JioGenNext startups LogiNext,
HealthVectors, FlytBase, Clinikk, Drona Maps
and CabDost also rendered their services during
these testing times in service of the nation
and its people.
JioGenNext Basecamp 4: 12th batch
The basecamp comprised 11 deep tech startups building transformational products in the areas of Industrial and
Consumer IoT, AR/VR and SaaS.
The participating startups included:
AiKaan: A self-serve
product to remotely monitor,
manage and securely
access edge devices
and applications
Dozee: Converts any bed
into a step-down ICU
FreightBro: Single
integrated SaaS solution for
freight forwarding agencies
Gumlet: An end-to-end
media delivery solution that
resizes, optimises and delivers
images, videos
Legistify: A full-fledged
litigation management
system and legal
services marketplace
Patch: Enables reliable
communication between
consumer apps and
their end-users
UptimeAI: Bridging the gap between
Artificial Intelligence (AI) and subject matter
knowledge to deliver tangible business value for
process industries.
Plutomen: A remote
assistance product that uses
AR over mobile / tablets
Vadoo: Solves the problem
of latency and rising
bandwidth costs by using
peer-assisted streaming
Taskmonk: Provides data
annotation and labelling
for data science / data
engineering teams
Vicara: Mixed Reality
(MR) solutions for human
interactions in digital space
JioGenNext Basecamp 5: 13th batch
The batch of 11 startups brought a unique combination of deep differentiation to drive commercial benefits and
science-based innovation for public good.
They included:
30M Genomics: Platform
for personalised drug based
on rapid gene testing
Aikenist: Using medical
imaging tech to deliver
faster MRI scans
Dubverse: Auto dubbing
for video content creators in
multiple Indian languages
Embright: Virtual
Reality based therapy for
rehabilitating children with
neurodevelopmental issues
Enhance: Remote design
processing and prostheses
3D printing for rehabilitation
of defective faces
Rekord: Business keyboard
with context based
suggestions for WhatsApp
and other chat apps
HiPER: Saving diesel
consumption by 10-15%
by personalising ECU
through OBD interface in
cars and trucks
RightBot: Picker and
transporter robots for retail
warehouses for autonomous
put-away, picking,
replenishment, auditing,
inventory management
Krishitantra: Soil testing
of nutrients and providing
results to farmers at
affordable prices
LinearSquared: Data science
and advanced analytics for
demand forecasting in retail/
online commerce
ZedBlox: Smart cold
storage device for last mile
cold chain of health and
medical products
37
Virtual Demo Day
Organised virtually for the first time, JioGenNext’s
virtual Demo Day in May 2020 witnessed startups
pitching in real time to key stakeholders –
investors, customers, mentors and Go-To-Market
(GTM) partners with an audience of over 1,000
viewers. This also included an exclusive one-on-
one virtual speed dating session between the
startups and leading venture capitalists.
11,300+
Applications from startups and aspiring
entrepreneurs
159
Startups engaged
in total
US$270+ million
Collective funding
raised by alumni
50+
Engagements
with Reliance
30+
Corporate partners
and 85+ mentors
36
Integrated Annual Report 2020-21Reliance Industries LimitedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW 10-Year Financial Highlights
Consolidated
(` in crore, unless otherwise stated)
Standalone
(` in crore, unless otherwise stated)
US$
million
FY
2020-21
FY
2019-20
FY
2018-19
FY
2017-18
FY
2016-17
FY
2015-16
FY
2014-15
FY
2013-14
FY
2012-13
FY
2011-12
73,757
5,39,238
6,59,997
6,25,212 4,30,731 3,30,180 2,93,298 3,88,494 4,46,339 4,08,392 3,58,501
Value of Sales and
Services (Revenue)
Value of Sales and
Services (Revenue)
US$
million
FY
2020-21
FY
2019-20
FY
2018-19
FY
2017-18
FY
2016-17
FY
2015-16
FY
2014-15
FY
2013-14
FY
2012-13
FY
2011-12
38,153
2,78,940
3,66,177 4,01,583
3,15,357
2,65,041
2,51,241 3,40,814 4,01,302
3,71,119
3,39,792
Total Income
68,753
5,02,653
6,25,601
5,91,480 4,18,214 3,39,623 3,05,351 3,84,048 4,43,461 4,04,929 3,64,695
Total Income
38,283
2,79,887
3,65,421 3,94,323
3,13,555
2,73,750
2,59,062
3,49,535
4,10,238
3,79,117 3,45,984
Earnings Before
Depreciation,
Finance Cost and Tax
Expenses (EBDIT)#
Depreciation
and Amortisation
Exceptional
Items (gain)/loss
13,347
97,580
1,02,280
92,656
74,184
55,529
53,993
45,977
43,800
40,912
40,702
3,635
26,572
22,203
20,934
16,706
11,646
11,565
11,547
11,201
11,232
12,401
772
5,642
(4,444)
-
1,087
-
4,574
-
-
-
-
Earnings Before
Depreciation,
Finance Cost and Tax
Expenses (EBDIT)#
Depreciation
and Amortisation
Exceptional
Items (gain)/loss
6,609
48,318
66,394
67,676
59,961
51,965
47,168
40,323
39,813
38,785
39,811
1,258
9,199
9,728
10,558
9,580
8,465
8,590
8,488
8,789
9,465
11,394
(589)
(4,304)
4,245
-
-
-
-
-
-
-
-
Profit for the Year
7,350
53,739
39,880
39,837
36,080
29,833
29,861
23,640
22,548
20,886
19,717
Profit for the Year
4,369
31,944
30,903
35,163
33,612
31,425
27,384
22,719
21,984
21,003
20,040
Equity Dividend (%)##
Dividend Payout##
Equity Share Capital
-
536
882
65
3,921
6,445
65
3,852
6,339
60
3,554
5,926
110
3,255
5,922
-
-
2,959
105
3,095
2,948
100
2,944
2,943
95
2,793
2,940
90
2,643
2,936
85
2,531
2,979
Equity Share Capital
882
6,445
6,339
6,339
6,335
3,251
3,240
3,236
3,232
3,229
3,271
Reserves and Surplus
64,018
4,68,038
3,84,876 3,98,983 3,08,312 2,85,062
2,50,758
2,12,923
1,93,842
1,76,766
1,62,825
Net Worth@
57,146
4,17,795
3,37,097 3,44,128
3,13,114 2,83,288
2,53,998
2,16,159
1,97,074
1,79,995 1,66,096
Reserves and Surplus
94,888
6,93,727
4,42,827
3,81,186 2,87,584 2,60,750 2,28,608 2,05,777 1,95,730 1,79,094 1,66,466
Gross Fixed Assets
69,423
5,07,549 4,96,688
4,76,591
4,52,492 4,30,093
3,93,117
3,11,815 2,64,281
2,32,270
2,05,493
Net Worth@
80,427
5,87,999
3,71,570
3,24,644 2,89,798 2,58,511 2,31,556 2,18,482 1,98,670 1,82,030 1,69,445
Net Fixed Assets
46,460
3,39,668
3,34,443 3,14,745 3,00,447
2,87,319 2,58,448
1,90,316
1,51,122 1,28,864
1,21,477
Gross Fixed Assets
117,560
8,59,482
6,93,631
7,63,988
7,62,493 6,81,238 5,59,942 4,50,931 3,52,513 2,90,923 2,58,838
Total Assets
119,501
8,73,673
9,71,699
7,75,745
6,17,525
5,46,746
4,81,674
3,97,785
3,67,583
3,18,511
2,95,140
Net Fixed Assets
89,864
6,56,999
6,31,505
5,65,840 5,85,094 5,18,471 4,09,353 3,18,523 2,32,911 1,83,439 1,64,177
Total Assets
180,716 13,21,212 11,65,915 10,02,406 8,16,348 7,06,802 5,98,997 5,04,486 4,28,843 3,62,357
3,27,191
Market Capitalisation^ 180,002 13,15,998
7,05,212
8,63,996 5,59,223 4,28,909 3,38,703 2,66,847 3,00,405 2,49,802 2,44,757
Contribution to
National Exchequer
7,336
53,630
54,842
67,589
56,997
51,399
43,117
33,322
31,374
28,950
28,197
Key Indicators
Earnings Per Share* (`)
Turnover Per Share* (`)
Book
Value Per Share* (`)
Debt : Equity Ratio
EBDIT/
Gross Turnover (%)
Net Profit Margin (%)
RONW (%)**
ROCE (%)**
US$
1.0
11.4
FY
2020-21
FY
2019-20
FY
2018-19
FY
2017-18
FY
2016-17
FY
2015-16
FY
2014-15
FY
2013-14
FY
2012-13
FY
2011-12
76.4
63.1
66.8
61.0
101.3
101.0
80.1
76.5
70.6
66.1
836.7
1,041.1
1,055.1
727.4
1,115.9
994.9
1,319.9
1,518.4
1,390.8
1,203.5
14.9
1,086.4
708.5
653.3
495.6
891.2
785.5
709.1
675.9
619.9
568.8
-
-
-
-
-
0.36:1
0.75:1
0.74:1
0.75:1
0.75:1
0.78:1
0.74:1
0.70:1
0.59:1
0.55:1
18.1
15.5
14.8
17.2
16.8
18.4
11.8
9.8
10.0
11.4
11.0
12.9
9.6
5.4
12.9
13.0
6.4
15.1
13.5
8.6
16.9
13.6
9.0
16.4
13.5
11.7
16.5
13.0
6.1
13.5
12.8
5.0
13.4
11.0
5.1
13.0
10.1
5.5
13.1
10.3
Key Indicators
Earnings Per Share* (`)
Turnover Per Share* (`)
Book
Value Per Share* (`)
Debt : Equity Ratio
EBDIT/
Gross Turnover (%)
Net Profit Margin (%)
RONW (%) **
ROCE (%) **
US$
FY
2020-21
FY
2019-20
FY
2018-19
FY
2017-18
FY
2016-17
FY
2015-16
FY
2014-15
FY
2013-14
FY
2012-13
FY
2011-12
0.7
5.9
8.9
49.7
48.4
432.8
577.6
648.2
531.8
55.5
633.5
542.9
53.1
497.8
496.7
96.9
817.2
889.0
84.6
70.2
68.0
64.8
61.2
775.3
1,053.3
1,241.7
1,149.5
1,037.8
784.4
668.0
609.8
557.5
507.3
-
-
-
-
-
0.47:1
0.76:1
0.40:1
0.37:1
0.37:1
0.42:1
0.45:1
0.45:1
0.40:1
0.41:1
17.3
18.1
16.9
19.0
19.6
18.8
11.8
9.9
10.5
11.7
11.5
8.8
10.1
8.4
10.4
16.2
8.8
13.7
24.9
10.7
15.5
28.7
11.9
17.1
25.4
10.9
15.1
17.2
6.7
13.4
12.7
5.5
12.9
11.5
5.7
12.8
11.2
5.9
13.4
11.6
In this Integrated Annual Report, $ denotes US$, unless otherwise stated
US$1 = `73.11 (Exchange Rate as on 31.03.2021)
* Adjusted for issue of Bonus Shares in 2017-18 in the ratio of 1:1
** Adjusted for CWIP and revaluation
^ For Reliance Industries Limited
# Before exceptional items
##The disclosure of dividend payout is on actual payment basis post Ind AS implementation w.e.f. FY 2016-17
@ Net Worth for FY 2020-21 includes call money receivable on rights issue
Note: Above highlights are part of Management Discussion and Analysis Section
US$1 = `73.11 (Exchange Rate as on 31.03.2021)
* Adjusted for issue of Bonus Shares in 2017-18 in the ratio of 1:1
** Adjusted for CWIP and revaluation
# Before exceptional items
@ Net Worth for FY 2020-21 includes call money receivable on rights issue
Note: Above highlights are part of Management Discussion and Analysis Section
38
39
Reliance Industries LimitedIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Management
Discussion and
Analysis
Economic Context and
Operational Highlights
42
Financial Performance
and Review
46
Business Overview
50
Liquidity and Capital
Resources
122
Risk and Governance
124
Awards and Recognition
133
Business Overview
Analysis and description of all major business segments of Reliance covering brands,
strategic advantages and competitive strengths. The discussion structure covers the market
environment the business operates in and how Reliance’s business model and operational
excellence helped achieve a strong performance.
Retail
Digital Services
Media and
Entertainment
PG 50
PG 68
PG 82
52 Strategic Advantages and
Competitive Strengths
70 Strategic Advantages and
Competitive Strengths
84 Strategic Advantages and
Competitive Strengths
52 Performance Summary
53 Operating Framework
54 Highlights FY 2020-21
56
Industry Overview
57 Performance Update
58 Business Performance
67 Outlook
70 Performance Summary
71 Operating Framework
72 Highlights FY 2020-21
74
Industry Overview
76 Performance Update
77 Business Performance
81 Outlook
84 Performance Summary
85 Operating Framework
86 Highlights FY 2020-21
88
Industry Overview
90 Performance Update
91 Business Performance
93 Outlook
Oil to Chemicals
Oil and Gas E&P
Forward-looking Statement
The report contains forward-looking statements, identified by words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’,
‘intends’, ‘projects’, ‘estimates’ and so on. All statements that address expectations or projections about the future, but not
limited to the Company’s strategy for growth, product development, market position, expenditures, and financial results, are
forward-looking statements. Since these are based on certain assumptions and expectations of future events, the Company
cannot guarantee that these are accurate or will be realised. The Company’s actual results, performance or achievements
could thus differ from those projected in any forward-looking statements. The Company assumes no responsibility to
publicly amend, modify or revise any such statements on the basis of subsequent developments, information or events.
The Company disclaims any obligation to update these forward-looking statements, except as may be required by law.
PG 94
PG 112
96 Strategic Advantages and
Competitive Strengths
114 Strategic Advantages and
Competitive Strengths
96 Performance Summary
97 Operating Framework
98 Highlights FY 2020-21
100 Industry Overview
103 Performance Update
104 Business Performance
109 Outlook
114 Performance Summary
115 Highlights FY 2020-21
117 Industry Overview
118 Performance Update
118 Business Performance
121 Outlook
Management Discussion and Analysis
Economic Context and Operational Highlights
Overview
Global
The global economy contracted by
3.3% in CY 2020, as all major economies
barring China slipped into recession
with COVID-induced lockdowns.
Advanced Economies’ (AE) decline
of 4.7% was steeper than Emerging
Markets (EM) decline of 2.2%. Within
the AE complex, the decline in Euro Area
(-6.6%) was much sharper than that in
the US (-3.5%). Within the EMs, China’s
GDP grew 2.3%. Despite the steep
global decline in CY 2020, global
GDP decline was lower than initially
feared primarily due to unprecedented
monetary policy support from global
central banks and fiscal stimulus from
governments. Global fiscal stimulus
reached ~US$18.6 trillion by March
2021 (23% of GDP) while monetary
stimulus by global central banks
reached US$16.6 trillion (21% of GDP).
Global trade volume (goods and
services) contracted by 9.6% in CY 2020
after a modest 1% increase in CY 2019.
Global trade also started recovering
in 4Q FY 2021 as merchandise trade
volume turned positive on y-o-y basis
from November 2020. Global trade is
forecast to grow 8% in CY 2021 with
merchandise volumes recovering faster
than services volumes.
Oil prices averaged US$43/bbl in 2020
vs US$64/bbl in 2019 as COVID-19 led
to an unprecedented erosion in
global oil demand. Global demand
averaged ~90.5 mb/d in 2020 (down
9.5 mb/d y-o-y). Large production cuts
by OPEC+ 9.7 mb/d in May-July and
7.7 mb/d thereafter helped with a price
floor in the face of the unprecedented
demand shock. Global crude oil prices
have recovered in 2021 as economies
begin reopening amidst vaccine
roll out. The US fiscal stimulus has
further improved global oil demand
outlook. Global demand is expected
to grow 5.9 mb/d y-o-y in 2021 to
average ~96.4 mb/d.
The global economy is expected to see
a rebound in 2021 with the International
Monetary Fund (IMF) expecting 6%
growth, with US stimulus and vaccine
optimism leading to further opening up
of the economies. The growth recovery
is likely to be led by the US and China
– the US is estimated to grow 6.4% in
2021 and China by 8.4%. Governments
and Central Banks are expected to
maintain supportive policies until
the recovery is firmly underway. The
strength of recovery will depend on
vaccine roll-out.
India
The Indian economy is estimated to
decline by 8% in FY 2020-21, the first
year of contraction since 1980. India’s
economic decline was sharper than
other key economies due to strict and
early lockdowns to control the spread
of COVID-19. However, growth has
continued to recover and was back
in positive territory (+0.4%) in 3Q FY
2021 after a decline of 24.4% and 7.3%
respectively in 1Q FY 2021 and 2Q FY
2021. India saw a V-shaped recovery
as most consumption and industrial
indicators were back in positive growth
territory in the September-December
quarter after being in deep negative in
the June quarter. Auto sales rebounded
from August 2020 onwards and both
two-wheeler and passenger vehicle
sales growth has been positive since
then. Travel indicators have remained
weak – air traffic still at -37% y-o-y in
March 2021 and rail traffic also weak
at -28% y-o-y. Among other industrial
indicators, electricity demand growth is
now positive and GST collections have
remained robust at above `1 trillion
mark. Digital adoption saw acceleration
during the crisis, particularly in the
usage of digital payments. UPI
payments grew more than 100% y-o-y
in 2021 as monthly transaction volumes
crossed `4 trillion or nearly 25% of GDP
on that run rate.
The external sector exhibited resilience
as current account turned surplus for
the first time since 2004, on weaker
domestic demand, falling oil prices and
strength in India’s services exports.
FDI and equity FII flows were strong,
driving India’s forex reserves to an all-
time high of ~US$580 billion by the end
of FY 2020-21, against ~US$475 billion
by the end of FY 2019-20.
The Reserve Bank of India (RBI), and the
central and state governments provided
critical support to the economy during
the crisis. The RBI maintained loose
monetary policy, cutting repo rates
by 115 bps during early CY 2020. To
keep funding markets easy, the RBI
maintained liquidity surplus through
various monetary measures.
India’s oil demand was down 9.1%
y-o-y due to the unprecedented
demand shock during 1H FY 2021.
While gasoline and diesel consumption
declined 6.8% y-o-y and 12% y-o-y
respectively, LPG registered positive
growth (+4.8% y-o-y) due to stay-
at-home restrictions. With airlines
remaining shut for most of the year,
and yet to resume full-scale operations,
jet fuel (ATF) consumption was
down 53.7% y-o-y.
CAPITAL RAISED
`2,60,074 crore
Highlights and Key Events
During FY 2020-21, Reliance forged
defining strategic partnerships with
leading technology firms and marquee
investors across businesses. Through
the Rights Issue and asset monetisation,
Reliance executed the largest ever
capital raise in India of `2,60,074 crore.
The fund raises along with capital
commitments exceeded Net Debt
levels, helping Reliance achieve a Net
Debt Free Balance sheet ahead of the
stated timeline of March 2021.
RIL successfully completed
India’s largest ever Rights Issue
of `53,124 crore (oversubscribed
by 1.59 times) - the world’s
largest by a Non-Financing
Institution in the last ten years
Jio Platforms and Reliance Retail, raised
`152,056 crore and `47,265 crore
respectively, from marquee global
investors including Facebook, Google,
Silver Lake, Vista Equity Partners,
General Atlantic, KKR, Mubadala, ADIA,
TPG, L Catterton, PIF, Intel Capital and
Qualcomm Ventures.
bp invested `7,629 crore for a 49%
stake in the fuel retailing business.
The arrangement between RIL and bp
will build on RIL’s current fuel retailing
network of 1,400 sites across India.
The joint venture will aim to be a leader
in mobility and low-carbon solutions,
bringing cleaner and affordable options
for Indian consumers with digital and
technology being key enablers.
42
43
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Economic context and operational highlights
Highlights and Key Events
Retail
Digital Services
During the course of the year, the
Retail business omni-enabled its
store network, strengthened digital
commerce platforms across the
business and built capacities for
home deliveries.
Alongside, the business expanded its
partnerships with merchants across
the country under its inclusive New
Commerce model. By the end of
the year, the digital commerce and
merchant partnerships business
accounted for about 10% of revenues,
significantly stepped up from near zero
in the preceding year. Reliance Retail
invested behind a range of acquisitions
to strengthen its capabilities in
the supply chain, technology, and
product portfolio.
These include the acquisition of leading
digital marketplace, Netmeds, furniture
and home decor retailer, Urban Ladder
and the lingerie and intimate wear
brand, Zivame. Reliance Retail also
entered into an agreement to acquire
the retail and wholesale business and
the logistics and warehousing business
of the Future Group for a consideration
of `24,713 crore. This acquisition is
awaiting requisite approvals.
In Digital Services, Reliance Jio became
the first operator outside China to
achieve 400 million subscribers in
a single country market. Reliance
Jio continues to revolutionise
digitalisation in India with data
consumption in excess of
5 Exabyte per month on its network.
Strategic initiatives along with Facebook
and Google will enhance consumer
service offerings and facilitate greater
digital inclusion in India. Reliance is
working with Microsoft to enhance
adoption of leading technologies like
data analytics, Artificial Intelligence (AI),
cognitive services, blockchain, Internet
of Things (IoT), and edge computing
among small and medium enterprises.
Qualcomm Technologies, Inc. and Jio,
along with its wholly owned subsidiary
Radisys Corporation, announced
expanded efforts to develop open
and interoperable interface compliant
architecture-based 5G solutions with a
virtualised RAN. This work is intended to
fast-track the development and roll-out
of indigenous 5G network infrastructure
and services in India.
1,732 MHz
Reliance Jio total spectrum
footprint
Reliance Jio successfully acquired the
right to use spectrum in all 22 circles
across India in the recently concluded
spectrum auctions conducted by the
Government of India. Through this
acquisition, Reliance Jio’s total spectrum
footprint has increased significantly,
by 56%, to 1,732 MHz. The acquired
spectrum can be utilised for transition
to 5G services at the appropriate
time, where Jio has developed
its own 5G stack.
Oil to Chemicals
Reliance has initiated the proceedings of
carving out its O2C businesses
into a separate subsidiary and the
process is expected to be completed in
CY 2021. O2C reorganisation creates
an independent, global-scale growth
engine for RIL, with a strong cash flow
generation potential while facilitating
value creation through strategic
partnerships and attracting a dedicated
pool of investor capital.
Through the COVID-19 crisis, Reliance
operated its O2C facilities at near
100% by shifting products to export
markets to sustain operating rates.
Scale economics along with strong
competitive cost positions across
the chain helped Reliance sustain
positive contribution through this
unprecedented phase. Diversified
customer base, global product
placement and feedstock flexibility
supported performance.
~100%
Utilisation of O2C assets even
during the COVID-19
Oil and Gas E&P
During the year, Reliance successfully
commissioned Asia’s deepest gas
field and India’s first ultra-deepwater gas
field – R Cluster in KG D6 Block.
This will help Reliance work towards
India’s transition to a cleaner and
greener gas-based economy.
The year was also marked by the
COVID-19 crisis, which resulted in a
huge loss to mankind. During these
tough times, Reliance leveraged all its
resources – human as well as material
– to assist India in its fight against the
COVID-19 pandemic.
Apart from ensuring the safety and
well-being of employees through
the pandemic, Reliance significantly
stepped up its support to the
community. The COVID-19 response
included use of facilities for production
of grades and equipment used in
medical applications, steps to support
state medical infrastructure and
contributions to social efforts in helping
marginalised communities and migrant
workers. Reliance is geared to provide
products and services needed by Indian
consumers as the economy emerges
from the lockdown.
To combat climate change,
Reliance has set itself a target
to become Net Carbon Zero by
2035. This is based on RIL’s vision
of clean and green development
which will provide the Company
with an opportunity to accelerate
and develop a New Energy and
New Materials business.
44
45
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Financial Performance and Review
Alok Agarwal
Srikanth
Venkatachari
Value of Sales and Services (Revenue)
5,39,238
EBITDA
Cash Profit
Segment EBIT
Net Profit
Cash and Marketable Securities
97,580
79,828
62,460
53,739
2,54,019
Anshuman Thakur
Dinesh Thapar
Saurabh Sancheti
C. S. Borar
Raj Mullick
Tangible and Intangible Assets (Excluding Goodwill)
6,56,999
73.8
13.3
10.9
8.5
7.4
34.7
89.9
6,59,997
2,78,940
38.2
3,66,177
1,02,280
48,318
67,179
36,411
70,192
30,048
39,880
31,944
6.6
5.0
4.1
4.4
66,394
42,844
46,817
30,903
1,75,259
1,82,225
24.9
1,45,577
6,31,505
3,39,668
46.5
3,34,443
Financial Performance Summary (Consolidated and Standalone)
Particulars
Consolidated
Standalone
FY 2020-21
FY 2019-20
FY 2020-21
FY 2019-20
` in crore US$ in billion
` in crore
` in crore US$ in billion
` in crore
Lockdowns enforced to contain the global pandemic
led to severe demand destruction, testing the resilience
of our operating models and flexibility.
Despite the challenges, we operated O2C facilities at near-normal levels and delivered
industry-leading results. Robust growth in the Digital Services business and steady revival in
the O2C and Retail segments helped us deliver strong operational results for the year.
We leveraged our strengths at a time when the Indian economy was poised for a confident
recovery. We demonstrated both resilience and agility in adjusting to changing market
conditions. The robustness and scalability of our businesses, particularly the consumer
businesses, attracted marquee partners and investors which strengthened our balance sheet.
We remain focused on delivering value for our stakeholders and achieving our longstanding
financial priorities. Our stronger-than-ever balance sheet gives us the opportunity to invest for
sustainable long-term value creation across businesses.
46
Gross Debt
2,51,811
34.4
3,36,294
2,21,698
30.3
2,98,599
US$1=`73.11 (Exchange rate as on 31.03.21)
Revenue
Gross Debt
Finance Cost
Reliance achieved consolidated revenue
of `5,39,238 crore (US$73.8 billion),
a decrease of 18.3%, as compared to
`6,59,997 crore in the previous year. The
decrease in revenue was primarily due
to lower volumes and realisation across
key products in the O2C segment.
Revenue in the Retail segment were
impacted by store closures, operational
disruptions, and significantly lower
footfalls in view of the pandemic
situation. This was partially offset by
higher revenue from the Digital Services
segment on account of continued
subscriber traction and higher ARPU.
Profit
Consolidated EBITDA for the year
decreased by 4.6% on a y-o-y basis to
`97,580 crore as compared to `1,02,280
crore in the previous year, primarily
due to lower contribution from O2C
businesses, which were impacted by
pandemic related demand destruction
in 1H FY 2021. The Retail and Digital
Services businesses achieved all-time
high EBITDA levels during the year.
Cash Profit increased by 18.8% to
`79,828 crore as compared to
`67,179 crore in the previous year. Profit
After Tax (after exceptional items) was
higher by 34.8% at `53,739 crore.
Reliance’s Gross Debt was at `2,51,811
crore (US$34.4 billion). This includes
standalone gross debt of `2,21,698
crore and balance in key subsidiaries,
including Reliance Jio (`11,196 crore),
Reliance Retail (`9,030 crore), Shale
Gas Operations (`3,931 crore), Reliance
Sibur Elastomers (`2,339 crore) and
Independent Media Trust Group
(`2,414 crore).
Finance Cost was at `21,189 crore
(US$2.9 billion) as against `22,027
crore in the previous year. Large capital
raise through Asset Monetisation and
Rights Issue were primarily utilised
to deleverage the balance sheet. The
benefits of deleveraging were partially
offset by lower capitalisation of interest
with commissioning of projects
across businesses.
Cash and Marketable
Securities
Cash and Marketable Securities were at
`2,54,019 crore (US$34.7 billion). The
Company’s cash and cash equivalents
were higher than the outstanding debt
as on March 31, 2021.
Tangible and Intangible
Assets
Reliance’s fixed assets (excluding
goodwill) stood at `6,56,999 crore
(US$89.9 billion) as on March 31, 2021.
This includes RIL’s standalone fixed
assets of `3,39,668 crore and balance of
`3,17,331 crore in its subsidiaries, mainly
Reliance Jio and Reliance Retail.
34.8%
PAT growth y-o-y
(after exceptional items)
Other Income
Other Income was at `16,327 crore
(US$2.2 billion) as against `13,164
crore in the previous year, primarily on
account of gain on sale of investments
and interest income.
Basic EPS
Basic Earnings Per Share (EPS) for
the year ended March 31, 2021 (after
exceptional items) was at `76.37 as
against `63.07 in the previous year.
Basic Earnings Per Share for the
year ended March 31, 2021 (before
exceptional items) was at `67.60 as
against `70.19 in the previous year.
Capital Expenditure
Capital Expenditure for the year ended
March 31, 2021 was `79,667 crore
(US$10.9 billion), including exchange
rate difference. Capital Expenditure
was principally on account of the Digital
Services business, projects in the O2C
business and in the Retail business.
47
Management Discussion and AnalysisNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Financial Performance and Review
RIL Standalone
Segment review
Retail
Reliance Retail delivered a resilient
performance against the backdrop of an
unprecedented and challenging operating
environment, arising from the COVID-19
pandemic situation that emerged at the start
of the year. The business delivered Gross
Revenue of `1,53,818 crore. The revenue were
impacted on account of store closures (80%
stores operational), significantly lower footfalls
(65% of last year) and operational disruptions
through the year. At an EBITDA of `9,842
crore for FY 2020-21, the business posted
its all-time high profit, driven by the gradual
rebound of revenue streams, judicious cost
management initiatives and boosted by higher
investment income.
`1,53,818 crore
Retail revenue
PG 50
RIL’s standalone revenue for
FY 2020-21 was `2,78,940 crore
(US$38.2 billion), a decrease of 23.8%
on y-o-y basis. Profit after tax was
at `31,944 crore (US$4.4 billion) an
increase of 3.4% against `30,903
crore in the previous year. Basic EPS
on standalone basis (after exceptional
items) for the year was `49.66 as against
`48.42 in the previous year. Basic EPS
on standalone basis (before exceptional
items) for the year was `42.97 as against
`55.07 in the previous year.
Movement in key
financial ratios
• The debtors turnover ratio improved
to 47.9 in FY 2020-21 as against 37.4
in the previous year primarily due to
effective collection of receivables,
conservative credit policy and high-
quality customer base
• The interest coverage ratio declined
to 2.4 in FY 2020-21 as against 4.7
in the previous year with lower EBIT
and increase in finance cost with
lower interest capitalisation due to
commissioning of projects
• The current ratio improved to 1.0
in FY 2020-21 as against 0.5 in the
previous year due to higher current
assets with accounting of call money
receivable towards rights issue and
payment of other current liabilities
• The net profit margin (after
exceptional items) improved to 11.5%
in FY 2020-21 as against 8.4% in the
previous year due to gains on sale of
investments, lower tax provision and
lower turnover base with sharp fall in
average price realisation for the year.
• The return on net worth fell to 8.8%
in FY 2020-21 as against 10.4% in
FY 2019-20 as net worth increased
primarily on account of rights issue
and retained earnings for the year.
Digital Services
The business recorded revenue of `90,287
crore, as against `69,605 crore in the previous
year, with year-end subscribers base at 426.2
million. Reliance Jio reported strong financial
performance for the year. Segment EBITDA
was at `34,035 crore for the year, as against
`23,348 crore in the previous year.
`90,287 crore
Digital Services revenue
PG 68
Media and Entertainment
Consolidated EBITDA of the business rose
29% y-o-y to `796 crore despite the
pandemic impact dragging revenue down by
12% y-o-y. EBITDA margin rose to a highest
ever ~17%, having improved y-o-y
for three years continuously. Broad-based
cost controls across businesses, growth in
annuity-style revenue streams and content
cost renegotiations have boosted profitability.
PAT jumped by ~9x y-o-y to `547 crore.
`5,459 crore
Media and
Entertainment revenue
PG 82
Oil to Chemicals
Revenue for the O2C business declined
by 29.1% to `3,20,008 crore on account of
lower volumes and price realisation across
key products. Sharp demand contraction
in the first half of the year impacted growth
for the year. The price realisation was
lower due to decline in average crude and
feedstock prices. Brent crude price for
the year averaged at US$44.3/bbl versus
US$61.1/bbl in the previous year, a decline
of 27.5%. EBITDA for the year was lower
with weak demand environment in 1H FY
2021. Gradual easing of lockdowns and
improvement in economic activities during
2H FY 2021 supported demand and margin
recovery for transportation fuels and
downstream chemicals.
`3,20,008 crore
O2C revenue
PG 94
Oil and Gas E&P
Revenue for the Oil and Gas business declined
by 33.4% y-o-y to `2,140 crore, primarily due
to lower volumes from conventional fields
and overall lower commodity price realisation.
EBITDA for the year declined by 26.9% to `258
crore. Price realisation for Coal Bed Methane
(CBM) gas for the year was lower by 40% at
US$4.27/mmbtu (GCV). Realisations in the
US Shale business also declined by 27% to
US$2.07/MCFe. Lower conventional volumes
due to expiry of Panna Mukta Production
Sharing Contract in December 2019 and
cessation of production from D1D3 (KG D6)
field in February 2020.
`2,140 crore
Oil and Gas revenue
PG 112
48
49
Management Discussion and AnalysisNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview
Retail
Subramaniam V.
Isha Ambani
Akash Ambani
Anant Ambani
Ashwin Khasgiwala
Akhilesh Prasad
Darshan Mehta
Damodar Mall
Brian Bade
Kaushal Nevrekar
Sunil Nayak
Dinesh Thapar
Jayant Bhalerao
Dr. Vinodkumar
Dhanuka
Bijay Sahoo
Gulur Venkatesh
“Reliance Retail’s results reflect a certain resilience
in a challenging operating environment. Our robust
operating model, agility in execution and leading
capabilities have withstood the testing times posed
by the pandemic, which allowed us to serve our
customers far and wide and enabled us to deliver a
market leading performance.”
Highlights FY 2020-21
REVENUE
5.6%
EBITDA
1.5%
`1,53,818 crore
`9,842 crore
EBITDA MARGIN
7.3%
EBITDA Margin is calculated on
revenue from operations
50
Reliance Retail was founded with a view to
revolutionise retail in India. Today, it is the largest,
fastest growing and most profitable retail company
in India with diversified omni-channel presence
through integrated store concepts and digital
commerce platforms. It is the only Indian retailer to
feature in ‘Global Powers of Retailing’.
As a market leader, Reliance Retail caters to five
key consumption baskets
1 Consumer Electronics
2 Fashion & Lifestyle
3 Grocery
4 Pharma Retail
5 Connectivity
1,00,000+
Customers served every hour
and growing fast
Reach
156 million
Registered Loyal
Customer Base
Scale
12,711
Retail Stores
Infrastructure
263
Warehouses
and Distribution
Centres
7,000+
Cities
6401
Footfalls
million
33.8
Retail Space
million Sq. ft
million cu. ft.
272
Of warehousing
space
2,00,000+
Employees
1.4 million
Route kms
moved per day
1. FY 2019-20 number being used in view of FY 2020-21 year being disruptive
Reliance Industries Limited Management Discussion and Analysis
Business Overview: Retail
Performance
Summary
REVENUE
(` in crore)
1,63,029
1,53,818
1,30,566
EBITDA
(` in crore)
9,695 9,842
6,201
RETAIL STORES
(nos.)
12,711
11,784
10,415
Vision
To be the most admired and successful retail company in India that
enhances the quality of life of every Indian.
Mission
• Provide millions of customers with unlimited choice, outstanding
value proposition, superior quality and unmatched experience
across the full spectrum of products and services
• Serve the entire spectrum of Indian society i.e. from households,
kiranas and merchants, to small and medium enterprises
and institutions
Reach the length and breadth of the country through our physical
and digital distribution platforms
Be the partner of choice and enable win-win opportunities for our
ecosystem across producers, small and medium enterprises, brand
companies and global suppliers
Generate direct and indirect employment opportunities with skill
transformation and talent development on an unprecedented scale
•
•
•
Strategic Advantages and
Competitive Strengths
India’s only true
national retailer with
the widest coverage
Deep understanding
of India and Bharat,
serving all consumption
baskets
Unmatched retail
capabilities: End-to-end
value chain, design,
merchandising,
own brands
Partner to producers,
MSMEs, national,
regional, local and
global brands
Extensive supply chain
infrastructure
Deep technologies and
data intelligence at the
core
Best-in-class and
scalable project
execution
52
Talent and organisation
to power operations
Operating Framework
Reliance Retail’s guiding philosophy rests on the tenets of inclusive growth and building sustainable societal
value for millions of Indians.
An inclusive approach to retailing
Investing in Design
and Development
Customer
Insights
Design
Expertise
Brands
Product Innovation /
Solutions
Developing Sourcing
Ecosystem
Network of
Producers,
MSMEs
Local
Manufacturers
Regional and
National Brands
Vendor
Development
Building Supply
Chain Infrastructure
Widest Reach
Efficient Last Mile
State-of-the-art
Technology Enabled
Physical Stores
Digital Platforms
Expanding
Retail Network
Empowering
Merchants
Benefiting
Consumers
Electronics
Grocery
Fashion
Pharmacy
Pan-India
Network
Trusted
Partners
Better
Experience
• Reliance Retail has set up and
• The business is investing in building
•
continues to invest in building design
and product development centres
to offer relevant, contemporary and
high quality products to meet the
diverse needs of its customers
• Reliance Retail’s sourcing ecosystem
works with small producers and
manufacturers SMBs, regional,
national and international brands.
In particular, it supports small
producers to modernise their
operations, minimise inefficiencies
and reduce leakages
state-of-the-art supply chain
infrastructure in India by linking all
major sourcing locations through
an automated, modular, reliable and
scalable warehousing, logistics and
last mile fulfilment ecosystem
Reliance Retail’s selling ecosystem
comprises a vast network of stores
and digital commerce platforms to
serve customers across the length
and breadth of the country
•
•
The New Commerce model seeks to
partner with millions of unorganised
merchants through an inclusive
model of growth while digitally
enabling and empowering them,
and offering them a compelling
value proposition to grow their
businesses and earnings. Together, it
will serve millions of households and
customers across the country
Reliance Retail provides employment
to tens of thousands of people,
bringing joy and pride to their
families while enabling livelihoods
for many others
53
FY 2019FY 2020FY 2021FY 2019FY 2020FY 2021FY 2019FY 2020FY 2021NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Highlights FY 2020-21
Reinforced and enhanced safety
and hygiene standards across
the breadth of Reliance Retail’s
operations with the emergence of
the COVID-19 situation
Delivered revenues at par with
last year despite store closures
and operational disruptions
Registered loyal customer base
continues to grow, currently at
156 million, up 25% y-o-y
EBITDA at an all-time high,
driven by business rebound,
cost management and
investment income
Opened 1,456 new stores, taking
the total store count to 12,711
with operated area spanning
over 33.8 million sq. ft.
Strengthened digital commerce
and omni-channel capabilities
across all businesses of Grocery,
Consumer Electronics, Fashion &
Lifestyle and Pharma
Launched India’s largest
hyperlocal platform, JioMart,
with presence in 200+ cities
New Commerce partnerships
with over a million merchants
across consumption baskets
Forayed into pharma retail;
acquired online pharmacy,
Netmeds
Stepped up Lifestyle play
through the acquisition of
Urban Ladder and Zivame
Created 65,000+ new jobs since
the onset of the pandemic
Executed India’s largest fund raise
in the consumer / retail sector from
marquee global investors, reflecting
the conviction in Reliance Retail’s track
record, operating model and prospects
54
55
Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Retail
Industry Overview
India’s retail market is estimated at US$822 billion in FY 2019-20 and is expected to grow at a CAGR of 10% over the next five
years to reach US$1,315 billion by FY 2024-25. The penetration of organised retail market is estimated at 11% in FY 2019-
20 and is expected to grow to 18% by FY 2024-25. The organised retail market is estimated at US$88 billion in FY 2019-20
and is expected to grow at a CAGR of 19% over the next five years to reach US$231 billion by FY 2024-25. The unorganised
retail market is poised to grow to over US$1 trillion over this period, making it amongst the most attractive consumer sector
opportunities across the world.
Emerging Trends and Business Response
Description
Growth of Online
Channel
Digital commerce
gained significant
traction in the wake of
lockdown/restrictions;
likely to remain buoyant
Omni-channel
as a new normal
Convergence of
Physical and Digital
retail emerging
as the new normal
Physical stores
remain a growth
opportunity
Physical stores remain
an opportunity for
expansion, particularly
in smaller towns
Evolving customer
preferences and
emergence of new
categories
Change in consumer
behaviour leading to
re-curation of product
portfolios and boost to
select categories
Transforming
and empowering
unorganised retail
Addressing supply
side challenges and
technology are key
to transforming the
unorganised retail sector
How Reliance Retail is geared up?
Launched and
accelerated roll-out of
JioMart, India’s largest
hyperlocal solution.
Activated
reliancedigital.in for
electronics, scaled
up AJIO in fashion &
lifestyle and created a
range of mono-brand
sites for premium
and luxury brands.
Acquired Netmeds,
Zivame, and Urban
Ladder to offer a
wider portfolio.
Strengthened
digital commerce
and omni-channel
capabilities with
all Reliance Digital,
fashion & lifestyle
and grocery stores
being omni-enabled.
Stores are enabled
for fulfilment, return,
refund (same or
different mode), house
kiosk for endless isle
experience and better
conversions, upsell
and cross-sell.
Operates > 2/3rd of
its stores in Tier II and
smaller tier towns.
During the year, over
half the expansion
was carried out in
smaller tier towns.
Over half the orders
on digital platforms
from Tier II and
smaller tier towns.
Partnerships with
unorganised retailers
across categories
and geographies.
Design centres enable
development of
portfolio in keeping
with emerging trends.
Focus on developing
own brand portfolio
in categories such
as health and
immunity, boosting
foods in grocery, and
productivity devices
and appliances in
consumer electronics.
Re-curation of fashion
portfolio with launch of
‘Work from Home’, ‘At
Home Essentials’ and
Athleisure collection.
Creating an integrated
state-of-the-art supply
chain infrastructure
connecting all supply
and demand markets.
Investing in technology-
driven logistics and
last mile fulfilment
infrastructure.
Rapid scale up of
New Commerce
merchant partnerships.
Developing a portfolio
of own brands
for New Commerce.
Building bonds,
digitally enabling
and empowering
merchant partners.
Performance Update
Financial, Non-Financial, Revenue Mix
(In ` crore)
FY 2020-21
FY 2019-20
Value of sales and services
Revenue from operations
EBITDA
EBITDA Margin(%)*
Area operational (million sq. ft.)
1,53,818
1,35,252
1,63,029
1,46,365
9,842
7.3
33.8
9,695
6.6
28.7
* EBITDA Margin is calculated on revenue from operations
% change
y-o-y
(5.6)
(7.6)
1.5
+70 bps
• Reliance Retail delivered a resilient
• As operating curbs were
•
performance against the backdrop of
an unprecedented and challenging
operating environment, arising from
the pandemic situation that emerged
at the start of the financial year
• Reliance Retail delivered Gross
•
Revenue of `1,53,818 crore. The
revenues were impacted on account
of store closures (80% stores
operational), lower footfalls (65% of
last year) and operational disruptions
through the year
At an EBITDA of `9,842 crore for
FY 2020-21, the business posted
an all-time high profit, driven by
the gradual rebound of revenue
streams, judicious cost management
initiatives and boosted by higher
investment income
• The thrust on expansion and
transformation continued particularly
on strengthening omni-channel
and digital platform capabilities and
scaling up New Commerce
progressively lifted, new store
openings resumed with 1,456 stores
being added. This notably would
be amongst the highest offline
expansions undertaken by any
retailer across the world in the COVID
constrained context
•
• The total store count stood at 12,711
covering 33.8 million sq.ft. at the
end of the year
The business continued to attract
and serve millions of customers
across the country far and wide.
The registered loyal customer
base now stands at 156 million, a
growth of 25% y-o-y
The business generated >65,000
new jobs even in a year like this,
bringing to life its mission to
enhance livelihoods, whilst enabling
positive societal impact not just
for its employees but the broader
ecosystem within which it operates
•
DISTRIBUTION OF STORES IN INDIA
154
North
In what is the largest fund raise in
the consumer/retail sector in India,
Reliance Retail raised `47,265 crore
for a 10.09% stake from marquee
global investors
• Reliance Retail ranks 53rd in the
list of Global Powers of Retailing
and is among the fastest growing
retailer in the world*
* As per Deloitte Global Powers of
Retailing 2021
•
Reliance Retail won two awards at
TRRAIN Retail Awards 2020-21
Guarded Retail Employees Amidst
Turbulence (GREAT) Award
HR Initiative of the Year Award
won by its Consumer Supply
Chain Management business
>65,000
Jobs generated
132
479
East
East
2,167
675
601
North
2,030
356
West
2,367
West
461
South
1,095
South
2,117
57
56
Consumer Electronics
Fashion & Lifestyle
Grocery
In addition to the above, there are 77 stores outside India.
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Retail
Business Performance
Consumer Electronics
Overview
Reliance Retail is India’s
largest consumer electronics
retailer with an extensive
network of 8,600+ stores
across 7,000+ towns.
Consumer electronic purchase
often necessitates a ‘touch and feel’
of the product and in many cases
involves demonstration, installation,
maintenance and after sales service.
Reliance Retail operates differentiated
store concepts that are centred
around ‘Service’, ‘Solution’ and
‘Consumer Experience’ personalising
technology for consumers.
The stores house buying guides for
discerning consumers simplifying
product complexities. Guidance
extended by expert store staff makes
shopping journey easier for consumers.
Differentiated Store Concepts for Consumer Electronics
New Age Digital Platforms
https://www.reliancedigital.in/
• Full-fledged after sales service arm
•
India’s first multi-product, multi-brand
and multi-location service network
• Reliance Digital’s online shopping
website and app with presence
across 1,340 cities
• End-to-end product life
cycle support
ISO certified service organisation
•
• Fully integrated omni-
channel experience
• Extending JioMart to consumer
electronics for providing a one-stop
shopping solution
• Destination consumer
electronics store
• Product experience zones
• 300+ national, international brands
• Differentiated value proposition
• Smaller stores offering mobility and
communication devices
• Store presence in 7,000+ towns
• Extending reach by
catalogue and web-sales
58
Competitive Strengths
Key Developments
1
Personalised selling backed up by
intuitive store designs and industry
leading service levels
2
Unmatched delivery proposition
enabling delivery within 24 hours
of purchase
3
ResQ for solutions encompassing
end-to-end product life cycle
requirements
4
Strong relationships with all the
leading national and international
brands
Steady progress on expansion
with 188 new store openings
Activated
www.reliancedigital.in,
full network of Reliance Digital
stores omni-enabled with
unmatched delivery service
across 19,000+ pin codes
Enabled fulfilment from store
inventory with over >95%
orders delivered within six
hours
Broad-based growth across
categories: laptops and
tablets, high-end televisions,
air care and appliances
Impactful festive activations,
successful campaign around
affordability and new product
launches delivered growth
well ahead of the market
Growth led by robust
performance in Tier II/III
towns
Range of offerings across
categories under the
licensed brands of BPL and
Kelvinator were launched
and rolled out across
general trade, including a
foray into the electricals
category
Reliance Digital has been
recognised as India’s
Only Electronics Retailer
Superbrand award for the
second consecutive year
Reliance Digital won:
• Gold for ‘Digital
Marketing Excellence in
Social Media’ at Digixx
Awards 2020 by Adgully
• ’Social Media App
Effectiveness’ award
at Global Customer
Engagement Awards
2020 by ACEF
Key Highlights
1,100+
Laptops sold every day
1,600+
High-end televisions
sold per day
4,000+
Installations by resQ
every day
• Offering Reliance Digital’s
assortment through hyper-
local fulfilment
5
Exclusive brand licences and own
brand products through Reconnect,
JioPhone and LYF
59
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Retail
Business Performance
Fashion & Lifestyle
Overview
Reliance Retail is the
largest fashion retailer in
India with 2,850+ stores
across 850+ cities.
It operates multiple specialty store
concepts with an extensive portfolio
of own and partner brands catering
to all consumer segments through
value, premium, bridge-to-luxury and
luxury. Reliance Retail controls the
entire fashion value chain through a
vertically integrated operating model
which generates fresh fashion across
stores on a regular basis.
Competitive Strengths
Key Developments
Luxury
Reliance
Brands
Premium
Mid
AJIO, Project EVE
Marks & Spencer
Economy
Trends, Trends Footwear
Trends Woman, Trends Man, Trends Junior
Mass
New Commerce, Reliance Smart
Trends Smalltown
Fashion pyramid
1
Robust design and sourcing
capabilities
Strong insights of diverse tastes and
preferences across regions
2
Fastest growing store network
100+ stores launched on an average
every year for the last 14 years
Diverse Store Concepts for Fashion & Lifestyle
New Age Digital Platforms
3
India’s largest fashion destination
•
• Strong portfolio of own brands
• E xtensions to tap residual
market opportunities
• Experiential store with mid to
premium positioning
• Caters to entire wardrobe
• Affordable family footwear store
• Wide range of own brands
• Partner to 45+ international brands
• Global experience within India
• Access to affluent consumers
• Destination for fine jewellery
• Range of silver, gold, diamond and
bridal jewellery
• 100% purity, transparency
• Global category leader in
children’s premium toys
• Presence across 17 countries
• Online fashion and lifestyle destination
• Nearly 6 lakh options spanning
over 2,500 brands
• Curated section AJIO Luxe offers
the best of luxury, bridge to luxury
and premium brands
•
India’s most loved furniture brand
• Presence across 20 cities and 11
experience centres
•
• Offering Trends assortment through
hyperlocal fulfilment
Strong own brand portfolio
Own brands contribute >75% of Trends
revenues and >60% of footwear revenues
4
Partner of choice for global brands
Portfolio of over 45+ exclusive
esteemed international brands
Mono brand sites
5
Launched 600+ new stores,
highest among any fashion &
lifestyle retailer globally
Apparel and footwear
Augmented omnichannel
capabilities to 500+ cities
under Trends umbrella
Buoyant revenue led by higher
conversion and bill values
Business recovery driven by
strong in-store execution,
freshness and impactful
activation
Curating product portfolio
relevant to emerging trends
drives category performance
Further strengthened
own brands portfolio with
continued launch of brands
Trends assortment now live
on JioMart with direct from
store shipment at >3,000 pin
codes
AJIO
Revenue run rate up 4x over
previous period along with
improvement across customer
and operating metrics
Key highlights
180+ million
Units of apparel &
footwear sold
Fashion & Lifestyle
New Commerce
Significant scale up in
business across merchant
base, brands, sellers
and product offerings.
Geographic coverage
extended to 2,265 cities
Jewels
Competitive performance
backed by impactful
activations and launch of
affordable light weight
jewellery
Design capability coming
to the fore with launch of
collections across the year
Received the ‘Most Admired
Emerging Retail Brand of the
Year’ award at Mapic India
Retail Awards 2021
Received ‘The Retailer of
the Year’ and ‘Marketing
Campaign of the Year’
awards at the Business
Leader of the Year Awards
Partner Brands
In luxury and premium
brands, digital commerce
revenues up 3x over last
year
Engaging customers by
pioneering ‘Distance Selling’
and impactful shopping
events
https://www.gasjeans.in
https://www.stevemadden.in/
https://www.hamleys.in
https://www.superdry.in
https://www.marksandspencer.in
https://www.visionexpress.in/
https://www.mothercare.in
• Offers solutions for every stage
in a woman’s life
• Delivering across 1,900+
cities, 65 stores
Unrivalled integrated
omni-channel play
1,000+ stores catering to both instore
and online orders
2.9 million
Kurtas sold per month
60
61
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Retail
Business Performance
Grocery
Overview
Reliance Retail is India’s largest
grocery retailer and operates
multiple store concepts – from
neighbourhood stores to
destination supermarkets and
JioMart.
These concepts leverage engaging
store experience, trained staff and
attractive value proposition to address
specific shopping needs of consumers.
Reliance Retail has developed own
brands that provide a wide range
of quality offerings across various
categories such as staples, food
FMCG, home and personal care
(HPC), and general merchandise.
Over the years, Reliance Retail has made
significant investments in developing
an end-to-end value chain that is
backwardly integrated for fresh foods
which enables product quality, supply
security and sourcing efficiencies. This
has resulted in win-win partnerships
with producers.
Through its New Commerce initiative,
Reliance Retail is linking producers
with small merchants and consumers
to create a win-win partnership model.
The New Commerce footprint is being
expanded from 33 cities at present,
with investments in supply chain and
technology, to make Reliance Retail a
trusted partner for millions of merchants
across the country.
Differentiated store
concepts for Grocery
• Gourmet retail chain
• Destination supermarket store
• Serves food and non-food needs
• Everyday low-price strategy;
savings promise
• Neighbourhood multipurpose store
• Blending physical and digital
– endless aisle, e-kiosks and
digital services
New Age Digital Platforms
•
India’s widest footprint hyperlocal
grocery delivery platform
• 200+ cities
•
Integrated with stores to offer
seamless customer experience
Own Brand Portfolio Across Staples, Processed Foods, Home, Beauty and Personal Care
Business continues to
leverage brand partnerships
for exclusive launches,
events and activations
Emerged as a trusted
partner for customers
and merchants during the
lockdown with enhanced
safety and hygiene
standards
Leveraged own supply chain
network and worked closely
with vendors and producers
to ensure timely availability
of products despite
pandemic-led disruptions
Snactac Mixed Fruit Jam and
Scrubz were ranked #1 in
their respective categories
by Consumer Voice
magazine in FY 2020-21
Competitive Strengths
Key Developments
Rapid expansion with 600+
new stores rolled out
Launched and rapidly scaled
JioMart, India’s largest
hyperlocal platform. It
continues to gain traction
across regions with Tier II and
Tier III cities contributing over
half of orders
Strengthened own brands
portfolio with new product
launches across staples,
processed foods, HPC
and general merchandise
categories through the year
JioMart kirana service now
active in 33 cities, launched
self-onboarding application,
aiding rapid merchant
additions
Market-leading performance,
driven by essentials (staples)
and processed foods
Key Highlights
2.9 million
Units of groceries
sold per day
1,800+ MT
Fruits, veggies and
staples sold per day
>50%
Share of fruits and
veggies in modern trade
1
Robust value chain
Pan-India collection, processing and
distribution centres
2
Omni-enabled network at scale
Largest network of stores and digital
commerce channels
3
Strong own brand portfolio
Wide portfolio of own brands across
staples, consumer products and
general merchandise
4
Need better image
Winning partnerships with brands
Preferred retail partner for new brand
launches, promotions, exclusive
launches and activations
5
Hyperlocal digital strategy
Serving customers and merchant partners
through unique fulfilment model
62
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Retail
Pharmacy
Reliance Retail forayed into pharmacy
retail during FY 2020-21.
It aims to lead the category by pioneering an
omnichannel pharma strategy encompassing
physical stores, digital platform Netmeds.com, and
partnerships with connected local pharmacies.
This integrated and inclusive offering will enhance
accessibility and affordability of medicines for
Indian customers.
Key Developments
114 pharmacies operationalised
Strengthened pharmacy digital platform
capabilities through acquisition of Netmeds
Connectivity
Reliance Retail works as the master distributor for Jio connectivity services.
The distribution network comprises of 8,200+ Jio stores and a vast network
of retailers across the country for new customer acquisitions and recharges.
Jio Stores provide customers best-
in-class service of activations,
recharges, devices availability and after
sales service.
In addition, in order to enhance
seamless customer recharge and
activation experience, the business
has created a unique entrepreneur
model by onboarding over 1.6 million
Jio Associates who help customers to
remain connected at all points in time.
To keep friends and family safe,
business is encouraging digitally savvy
customers to recharge online on their
own and stay home, stay safe and stay
connected. Business has also enhanced
the technology solution/architecture
to improve recharge experience on its
online partner platforms.
64
CASE STUDY
CASE STUDY
Driving Inclusive
Development Agenda
To promote inclusive and sustainable
growth, Reliance Retail identified a
talent pool from the marginalised
sections across rural and urban regions
to provide employment at its Fashion &
Lifestyle stores.
It has partnered with 24 NGOs such as
Unnathi, Leonard Cheshire, APD, Sarthak and
Pankh to provide them vocational training,
increase their employability, and also recruit
successful candidates post completion of
course modules.
The business is recruiting around 600
associates every month through these
institutions. The programme has so far
provided 7,000 people a career, enabling
social and financial freedom.
600
Associates recruited every month
through partnerships with NGOs
Diversity and
Gender Equality
Gender equality is not just about hiring or
training women at Reliance Retail, but also a
part of its commitment to empower women.
Today, women constitute 23% of Reliance
Retail’s store workforce. However, it has
been observed that women representation
at managerial levels drop significantly due
to life stage events and other factors.
To develop young women leaders and augment
their career path, Reliance Retail launched WE
Women Leaders, a focused intervention for
high-potential women at managerial levels.
The programme instilled greater confidence and
understanding of leadership styles among the
participants while enhancing their capabilities to
take on bigger responsibilities.
Today, women managers run more than 250
Reliance Retail stores, which score higher on
several parameters including hygiene standards,
discipline and working conditions.
Aditi Anand
“What stood out for me was that the workshop
was attended by intelligent women within our
organisation and the interactive nature of the
session not only highlighted this respect, but also
allowed us to get to know each other. The training
and tasks helped a lot in self-realisation”.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Management Discussion and Analysis
Business Overview: Retail
Business Overview: Retail
CORPORATE
OVERVIEW
MANAGEMENT
REVIEW
GOVERNANCE
FINANCIAL
STATEMENTS
NOTICE
CASE STUDY
CASE STUDY
Empowering Frontline
Staff to Serve Consumers
During the Pandemic
Ensuring Safety and
Well-being of Employees and
their Families
Reliance Retail’s Learning & Development
(L&D) team deployed various digital tools
to deliver multiple training sessions,
including Virtual Instructor Led Training
(VILT) workshops, for the frontline staff.
To support JioMart hyperlocal solution, two
vital applications – UROVO and GRAB –
were implemented. Within a month, 7,500
associates were trained on the UROVO
application and 5,000 delivery partners
underwent the GRAB training through digital
tools like JioMeet/MS Teams.
Reliance Retail also aggressively hired
frontline employees. Of the total 65,000+
new hires, 53,000+ were freshers. Training
interventions, induction and role-readiness
programmes were deployed on a massive
scale to make them job-ready in the shortest
possible time. It also hired and trained 15,000
delivery partners.
At Reliance resQ, we make sure that each one
of our service technicians goes through a 144-
hour in-depth training, followed by rigorous
assessment and certification process.
We have built five fully equipped Regional
Training Labs across the country at all
major cities and are in the process of
building the sixth.
Reliance Retail understood the impact
the pandemic can have on the physical
and mental health of its employees and
proactively stepped up efforts to ensure
their well-being.
Physical well-being
• Hospital tie-ups to ensure proper medical
•
•
•
•
•
care for employees and their families
Physical distancing, staggered shifts,
sanitising stations, distribution of
PPE suits, face masks, gloves, face
shields and sanitisers
Rigorous awareness drive undertaken,
including extensive safety and hygiene
training for frontline employees and
service partners
Awareness campaigns for Emergency care
– REFERs, Jio Health Hub
Antibody test administered to over 50,000
frontline employees
Prophylactic medicines provided to
43,000+ frontline and supply chain staff
Mental well-being
•
• Rolled out ‘Spring’ – a series of workshops
on positive thinking habits and wellness
Organised online yoga sessions, Zumba
classes, Drum and Jam, and counselling
workshops to reduce stress
‘Sampark’ initiative – calling each employee
at least once a month to boost morale
•
Initiated vaccination drive for employees
and their families
3,50,000+
Staff and service partners undertook
COVID-19 Symptom Checker Survey daily
COVID-19 response
Navigating the Situation While
Future-Readying the Business
Navigating the
Situation
Securing our
employees
Securing our store
operations
Securing
availability for
our customers
Securing supplies
across the
ecosystem
Future
Readying
Enhancing
safety &
hygiene
standards
Strengthening
Digital Commerce
and Omnichannel
capabilities
Accelerating
roll-out of
JioMart New
Commerce
Developing Own
Brands portfolio
in keeping up with
emerging trends
Broad-based decisive actions
taken to secure and recover
business
Outlook
Reliance Retail has charted
out its growth path to become
a leading top league global
retailer. With a view to serving
and delighting its customers far
and wide, in the near term the
business will focus and drive
the following five key strategic
thrusts:
• Develop supply side ecosystem
and invest in design, product
development and sourcing
• Leverage broader India retail
opportunity through continued
store expansion
• Scale up digital platforms
across businesses, led by
JioMart
• Onboard merchant partners
across categories and
geographies
• Build new businesses,
segments and own brands
To support this, the business will
look to establish an extensive
supply chain network, leverage
technology backbone and build
talent and organisation for a
world-class retail enterprise.
66
67
Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview
Digital Services
Sanjay Mashruwala
Isha Ambani
Akash Ambani
Anant Ambani
Mathew Oommen
Pankaj Pawar
Kiran Thomas
Harish Shah
Jyotindra Thacker
Anish Shah
Anshuman Thakur
Rajneesh Jain
V. Sridhar
Ashish Lodha
Shyam Mardikar
Dhruv Kumar Tayal
Anuj Jain
Prateek Pashine
Aayush Bhatnagar
Saurabh Sancheti
R. Srinivasan
Sanjay Jog
Rahul Mukherjee
Jio was conceived to democratise digital services
and drive technology revolution in India. Jio is
committed to enhance customer experiences and
make India a premier digital society.
Highlights FY 2020-21
Jio has revolutionised the digital landscape
of India, fast-tracking the adoption of digital
life and furthering the vision of Digital India
for 1.3 billion Indians.
In growing its ecosystem to make India
the world’s premier digital society and
economy, Jio is not just enhancing the
experience of its existing 426 million
customers, but is also accelerating the
transition towards digital for the next 300
million mobility users, 50 million homes
and 50 million micro, small and medium
businesses. Jio’s impact on internet usage
in India has been termed the ‘Jio effect’.
Jio provides best-in-class
next-generation network, devices,
applications, content, service
experience and affordable tariffs
for every citizen of the country.
A key catalyst in broadband data
proliferation, it is ranked the #1
mobile telecom operator in the
country by both Adjusted Gross
Revenue (AGR) and subscribers.
It has been recognised by Brand
Finance as the 5th strongest
brand globally.
Together with the investors in
Jio Platforms Limited, partners
across promising Indian
start-ups and globally renowned
technology companies, Jio is
set to drive the next leg of hyper
growth for digital businesses.
Harnessing the world’s best tech
capabilities, it is determined to
provide world-class fixed-wireless
converged connectivity network,
complemented with disruptive
digital technology platforms
for entertainment, commerce,
communication, finance, education
and health, to improve the life of
every citizen of the country.
REVENUE
29.7%
EBITDA
45.8%
DATA TRAFFIC
28.9%
`90,287 crore
`34,035 crore
62.5 billion GB
426.2 million
Subscribers
Over 5 Exabytes
Data traffic carried by Jio
network per month
68
Reliance Industries Limited Management Discussion and Analysis
Business Overview: Digital Services
Vision
Jio remains committed to connecting everyone and everything,
everywhere – always at the highest quality and the most affordable
price. Jio also strives to build technology enabled product platforms
for a Digital Society – leveraging Indian technical expertise to serve
global enterprise markets.
Mission
• Connectivity for every Indian
• Superior customer experience
• Affordable data
• Best-in-class digital solutions and platforms
Strategic Advantages and
Competitive Strengths
Combining its domain expertise across business verticals with the latest
cutting-edge technologies in the platform company, Jio will provide world-class
connectivity and digital solutions across business verticals and customer life cycle.
Coverage
Quality
With 99% population coverage, Jio’s
reach is more extensive than the overall
2G coverage, extending to almost every
nook and corner of India. More than 250
million people in the country have Jio as
the only provider of broadband services.
Jio’s network is backed by a pan-India
4G spectrum and the best fiber and
tower infrastructure.
Unmatched network experience,
consistently achieving the highest
speeds in India since launch. LTE
network provides best-in-class
customer service, easy app-based
customer interaction for recharge and
query resolution, and AI-based bots
ensure seamless onboarding and
service experience.
Performance
Summary
SUBSCRIBERS EoP
(million)
426.2
387.5
306.7
DATA TRAFFIC
(billion GB)
62.5
48.4
32.3
Data
Affordability
Jio’s network carries over 5 exabytes
of data per month, among the
highest globally with average per
capita data usage of over 13 GB in
the last quarter.
Affordable and simple pricing
plans, made possible by superior
technology-based operating
efficiencies has led to large-scale
adoption of Jio services.
REVENUE & EBIDTA
MARGIN
90,287
44.4
69,605
39.3
37.1
48,660
Agility
An agile business model has helped
Jio reduce time to market, scale
efficiently and adapt quickly in an
orderly manner.
70
Revenue (` crore)
EBITDA Margin (%)
Operating Framework
Comprehensive Ecosystem Approach on the World’s Leading Technology Platform
Jio has made over US$50 billion investment since inception to create the largest and the most advanced digital and
connectivity ecosystem in India, with a rich bouquet of successful apps and platforms. Jio has built sufficient network
capacity for the next 300 million mobile broadband subscribers, over 50 million fiber homes and 50 million micro, small
and medium businesses.
Reliance’s Digital Society Vision is built on the core thesis of the transformative power of data combining
connectivity as an enabler with digital platforms across industry verticals.
People
Talent
Structure
Communities
Performance
& Growth
Leadership
Culture
Ecosystem Platforms
Connectivity and Cloud
Agriculture
Retail and New Commerce
Financial Services
Media / Gaming
G2C / Smart Cities
Education
Health
Energy and Material
Process Manufacturing
Operating Companies
Owned in Reliance Group
Technology Platforms
Jio Mobility and 5G
AI / ML
Blockchain
Secure Identity
IoT
AR / VR
Speech / NLP / Smart Bots
Computer Vision
Cloud and Edge Compute
Robotics
Customer Owned Data
Drones
Devices & Operating
Systems
Quantum / Genomics /
3D Printing
Digital Connectivity
Wireless
broadband
Home
broadband
Enterprise
and SMB
broadband
Practices
Product
Management
Architecture
System
of Works
Quality
Agile, CI / CD
Next-gen Operation
71
FY2019FY2020FY2021FY2019FY2020FY2021FY2019FY2020FY2021NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21
Highlights FY 2020-21
Jio Platforms Limited
completed fundraising
of `1,52,056 crore across
13 global marquee investors
Expansion of addressable
market for JioFiber
services with the launch of
connectivity-only plans for
first-time wired internet users
Commercial partnerships
with global tech companies,
Facebook and Google, to
provide ‘made for India’
solutions for digital commerce
and devices
Launch of JioBusiness with
a rich suite of services and
differentiated bundled
offerings combining wireline
and wireless connectivity for
enterprises
Jio became the first operator
outside China to cross the 400
million subscriber milestone
in a single country market;
the subscriber base at the end
of FY 2020-21 was 426 million
Completed testing of
indigenously developed
end-to-end Jio 5G Radio and
Core Network Solution for a
self-sufficient and cost-effective
rollout in the near future
Revamped post-paid offerings
with the launch of JioPostPaid
Plus, providing best-in-class
plans across connectivity,
international roaming, content
bundling and in-flight
connectivity
Launch of multiple digital
platforms like JioMart,
JioMeet, JioHaptik, JioPOS-
lite, JioGames, JioUPI and
JioHealthHub, which were key
enablers of work from home,
learn from home, health from
home and shop from home
during the COVID-19 crisis
Introduced first-of-a-kind,
long-term value JioPhone
plans to accelerate the
transition from 2G to 4G
Jio enhanced its spectrum
portfolio by 56% to 1,732
MHz during the year through
acquisition of spectrum via
the auction conducted by the
Department of Telecom in
2021 and spectrum trading
agreement with Bharti Airtel
72
73
Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Digital Services
Industry Overview
Increasing 4G Penetration
The proliferation of 4G networks in India
since Jio’s launch across urban and rural
India has resulted in over 700 million
subscribers for network operators,
including Jio. Deeper rollout of 4G-LTE
networks has meant increased mobile
internet penetration in rural areas to
35% versus 13% at the time of Jio’s
launch. Increasing network coverage,
affordable tariffs, improving device
ecosystem and affordability, and new
use cases should continue the transition
of over 300 million 2G feature phone
users to 4G over the next 12-18 months.
Towards 2G Mukt Bharat (2G
Free India)
Since its launch in 2017, JioPhone
has upgraded over 100 million users
to the digital network, but without a
device ecosystem and affordable 4G
devices, millions of 2G subscribers are
still unable to access the basic features
of internet and digital applications.
JioPhone (marketed by Reliance Retail)
has been instrumental in bridging this
digital divide by providing affordable
technology in the hands of every
Indian. Further, Jio and Google have
agreed to jointly develop an entry-level
affordable smartphone that will help
unlock the true potential of the Digital
India movement.
74
Exponential Growth of
Data Usage
Enhancement of Spectrum
Footprint
Following the acquisition of the right
to use spectrum in all 22 circles across
India in the March 2021 auction held by
the Department of Telecommunications
of India, Reliance Jio Infocomm Limited
(RJIL) has completely de-risked its
spectrum portfolio. Subsequently, Jio
has also signed a definitive agreement
with Bharti Airtel Limited, for trading of
right-to-use spectrum in the 800 MHz
band in Andhra Pradesh, Delhi and
Mumbai circles. Post the spectrum
auction and the trading agreement with
Bharti Airtel Limited, Jio has expanded
its spectrum footprint by 56% to 1,732
MHz. It now has the highest amount
of sub-GHz spectrum with 2X10
MHz contiguous spectrum in 18 out
of the 22 circles. It also has at least
2X10 MHz in 1,800 MHz band and
40 MHz in 2,300 MHz band in each of
the 22 circles.
With the enhanced contiguous
spectrum footprint and pan-India
infrastructure, RJIL has increased
network capacity to serve both its
existing and potential subscribers. The
acquired spectrum, with an average
life of 15.5 years, can also be utilised
for transition to 5G services at an
appropriate time in places where Jio has
developed its own 5G stack.
56%
Increase in RJIL’s spectrum
footprint
Highest
Amount of
sub-GHz spectrum
Improving broadband network
penetration, device and services
affordability, and new use cases for
digital have caused a 33% increase in
data usage across the country over
CY 2020 (99 exabytes of data usage in
India during 2020). Mobile data usage
in India is expected to quadruple to over
35 exabytes per month by 2026 with
1.2 billion smartphone users (Ericsson
Mobility Report 2020) Jio, with its
affordable data plans, has been the
primary driver of data boom in India over
the past three years.
IUC Regime for Domestic
Voice Call Ends
Following the industry’s transition from
Interconnect Usage Charges (IUC) to Bill
and Keep (BAK) regime on January 1,
2021, Jio honoured its commitment to
make off-net domestic voice-calls free
as soon as IUC charges were abolished.
On-net domestic voice calls have always
been free on the Jio network. The
transition to BAK regime is expected to
hasten the adoption of more efficient
technologies like VoLTE, which have
a negligible cost for carrying and
servicing essential voice services.
JioPhone has been
instrumental in
eradicating the
digital divide by
providing affordable
technology in the
hands of every
Indian.
JioFiber has been the lifeline
of over 2.5 million homes
enabling work from home,
learn from home and health
from home.
Digital Connectivity
for Homes
The sub-optimal wireline infrastructure,
which has suffered due to decades of
low investments, has resulted in poor
wireline penetration across homes
(<10%) making India a laggard in fixed
broadband services. Fiber penetration is
even lower with most fixed broadband
running on legacy copper-based
infrastructure. Jio looks at Fiber to the
Home (FTTH) services as a significant
greenfield opportunity to connect 50
million homes across 1,600+ cities
in India. Its extensive intracity fiber
network, last mile execution, seamless
customer experience along with an
attractive bundling of digital content
and smart home IoT solutions would be
key differentiators.
Poor infrastructure is also making it
difficult for India’s >150 million pay
TV homes to transition to nonlinear
content consumption. JioFiber
services bundle high-speed internet
connectivity, content and fixed line
voice in a single affordable plan. The
quality of the JioFiber network and Jio
Set Top Box allows seamless streaming
and consumption of content, creating
further use cases for IoT, commerce,
education, healthcare and gaming,
among others. Today, JioFiber is
the lifeline of over 2.5 million homes
enabling work from home, learn from
home and health from home.
2.5+ million
Homes connected by JioFiber
services till March 2021
Next-generation Digital
Solutions for Enterprises
Jio has a targeted approach and
differentiated offering for large
enterprises and Medium, Small and
Micro Enterprises (MSMEs) with
the bundling of best-in-class fiber
connectivity and digital solutions. Its
vertical-specific digital solutions are
likely to help expand telecom operators’
share in enterprise Information
Communication Technology (ICT)
spend within the country, with its unique
value proposition being augmented
by the comprehensive, long-term
partnership with Microsoft for its
Azure Cloud Services and Productivity
Suite (Microsoft 365 with Office Apps,
Outlook Email, One Drive and Teams).
MSMEs, considered to be the bedrock
of the Indian economy, lack access
to integrated digital services and
the knowhow to adopt. JioBusiness
is bridging this gap by providing
enterprise-grade voice and data
services, digital solutions and devices
to small businesses which would
make them efficient, competitive and
propel India’s march towards a new
Atmanirbhar Digital India.
JioBusiness – Enterprise-grade Bundled Offering
JioMeet -
Video conferencing
Microsoft 365 -
Efficient communication
and collaboration
with Office Apps,
Email and Teams
JioAttendance -
Employee attendance,
locations and working
hours management
Fixed Mobile
Convergence
- Simultaneous
ringing and seamless
swapping between
mobile and landline
Jio Centrex -
Communication and
calling with multiple
voice lines and FMC
Jio TV Plus
Toll-free
High-speed Internet
Boost360 -
Digital presence
across social
media website
build and e-commerce
Devices -
Digital Prime
Membership
including discounts,
extended warranty
and onsite support
75
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Digital Services
Emerging Trends and Business Response
Business Performance
Emerging Trends
2G to 4G transition
Transition of 300 million
2G feature phone users to
digital networks
Increasing FTTH
penetration
Rapidly increasing demand
for high-speed fiber backed
internet at homes
Digitisation of MSMBs
in India
Integrated fiber connectivity
and digital solutions for
50 million MSMBs
Growing ecosystem of
B2C applications
Proliferation of broadband
connectivity drives adoption
of digital applications
Digital platform suite becomes the lifeline of millions during the pandemic
Jio has been a pioneer in launching media and entertainment applications in the country. Its rich suite of
applications and tools encompassing general entertainment, movies, music and news is available to every
subscriber of the Jio network. MyJio, an industry first self-care application, has become a gateway for all
digital solutions under the Jio umbrella.
Leveraging its technology investments and customer engagement, Jio has indigenously
developed and launched new consumer applications and use cases.
How Jio is responding
Jio has been offering a
unique bundling of device,
connectivity and content
for its JioPhone users which
has a subscriber base of
over 100 million
JioFiber services offer
best in class digital
connectivity for home with
unlimited data, content and
smart home solutions
JioBusiness is now
offering enterprise
grade connectivity
and easy to use digital
solutions in collaboration
with our partners
Jio has built a suite of
solutions and services
across entertainment,
commerce, communication,
finance, education,
games and health
Performance Update
Digital Services reported another year
of strong revenue and EBITDA growth
in FY 2020-21 on the back of continued
increase of wireless subscribers and
modest growth in wireline services
subscriptions. Customer engagement
on the Jio network remained healthy
across data and voice services, with
video accounting for 70% of data usage.
Jio led subscriber growth in the country
with gross addition of 99 million. Gross
revenue of `90,287 crore on a year-
end subscriber base of 426 million
and EBITDA margin of 44.4% attest
to the execution capability of the
Digital Services team.
76
Financial Performance
(In ` crore)
Value of services
Revenue from operations
EBITDA
EBITDA margin* (%)
Subscribers EoP (million)
Data traffic (billion GB)
FY 2020-21
FY 2019-20 % change y-o-y
90,287
76,642
34,035
44.4
426.2
62.5
69,605
59,407
23,348
39.3
387.5
48.4
29.7
29.0
45.8
* EBITDA Margin is calculated on revenue from operations
Key Performance Indicators for the Quarter Ended March 2021
`138.2*
Average Revenue
Per User (ARPU)
16.7 billion GB
Total data
consumption
* Per User Per Month
13.3* GB per user
Average data
consumption
823* VoLTE minutes per user
Average voice
consumption
JioMart is an Indian online grocery delivery service
launched in May 2020 across 200 cities and
town. Customers can access JioMart through
website, native apps on Android and iOS, with full
integration into MyJio. The platform has expanded
into selling apparels and electronics in some parts
of the country. JioMart has scaled up rapidly,
with more traffic, active users and orders. Kirana
partnerships are being expanded, reaching over 33
cities by the end of March 2021.
200
Cities and towns
served by JioMart
JioMeet is a made-in-India multimedia
collaboration tool that supports end-to-end
encryption (credentials, signaling, voice, video
and content flows). The platform allows unlimited
participants and session time across all categories
of users with a cloud-ready architecture that has
been integrated with enterprise domains for secure
video/audio conferencing. The robustness of the
solution was evident when 3,00,000+ attendees
met on JioMeet during the 43rd RIL virtual AGM.
3,00,000+
Attendees connected through JioMeet at
the 43rd RIL AGM
77
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Digital Services
Haptik is an AI assistant platform that
uses natural language processing
technology. It enabled MyGov Corona
Helpdesk, India’s official WhatsApp
chatbot helpline, to address FAQs on
COVID-19. Over 30 million citizens used
it during the lockdown. MyJio Virtual
Assistant, powered by Haptik, handled
over 5 million conversations and
resolved 1.8 million queries for Jio users
during the pandemic.
30+ million
Citizens used Haptik
during the lockdown
EasyGov
Jio’s Government to Citizen (G2C)
platform has transformed the digital
experience for 350 central and state
government welfare schemes (PAN
card, caste certificate and income
certificate). Apart from spreading
awareness about the PM Garib
Kalyan Yojana (Government of India’s
coronavirus relief scheme), 14 million
eligibility checks for the Atmanirbhar
Bharat Abhiyan and other schemes for
migrant labourers and farmers were
carried out on the platform.
14 million
Eligibility checks carried out
through EasyGov for government
schemes
78
JioUPI
Pan-India rollout of BHIM UPI on
MyJio was done during the year. This
provides functionalities like hassle-
free Payments to Merchants (P2M)
– both online and in-store – as well as
peer-to-peer (P2P) recharges and bill
payments with personalised dashboard
for every customer, based on spending
patterns and behaviour.
Hassle-free
Payments
to Merchants
E-learning Solutions
Jio’s ed-tech platform, Embibe, is in
advanced stages of development.
Meanwhile, Jio has launched over 65
educational channels on JioTV, with
national and state-specific content,
in collaboration with the MHRD,
NCERT and seven state governments.
Education-related podcasts across
1,100 titles are being streamed
on JioSaavn. The Jio Set Top Box
provides access to 21 education-
related applications.
This application provides a convenient
alternative channel for subscribers to
recharge, purchase a new connection
or port into the Jio network. This P2P
recharging application has had a very
healthy traction and minimised the
impact of the lockdown on the recharge
cycle of Jio subscribers.
Technology Augments the
Next-generation Digital
Platform
MyJio
Jio’s first-in-the-industry self-care app
has been the digital companion to
the entire user base and is the most
used and downloaded application in
its category. This is a highly scalable
and resilient platform that is powered
by Jio’s inhouse AI/ML services. The
various unique functionalities of
the platform are:
• Unified identity and profiling system
across channels, apps and devices,
which is enhanced based on usage
patterns and behaviour
• Deep widget-based integration
of other applications from the Jio
ecosystem which can be modified
due to a highly configurable
and modular design. Single
discovery point for various apps,
features and modules with no
additional downloads
• Contextual and targeted notifications
based on customer usage
and preferences
• Universal search and cart
with text and voice bot, order
history and tracking
• Comprehensive payments module
including Jio’s own Payment Service
Provider (PSP) framework for in-app
UPI-based payment
JioSTB
The hybrid Set Top Box (STB)
provided to JioFiber customers is
the entertainment hub that uses a
self-developed JioOS platform. This
provides an unparalleled TV experience
to Indian home based on cutting-edge
technology that includes:
• Virtual assistant across multiple,
native Indian languages with speech
recognition and conversational skills
• User analytics-based
recommendation engine based on
market and promotional trends
•
• User-selected profile creation
with content permissions,
watchlists and reminders
Integrated JioHome App with
soft TV remote, soft gaming
controller and ability to integrate
personal cloud on TV
• Targeted ads based on user analytics
•
across multiple ad formats
Indian customer focused curated
app ecosystem including media and
entertainment, education, health and
real-time video communication
Network Management
Jio network is based on a
disaggregated, cloud native data
lake platform which uses Machine
Learning as a Service (MLaaS). This
facilitates network automation with
use cases such as:
• Finding anomalous network pattern
to create reports and alerts
• Proactive root cause analysis
and resolution before a network
symptom affects operations
• Operational insights, data binding
and correlation without writing a
single new line of code
• Auto triggering of workflows
and task assignments with AI to
automate the workflow
Call Centre Automation
During the COVID-19 pandemic and
lockdown, Jio seamlessly transitioned
its call centre operations to its inhouse
developed Call Centre Automation
Platform. This is entirely mobile based
which allowed 100% migration of
the 6,000+ call centre agents to a
distributed work from home framework.
37.9 million
Subscribers added
13.3 GB
Average data consumption
per user per month
during the quarter ended March 2021
62.5 billion GB
Total data traffic
Innovation across
Technology Platforms
Since its inception, Jio has strived
to lead innovation in India across
network technology, platforms and
consumer services. It has a large
inhouse R&D team with over 8,000
technical and research professionals
working across software and hardware
engineering, networks, big data, AI, ML,
system integration and performance
engineering, information security
and product management. The
pool of talent also includes domain
experts across retail, e-commerce,
manufacturing, financial/banking,
media, healthcare and technology
experts across 5G, mixed reality,
blockchain, IoT, vision and speech.
Till date, Jio has been granted 371
patents across multiple jurisdictions
for the pioneering initiatives it has
undertaken. In FY 2020-21 alone,
the Company filed for 38 patents
and was granted 40. Among the key
technology areas covered by these
patents are Quantum Blockchain
Network Technology, Quantum
SON, Deep Learning Applications in
Health & Agriculture and AI Industrial
IoT Automation.
40
Patents granted to
Jio in FY 2020-21
79
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Digital Services
CORPORATE
OVERVIEW
MANAGEMENT
REVIEW
GOVERNANCE
FINANCIAL
STATEMENTS
NOTICE
CASE STUDY
Jio 5G – Empowering India’s journey
towards self-reliance
India is at the forefront of the global digital
revolution. Jio is accelerating the rollout of
digital platforms and indigenously developed
next-generation 5G stack, making it affordable
and available everywhere.
Jio and Qualcomm, along with JPL’s wholly
owned subsidiary, Radisys Corporation, have
developed an open and interoperable interface-
compliant architecture-based 5G solution with
a virtualised RAN (vRAN), which will accelerate
the development and rollout of indigenous 5G
network infrastructure and services in India.
The 5G RAN Platform has crossed the 1 Gbps
milestone on the Jio 5G core network and 5G
smartphones. This achievement not only testifies
to Jio’s 5G credentials, but also signifies the entry
of Jio and India into the gigabit 5G NR product
portfolio. Additionally, the in-house development
of Multiple-in Multiple-out (MIMO) and indoor 5G
small cell is at advanced stages. Radio frequency
capacity and coverage planning are also underway
based on 4G data traffic profile. Work is also
ongoing on standardising 5G device configurations
by collaborating with Original Equipment
Manufacturers (OEMs).
With 5G technology, Indian subscribers will
experience the benefits of higher data rates, low
latency communications and enhanced digital
experiences across a wide array of connected
devices, from 5G-enabled smartphones,
enterprise laptops and AR/VR products to
vertical IoT solutions.
1+ Gbps
Milestone achieved by Jio and
Qualcomm’s 5G RAN Platform
COVID-19 Response
Seamless connectivity
through tough times
• During these tough times of COVID-19, Jio’s world-
class broadband connectivity solutions across wireless
and wireline continue to enable work from home, learn
from home and health at home for all Indians.
• Multiple initiatives have been undertaken with a
customer-focused approach to ensure minimum
disruption in customer service and business.
• Jio has ensured zero impact on network despite
minimum staff and COVID-related restrictions due to
high degree of automation and network virtualisation.
• Digital initiatives like Jio Associate Programme
undertaken over the past year continue to enhance
customer outreach and ensure continuity of
recharges/services. Services are being taken
to customer doorsteps to help with this critical
lifeline for customers.
• All this has been achieved with teams practicing
and following all COVID-related safety
measures and protocols.
Zero impact
Ensured on network
Outlook
Jio is committed to creating the
world’s best digital ecosystem in
India, enabling the country to fully
realise its socio-economic potential.
It would also enable Jio to generate
adequate shareholder returns over
the next several decades.
Key pillars of building this digital
society would be:
• Best-in-class wireless and wireline
data network for all at the most
affordable prices
• Digital platforms for media
and entertainment, commerce,
education, financial services,
health, government services,
agriculture and more
• Talent pool to build on next-
generation technologies such as
5G, Blockchain, AI, IoT and AR
Over the next few years, Jio will
focus on creating a robust wireline
network across the country, offering
high-speed connectivity and a
bouquet of digital services to every
home and enterprise. Jio is geared
up to touch the lives of over a billion
Indians through its digital offerings.
80
81
Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview
Media and Entertainment
Rahul Joshi
Jyoti Deshpande
Ramesh Damani
The group has successfully dealt with the challenges
posed by the COVID-19 pandemic, and posted much
improved profitability across all business lines in a
difficult year. The connect of our diverse brands with
consumers has only grown during this period. Our
plans to invest in digital growth and our resolve to
excel in television remain constants amidst a dynamic
business environment
Highlights FY 2020-21
REVENUE
11.8%
EBITDA
29.0%
TV VIEWERSHIP SHARE
`5,459 crore
`796 crore
12.64%
82
Network18 Media & Investments
(Network18) is a pan-India, pipe and
screen-agnostic, full-portfolio media
and entertainment conglomerate.
It has evolved into an ambitious,
nimble, digital-first behemoth with
consolidated growth engines.
Network18 today operates relatively
young properties that resonate with
media consumers across platforms
and socio-economic strata. It has
successfully combined corporate
sensibilities and processes with
start-up-like agility and innovation,
intermeshed depth of content and
reportage with the breadth of its
consumer base, and employed a
balanced approach to growth and
profitability.
News
Entertainment
V
T
Regional
l
a
t
i
g
D
i
Reliance Industries Limited Management Discussion and Analysis
Business Overview: Media and Entertainment
Vision and Mission
Network18 aims to be a channel-agnostic provider of top-drawer
content across genres, regions and languages. We seek to be India’s
top media house with unparalleled reach, and touch the lives of
Indians across geographies and demographics.
Performance
Summary
OPERATING MARGINS
(%)
18.6
Operating Framework
Network18’s operating model places the audience at its centre and contextualises business models to genres. In the process, it
has established a strong connect with viewers through multiple mediums, diverse brands and cutting-edge content.
Network18 has a track record of building successful strategic alliances with international media companies such as ViacomCBS
in entertainment, WarnerMedia (CNN) in English general news, NBCU (CNBC) in business news, A+E Networks in factual
entertainment and Forbes in business magazines.
Strategic Advantages and
Competitive Strengths
Reach
Engagement
• India’s largest TV news portfolio,
with an 8.9%* share of viewership;
entertainment channels enjoy a
10.2% viewership share
• MoneyControl is the leading
Finance app; News18.com is the
#2 digital news platform
• Voot is the #2 broadcaster-
OTT in the country; with class-
leading watchtime/user
* for 1H FY 2021 BARC data for News
genre was blacked out since November 2020
Voot garnered
12 billion minutes
Watchtime during
FY 2020-21
• 1 in 2 Indians watch Network18
television channels that reach >95%
of TV homes in India annually
• 1 in 4 internet users in India access
Network18 websites or apps every
month, making Network18 group #2
among digital media publishers in
India, and among the top 10 globally
Network 18 is ranked
#2
Among digital media
publishers in India
Diversity
• 20 domestic TV news channels
in 15 languages; digital news
in 13 languages
• Full-portfolio entertainment offering
that includes 10 regional language
TV channels, a film studio renowned
for clutter-breaking cinema and a
leading OTT platform
Network18 group offers
56
Domestic TV channels across
more than 15 languages
84
15.1
13.0
Value Chain
Network18 is spread across content creation and distribution, thereby delivering the best of Indian and global content and
brands to discerning audiences across India’s vast demographic diversity.
5.7
5
.
1
1
9
.
6
1
1
.
4
(1.0)
1.0
Network18 consolidated
News (TV, digital, misc)
Entertainment
TV VIEWERSHIP SHARE
(%)
55
56
56
0
4
.
3
1
0
9
.
1
1
4
6
.
2
1
TV viewership share
Number of domestic channels
* including viewership of associate ETV
DIGITAL REACH
(million)
196.65
193.97
123.66
Network18 group monthly unique visitors
Source: Comscore MMX
C o ntent
el
d
o
M
s
s
e
n
i
s
u
B
Audience
B
r
a
n
d
Mediu m
A dv ertis i n
v e n u e
g R e
Subscriptio
n I
n
P r oducer
n
t
e n t
C r e ation and Curatio
(I P O w n e r s h i p with Broadcaster)
C
o
n
c
o
m
e
Digital Own Platform (B2C)
TV Cable / DTH / FTTx (B2B2C)
Digital Telco Platform (B2B)
Content Syndic a t i o n
(Inbound and Outb o u n d )
Partne r
Advertiser
Audience
85
FY 2019FY 2020FY 2021FY 2019FY 2020FY 2021NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21FY 2020FY 2019FY 2021
Highlights FY 2020-21
Achieved best ever profitability
in a challenging business
environment, as operating
margins expanded to ~17%
(from 11.5% in FY 2019-20)
Pivoted to a ‘Digital first, TV
always’ strategy
Accelerated cost optimisation
initiatives across business lines
instituted prior to the onset of the
pandemic without compromising on
scale, creating a nimbler organisation
that surpassed previous year’s
performance
Ad-led sub-segments of Digital
News and Entertainment
platforms turned profitable
Delivered ground-breaking innovation
in content production with
‘The Gone Game’ series during the
lockdown; the series was shot
entirely from a home environment
Scaled up subscription products in
Digital News and Entertainment
TV News remains #1 on reach; margins
expanded all through the year, despite
pandemic-linked logistics constraints
and blackout of BARC ratings in
2H FY 2021
TV Entertainment grew
viewership share by ~2%
to 10.9%; full year margins
highest ever
Flagship GEC Colors revived
ranking to #2 driven by strong
content pipeline and return of
marquee shows
Strengthened Movie channel
portfolio, with the launch of
Colors Bangla Cinema and
Rishtey Cineplex on Freedish
86
87
Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Media and Entertainment
Industry Overview
The onset of the pandemic and
consequent lockdowns significantly
impacted the economy in general,
and the Media & Entertainment (M&E)
sector in particular, in the first half of
FY 2020-21. This led to a sharp fall in
advertising spend even as viewership
soared during the lockdown, as weak
economic activity and lack of fresh
content during the first quarter kept
advertisers at bay. The second half fared
much better on the back of relaxation
in lockdowns and higher advertiser
appetite for the festive season.
17.5%
Decline in ad spend
in 2020E
The industry expects a much more
normal 2021, with advertising
recovering close to 2019 levels. Digital is
likely to continue growing its share and
TV is expected to revive fully, while print
and other media are likely to remain
under pressure.
Summarising FY 2020-21
TV viewership soared up 35-40% during
lockdown 1.0. News alone contributed
to half the increase, reflected in the
recovery of News advertising by the end
of 1Q FY 2021. Other genres like Movies
and Kids also saw an improvement,
driven largely by a captive homebound
audience. However, pay-GECs lost
their viewership share as fresh content
could not be produced and telecast
during the initial phase. Entertainment
advertising normalised by 3Q FY 2021,
with GECs resuming fresh programming
around the festive season. The top
four broadcasters re-run and movie
channels were re-launched on the Free
Dish FTA platform in June 2020, driving
viewership and monetisation. As the
lockdown eased towards the second
half of the year, TV viewership settled at
slightly above pre-pandemic levels, and
genre shares normalised too.
Digital media platforms witnessed an
increase in content consumption. Digital
advertising gained momentum from
88
INDIA AD-INDUSTRY
(` billion)
685
82
199
565
34
141
267
232
626
44
144
250
703
42
148
274
137
158
188
239
626
75
194
250
106
Digital
TV
Print
Total
Radio/Cinema/OOH
Source: Dentsu Digital report
E-Estimated
P-Projected
the platforms’ inherent advantages of
being able to target audiences, drive
personalisation and lower costs.
TV penetration in India at ~67% remains
well below that in the US (93%) and
China (99%), according to a BCG
report. The EY FICCI M&E Report
states that the pay-TV subscriber
base was temporarily impacted by
COVID-19 (primarily a ~3% dip in the
cable segment), even as Free TV
gained by return of top entertainment
channels. Overall, time spent on
TV rose by 7% y-o-y in 2020 as per
BARC, as demographic and COVID-
linked tailwinds joined hands. TV
pricing remained stable post New
Tariff Order (NTO) 1.0, as NTO 2.0
remained sub-judice.
TV subscriptions in India
million
Cable
DTH
HITS
Free TV
Total
2020
2019
73
56
2
40
75
56
2
38
171
171
Source: EY-FICCI M&E Report
TV VIEWERSHIP
~45% jump in TV viewership
due to lockdown
42.2
Spike driven by resumption
of original content
Gradual
reduction
36.0
28.9
Return to
near-pre-COVID levels
29.1
Entertainment
News
Total TV
Source: BARC
Digital engagement continued to grow due to volume of
high-quality content and key events. Industry sources indicate
a ~10% y-o-y increase in OTT video consumption. Increased
propensity to pay has been witnessed, amidst domestic
OTTs increasing prices selectively, while global players create
India-specific cheaper offerings. Digital subscription revenue
continued to rise sharply, albeit off a low base, both from B2C
(direct) and B2B (telco-driven) distribution of OTT platforms.
OTT Video Subscriptions in India
2020
2019
2018
100-125
56
84
78
55
51
49
49
29
OTT Video
Subscriptions (million)
Avg. ARPU per
Subscription (`/ month)
Subscription
Revenue (` billion)
Source: BCG CII Big Picture Report
Risks
TRAI’s NTO 2.0
may impact bouquet
reach, channel
subscription and revenue
Fragmentation
of viewership
across platforms,
especially digital
Digital monetisation
is lagging investments,
especially amid
strong competition
Content costs rising
due to spike in
demand for content
creation/curation
Emerging Trends and Business Response
Usage of technology in enhancing
News reach, salience and veracity
Making content appealing to
both India and Bharat
How is Network18 geared up?
Over the last couple of years, Network18 has
driven synergies across the Digital business to
build its core technology layer across CMS, Ad
Tech, audience and personalisation. TV and
Digital content ecosystems are integrated and
have capabilities for Artificial Intelligence/Machine
Learning based content screening, editing
and deployment.
Network18 is aggressively localising its
content, rooting its channels through not just
local languages but also local subjects and
formats. This also allows it more flexibility in
conceptualisation, production and monetisation,
as well as driving cost efficiency.
89
CY 2022PCY 2021PCY 2020ECY 2019CY 2018Wk 9 2020GVMs (000’s)0Wk 11 2020Wk 13 2020Wk 15 2020Wk 17 2020Wk 19 2020Wk 21 2020Wk 23 2020Wk 25 2020Wk 27 2020Wk 29 2020Wk 31 2020Wk 33 2020Wk 35 2020Wk 37 2020Wk 39 2020Wk 41 2020Wk 43 2020Wk 45 2020Wk 47 2020Wk 49 2020Wk 51 2020Wk 1 2021Wk 3 2021Wk 5 2021Wk 7 2021Wk 9 202151015202530354045NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21
Management Discussion and Analysis
Business Overview: Media and Entertainment
Performance Update
The business has fully offset the
pandemic-induced negative impact,
especially visible during the first half
of FY 2020-21 with the lockdown
restricting content production and
dampening advertising appetite.
Advertising
TV News advertising recovered by
2Q FY 2021 and grew across the year.
Digital News advertising continued to
accelerate, driven by growing salience.
Entertainment advertising revived fully
by 3Q FY 2021, led by a full content
roster. Strong viewership trends for
Hindi GECs (both pay and FTA) drove
underlying ad growth into high-single
digits by 4Q FY 2021.
Subscription
Domestic subscription revenue
remained resilient, offsetting stress in
international. Improved distribution tie-
ups for TV and Digital continue be the
drivers of subscription growth.
Jio Studios
Jio Studios is RIL’s fully-owned content
studio that was set up in 2018 to create
platform-agnostic content across 10+
languages to power the triple play
ambitions of Jio platforms.
In a short span, Jio Studios has become
a leading entertainment industry player
by partnering with talent to create
blockbuster films such as Stree, Luka
Chuppi, Bala and Angrezi Medium, to
name a few. In a bid to revive the Indian
film industry from its post-COVID
aftermath, Jio Studios took the bold
step of being the first to release its
mainstream film, Roohi, in cinemas.
The film not only enjoyed critical and
commercial success, but also gave
confidence to other film producers
to announce release dates, thereby
bringing back audiences and the
magic of cinemas.
90
Costs and Profitability
• Operating leverage drove
entertainment margins to ~19%,
despite COVID impact
• TV News operating margin expanded
to ~16%, marking four years of
continued improvement
• Digital News broke even on
a full-year basis, driven by
accelerated revenue growth
The improvement in profitability is a
result of cost controls and concerted
efforts to increase annuity-style
revenue streams, including subscription
and syndication.
~17%
Highest ever
operating margin
Summary of Financials
(In ` crore)
FY 2020-21
FY 2019-20
Value of Services
Revenue from Operations
EBITDA
EBITDA margin (%)*
5,459
4,705
796
16.9
6,186
5,357
617
11.5
* EBITDA Margin is calculated on revenue from operations
% change
y-o-y
(11.8)
(12.2)
29.0
Jio Studios is a prolific storyteller, be
it through films or web-series, and
constantly explores disruptive models
to entertain audiences across platforms.
With its unparalleled scale of original
and aggregated content, combined with
the staggering reach and distribution
of Jio mobility and home platforms,
Jio Studios offers a unique compelling
consumer value proposition for data,
broadband and content.
With an exciting line-up of content and
alliances, Jio Studios is well poised to
become India’s #1 Content Studio and
power Jio platforms as the destination
of choice for consumers to discover and
consume content.
Content created
across 10+
languages
Business Performance
Television Business
News
Business News
The Business News pack maintained its
pre-dominant leadership in the genre,
as the markets touched new highs
amid the pandemic.
Regional News
Most of the 14 channels (including
the eight launched over FY 2015-
17) are now among the top 4 in their
respective geographies.
General News
CNN News18 and News18 India
are among the top 3 in their
respective genres.
Entertainment
Hindi General Entertainment
As programming normalised with
the easing of lockdowns, Hindi GECs
performed strongly on both platforms
(pay and FTA). Colors regained its
strong #2 ranking as original content
resumed fully in 2H FY 2021. Colors
Rishtey and Rishtey Cineplex made a
return to the DD Free Dish distribution
platform after a year’s hiatus, driving
up monetisation.
Colors regained its
strong #2 ranking
within the year
Youth and Music
MTV Beats viewership share
rose to 19% and ranks #3 in a
crowded category.
English Entertainment
In a year that saw some peers exit
the niche genre entirely, Viacom18
channels registered a combined
viewership share of ~91%.
91
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Media and Entertainment
Digital Business
Digital Content
MoneyControl (leader in the finance
category), VOOT (#2 broadcaster-OTT
in the country) and News18.com (#2
digital destination for all general news)
continued to grow in stature. Pay-
product Voot Select was the fastest
to 1 million D2C subscribers, boosted
by novel digital exclusives, digital-first
TV content and digital-only spin-offs.
Subscription product MoneyControl Pro
Television Business
Entertainment
is arguably the most successful such
offering, powered by cutting-edge tools
and research for investor
Digital Commerce includes
Kids Entertainment
Nickelodeon has been #1 in the
Kids category since August 2014.
The Kids portfolio commanded a
32% market share.
#1
In the Kids category
since August 2014
Regional Entertainment
The regional entertainment bouquet
comprises Colors Kannada and
Colors Super (Kannada), Colors
Bangla, Colors Oriya, Colors Gujarati,
Colors Tamil and the recently
launched movie channels – Colors
Kannada Cinema, Gujarati Cinema
and Bangla Cinema.
Infotainment has factual
entertainment channel, History TV18.
Film Business
Film Business includes Viacom18
Studios and Jio Studios.
As the COVID-19 pandemic affected
both film production and theatrical
exhibition, Jio Studios had 2 theatrical
releases and Viacom18 Studios had no
major releases during the year.
Publication Business
Publication Business has a
portfolio of highly reputed magazines
comprising Forbes India, Overdrive and
Better Photography.
COVID-19 Response
Keeping people informed
and entertained at home
Braving the pandemic, the News18 network’s
1,200-strong journalists continued to report on key
issues, including the progress of the pandemic.
Leveraging technology, innovative solutions were
deployed including seamless integration of physical
studios with virtual ones for news anchors working
from home, while completely overhauling news
gathering systems.
Adhering to all COVID-19 related safety protocols,
Network18 was the first network to restart original
programming in the GEC category. Non-fiction
tentpoles ‘Khatron Ke Khiladi’ and ‘Bigg Boss 14’
were executed successfully, overcoming their unique
logistical constraints
Voot Select, which was launched in March 2020 to
bring original shows on the OTT platform, streamed
a 100% conceptualised and shot-from-home web
series, ‘The Gone Game’. The series was produced at
one-tenth the cost of a regular original.
1,200
Journalists of News18 network continued to
report on key issues, including the progress of
the pandemic
Business Stewardship
Supporting
those in need
At Network18, Corporate Social Responsibility (CSR)
is embedded in its long-term business strategy.
Network18’s community initiatives help elevate the
quality of life of millions, especially the disadvantaged
sections of society.
• P&G’s Whisper and Network18 launched a
•
menstrual hygiene awareness initiative, ‘Pride of
Period: Ek Swachch Soch’. It seeks to open a free-
flowing dialogue around menstruation.
In November 2020, a 5-episode digital-only spin-
off, ‘MTV Nishedh Alone Together’, was launched
for creating awareness on the treatment of
tuberculosis (TB).
• Viacom18 joined hands with GiveIndia to support
NGO Goonj in an endeavour to provide relief to
COVID-19-impacted families and also protect the
poor from the virus.
Network18
Launched #IndiaGives, a campaign to
financially support the country’s most
vulnerable citizens during the lockdown. As
a first step, 6,000+ employees of Network18
contributed a day’s salary to the Prime
Minister’s National Relief Fund.
Outlook
The Indian media industry has a heavy dependence on advertising revenue,
which has largely recovered from the pandemic impact. Subscription
is beginning to rise in the revenue mix, as propensity to pay for content
increases steadily. Network18 has viewed the crisis as an opportunity to
rethink business models and emerge stronger and ready for the post-COVID
world. Vernacular content and Digital outreach continue to be the strategic
axes of growth (and consequently, investment) across both Entertainment
and News.
92
93
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview
Oil to Chemicals
Nikhil R. Meswani
Hital R. Meswani
Anant Ambani
P. K. Kapil
Sanjiv Singh
Srinivas Tuttagunta
Harish Mehta
Vipul Shah
Piyush Bhatt
C. S. Borar
Ashwani Prashara
Seema Nair
The severe demand destruction due to global
lockdowns impacted O2C business. Flexibility in
operations and agile response to changing market
dynamics enabled operations at near-normal levels
and deliver industry-leading results. Domestic demand
has recovered sharply across the O2C business.
Highlights FY 2020-21
REVENUE
29.1%
EBITDA
29.1%
`3,20,008 crore
`38,170 crore
TOTAL THROUGHPUT
71.9 MMT
94
RIL reorganised its Refinery & Petrochemicals
business into Oil to Chemicals (O2C) business
in FY 2020-21 to reflect evolving strategy and
management matrix. The restructuring is aimed
at facilitating faster decision-making while
pursuing focused opportunities across the O2C
value chain. It will also help attract dedicated
pools of capital and create value through
strategic partnerships.
The O2C business captures a broad portfolio
spanning transportation fuels, polymers,
polyesters and elastomers. The deep and unique
integration of the O2C business includes world-
class assets comprising ROGC, Aromatics,
Gasification, multi-feed and gas crackers along
with downstream manufacturing facilities,
logistics and supply chain infrastructure.
Specifically, Reliance O2C entity includes
refining and petrochemicals plants and
manufacturing assets located at Jamnagar,
Hazira, Dahej, Nagothane, Vadodara,
Patalganga, Silvassa, Barabanki and Hoshiarpur.
It also includes 51% equity interest in fuel
retailing JV with bp – Reliance BP Mobility
Limited (RBML) and 74.9% equity interest in
Reliance Sibur Elastomers Private Limited.
1.4 MMBPD
Crude processing
capacity
21.1
Jamnagar site
Complexity Index
63.6 MMT
Production meant for sale*
*FY 2020-21
13
Manufacturing
facilities in India (10)
and Malaysia (3)
One of the Largest
Integrated polyester players
globally
2nd
Largest producer of
PX globally
Reliance Industries Limited Management Discussion and Analysis
Business Overview: Oil to Chemicals
Vision and Mission
Accelerate new energy and materials businesses while ensuring
sustainability through circular economy and target to be Net
Carbon Zero by 2035.
Strategic Advantages and
Competitive Strengths
Deep and unique
integration across sites
World-class
manufacturing facilities
• World’s largest and
most integrated O2C
complex at Jamnagar
• Flexibility to process variety
of feedstocks – crude,
condensate, naphtha, refinery
off-gases, ethane/propane
and straight run fuel oil
• Top quartile performance
in costs, safety and
operations excellence
• One of the lowest cost
producers of building
blocks – ethylene,
propylene and aromatics
Robust portfolio
catering to growing
consumption markets
• Only company globally,
with integration from oil
to polymers, chemicals,
polyesters and elastomers
• Allows margin capture
across industry value
chains and reduces
exposure to cyclicality
Unparalleled logistics
and supply chain
network
• 5x bigger distribution
footprint than nearest
competitor in India; unique
pan-India reach leveraging
multi-modal logistics
• Serving 11,000+
customers for chemicals
and materials across India
through 16 regional offices
and 61 warehouses
• Serving transportation fuels to
retail customers everyday at
over 1,400 outlets
Performance
Summary
REVENUE AND EBITDA
13.4
11.9
11.9
4,72,450
4,51,355
63,403
3,20,008
53,803
38,170
Revenue (` in crore)
EBITDA (` in crore)
EBITDA Margin (%)
TOTAL THROUGHPUT
(MMT)
77.3
79.8
71.9
PRODUCTION MEANT
FOR SALE
(MMT)
70.2 71.0
63.6
Operating Framework
The key priorities of the O2C business are as under
Transition from
transportation fuels
to produce chemical
building blocks integrated
with sustainable
downstream derivatives
Transition from
fossil fuels to
renewables for
captive energy
demand
Scaling up
recycling in materials
CO2 capture and
conversion to useful
chemicals and materials
Circular and
Sustainable business,
targeting
Net Carbon Zero
Customer
ownership and
downstream
integration
Continuous
optimisation and
cost reduction
Move from commodity product
supplier to customer ownership
through solutions and services
Scaling up trading and
distribution business
Alliances and partnerships
for downstream sustainable
product derivatives
Advantaged crude and
feedstock sourcing
Capture margins across
conversion chains with deep
integration and reduce exposure
to individual product cyclicality
Continuous O2C level
optimisation for profitability and
lowering energy costs
Conversion cost reduction
through productivity and
minor capex projects
96
97
FY 2019FY 2019FY 2019FY 2020FY 2020FY 2020FY 2021FY 2021FY 2021NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21
Highlights FY 2020-21
Delivered resilient performance
despite unprecedented
challenges and macro
headwinds
Operated plants at near-full
capacity while ensuring the
safety of employees and
communities, even as global and
domestic peers substantially
lowered operating rates
and even shut down plants
completely during 1Q FY 2021
98
Reliance and bp commenced
operations of their new Indian
fuels and mobility joint
venture - operating
under the ‘Jio-bp’ brand –
which aims to become a
leading player in India’s
fuels and mobility market
Agile business model
(domestic to export and back to
domestic as per market demand)
leveraging our
global customer base and multi-
modal distribution capabilities
Ramped up the capacities to
produce 1,00,000 personal
protective equipment (PPE)
per day during the peak of
pandemic
Successfully
commissioned the
Halobutyl-Rubber Plant
in partnership with
SIBUR
Developed in-house Reliance
Olefin Removal Catalytic
(REL-ORCAT) Technology
SEZ refinery won the prestigious
‘Refinery of the Year’ award from
Federation of Indian Petroleum
Industry (FIPI)
Petrochemicals business won
‘Company of the Year’ award
from FICCI for our significant
value creation in society and
contributions towards fight
against COVID-19
99
Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Oil to Chemicals
Industry Overview
FY 2020-21 was characterised by unprecedented volatility in crude oil and
feedstock prices. It was a year of two halves – significant demand contraction in
the first half due to pandemic-related lockdowns followed by a sharp recovery in
economic activity and demand revival with fiscal stimulus in the second half.
Crude Oil Demand and Supply
Global oil demand plunged by 16.2% y-o-y in 2Q CY 2020 to 82.9 mb/d. It recovered
sharply to 92.6 mb/d in 3Q CY 2020. Overall demand in CY 2020 was at 91.0 mb/d,
8.7% below that in CY 2019. China was the only country to register growth.
OPEC and several other oil exporting countries carried out coordinated supply cuts,
which peaked at 9.7 mb/d during May-June 20 and averaged 5.3 mb/d for CY 2020.
These cuts helped reduce crude inventories and rebalance supply and demand
supporting oil prices.
Global Refining Operations
Global Refinery Crude Throughput (mb/d)
OECD Americas
OECD Europe
China
Rest of the World
World Total
Source: IEA
CY 2020
CY 2019 Change 2020 vs. 2019
16.5
10.7
13.4
33.8
74.4
19.1
12.2
13.0
37.4
81.7
(2.6)
(1.5)
0.4
(3.6)
(7.3)
In CY 2020, refining runs were lower by 7.3 mb/d from a year earlier, while demand
declined by 8.7 mb/d. This resulted in weaker margins and permanent closure of
refineries. Globally, announcements have already been made for the permanent
closure of ~3.4 mb/d refining capacity by 2023.
Crude Oil and LNG Prices
Crude prices plummeted during 1Q FY 2021 with Brent crude oil touching a
low of US$18.5/bbl in April 2020. However, the sharp supply cuts, coupled with
disruptions in February 2021 due to Texas freeze, pushed crude prices back to
pre-pandemic levels in March 2021.
OIL PRICES
(US$/bbl)
WHO declares COVID-19 a Pandemic
Texas deep freeze
OPEC+ group of countries agree
production cut
Dated Brent
Source: Platts
WTI
Dubai
100
LNG prices were highly volatile during
the year, with prices in Asia starting at a
low level of around US$2/mmbtu at the
beginning of the year due to demand
drop before peaking at US$32.50/
mmbtu in January 2021 due to supply
disruptions in Nigeria, Panama Canal
congestion and colder winter in Far
East. Prices have since then cooled with
the restoration of supplies.
Cost of shipping crude surged in March
2020 and continued to be high in April
2020 as weak demand for prompt
supplies had seen an increasing number
of tankers booked for floating storage.
In clean freight markets, demand for
floating storage caused shipping rates
to soar in April 2020. From May 2020,
freight rates normalised for both crude
as well as products as global crude
production fell sharply and reduced
interest in floating storage with
lower production.
Transportation Fuels
Global Market Environment
Global gasoline and gasoil demand in
CY 2020 was lower by 3.0 mb/d and
1.8 mb/d respectively compared to
CY 2019. Gasoline demand recovered
quickly from the lows in 2Q CY 2020, as
preference for use of personal vehicles
for daily commute increased during
the pandemic. Diesel demand was also
adversely impacted, before recovering
in-line with revival in economic activity.
Jet fuel demand was the worst hit due to
stringent restrictions on air travel, falling
40.6% from the previous year.
Domestic Market Environment
India’s petroleum products demand
contracted by 9.1% to 195 MMT in
FY 2020-21; LPG demand maintained
an upward growth trajectory. India’s
demand for gasoline and gasoil
rebounded sharply in the second
half, but overall demand in FY 2020-
21 was still down by 6.7% and 12%,
respectively. Gasoline sales returned to
pre-pandemic levels in September 2020.
The aviation industry was the worst hit.
Domestic flights resumed in a calibrated
LNG PRICE ASSESSMENT
(US$/mmbtu)
Colder winter in China / Korea / Japan
Panama congestion / Wheatstone, Cameron supply concern
Chinese and Korean demand
returned, Gorgon Uncertainty
Belhai Terminal Fire
Hurricane Delta
Hurricane Laura
Hammerfest Fire
Warm
weather
forecast in
Far East
Panama
canal
congestion
eases
Lockdown in High
Gas consuming
Hurricane Sally
Typhoons in S. Korea and Nuclear shutdown
Nigerian Pipeline explosion
Japan Korea Marker
West Coast India
manner from May 2020 and reached
70% of pre-pandemic levels by the end
of FY 2020-21. Jet/Kero demand fell
sharply by 47% y-o-y.
Margins
During FY 2020-21, 10 ppm gasoil and
Jet/Kero cracks in the Singapore market
were down by 60% and 90% y-o-y
respectively. Low jet fuel demand due
to disruption in air travel and tourism
industry made refiners shift yield
towards the gasoil pool, capping gasoil
cracks upside.
Gasoline 92R cracks were lower by
55.3% y-o-y, as lockdowns resulted in
reduced mobility across the globe. High
spare capacity and inventory levels
weighed on gasoline cracks.
However, in 1Q CY 2021, gasoline
cracks touched pre-pandemic levels
while gasoil and jet cracks continued to
lag at 49% and 39%, respectively.
Asian Cracks for Transportation
Fuels
(US$/bbl)
Gasoline
Jet
Gasoil
Source: Platts
FY 2020-21 FY 2019-20
3.0
1.2
5.7
6.7
12.6
14.1
Global Cracker Operations
Global demand for ethylene registered
a moderate 1.7% y-o-y growth to
166 MMT in CY 2020 from 163 MMT
in CY 2019, while operating rates
fell to 86% from 90%. New capacity
addition of 11 MMTA during the
year significantly outpaced demand
growth. The liquidity crunch caused
by the pandemic delayed start-ups
as well as final investment decisions
for new projects.
Ethane and Naphtha Prices
Average naphtha prices in Asia were
down by 21% y-o-y in FY 2020-21 amidst
softening of crude price in 1H FY 2021
and slowdown of demand due to low
global economic activity. However, prices
recovered in 2H FY 2021 with healthy
demand from downstream chemicals/
products, improving demand of gasoline
blending and higher crude prices.
Polymers and Elastomers
Global Market Environment
Demand destruction in certain sectors
like automotive, housing and construction
and white goods/consumer durables had
a negative impact on the downstream
business. At the same time, the pandemic
resulted in surge in demand for polymers
and polyesters from the health & hygiene,
packaging and e-commerce sectors.
Global polymer demand [for polyethylene
(PE), polypropylene (PP), polyvinyl
chloride (PVC)] in CY 2020 was
230 MMT, up by 2% y-o-y. Global PP
and PE demand grew by 3% in
CY 2020, led by Asia, especially China
and India. Demand for PVC remained
subdued during the year as a sustained
high price environment caused shift to
alternative products. Global demand
for Polybutadiene Rubber (PBR) and
Styrene-Butadiene Rubber (SBR)
elastomers contracted by 6% and 7%
respectively during CY 2020, on the back
of weak automotive sector demand.
Domestic Market Environment
PP demand in the country grew at
a marginal 2% y-o-y on account of
subdued demand from the auto sector
and overall lower consumption owing to
the pandemic in 1H FY 2021. However,
demand from the health & hygiene
sector, raffia and Biaxially Oriented
Polypropylene (BOPP) packaging
remained buoyant. PE demand registered
a healthy growth of 7% y-o-y, driven
by e-commerce, FMCG and liquid
packaging. Policy boost for several
water and sewage pipeline projects
further pushed polymer demand.
The all-time-high prices of PVC caused
a slight demand shift to alternative
materials for the pipes sector.
101
908070605040302010Jan-19Feb-19Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-2151001-041520253035001-0501-0601-0701-08 202001-0901-1001-1101-1201-0101-02 202101-03NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Oil to Chemicals
Elastomer demand gradually recovered
as the operating rate of the auto
majors increased gradually from 25%
in May to 80% in July, and supply
chain hurdles eased with the lifting of
the lockdown. Tyre majors registered
a good performance in 2H FY 2021
amid strong farm and 2/3-wheeler
tyre demand which drove up domestic
demand for SBR to 7% y-o-y, while PBR
demand remained flat.
Margin
Polymer prices weakened at the
beginning of 2020, but gradually
improved by the second quarter on
the back of healthy demand from
the essential goods and services
sector. Global operating rate for
PP and PE averaged 86% and 85%
respectively during 2020. Polymer
margins strengthened especially in
2H FY 2021 with recovery in demand,
reduced availability due to supply
chain constraints and polar freeze in
USGC. Integrated PP-Naphtha and
HDPE-Naphtha margins expanded 22%
and 31%, respectively. PVC margins
were at multi-year high amidst supply
shortages. Elastomer margins remained
strong, especially towards the end
of the year, due to lower feedstock
prices and supply constraints. Margins
trended above 5-year average and were
up 64% and 77% y-o-y for PBR and
SBR, respectively.
Southeast Asia Polymer Margins
(US$/MT)
FY 2020-21 FY 2019-20
HDPE-Naphtha
PP-Propylene
PVC-EDC-
Naphtha
PBR-BD
SBR-BD-Styrene
Source: Platts and ICIS
512
193
584
727
718
390
166
462
444
405
Intermediates and Polyesters
Global Market Environment
Global demand for Intermediates
(MEG/PX/PTA) fell by 6% to 143 MMT
in CY 2020 from 152 MMT in 2019.
PX markets improved in the latter part
of the year due to new downstream
PTA capacity additions. PTA markets
remained healthy as downstream
102
operating rates went up despite rising
inventory in the first half of the year.
MEG demand strengthened in the latter
part of the year due to supply concerns
from the US, and this was reflected in
declining port inventories.
Overall demand for polyesters was
marginally lower by 6% to 77 MMT.
The pandemic adversely affected the
global demand for textiles and apparels,
but demand for PET (face shield), LAB
(detergent products) and non-woven
staple fibre (PPE kits, face masks, and
polyester swabs) witnessed a surge.
Domestic Market Environment
Domestic demand for intermediates
was impacted due to demand
destruction in the textile and polyester
industry at the time of the pandemic.
Demand for the year contracted by
~14%, reflecting pandemic’s impact on
downstream sectors.
The downstream polyester industry
in the country bore the brunt of
the nationwide lockdown and the
closure of downstream units due to
mass labour exodus. The industry
revived with the gradual easing of the
lockdown and festive season demand,
reaching pre-pandemic levels by the
end of FY 2020-21.
Margins
With reduced global gasoline blending
demand, integrated chemical
complexes continued to ramp up PX
production. This resulted in a high PX
inventory (up to 4 MMTA) in China,
which was further impacted by capacity
expansions of 1.8 MMTA. Global PX
operating rates dropped to 71% in 2020
on the back of unprecedented capacity
expansions in China. PX prices dropped
28% while PX-Naphtha margins
dipped 41% y-o-y, well below 5-year
average levels.
PTA markets in China remained
oversupplied given the capacity
addition of 9.9 MMTA and large market
inventories. Global PTA operating
rates dipped to 78% in 2020. Overall,
in FY 2020-21, PTA prices dropped
by 21% while PTA-PX margins firmed
up by 1% y-o-y.
Global MEG markets witnessed
capacity addition of ~3.7 MMTA in an
already over supplied market. Global
MEG operating rates dropped to
66%. However, in the second half of FY
2020-21, MEG markets strengthened
as supplies from the US were impacted
by hurricanes and the Arctic freeze.
High polyester operating rates also
kept sentiments healthy. MEG prices
dropped by 9% and MEG-Naphtha
margins firmed up by 8% y-o-y.
PET markets witnessed a slowdown as
consumption of beverages witnessed
a dip amid the global pandemic.
However, demand in the health
sector and packaging improved. PET
prices dropped by 16% and margins
dipped by 8% y-o-y.
Intermediates and Polyester Margin Trends
(US$/MT)
FY 2020-21 FY 2019-20
PX- Naphtha
PTA-PX
MEG-Naphtha
POY-PTA & MEG
PSF-PTA & MEG
PET- PTA & MEG
172
157
232
203
150
146
Source: Platts, ICIS, CCFGroup
292
155
215
282
163
158
Performance Update
Financial and Business Performance
Financial Performance
In ` crore
Revenue
EBITDA
EBITDA margin (%)
Total throughput (MMT)
Production meant for sale (MMT)
The O2C business experienced both
price and margin dislocation due to
the pandemic and lockdown in many
countries in 1H FY 2021. Even in
testing times such as this, the business
delivered robust performance by
leveraging the strong international
and domestic supply chain, multi-
modal logistics, deep integration and
feedstock flexibility.
Revenues for the O2C business
declined 29% with lower volumes
and lower realisation due to decline in
FY 2020-21
FY 2019-20 % change y-o-y
3,20,008
4,51,355
38,170
53,803
11.9
71.9
63.6
11.9
79.8
71.0
(29.1)
(29.1)
-
(9.9)
(10.4)
average crude and feedstock prices.
Brent crude price for the year averaged
at US$44.3/bbl versus US$61.1/bbl in
the previous year.
EBITDA was also lower with weak
demand environment across
products in 1H FY 2021. The segment
performance was supported by a sharp
recovery in downstream demand and
deltas in 2H FY 2021.
11.9%
EBITDA margin
71.9 MMT
Total throughput
103
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Oil to Chemicals
Business Performance
Production Meant for Sale
Particulars
Transportation Fuels
Products
Gasoil
Gasoline / Alkylate
Polymers and Elastomers
ATF
PP
PE
PVC
Intermediates and Polyesters
PX
Benzene and Derivatives
Elastomers and Feedstock
PTA
MEG
Filament
Staple
PET
(in MMT)
FY 2020-21
FY 2019-20
24.9
10.5
2.2
2.9
2.3
0.7
0.3
3.4
0.5
2.0
1.3
1.0
0.7
1.1
26.3
12.1
4.9
2.9
2.2
0.8
0.3
2.8
0.5
2.4
1.2
1.2
0.8
1.2
Others
Total
Fuels, Solids and Others
9.7
63.6
11.5
71.0
Overall production meant for sale
reduced from 71 MMT to 63.6 MMT.
Most of the reduction came from
transportation fuels due to global
demand destruction. However, with
an agile business model and the ability
to optimise feedstock usage, Reliance
was able to run downstream plants at
full throughput.
Transportation Fuels
The strong network presence on the
highways and industry-leading fleet
programme (Transconnect) helped
recover gasoline and gasoil volumes
to pre-pandemic levels. Strong Quality
and Quantity (Q&Q) assurance also
contributed to the volume recovery.
In FY 2020-21, bulk diesel industry
volumes shrunk by 22% on y-o-y basis.
Despite facing a contraction of 17%
y-o-y, RIL did better than the industry
and increased its market share to
9.3%, focusing on the infrastructure,
construction and mining segments.
Reliance BP Mobility Limited (RBML),
a 51:49 joint venture of Reliance
Industries Limited (RIL) and bp, went live
on July 10, 2020. RBML operates under
the ‘Jio-bp’ brand.
RBML, with its network of 1,419 outlets
and fleet programme (Transconnect),
fully recovered its pre-pandemic
gasoline and gasoil sales volumes.
RBML has become India’s largest fuel
door delivery network for specified
use, with presence at 1,083 sites in 21
states. RBML has launched light-weight
and tamper-proof high density PE
fuel containers for doorstep delivery
which promises operational ease,
efficiency, and quantity and quality
(Q&Q) assurance.
In August 2020, RBML took over the
operations of RIL aviation fuel stations
across the country. It aspires to
bring industry-leading technology,
best-in-class service and innovative
customer-centric solutions to aviation
fuelling. RBML fuelled medical,
repatriation and cargo flights across
India at the peak of the lockdown.
1,419 outlets
In the RBML
network
5,500 outlets
Proposed network
post expansion
Reflecting the Net Carbon Zero target
of RIL, RBML aspires to provide Indian
consumers with advanced fuels
that have lower emissions, charging
infrastructure for electric vehicles and
other low carbon solutions.
To support the proposed network
expansion of up to 5,500 outlets
over five years, RBML kickstarted its
franchise onboarding process. It has
initiated infrastructure development
at all supply locations and started pilot
testing of battery swap stations at over
24 select locations. Initial response has
been encouraging with strong growth in
daily order deliveries.
RBML is committed to create a
world class fuelling experience for
its customers, with proven customer
value proposition, synergies of
extended group companies (RIL and
bp), company-wide focus on customer
centricity and best-in-class technology.
Polymers and Elastomers
Intermediates and Polyesters
RIL maintained steady polymer
production with reliable operations
across sites and achieved the highest
ever PE production in FY 2020-21.
It maintained operating rates higher
than its peers due to its keen focus on
exports in the first half, and its ability
to ride on a buoyant market in the
second half. RIL maintained its market
leadership in polymers, with a domestic
market share of 34%. It exported
1.3 MMT of polymers across the world
during the year.
RIL’s agile supply chain helped place
80% polymer products in the export
market within 10 days during the
challenging 1Q FY 2021, as against
20% during the pre-COVID period. This
helped in operating plants at near full
capacity of 98% during 1Q FY 2021
while the rest of the domestic industry
operated at 60% levels.
A total of 2.1 MMT was exported in
FY 2020-21 across the entire polyester
chain. RIL also maintained its market
share in the domestic polyester market.
Significant PX and Benzene exports
in 1H FY 2021 helped maintain the
operating rate of aromatics plants.
PTA exports during 1H FY 2021 were
impacted, curtailing PTA production.
Demand destruction in MEG was
countered by diverting the surplus
volume into exports market.
RIL continued to explore new
products and market segments with
the introduction of biodegradable
polyester and R3S in the paint
segment. At the same time, given the
unique circumstances, RIL focused
on developing essential products
like PPE suits, polyester swabs and
other medical applications to cater
to the needs of critical segments like
health and hygiene.
104
105
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21
Management Discussion and Analysis
Business Overview: Oil to Chemicals
Leadership in adopting
circular economy in India
RIL is committed to supporting and leading the industry on circular economy and sustainability. The
Company constantly endeavours to imbibe the concept of circularity in its operations and processes.
Cognisant of the fact that achieving this objective requires long-term commitment and collaboration
amongst various stakeholders, it supports like-minded organisations, NGOs and individuals in waste
recycling and diverting post-consumer waste away from landfill while creating awareness about the
environment among consumers.
RIL has identified short, medium and long term strategies
to support a circular economy for plastics. In the short term,
the focus is on increasing the Company’s PET recycling
footprint and usage of Multi-layered Plastics (MLP) for
road construction. In the medium term, it is focusing on
polyolefin recycling and ‘waste to oil’ strategy. In the long
term, the Company is looking at chemical recycling, plastic
waste composites and design for circularity. Various
initiatives are on the go.
R|ELAN™ — Circular Design Challenge
During FY 2020-21, R|Elan™ initiated the third season of
Circular Design Challenge (CDC) in partnership with the
United Nations Environment Programme (UNEP) at the
Lakme Fashion Week (LFW) in March 2021. In partnership
with IMG and UNEP, R|Elan™ unveiled the collection ‘Malai’,
winner from the second edition of LFW. The collection uses a
bio-composite material made from the agricultural waste of
South India’s coconut industry. With circularity at the core
of all six designers’ portfolio, CDC 3.0 showcased stunning
collections made from materials like discarded tarpaulin,
post-consumer clothing, handwoven and upcycled textiles,
waste denim and recycled PET bottles.
Launch of waste reduction programme
R|Elan™ collaborated with Forest Essentials™, the Ayurveda-
based skincare and perfume brand, in September 2020 to
encourage recycling of used plastic packaging. As part of the
collaboration, Forest Essentials™ created a collection facility
in each of its major stores across the country. Customers are
being encouraged to drop empty jars and bottles into these
facilities through a reward programme. The waste collection is
to be processed and repurposed to make GreenGold™ fibres
and fabrics for apparel, bags and other applications.
Anti-microbial mask from R|Elan™
#FeelSafeFeelFresh Campaign
R|Elan™ tied up with India’s leading brand, Proline® to create
a range of attractive, high performance masks using R|Elan™
FeelFresh™ fabric with anti-microbial attributes. The Proline®
Reusable Protection Mask has a three-layer triple particle
filtration system and offers the superior fabric qualities
of R|Elan™ FeelFresh™, which is embedded with silver
technology to provide long lasting protection.
Collaboration with Pankaj and Nidhi at LFW
R|Elan™ has been consistently supporting circularity in the
fashion industry. During the year, the brand collaborated with
the famous designer duo, Pankaj and Nidhi, for the second
time to showcase its latest collection at the first-ever digital
edition of LFW.
The new collection showcased R|Elan™ GreenGold, made
from 100% recycled PET bottles, R|Elan™ FeelFresh, which
has anti-microbial properties, and R|Elan™ Kooltex, which
keeps the wearer cool and comfortable for a longer time.
106
Alliance to end plastic waste
RIL is the founding member and the lone Indian company to
participate in the global effort to eliminate plastic waste in
the environment through the Alliance to End Plastic Waste
(AEPW). The Company aims to bring the best technologies
and companies to India for elimination of plastic waste.
Support for Indian Centre for Plastics in the
Environment (ICPE)
RIL continues to support ICPE communication initiatives
by supporting the ‘Fight Pollution, Not Plastics’ (FPNP)
awareness campaign, school engagement campaigns and
an all-India creative competition to find ways to reduce
plastics pollution.
Reverse vending machine
RIL has sponsored more than 100 reverse vending machine
installations across major cities to enhance awareness
amongst the public about plastic waste.
107
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Oil to Chemicals
CORPORATE
OVERVIEW
MANAGEMENT
REVIEW
GOVERNANCE
FINANCIAL
STATEMENTS
NOTICE
Scaling up Digital Platforms to Enrich
Customer Experience
The COVID-19 pandemic led to a
sudden change in the way of working,
supported and sustained by digital
collaboration platforms. The following
digital initiatives were implemented
in a short span of time to support
the shift in business condition and
ensure seamless migration to a virtual
working environment.
Digital customer experience
•
•
•
Collaborative planning through
CRM platform to effectively manage
customer demand
Mobility apps for approvals, account
management and customer visits to
empower the sales team for better
customer service
Secured document sharing platform
(E-Room) for effective (finance,
shipping and forwarding documents)
collaboration with internal as well
as external bodies primarily with a
work-from-home focus
Digitalisation in supply chain,
planning and optimisation
•
•
Warehouse Management (EWM)
operated mobility solutions on smart
devices, which simplified complex
logistics, optimised inventory
tracking, distribution operations and
multi-channel fulfilment
Improved profitability through
digitalisation of the integrated value
chain planning and optimisation for
all downstream products, including
Recron Malaysia and integration with
upstream at Cracker
Digitisation and Analytics for
process optimisation
•
SCM Spend Analytics to include
components like shipping, multi-
modal and chartering (bulkers)
•
•
•
Export General Manifest (EGM)
downloads from ICEGATE
(e-commerce portal for central excise
and customs) are now automated
through deployment of bots
Export documentation processes like
LC Scrutiny, SI (Shipping Instruction)
BL (Bill of Lading) scrutiny and
SI filing with shipping line portal
are digitised and automated with
the help of AI/ML
Trip check application was rolled
out on tab devices at downstream
secondary warehouses. Major
components of this application are
Truck Health Check, Trip Check (Pre-
Load) and Trick Check (Post-Load)
108
CASE STUDIES
Outlook
Ecosystem for indigenous
PPE production
RIL scaled up production of PP fibre and filament grades
that are used as raw material for N95 masks and PPE suits.
It developed very high-flow melt blown grades (1800-2300
MFI) in collaboration with a domestic compounder and
masterbatch manufacturer to produce indigenous PPE kits
with higher Particulate Filtration Efficiency (PFE). As a result,
India became the world’s 2nd largest PPE kit manufacturer and
net exporter, even though it did not have capacity to produce
PPE kits till January 2020.
1 lakh/day
Production of PPE kits
and N95 masks
Redefining fuel retailing
through e-commerce in India
RBML is the first Oil Marketing Company (OMC) to get the
approval of Mobile Dispensing Unit and the only OMC to use
HDPE containers (non-metallic) for on demand delivery of
fuel. With its services spanning across India, it is uncovering
the latent needs of the non-transport sector, and meeting
these needs with great efficiency, leading the way to market
leadership in the non-transport sector.
Transconnect: Building
strong relationships
RBML’s large network, channel participation and field force
focus with customised IT tool helps it drive volume. The
Transconnect programme helps it ease the transaction
process through secure card-less solution (Trans-mobile).
Through Transconnect, RBML leveraged contactless
operational capability during the lockdown, leading to
significantly higher fleet volume share and highest ever
monthly sales in FY 2020-21.
Global vaccination drive and
large stimulus programmes
will influence consumer
sentiments and demand
growth, in the medium term.
Oil demand is expected to
recover in CY 2021 to 96.4
mb/d, still below CY 2019
levels of 99.7 mb/d as per
IEA. However, tightness in the
crude oil market and strong
prices are likely to continue
due to OPEC+ cooperation.
Global transportation fuels
demand (except Jet fuel)
is likely to reach pre-COVID
levels only by the end of
FY 2021-22. Container
shortages are expected to
continue through 1H FY
2022, supporting margins for
polymers and intermediates.
Strong domestic demand
across key segments such
as healthcare, packaging,
durables, auto and
infrastructure is expected
to drive demand for
downstream products. Near
term demand trends can be
impacted by the ongoing
second wave of the pandemic
and fresh restrictions.
109
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Product Flow Chart
A Diverse Set of Products
and End Applications
NATURAL
GAS
CRUDE
OIL
Light Ends / Feedstocks
Transportation Fuels
Solids/fuels
Refinery C4
Offgas
Propane
Naphtha
LPG
Diesel
Jet/Kero
Fuel Oil / CBFS
Petcoke
Sulphur
BUTYL RUBBER
Ethane/Propane
Ethane
Gasoline / Alkylate
Refinery C4
HPIB
Butyl Rubber
Halobutyl Rubber
Butene-1
Halogen
Ethylene
Propylene
C4's
EDC
HDPE/LLDPE
LDPE
EO
PP
MTBE
Butene-1
HTPB
Butadiene
C6+
Benzene
Toluene
Xylenes
VCM
PVC
Styrene
DEG/TEG
Cyclohexane
SBR
PBR
LAB
Orthoxylene
Paraxylene
Normal
Paraffin
Kerosene
MEG
PET
PTA
Polyester Chips
Acetic Acid
Salt
Caustic
Chlorine
Filament
FDY
POY
PTY
Texturised /Twisted
Dyed Yarn
Staple
PSF
PFF
PET Bottles
(Recycled)
Spun Yarn
Non-woven
Applications
Filler Products/
Non-wovens/
Technical Textiles
Wool Viscose
Silk Linen
Fabrics
Apparel
Purchased Raw Materials
Partly Purchased Raw Materials
Existing Products
New Products
110
Abbreviations
CBFS
Carbon Black feedstock
DEG
EDC
EO
FDY
Di-Ethylene Glycol
Ethylene Di-Chloride
Ethylene Oxide
Fully Drawn Yarn
HDPE High Density Polyethylene
HPIB
High Purity Isobutylene
HTPB Hydroxyl Terminated Polybutadiene
LAB
Linear Alkyl Benzene
LDPE
Low Density Polyethylene
LLDPE Linear Low-density Polyethylene
LPG
Liquefied Petroleum Gas
MEG Mono-Ethylene Glycol
MTBE Methyl Tertiary Butyl Ether
PBR
PET
PFF
POY
PP
PSF
PTA
PTY
PVC
SBR
SNG
TEG
Poly Butadiene Rubber
Polyethylene Terephthalate
Polyester Filament Fibre
Partially Oriented Yarn
Polypropylene
Polyester Staple Fibre
Purified Terephthalic Acid
Polyester Textured Yarn
PolyVinyl Chloride
Styrene Butadiene Rubber
Synthetic Natural Gas
Tri-Ethylene Glycol
VCM Vinyl Chloride monomer
PETCOKE GASIFICATION
Petcoke
Coal
Syngas
Sulphur
Hydrogen
SNG
RELIANCE COMPOSITE SOLUTIONS
Glass rowing
(procured)
Multiple raw materials PTA, EO, Styrene, etc.
(captive / procured)
Glass Fibre
Resin
(Polyester / Epoxy / Phenolic)
Pultrusion
Filament
Winding
Mass Transport
Unit
Centrifugal
Casting
Sheet Molding
Wind Mill Unit
General Molding
Product Plants
End Use Applications
111
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview
Oil and Gas Exploration
& Production
Naresh Narang
Sanjay B. Roy
Gautam Dhar
E&P business’s focus has been on safeguarding health
and safety of the people and assets while augmenting
production and ensuring business continuity, project
delivery and minimal disruption to operations.
Despite the unprecedented constraints, in
December 2020 we successfully commissioned Asia’s
deepest and India’s first ultra-deepwater gas field - the
R Cluster (D34) field, in Block KG D6. It is a significant
milestone in India’s energy landscape and showcases
Reliance’s commitment in the nation’s transition
towards a cleaner and greener gas-based economy.
Highlights FY 2020-21
REVENUE
33.4%
EBITDA
26.9%
`2,140 crore
`258 crore
PRODUCTION (RIL’s SHARE)
126.6 BCFe
112
The Company’s oil and gas assets in
India include –
• Block KG D6, where projects, R Cluster in
December 2020 and Satellite Cluster in April
2021, have commenced production, while MJ
project is in the development stage
• Two Coal Bed Methane (CBM) blocks –
Sohagpur (West), which is currently producing,
and Sohagpur (East), which is under
development
• Block KG UDW1, which is in the area
contiguous to Block KG D6, where the
Company is undertaking Infrastructure led
exploration efforts
The Company has a joint venture with Ensign
Natural Resources in US shale play.
Reliance Industries Limited Management Discussion and Analysis
Business Overview: Oil and Gas E&P
Vision
To be India’s Leading Player and major contributor to India’s Gas
based economy supplying >25% of India’s production.
Mission
Our mission is to maximise stakeholders’ value by finding,
producing and marketing hydrocarbons and to provide sustainable
growth while catering to the needs of customers, partners,
employees and the local communities in which we do business.
We will conduct our business in a manner that protects the
environment as well as the health and safety of our employees,
contractors and the local communities in which we do business.
Strategic Advantages and
Competitive Strengths
India’s Leading Deepwater E&P operator with
best-in-class safety and reliability track record
Partnership with
bp synergising RIL’s
project execution and
operations with bp’s
global E&P knowledge
World Class deepwater
hub infrastructure in
the East Coast
~3 TCFe resources in
the Block KG D6
Exploration underway
in the proven geological
fairways of the
contiguous Block KG
UDW1
Gas based portfolio
contributing in India’s
transition towards
clean energy
114
Performance
Summary
DOMESTIC PRODUCTION
(RIL’S SHARE*) (BCFe)
58.9
38.8
27.8
SHALE PRODUCTION
(RIL’S SHARE*) (BCFe)
94.5
98.8
80.4
* For RIL’s interest in Oil and Gas Joint Operations,
refer Note 32.1 on pg 365
Highlights FY 2020-21
First Gas from R Cluster field
in Block KG D6
• Production ramped-up to 12.8
MMSCMD
Safety
• Zero LTI and Zero Recordable Injury
during R Cluster installation and
commissioning works campaign
and major overhauling / inspection /
maintenance jobs
• 100% safe and uninterrupted
production operations in CBM
US Shale Portfolio
• JV partners (Reliance and Ensign)
acquired Newpek’s Working Interest
(WI); Ensign and Reliance hold
50.74% and 49.26% WI, respectively
• Reliance sold its WI in Marcellus
Shale assets to EQT and NOG
e-Auction for CBM Gas
• e-auction for sale of CBM gas
successfully completed
• 0.82 MMSCMD gas sold for
1 year, through a transparent
and dynamic e-bid system run
independently by CRISIL
e-Auction for KG D6 Gas
• Conducted second round
of e-auction for sale of gas,
through a transparent and
dynamic e-bid system run
independently by CRISIL
• 7.5 MMSCMD gas sold to
buyers for 3-5 year term
• In total, 12.5 MMSCMD gas
has been sold to 19 buyers
across sectors like CGD,
Power, Refinery, Industrial
among others
115
FY 2019CY 2018FY 2020CY 2019FY 2021CY 2020Reliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Oil and Gas E&P
E&P Asset Life Cycle and Portfolio
Industry Overview
Exploration &
Appraisal
Project Definition &
Field Development
Field Management
& Operations
Field
Abandonment
KG UDW1
KG D6
MJ
CBM Fields
KG D6
R Cluster
Satellite Cluster
CBM Fields
US Shale Assets
KG D6
D1D3
MA
Tapti Fields
E&P Portfolio
Block
Country
Partner
RIL Stake
JV Acreage
(in acres)
Status
Conventional
Domestic
KG-DWN-98/3
India
bp–33.33%
66.67%
2,90,230
R Cluster Field on production from December
18, 2020. Satellite Cluster on production from
April 25, 2021 and MJ Field - Development
activities underway.
NEC-OSN-97/2
KG-UDWHP-2018/1
India
India
bp – 33.33%
66.67%
2,05,520
FDP Submitted. Under review with GoI
bp – 40%
60%
374,093
Exploration
Unconventional
Domestic
CBM
SP(East)- CBM-2001/1
SP(West)-CBM-2001/1
India
India
-
100%
100%
1,22,317
Development ongoing
1,23,552
Producing
International
Shale
Ensign JV
USA
Ensign– 50.7%
49.3%
1,27,907
Producing. Acquired Newpek’s share
Notes: Newpek’s stake was acquired by Ensign and Reliance
CY 2020 was a turbulent year for global oil and gas industry as COVID-19 related restrictions lowered demand from
transport and other sectors. Market saw an oversupply of ~20 MMb/d in April 2020, pushing Brent prices to US$18.5/bbl
before recovering to US$63.5/bbl by the year-end. There was an overall collapse of 8.8 MMb/d demand in 2020. Majority
of E&P companies opted to defer project investment decisions amid capital preservation measures. Brent and West Texas
Intermediate (WTI) crude averaged at US$42.0/bbl and US$39.2/bbl respectively in CY 2020. This was US$15/bbl lower than
the average CY 2019 price.
The demand is expected to recover, though resurgence in COVID-19 cases is slowing the rebound. Widespread vaccination
effort and an acceleration in economic activity coupled with OPEC+ decision to delay further easing of cuts and Saudi Arabia’s
additional supply reduction of 1 MMb/d in February and March is expected to spur stronger growth in coming time.
Global gas demand fell 2.5% to ~3,840 BCM while output fell 3.6% to 3,918 BCM. Natural gas prices in 2020 remained low due
to dampened economic activities impacting both production and consumption. US Henry Hub gas price averaged at US$2.05/
MMBTU (compared to average of US$2.57/MMBTU in CY 2019), the lowest annual average price in decades.
Emerging Trends and Business Response
Description
Clean Energy
Global focus is on green energy
in order to address environmental
concerns to reduce greenhouse gas
(GHG) emissions
Brownfield Developments
In these challenging times,
when demand and prices for oil
and gas are falling, companies
are focusing on brownfield
developments to reduce cost
Digital Technologies
The COVID-19 pandemic has reinforced
the importance of adoption of new
technologies for improved efficiencies
How RIL E&P is geared up?
The Company is focusing on building
a gas-based portfolio. Gas being a
cleaner fuel, is considered world-over
as a transition fuel to green energy
The Company is leveraging its existing
infrastructure in the KG Basin to
develop three projects in Block KG
D6 and is undertaking exploration in
contiguous areas
The Company has always been at
the forefront in the adoption of latest
technologies. It is further enhancing
its capabilities through Digital
Twin, Autonomous Fields, Virtual
Command Centres and other cutting-
edge technologies
116
117
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Business Overview: Oil and Gas E&P
Performance Update
Segment revenues for FY 2020-21
were lower by 33.4% y-o-y to `2,140
crore primarily due to lower volumes
from conventional fields and overall
lower commodity price realisation.
EBITDA for the year declined by
26.9% to `258 crore.
For the year, domestic production
(RIL share) was at 27.8 BCFe, down
28.4% y-o-y due to expiry of Panna
Mukta Production Sharing Contract
in December 2019 and cessation of
production from D1D3 (KG D6) field
in February 2020 and in US Shale (RIL
share), production was 98.8 BCFe, up
22.9% on a y-o-y basis.
Financial Performance
Parameter
Revenue
EBITDA
Operational Performance
Domestic
JV production
KG D6
Gas
PANNA- MUKTA
Oil
Gas
CBM
Gas
FY 2020-21
(` in crore)
FY 2019-20
(` in crore)
% change
y-o-y
2,140
258
3,211
353
(33.4)
(26.9)
Unit of
Measurement
FY 2020-21
FY 2019-20
BCF
MMBBL
BCF
BCF
24.0
-
-
11.8
17.5
2.6
34.2
12.2
Business Performance
R Cluster and Satellite
Cluster have been
commissioned.
Satellite Cluster
All five development wells have been
drilled and completed. Production from
the field commenced in April 2021, two
months ahead of schedule.
Development Status
MJ Field
Engineering, procurement and
manufacturing activities for FPSO,
Subsea Production System, Risers
and Umbilicals are currently underway.
Drilling campaign commenced
in March 2020 and is currently
ongoing. First installation campaign
commenced in 4Q FY 2021 with the
second and final installation campaign
planned in 4Q FY 2022.
KG D6
Till date, the Block has produced
3 TCFe of gas, oil and condensate while
establishing several global benchmarks
in terms of operational performance,
including 99.9% uptime and 100%
incident-free operations. Majority of
existing production facilities are being
utilised towards integrated development
of the three ongoing projects.
R Cluster Field
The R Cluster field was commissioned
successfully in December 2020, despite
challenges imposed due to COVID-19
and adverse weather. Located at a water
depth of greater than 2,000 meters, it is
Asia’s deepest and India’s first ultra-
deepwater gas field.
All six wells have been opened and
tested, with ramp-up programme
currently ongoing. Current production
is in line with expectation and is being
ramped-up. The field is expected to
reach plateau gas production of about
12.8 MMSCMD in 2021.
118
Abandonment
D1D3 field ceased production
in February 2020. The D1D3
Field Decommissioning Plan for
abandonment of wells and facilities has
been submitted to OISD for approval.
Exploration Strategy
RIL’s exploration strategy is
focused on catchment areas to
leverage existing infrastructure. Block
KG-UDWHP-2018/1 (KG-UDW1) was
awarded to RIL-bp JV under OALP
II licensing round and Petroleum
Exploration License (PEL) was issued
in August 2019. Due to the ongoing
COVID-19 pandemic, the Government
of India granted 341 days extension of
the initial exploration phase.
3D Seismic Acquisition campaign is
being undertaken in the Block.
In Marcellus JV, Chevron put one pad
on production in operated areas which
was drilled and frac’ed in 2019, before
handing over the operatorship to EQT.
In Eagleford JV, Ensign continued with
one rig programme until 1H CY 2020.
Only three new wells were put on
stream, while it drilled 11 wells.
Reliance’s aggregate capital
investments across JVs decreased
significantly y-o-y and was US$66
million during CY 2020.
New Technologies
Bio-CBM
To increase recovery from
CBM fields, Reliance is
engaged in R&D efforts with
current focus on Bio-CBM.
In CBM, methane gas, which
is adsorbed and trapped
naturally in coal seams,
is produced. Bio-CBM
technology uses microbe
injection to produce in-situ
methane where either the
coals are devoid of methane
or conventional CBM
extraction is uneconomical.
Lab tests have shown
encouraging results
with respect to methane
production potential.
Research is underway to
establish the ability of this
technology to scale up to a
commercial operation.
119
Coal Bed Methane (CBM)
RIL is currently producing CBM from
the Block SP (West)–CBM–2001/1.
More than 300 wells are on production
with production averaging 1 MMSCMD
during the year. To sustain plateau
production further, development is
being undertaken in the Blocks SP
(West)–CBM–2001/1 and SP (East)–
CBM–2001/1 block.
Reliance Gas Pipelines Limited, a
subsidiary of RIL, operates the 302 km
Shahdol-Phulpur Pipeline from Shahdol
(MP) to Phulpur (UP) connecting the
CBM gas fields with the Indian gas grid.
US Shale
The sharp decline in commodity prices
slowed down development activity in
both JVs. Despite prices recovering
during 2H CY 2020, given the weak
macro environment and its impact on
price realisation, both Marcellus and
Eagleford JVs pursued minimal activity
and optimised costs. Reliance and
its JV partners continued efforts on
preserving long-term value through
strict capital discipline and curtailing
development activity.
In 4Q FY 2021, Reliance sold its interest
in Marcellus JV to EQT Aurora LLC and
Northern OIL & Gas.
During 2Q FY 2021 Newpek LLC, the
minority partner in Ensign JV, exited and
its participating interest was acquired by
Reliance and Ensign proportionately.
Due to the adverse changes in market
environment, reduction in activity
by operator and recent operational
performance, the Shale Gas subsidiaries
have impaired their assets, including
unavoidable costs based on contractual
commitments, totalling to `15,691 crore.
Operational Performance
JV
Production
Unit of
Measurement
CY
2021
CY
2020
Gas
BCFe
65.9
83.3
Condensate MMBBL
2.4
2.6
In 2020, the JVs together drilled 28 wells
and put 26 wells on production.
Gross JV production was ~0.64 BCFe/d
for the two JVs, up 22% y-o-y. Reliance’s
share of production and sales were at
99.0 BCFe and 85.9 BCFe, respectively
in CY 2020, compared to 80.4 BCFe and
70.5 BCFe in CY 2019.
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited Management Discussion and Analysis
Business Overview: Oil and Gas E&P
CORPORATE
OVERVIEW
MANAGEMENT
REVIEW
GOVERNANCE
FINANCIAL
STATEMENTS
NOTICE
CSR Activities in Gadimoga
during COVID-19
•
Organised awareness camps on COVID-19 and
put up posters depicting DO’s and DON’T’s in
nearby villages
• Distributed sanitiser bottles, masks and hand
gloves to village volunteers, Panchayat Sanitary
Workers, Medical staff and Asha workers working
during the lockdown
• Provided sanitiser in bulk to the medical staff
working in COVID care centres
• Distributed Relief Material (~ 6,000 kits) to nearby
villages during the first COVID wave
• Support extended to District Administration by
providing cots and chairs to COVID care centres /
government hospitals
COVID-19 Response
CSR Activities in Shahdol during COVID-19
•
4 MMUs provided critical primary care services to 150
villages of Shahdol, Kotma and SHPPL
• Regular COVID-19 awareness campaigns conducted
and banners displayed at prominent places
• More than 50,000 masks distributed to frontline
workers, District Administration, and community
•
Innovative contact less hand washing unit installed at
prominent places
• Over 1,500 poor households were supported for dry
ration kit as relief while more than 40,000 individuals
got food through central kitchen at Shahdol
• Support through online education platforms
benefitted around 150 students in Shahdol
• 3 youths supported by CSR got selected in
the Armed Forces
100+
Migrant labours were linked with different
schemes and provided support for improved
farming through inputs and technical guidance
2,500
Education materials
distributed to around
students
Update on Arbitrations and
Other Legal Issues
Due to the COVID-19 related
circumstances, there has not been any
progress in the following matters: KG
D6 Cost Recovery Arbitration, Public
Interest Litigations relating to KG D6
Block pending before the Hon’ble
Supreme Court of India, suit filed by
NTPC Limited against RIL before
the Hon’ble Bombay High Court,
Government of India’s proceedings
seeking setting aside of arbitration
award relating to alleged migration
of gas from KG D6 Block before the
Hon’ble Delhi High Court and Writ
Petition filed by RIL before Delhi High
Court relating to jurisdiction of Delhi
Anti-Corruption Bureau.
PMT Arbitration
On January 29, 2021, in its latest final
partial award, the Arbitration Tribunal
has unanimously decided certain
issues in favour of BG Exploration
and Production India Limited and RIL
(together the Claimants). Government
of India has filed an appeal before the
English High Court against the latest
final partial award. Further, due to the
COVID-19 related circumstances, there
has not been any substantial progress
in the claimants’ application before the
Arbitration Tribunal seeking an increase
in the PSC Cost Recovery Limits and
government’s execution petition before
the Hon’ble Delhi High Court seeking
enforcement and execution of the
Tribunal’s 2016 Final Partial Award.
120
Outlook
Gas is expected to play a key
role as a transition fuel and
share of gas in energy mix is
expected to increase from
6% to 15% by CY 2030.
RIL, with development of
three deepwater gas projects
in KG D6, will continue
to play a key role. While
two projects have been
successfully commissioned,
one project is expected
to come onstream in FY
2022-23. With this, RIL is
expecting to reach a peak
production of ~ 30 MMSCMD
in CY 2023, i.e., ~25% of
India’s production and ~15%
of India’s demand.
RIL will continue its
exploration efforts in the
catchment areas, which,
if successful, will be able
to leverage its existing
world-class deepwater hub
infrastructure.
As the COVID-19 pandemic
continues to pose constraints
and challenges, RIL’s focus
remains on ensuring safety
for its people and assets,
timely delivery of ongoing
projects and uninterrupted
production operations.
121
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Liquidity and Capital Resources
Srikanth Venkatachari
Soumyo Dutta
Anshuman Thakur
FY 2020-21 has been a year of unprecedented volatility
in the financial market and liquidity conditions.
Reliance has been able to successfully navigate
this volatility.
The Company has successfully completed one of the largest equity capital raise
programmes and has repaid debt liabilities including US$7.8 billion of ECB borrowings,
the largest ever such prepayment programme undertaken by any corporate entity in
India. The Company remains firmly committed to efficient financing of its working capital,
across all formats of businesses, and maintains a strong liquidity position with more than
`2.5 lakh crore of cash and cash equivalent in its consolidated balance sheet.
Highlights
During the year, Reliance successfully
raised equity in (i) Jio Platforms
Limited from global strategic investors,
including Facebook and Google and
marquee financial investors totaling
US$21 billion for ~33% stake, (ii)
Reliance Retail Ventures Limited from
marquee financial investors totaling
~US$6 billion for ~10% stake; (iii) fuel
retailing business by entering into
a partnership with bp; (iv) Reliance
Industries Ltd by way of Rights Issue.
The equity capital thus raised allowed
Reliance to significantly deleverage its
balance sheet and deliver on its promise
of attaining zero net debt status.
Financial markets were extremely
choppy and volatile during the year.
The first half of the year saw large-scale
destruction of demand in the economy,
significant fall in interest rates and
weakening of the rupee and the second
half of the year witnessed a bounce
back in growth, recovery of crude
oil price, strengthening of the rupee
and an upward movement in interest
rates. The Company was successfully
able to navigate all such dislocations
in the market, maintain adequate
liquidity on its balance sheet, manage
its financial market risks and deliver
a consistent return on its investment
portfolio by staying invested in low risk,
liquid instruments. Reliance Treasury
continued to stay focused on providing
liquidity to the businesses at the
optimal risk adjusted cost by accessing
financing from different markets
and using appropriate instruments
and currencies.
Reliance continues to enjoy a strong
credit rating and continues to be
rated two notches above sovereign
by S&P and is rated one notch above
sovereign by Moody’s.
Treasury Management and
Financial Strategy
Reliance Treasury makes sure that
capital is made available at the
optimum risk adjusted cost and is made
available at the time when businesses
require it. It also ensures maintaining
a prudent mix of funding sources
across instrument classes, financing
products, geographical markets and
investor classes.
The highlight of financing activity in
FY 2020-21, was an early prepayment of
US$7.8 billion of long-term foreign
currency debt, undertaken in 2Q and
3Q FY 2021, with requisite approvals
from the RBI. This is the highest ever
prepayment of debt undertaken by any
corporate borrower in India.
During FY 2020-21, the Company
took over Reliance Holding USA, Inc,
(RHUSA) debt of US$4,455 million.
These debts were guaranteed /
supported by the letter of comfort given
by the Company. Subsequent to its
acquisition, the Company refinanced a
portion of debt aggregating US$2,455
million, most of which was maturing
during FY 2020-21 in compliance with
the provisions of the Foreign Exchange
Management (Cross Border Merger)
Regulations, 2018. This refinancing was
achieved at the lowest pricing in over a
decade for the applicable tenor.
In order to shore up its liquidity buffer
and to insure the Company against
risks of volatile business cashflow,
Reliance raised `24,955 crore
through rupee debentures for up to
5 years tenor, during the lockdown
period in 1Q FY 2021.
Credit Rating
Reliance’s financial discipline and prudence are reflected in the strong credit ratings
ascribed by rating agencies. The table below depicts the credit rating profile:
Instrument
Rating Agency Rating Remarks
International Debt S&P
BBB+
Two notches above India’s sovereign rating
International Debt Moody’s
Baa2
One notch above India’s sovereign rating
Long-Term Debt
CRISIL
AAA
Highest rating by CRISIL
Long-Term Debt
CARE
AAA
Highest rating by CARE
Long-Term Debt
ICRA
AAA
Highest rating by ICRA
Ratings Definitions
S&P BBB+: An obligation rated BBB+ exhibits adequate protection parameters. However, adverse
economic conditions or changing circumstances are more likely to lead to a weakened capacity of the
obligor to meet its financial commitment on the obligation.
Moody’s Baa2: Obligations rated Baa are judged to be medium-grade and subject to moderate credit
risk and as such may possess certain speculative characteristics.
CRISIL AAA: Instruments with this rating are considered to have the highest degree of safety
regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.
CARE AAA: Instruments with this rating are considered to have the highest degree of safety
regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.
ICRA AAA: Instruments with this rating are considered to have the highest degree of safety regarding
timely servicing of financial obligations. Such instruments carry the lowest credit risk.
Liquidity and
Treasury Management
Reliance maintains a strong focus on
liquidity to ensure that the Group always
has adequate cover to face any potential
short-term market disruptions. Reliance
maintained a strong liquidity position
in its balance sheet in the form of cash
and cash equivalents. Cashflow from
operating activities continued to remain
strong. The slowdown in hydrocarbons
was compensated by the strong growth
in consumer businesses.
Reliance’s liquidity management
and investment plans are created
within the context of its strategic and
annual financial planning processes.
The plans are reviewed on an ongoing
basis to factor in evolving global and
domestic macro factors.
Reliance maintains sufficient working
capital resources for running all its
businesses smoothly. It continuously
monitors and optimises working capital
requirements by actively leveraging
trade financing solutions covering
receivable and payment products
and executing innovative structured
trade products.
The investment portfolio balances
well between the dual objectives
of generating optimal returns with
appropriate risk/reward and maintaining
the assurance of liquidity at short notice.
122
123
Management Discussion and AnalysisNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Risk and Governance
Nikhil R. Meswani
Hital R. Meswani
Srikanth
Venkatachari
Laxmidas V.
Merchant
Harish Shah
K. R. Raja
Reliance’s Risk Management Framework was stress
tested by the black swan event and the business
outcomes are encouraging.
The Group’s motto, ‘Growth is Life’, aptly captures the ever-evolving spirit of Reliance.
It also presents multiple opportunities and risks that are managed through the robust
Risk Management Framework. The framework helps the Group identify, assess, respond
to and monitor, on a real-time basis, risks that impact business objectives.
Risk management is an integral component of the Reliance Management System.
Effective risk management with enhanced use of technology has improved the quality of
business decisions.
Enterprise Risk Management
at Reliance
The Company has a well-established
“Three Lines of Defense” approach:
Global events have challenged nearly
every company, leading to a rethink of
assumptions and adaption of strategies
to a new operating environment that
involves managing major risks with a
renewed focus on the safety of people.
At Reliance, the Risk Management
Function, enabled by the effective use
of new technologies, has enhanced
the organisation’s readiness in
responding to COVID-19.
1 Business/Process
Managers (Self-verification,
first line of defense)
2 Risk Management Function
(Functional Assurance,
second line of defense)
3
Internal Audit and
Management Assurance
Function (Independent
Assurance, third line of
defense)
The framework and related processes
seek to maximise business outcomes by
allowing the management to:
• Understand the risk environment and
assess the overall potential exposure
• Determine risk mitigation strategies
• Allocate resources and actively
manage those risks
• Monitor the effectiveness of risk
management – across the value chain
and all the way up to the Board
The Company is prone to the following categories of risk:
Strategic and
commercial risks
Health, safety and
environment risks
Compliance and
control risks
Financial risks
These risks, either separately or in combination, could have a materially adverse effect on the implementation of
Reliance’s strategy, its business, financial performance, results of operations, cash flows, liquidity, prospects, shareholder
value and returns, and reputation.
Governance Framework
Reliance’s Risk Management Framework is designed to be a simple, consistent and clear framework for managing and
reporting risks from the Group’s operations to the Board. The Board provides oversight through various Risk and
Executive Committees listed below:
The Board Committees
Executive Committees
Risk Management Committee
Group Operational Risk Committee
Audit Committee
Group Financial Risk Committee
Business Risk and
Assurance Committees
(BRAC), which meet on a monthly
basis for Business and Strategic Risk
Stakeholders’ Relationship Committee
Group Audit & Disclosure Committee
Management
CSR and Governance Committee
Group Compliance Committee
Finance Committee
Group People Committee
HR, Nomination and
Remuneration Committee
Health, Safety and
Environment Committee
Business and Functional
Leaders: Functional assurance and
monitoring on an on-going basis and
weekly LOD meetings
The cadence of governance meetings, including weekly meeting of the three lines of defense, reinforces early
identification of a new risk and its mitigation.
For understanding the Company’s corporate governance and functioning of the Board and details on Internal Controls,
please refer to the Board’s Report and Corporate Governance Report
The Risk Management Framework covers risk management activities at three levels:
1
2
3
Day-to-Day Risk
Management
Business and Strategic
Risk Management
Oversight and
Governance
This includes identification
and mitigation of risks by the
management and staff at Reliance’s
entities, assets and functions.
This is executed as an embedded
component in the Operating
Management System, Financial
Management System and People
Management System.
This is executed by business, function
and Group leadership. It also results
in integration of risks with key
business processes such as strategy,
planning and execution, performance
management and resource allocation.
The Board, Executive Committees,
Group and functional leadership
provide oversight to the identification
and management of the most
significant risks and are also
responsible for improving the Risk
Management Framework and
ensuring compliance.
124
125
Management Discussion and AnalysisNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Risk and Governance
RISKS AND RESPONSE
STRATEGIC AND COMMERCIAL RISKS
Commodity Prices and Markets
Risk Description
The risk arising out of COVID-19 – from social distancing, national lockdown, uncertainty in environment, demand
contraction, government intervention (ranging from encouraging certain businesses to indirect stoppage of goods and
services) – has overshadowed the entire year.
External market conditions, in particular; prices of crude oil, natural gas and downstream products have a direct impact
on RIL’s financial performance. These prices are affected by supply and demand, both globally and regionally. Factors
that influence fluctuations in crude prices, crude availability and that can have an impact on margins include operational
issues, natural disasters, political instability, including geopolitical risks, economic conditions and aggressive pricing by
competitors. Stringent recycling norms and government regulations can reduce plastic consumption.
Government restrictions on account of the COVID-19 pandemic could affect smooth operation of business activities,
store operation, and expansion. Reliance’s inability to build infrastructure at a pace and scale needed by the rapidly
growing Retail business could hinder operational efficiency and demand fulfilment.
Risk Response
Since RIL operates an integrated
O2C business, some of these risks
in one part of the business are offset
by gains in other parts of the Group’s
integrated O2C business.
RIL exports its products to diverse
geographical locations so that the risk
of non-evacuation is mitigated with
minimal adverse effect. The Company
increased the usage of multimodal
logistics (including coastal) to fulfil
its contractual commitment to
customers. The Company operated at
near full throughput even during the
lockdown period.
The risk of non-availability of crude
and feedstock is actively managed
by sourcing crude from multiple
geographies using short-term and
long-term purchase contracts.
As OPEC and other producer
countries implemented a coordinated
production cut, RIL diversified its
feedstock supply sources to ensure
adequate and timely availability of
feedstock. It also increased Straight-
run Fuel Oil (SRFO) sourcing to
mitigate risk of lower availability
of heavy crude oil. Reliance has a
robust Commodity Risk Management
Policy and Framework that enables
hedging the exposures arising
from commodity price fluctuations,
such that the risks remain within
acceptable levels.
In its downstream business, RIL
explored new opportunities for
manufacturing surgical gowns, PPE,
masks, testing-swabs for medical
application. RIL is advocating in
favour of the environment on the
basis of life cycle studies of plastics
vs alternatives, and is focusing on
plastic waste collection and disposal,
increasing recycling footprint
in the country.
Reliance Retail undertakes regular
assessment of emerging risks and
opportunities and has implemented
necessary steps in securing its
people and business in the volatile
and uncertain operating environment
posed by COVID-19.
Decisive actions were taken by the
business to adapt and strengthen
its operating models by activating
digital commerce platforms
and strengthening
omni-channel capabilities.
The business made steady progress
in bringing New Commerce to life
by extending partnerships with
merchants and becoming their
trusted partner.
Proactive steps were taken to engage
with customers through initiatives
such as distance selling, store on
wheels, pop up stores among others
to ensure customers are served well in
the most difficult times.
With operating curbs lifted
progressively, thrust on expansion
continued as the business opened
new stores across geographies
and maintained its pace and
scale of growth.
Customer Experience and Retention
Risk Description
Digital Services now has over 426 million customers on the back of an innovative customer acquisition strategy. Along
with the expansion of its current customer base, customer retention and experience are of utmost importance to generate
sustainable business performance and return on investments. The business needs to continuously deliver differentiated
customer experience to proactively mitigate any risks that may weaken its value proposition, brand and customer loyalty.
Reliance Retail operates in the consumer sector and a slowdown in macro-economic growth and weak consumer
sentiments and spending could have a bearing on its performance. In a fast-changing external environment, with evolving
customer preferences and shopping habits, inability of the retail business to stay abreast of these trends and behaviours
could weaken its compelling value proposition and offering for customers and overall customer experience.
Risk Response
Digital Services sustains its customer
value proposition through continuous
innovation on products/service
offerings, considering the needs
of various customer segments and
affordability. It makes continual
investments in operational excellence
and network infrastructure to deliver
superior customer experience.
Through its Prime Membership
Program, the Company offers the
most competitive monthly tariff plans
in the industry, apart from offering
attractive deals, thereby ensuring
customer retention and loyalty.
Digital business has swiftly taken
multiple steps for superior customer
experience, including multiple
Data Privacy Risk
options to its customers for mobile
recharges, scaling up virtual call
centres for customer support and
resuming store operations with the
lifting of the lockdown. It enhanced
network capacity for better indoor
coverage and, above all, has been
continuously driving improvement in
the quality of service. The Company
continues to develop new products
and services on the back of next
generation technologies such as AI,
IoT and 5G networks.
Reliance Retail continuously
undertakes market study to stay
abreast of the emerging trends and
implements proactive measures to
ensure that the customer promise
is delivered. It continues to drive
consumption in emerging categories
resulting from evolving customer
preferences and shopping habits,
thereby enabling sustained demand
across businesses.
Focus on developing own brand
portfolio in categories such as health
and immunity boosting food in
Grocery, productivity devices and
appliances in Consumer Electronics,
serving ‘at home’ lifestyle through
re-curation of range in Apparel are
some of the ways in which business
has kept pace with changing
consumer habits.
.
Risk Description
Due to COVID-19, the companies are collecting personal information about the medical condition of employees, vendors
and other visitors to their premises. Reliance is required to comply with statutory, regulatory and contractual restrictions
with respect to the collection of data, its storage, its security and dissemination to manage data privacy risk.
The Government introduced the Personal Data Protection Bill, 2019 (PDP 2019) in Parliament, which would create the
first cross-sectoral legal framework for data protection in India. Currently, the data privacy requirements are governed by
the Information Technology Act 2000, amendment 2008.
Citizens and governments across the globe continue to face data breaches and scandals. This has transformed the way
citizens, governments and organisations think about data privacy globally. Data privacy laws and societal expectation are
increasing the imperatives to protect personal information of individuals.
Risk Response
Reliance continues to ensure that
privacy principles are enshrined in the
organisation and its services. Since
Reliance is also involved in providing
health support during the pandemic
to both employees and society at
large, the data privacy requirements
as per the law are tightly integrated
into business processes and utmost
care is taken to validate these
regularly. Enhanced practices are in
place to ensure protection of personal
data while sharing it with third
parties. Identified applications that
store personal data are adequately
secured. Besides, data privacy
awareness campaigns are conducted
on an ongoing basis. Reliance is fully
compliant with the existing Indian
privacy laws and is gearing up to
adopt requirements of the anticipated
Indian PDP Bill, 2019.
126
127
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Risk and Governance
Cybersecurity Risk
Risk Description
COVID-19 made it imperative for the organisation to embrace certain practices, including social distancing, remote
working and all these, in turn, led to significant dependence on and increased usage of digital technologies. Reliance
continues to focus on large scale digital transformation/adoption of technology across its Retail business. A digital
security breach or disruption to digital infrastructure caused by intentional or unintentional actions, such as cyber-attacks,
data breaches or human error, could have a serious impact on business. This impact could include loss of process control,
impact on business continuity or damage to assets and services, harm to the environment, loss of sensitive data or
information, legal and regulatory non-compliance, reputational damage as well as revenue loss.
Risk Response
The Company subjects its networks
and systems to security penetration
tests on a continuous basis. Reliance
invests significant resources to
ensure cybersecurity resilience
and data protection. Periodically,
independent assessments are
carried out to validate and improve
resilience to cybersecurity attacks.
These encompass technical
security controls, secure operational
processes, cybersecurity incident
monitoring mechanisms, disaster
recovery controls and trained
manpower. Cybersecurity controls
are ensured at design stage through
its integration with DeVSecOps.
Reliance’s cybersecurity measures
are aligned to the growth and
diversification of the Company.
Reliance’s Hydrocarbon and Digital
businesses are now re-certified with
ISO 27001 security benchmark and
Reliance Retail is now re-certified with
the global PCI DSS 3.2 (Payment Card
Industry Data Security Standard).
Reliance exchanges cybersecurity
intelligence with industry
peers and government bodies.
Cybersecurity awareness training
and tests are conducted for every
employee and partner.
SAFETY AND OPERATIONAL RISKS
Health, Safety and Environmental (HSE) Risks in Operations
Risk Description
HSE risks include the effects of natural disasters (floods, earthquakes, among others) and safety lapses on human capital.
The nature of Reliance operations exposes the Company, its employees and the society, to a wide range of health, safety,
security and environment risks due to the geographical location and technical complexity of operations. Various HSE
regulations across geographies regulate Reliance’s business of Exploration & Production of oil and gas, and their further
refining and downstream processing. HSE risk in retail extends to food safety.
A major HSE incident, such as fire, oil spill and security breach, can result in loss of life, environmental degradation and
overall disruption in business activities.
Risk Response
Oil to Chemicals (O2C) business poses
risks inherent to Oil & Gas operations
involving fire, explosion, spills and
chemical releases. With an endeavour
to mitigate these risks throughout the
operating life cycle, robust practices
are embedded to manage Safety
and Operational risks across the
business entities.
HSE risks, including process safety,
are identified through a systematic
risk assessment programme starting
from project ideation, design,
commissioning, normal operations
up to the decommissioning phase.
Advanced risk assessment techniques
are applied to assess the HSE risks
periodically, recognise emerging risks
and embed appropriate controls.
Reliance facilities have employed
inherently safer design strategies
and state-of-the-art controls in the
hazardous processes that reduce
vulnerability of these facilities to HSE
incidents. These risks are owned and
actively managed at asset-facing
level. Every member of the workforce
is communicated on the potential
exposure to these risks and they are
an integral part of risk management.
During the year, the industry has faced
challenges in managing the health of
personnel, supply chain, competent
resources to manage hazardous
facilities and adherence to practices
for managing health of assets.
Reliance has proactively reached out
to industry peers, industry forums
and have actively participated in
industry efforts like ‘Reflections from
global process safety leaders during
and following pandemics’ by the
Health, Safety and Environmental (HSE) Risks in Operations
Centre for Chemical Process Safety
(CCPS) for mutual learnings. The
Company has actively learnt from
external HSE incidents in the industry
and strengthened its systems and
processes. Guidelines and advisories
on ‘Health and Safety management
during pandemic’ have been promptly
developed and deployed, considering
the new-normal conditions. Reliance’s
central technical teams have been
agile in engaging with various expert
groups to timely facilitate resources
to the sites for troubleshooting,
maintenance and oversight to
ensure that there are no deviations
in HSE practices.
The Company has taken multiple
steps with respect to employees
including work from home,
bio-bubbles at manufacturing
locations, AI monitoring of behaviour,
health monitoring, medical support
via online daily symptom check
and remote doctor consultation
and tie-ups with private hospital
chains to ensure medical facilities
are available for Reliance employees
and their family. Suitable online
programmes were organised to keep
morale high and ensure the mental
well-being of employees. Reliance
has ensured required technical
competencies were always available
to operate and maintain its facilities.
Dynamic risk management actions
were devised in its operations as
the scenario progressed during
the pandemic, enabled by digitally
connected technology. Risk
assessments and oversight activities
Safety and Environmental Risks During Transportation
like process monitoring, HSE
auditing and safety reviews were
seamlessly supplemented by remote
collaboration digitally. For Grocery
business, food safety checks have
been implemented to provide multiple
layers of assurance, thereby ensuring
safety of consumers.
Reliance has initiated digital safety
platform activities underpinned with
Industry 4.0 technologies like Big data
and predictive analytics, Machine
Learning, Artificial Intelligence and
IoTs. With digitisation, there will
be real-time access of information
to management and asset facing
personnel for timely intervention
and to make safety critical
decisions proactively.
Risk Description
With most of the crude being supplied to RIL by sea vessel, and the overwhelming majority of refined products being
exported by sea, road and pipeline, the Company faces the risk of HSE incidents, oil spills and so on, leading to disruption
in business activities.
Events like technical integrity failure, natural disasters, extreme weather, human error and other adverse events or
conditions could lead to loss of containment of hydrocarbons or other hazardous materials, as well as fires, explosions or
other personal and process safety incidents.
RIL is operating a fleet of tugs, port service vessels and operations of port and terminal infrastructure and is exposed to a
complex and diverse range of marine risks, with respect to exploration vessels, oil tankers, chemical tankers, gas tankers,
and dry cargo vessels.
Risk Response
RIL has a strong vessel vetting,
incident monitoring and emergency
response system.
RIL’s augmented ship vetting
programme ensures, the vessels that
are contracted to carry RIL Cargo
are screened based on risks prior to
their induction. The third party ship
vetting system based on extensive
data analysis narrows the risk arising,
in case physical inspection of vessels
is not carried out due to COVID-19.
Vendor management audits are
carried out at prescribed intervals
for time charters and STS service
providers in accordance with the
Marine Assurance Framework.
RIL’s control framework for road
transportation has matured over
a period of time and is run in
collaboration with contractors. The
contractors are supported by the
Company through capacity building
for their drivers in areas such as
defensive driving, route hazard
mapping and real time tracking. A
dedicated state-of-the-art emergency
response centre provides emergency
response to transporters.
.
128
129
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Risk and Governance
Physical Security and Natural Calamity Risks
Risk Description
Due to the geographical presence of sites and nature of its business operations, Reliance is susceptible to hostile acts such
as terrorism, vandalism, shoplifting or piracy which could harm the Company’s people, property and disrupt its operations.
Some of Reliance’s sites are subject to natural calamities such as floods, cyclones, lightning and earthquakes.
Some of the network locations, offices, employees and other ecosystems are subject to various forms of intentional or
natural disruptions, thereby impacting network availability, customer experience, restoration cost and efforts.
Failure to respond quickly or to be perceived as not responding fast enough in an appropriate manner to either an external
or internal crisis, could disrupt the Company’s business and operations severely and also damage reputation. The impact of
such disruption can severely impact business and operations if the Company is unable to restore or replace critical capacity
to the required level within the necessary timeframe.
Risk Response
Global Corporate Security (GCS) a
dedicated and distinct function of RIL,
de-risks, safeguards and secures the
Company. It maintains best-in-class
detailed disaster recovery, crisis and
business continuity management
plans to respond to natural calamities,
and any disruption or incident.
The businesses are provided
assurance on an ongoing basis by
GCS with respect to the management
of security risks affecting its people,
assets and operations. It actively
monitors the threat landscape
to prevent/mitigate risks using
cutting-edge technology solutions,
seamlessly deployed as a digital-
physical managed service on a
platform-based approach. Real-time
situational awareness has been
enhanced and speedy response
mechanisms are put in place at
critical locations. Regular mock drills/
exercises are conducted, with all
the stakeholders for checking the
efficacy of the same.
Additionally, risks pertaining to digital
services are uniquely mitigated
through integrated response that is
facilitated by various teams such as
security, customer services, corporate
services, network maintenance and
the local geographical offices to keep
the networks functional, thereby
safeguarding Company assets,
people security while maintaining
customer experience.
Security & Loss Prevention (SLP)
proactively supports in reducing
pilferage, theft and losses to enable
higher business profitability and
mitigating risks at Reliance Retail. It
is enhanced with a prudent mix of
physical security, remote surveillance
and data-based audit interventions to
foster a safe and secure environment
and to protect assets 24X7.
RIL is rolling out an integrated
security platform with wide area
high-end sensors, seamless electronic
communication and AI-based
analytics across the enterprise.
.
COMPLIANCE AND CONTROL RISKS
Regulatory Compliance Risks
Risk Description
Increased regulatory scrutiny has raised the bar on regulatory compliance. This requires alignment of corporate performance
objectives, with regulatory compliance requirements. COVID-19 has led the government to announce a range of notifications
which companies need to adopt swiftly and effectively.
Risk Response
Reliance has adopted a digitally-
enabled comprehensive compliance
management framework. It is
updated at regular intervals,
and is integrated with business
processes, risks and controls.
Changes in regulations including
COVID-19 induced changes are also
tracked and integrated within the
130
Reliance Compliance Management
System. The responsibility matrix is
cascaded down to a single point of
responsibility. Apart from assurance
through Three lines of defense,
compliances are also periodically
monitored at the Group Compliance
Committee level.
The Company’s code of conduct,
training as well as focus on
ensuring 100 % compliance and
continuous monitoring have
enabled a mature, digitally-enabled
compliance framework.
FINANCIAL RISKS
Treasury Risks
Risk Description
Treasury risks include, among others, exposure to movements in interest rates and foreign exchange rates. Following is
the summary of key risks faced by Reliance:
Liquidity Risk
At the onset of the COVID-19 pandemic, liquidity across markets initially tightened. However, across markets, central
banks almost immediately pressed into action and significantly eased monetary and credit conditions.
Interest Rate Risk
Reliance borrows funds from domestic and international markets to meet its long-term and short-term funding
requirements. It is subject to risks arising from fluctuations in interest rates. As central banks maintained easy and
accommodative monetary policies, interest rates across the world dropped very sharply.
Foreign Exchange Risk
Reliance prepares its financial statements in the Indian rupee, but most of the payables and receivables of the
Hydrocarbon business are in US dollars, minimising the cash flow risk on account of fluctuations in foreign exchange
rates. Reliance avails long-term foreign currency liabilities (primarily in USD, Euro and JPY) to fund its capital investments.
RIL also avails short-term foreign currency liabilities to fund its working capital.
Rupee depreciated sharply against the dollar during the first quarter. However, it soon reversed its trajectory completely
and went on to close the year ~3% stronger.
Risk Response
As liquidity conditions eased out,
Reliance raised `24,955 crore of
Rupee debentures in the 3 - 5 year
tenor to add to its already existing
liquidity buffer in 1Q FY 2021.
Capital flows received in FY 2020-
21 by way of the Rights Issue and
stake sale in Digital and Consumer
Retail businesses strengthened
RIL’s liquidity position further. The
Company continues to maintain
sufficient liquidity buffer to meet
additional demands that may emerge
on account of the COVID-19 crisis.
as a large part of its borrowings
are floating on short-term
benchmark rates.
Interest rate risk is normally managed
actively through financial derivative
instruments available to convert
floating rate liabilities into fixed
rate liabilities or vice-versa. In
FY 2020-21 Reliance benefited
significantly on account of the
ultra-low interest rate environment
Foreign exchange risk arising from the
mismatch of foreign currency assets,
liabilities and earnings is tracked and
managed within the internal Risk
Management Framework and rules
that are dynamic to market changes.
131
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Risk and Governance
Awards and Recognition
Insurance – Risk Mitigation
Reliance maintains insurance cover for properties on All Risk basis, including against Act of God perils
(flood, earthquake, cyclone, tsunami etc.), business interruption and third party liability. The Company
covers the properties on full sum insured basis on replacement value. It also maintains various other types
of insurance, such as Erection All Risk for its major capital expenditures projects, Directors’ and officers’
liability, transit cover, charterers’ liability cover and employee benefit insurance policies. The scope of
coverage, insurance premiums, policy limits and deductibles are in line with the size of the company and
its nature of business.
Leading Edge Technology – Governance, Risk, Compliance
and Audit (GRCA 2.0) Platform
A robust ERP system, data analytics capabilities and GRCA tools are used for risk management. Reliance
has transformed risk management during the year to enable real-time risk monitoring with the launch
of the GRCA 2.0 Platform. GRCA is an in-house development on open source technology that
fosters real-time actionable dashboards that enables real-time risk assessment and its mitigation. It is
scalable and agile.
The Future Ahead
COVID-19 has been one more litmus test for resilience and adaptability. Based on the deep culture
of risk management built over the past years, and supplemented with strong cadence-enabled
governance, Reliance has a matured Risk Management Framework enabled by technology. Reliance’s
risk management is agile for course correction in the VUCA world, including dealing with upside risks.
Recovery of economic activity and the consequent demand rebound as vaccination programmes reach
scale in various countries will result in a more favourable environment.
•
•
•
Leadership Awards
• RIL Chairman, Shri Mukesh D.
Ambani, ranked among Top 5 World’s
Most Famous, Most Reputable CEOs
• Smt Nita Mukesh Ambani
and Reliance Foundation
recognised among top COVID-19
philanthropists of 2020
• RIL debuts on Great Place To
Work® ‘India’s Best Workplaces in
Manufacturing 2021’ list
• RIL ranked among LinkedIn’s
‘Top 25 best workplaces to grow
your career in India’, featuring in
‘companies that invest in their
talent’ and ‘help employees build a
professional foundation that sets
them up for success both at the
company and beyond’
RIL ranked 81 on Forbes ‘World’s
Best Employers’ list among 750
multinational and large corporations
headquartered in 45 countries
• RIL recognised at the Institute of
Chartered Accountants of India (ICAI)
Awards for Excellence in Financial
Reporting for 2019-2020
RIL recognised by the Great Place
to Work® Institute as Great Place
to Work – Certified™, based on
their two-step evaluation process
of Culture Audit© and Trust
Index© assessments
Reliance ranked among
Dare2Compete’s ‘Top 25 Dream
Companies to Work for’ among the
top 30 B-schools in their 2020 list
• Patalganga Manufacturing
Division awarded FAME
Excellence Award 2020
• Jamnagar Manufacturing Division
refinery awarded the ‘Refinery of
the Year’ Award by the Federation of
Indian Petroleum Industry
Jamnagar Manufacturing Division refinery awarded
with the ‘Refinery of the Year’ Award by the
Federation of Indian Petroleum Industry.
ICSI CSR Excellence Award to Reliance Industries
Limited, 2020-21
132
133
Dahej Manufacturing Division won Platinum Award in
‘Grow Care India Environment Excellence Award 2020’
in the Petrochemical Sector.
Silvassa Manufacturing Division won the
Greentech Environment Award 2020 organised by
Greentech foundation
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Management Discussion and Analysis
Awards and Recognition
Digital Services
Awards
• Reliance Jio rated as fifth
strongest brand in the globe
as per Brand Finance Global
500 2021 ranking
• Reliance Jio named ‘Best
4G Network Provider’ at
ET Telecom Awards
• Jio awarded the Digital
Enterprise of the Year at Drivers
of Digital Awards
• Jio won Gold at SAMMIE
2021 for the Best Brand in the
Telecom category
• Reliance Jio named the ‘Most
Powerful Brand of the Year’ at
Labels Conference and Awards
• MyJio recognised as Best
Consumer Mobile Service at
India Digital Awards 2021.
• MyJio named the ‘Most
Innovative App’ at Drivers
of Digital Awards
• Reliance Jio won the SHRM –
HR Excellence Awards in the
category ‘Transition to the
virtual workplace’
• Jio Platforms adjudged winner
under ‘Innovative Telecom
Solution’ category at Aegis
Graham Bell Awards
• Jio emerged winner under ‘5G
Innovation’ category at Aegis
Graham Bell Awards
• Jio – Cadbury Madbury
Campaign won the Smarties
Award 2020 under Mobile
Gaming, Gamification and
Esports category
Media and
Entertainment
Awards
• News18 Network’s ‘Corona
Wall’ won Best Technological
Innovation in News Television
(English) at the News
Television Awards
• News18 Network’s ‘Elexa-A’
recognised as the Best Use of
Technology by a News Channel
(AR/ VR/ AI) (English) category
at the 12th ENBA Awards
• CNN-News18 primetime show
‘Viewpoint’ won in the Best Early
Prime Show (English) category at
the 12th ENBA Awards
• News18 India won accolades
for ‘Sau Baat Ki Ek Baat’ in Print
& Publishing category at the 9th
Global Customer Engagement
Awards, and ‘Best Current
Affairs Programme – Hindi’ at
the 12th ENBA Awards
• CNBC TV18 won ‘Best Coverage
on Policies & Macro Economy –
Television’ by the Association of
National Exchanges Members
of India (ANMI) 2020 and
Best Editorial Team of a News
Channel (English) at the News
Television Awards
• MoneyControl awarded
‘Most Admired Mobile
App’ by Global Customer
Engagement Awards 2020
• Colors TV’s ‘Ishq Mein Marjawan
2’ bagged the Best Serial Award
at the Indian Television Awards
• VOOT won Gold at ScreenXX
Awards 2020 in Agency sector
Awards – Best Marketing
Campaign by a Streaming
Platform for the Big Boss-
#Aslifans Campaign
Retail Awards
• Reliance Digital won Gold for
‘Digital Marketing Excellence in
Social Media’ at Digixx Awards
2020 by Adgully
• Reliance Digital won ‘Social
Media App Effectiveness’ award
at Global Customer Engagement
Awards 2020 by ACEF
• Reliance Jewels awarded the
‘Most Admired Emerging Retail
Brand of the Year’ at Mapic India
Retail Awards 2021
• Reliance Jewels named ‘The
Retailer of the Year’ and
‘Marketing Campaign of the
Year’ at the Business Leader of
the Year Awards
• Reliance Digital recognised as
‘India’s Only Electronics Retailer
Super Brand’ for the second
consecutive year
• Reliance Retail won Guarded
Retail Employees Amidst
Turbulence (GREAT) Award at
TRRAIN Retail Awards 2020 – 21
• Snactac Mixed Fruit Jam and
Scrubz were ranked #1 in
their respective categories
by Consumer Voice
magazine in FY 2020-21
• Marks & Spencer Reliance
India Private Limited featured
in the top 10 list of India’s Best
Companies to Work for Women
• Marks & Spencer Reliance
India Private Limited won CII
SCALE award for outstanding
performance in Supply
Chain and Logistics
134
Technology, Patents, R&D
and Innovation
• Team from VCM/PVC, UB2, GOP (E)
won Gold in the State level Quality
Circle Convention organised by
Quality Circle-Vadodara
• Won APEX Award in National Awards
for Manufacturing Competitiveness
(NAMC) 2019-20, organised by
International Research Institute for
Manufacturing (IRIM)
• Nagothane Manufacturing Division
ranked 2nd in State Level Energy
Conservation Awards (MEDA) for
the year 2019-20
• Nagothane Manufacturing Division
won award for ‘Commendable Work
for Changing Public Perception’
by FICCI. The ‘Plastics to Road’
project was presented under
the award category
Health, Safety and
Environment
• Dahej Manufacturing Division
won the Annual Greentech
Environment Award 2020 by the
Greentech Foundation
• Silvassa Manufacturing Division
won the Greentech Environment
Award 2020 organised by
Greentech foundation
Sustainability
• Patalganga Manufacturing Division
•
• Jamnagar Manufacturing Division
won ‘Sustainable Corporate of the
Year Award’ from Frost & Sullivan &
TERI Sustainability 4.0
• Silvassa Manufacturing Division
won the India Green Manufacturing
Challenge Award 2021, organised by
the International Research Institute
for Manufacturing
• Vadodara Manufacturing Division
won Gold at the 2020-21 ‘The India
Green Manufacturing Challenge
(IGMC)’ for the consistent progress in
improving sustainability factors
Energy and Water
Conservation/Efficiency
• Dahej Manufacturing Division
conferred The Energy And
Environment Foundation Global
Water Award 2020 for ‘Industrial
Water Project of the Year’
• Dahej Manufacturing Division won
CII National Award for Excellence in
Water Management 2020
• Nagothane Manufacturing
Division awarded for ‘Efficiency in
Water Use’ by FICCI
• Nagothane Manufacturing Division
won ‘EFF Global Award 2020’ for
water reuse project
• Patalganga Manufacturing Division
won Platinum Award in ‘Excellence
in Energy Efficiency’ and in
‘Excellence in Health & Safety for
Workers’ categories
won Greentech Environment
Award 2020 in the Environment
Protection category
• Dahej Manufacturing Division won
Platinum Award in ‘Grow Care India
Environment Excellence Award 2020’
in the Petrochemical Sector
CSR Awards
• RIL adjudged the Best Corporate
(Large Category) at the ICSI
CSR Excellence Awards
2020 for its Corporate Social
Responsibility (CSR) efforts
• RIL received Special Recognition
in the ‘Excellence in Community
Impact’ category for its response
to COVID-19, Mission Anna Seva
campaign, Recycle4Life Campaign,
Versova Beach and Mithi River Clean-
up drives, employee volunteering
through mentoring of government
school children, concerts with
SOS Children’s Village and
Month of Good Deeds
• RIL won India Today-MRDA Special
Healthgiri Award 2020 for ‘Best Far
Reaching Corporate Contribution
for a Wider Social Impact’ during
COVID-19 pandemic
• Saathi award conferred on ART
Centre, Lodhivali, for its contribution
to ‘Elimination of Mother to
Child transmission of HIV &
Syphilis’ in Maharashtra
• RIL received Special Jury Mention
Certificate at the FICCI Healthcare
Excellence Awards under ‘Excellence
in Social Initiative’ Category for its
contributions under project ASMAN
• RIL received special recognition in
‘Excellence in Community Impact’
Award category at SHRM HR
Excellence Awards 2020
• Reliance Foundation Information
Services received Certificate of
Appreciation from Acharya N G
Ranga Agriculture University, Andhra
Pradesh for continuous efforts in
transferring technology to farmers in
agriculture and allied sectors during
the COVID-19 pandemic
• Reliance Foundation awarded
‘Certificate of Commendation’ by
Indian Red Cross Society during its
centenary celebrations
Petrochemicals business won
‘Company of the Year’ award from
FICCI for its significant value creation
in society and contributions towards
fight against COVID-19
Human Resources
•
Reliance Retail won HR Initiative of
the Year Award won by its Consumer
Supply Chain Management business
at TRRAIN Retail Awards 2020 – 21
Learning and Development
• National Awards for Excellence in
Training and Development (World
HRD Congress) for Best Results-
Based Training presented to Reliance
BP Mobility Limited
• FICCI Award for Excellence in
Skill Development to Reliance
Petchem Academy
135
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries LimitedIntegrated Annual Report 2020-21 Integrated
Approach to
Sustainable
Growth
For Reliance, its growth strategy is an
optimal convergence of financial and non-
financial parameters and opportunities.
While the more visible impact is
demonstrated in financial health, the
non-financial parameters work in close
conjunction with linear parameters to
directly impact revenues. The Company’s
ability to balance and tap the opportunities
across these parameters is what defines
our long-term sustainable value creation
potential.
Given its spread across diverse businesses,
Reliance experiences various internal and
external factors including technology
and research imperatives, maintaining
supportive community relations, staying
abreast of changing customer needs, talent
management and contributing to reducing
environmental impact. This in turn has a
bearing on our financial performance.
Reliance understands the importance of
monitoring these aspects and to predict,
pre-empt and respond with agility to
emerging risks and opportunities. The
Company adopts a conjunctive approach
to draw on the interconnectedness of
the capitals to address business realities
today, and achieve future aspirations.
136
This approach has helped the Company
take better, informed decisions to
grow business.
To ensure greater transparency and
accountability to its stakeholders and
further fuel its commitment towards
sustainable business practices and models,
Reliance integrated ESG goals in its
approach to creating value. The disclosures
made in the report are shaped by industry
best practices and universally acceptable
standards and frameworks such as GRI,
IIRC, TCFD, SDGs and WEF-IBC metrics.
Reliance is one of the early firms to commit
to WEF-IBC, an over-arching framework
that aims to converge leading sustainability
standards and bring greater comparability
and consistency to the Company’s ESG
reporting disclosures.
In this report, Reliance has portrayed its
value creation story by aligning to the
six capitals of the Integrated Reporting
framework laid down by the
International Integrated Reporting Council
(IIRC) – natural capital, human capital,
manufactured capital, intellectual
capital, financial capital and social and
relationship capital.
138 Standing with the Nation
140 Stakeholders – At the
139 Business Resilience
during COVID-19
Core of Reliance’s Growth Strategy
142 Integrated Thinking and
Interplay of Capitals
Natural Capital
144
Human Capital
148
Manufactured Capital
154
• Managing environmental impacts
• Air emissions management
• Water management
• Waste management
• Energy efficiency operations
• Renewable and alternative energy
• Ecosystems and biodiversity
• Contributing to circular economy
• Prioritising employee well-being
• Ensuring health and safety
• Robust governance and
code of conduct
• Fostering diversity and inclusion
• Nurturing people-first culture
• Digital inclusion and innovation
• Smart manufacturing
• Raw material security
• Asset protection and security
• Data security and privacy
• Managing systemic
risk and disruption
Intellectual Capital
160
Financial Capital
164
• Leveraging intellectual capital
to fight COVID-19
• Innovation and technology
• Research and Technology
(R&T) focus on:
- Clean Energy & Climate Action
- Circular Economy
- Bio-Innovation
• Economic performance
• Business performance
• Largest ever capital raise in India
• Robust balance sheet
and high liquidity
Social and
Relationship Capital
168
• Community development
• Customer satisfaction
• Supply chain management
137
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited Business Resilience during COVID-19
The cascading effect of COVID-19 on the global and Indian
economy has been hard. Despite the challenges, Reliance has been
able to garner significant foreign investments and raise capital and
is net debt free today.
Operationally for key businesses
it was a year of two halves. O2C
and Retail business were impacted
in the first-half due to demand
destruction and operational
constraints. Sharp rebound in
economic activity in the second-
half helped the businesses deliver
a resilient full year performance.
Digital Services business has been
a key life-line for India during the
pandemic and delivered robust
growth in operational and financial
performance for the year.
In the past year, Jio Platforms and
Reliance Retail raised `152,056 crore
and `47,265 crore, respectively, from
marquee global investors such as
Facebook, Google, Silver Lake, Vista
Equity Partners, General Atlantic,
KKR, Mubadala, ADIA, GIC, TPG ,
L Catterton, PIF, Intel Capital and
Qualcomm Ventures.
Global energy leader, bp, invested
`7,629 crore for a 49% stake in the
Company’s fuel retailing business. The
joint venture between Reliance and bp
will build on the Company’s current fuel
retailing network of 1,400 sites across
India. It aims to be a leader in mobility
and low-carbon solutions, bringing
cleaner and affordable options to Indian
consumers, facilitated by digital and
technology solutions.
The challenges of COVID-19
notwithstanding, India remains one of
the world’s most significant economies
powered by its people and growing
opportunities. Through FY 2021 -22,
Reliance will continue to build a digital-
first, world-class company focused on
value creation that broadens people’s
access to financial well-being, while
running its purpose-driven operations
to address India’s COVID-19 related
needs. In keeping with the vision of Shri
Dhirubhai Ambani, Founder Chairman,
the Company will continue to foster
strong ecosystems and grow holistically
led by a multi-stakeholder approach.
has come together – right from
engineering, construction, corporate
services, human resources and
finance to commercial and security
services and corporate affairs – to
do everything in its capacity to help
fellow Indians.
Reliance firmly believes that India
will beat the pandemic and emerge
stronger and more resilient. The
Company is also optimistic that the
post-COVID world will see India
bounce back as one of the fastest
growing economies in the world
– one that will continue creating
multiple opportunities, developing
infrastructure and providing
resources for its 1.3 billion people.
Standing with the Nation
Today India is facing one of the biggest challenges ever
– the rapid spread of the COVID-19 virus. This is a time
when Reliance stands strong with India and reaffirms its
commitment to offer support in whatever way possible
to help the country navigate through these trying times.
Every member of the Reliance family is guided by the
mission ‘Corona Haarega, India Jeetega’.
The Company’s first and foremost
priority is to support the country in
this hour of need. Reliance Foundation
has supported the setting up &
management of over 2,300 beds
across various locations including
setting up a 1,000-bed COVID care
facility in Jamnagar. Earlier, Reliance,
in partnership with the Brihanmumbai
Municipal Corporation (BMC), set
up India’s first exclusive COVID-19
hospital in just two weeks – a national
record. Managed by the Reliance
Foundation Hospital, the facility now
accommodates 875 beds including
145 ICU beds in Mumbai.
Through the year, more than
1,00,000 masks and PPEs have
been manufactured and supplied
to health workers and caregivers
per day. Reliance is providing free
fuel to emergency vehicles. Reliance
Life Sciences has enhanced India’s
COVID-19 testing capabilities by
developing its own confirmatory tests
and is in the process of expanding this
testing capacity. Through Mission
Anna Seva, Reliance has provided over
5.5 crore meals to frontline workers
and vulnerable communities. While
COVID-19 has disrupted livelihoods,
Reliance added over 75,000 jobs
to the economy. While Reliance is
committed to serving the nation, its
focus on the health and safety of its
employees and their families remains
unwavering. It continues to focus
on ensuring the health and safety
of its employees and their families.
The Company, thus, announced the
R-Surakshaa vaccination programme
for all eligible employees and their family
members. Deploying an extremely
efficient and seamless process,
Reliance has been able to vaccinate
more than 50,000 citizens in its
Sir H. N. Reliance Foundation Hospital.
The brave employees of Reliance
Retail are working round-the-clock
to deliver essential supplies to
millions of Indians across 200
cities. Jio is connecting over 400
million Indians and thousands of
organisations, supporting work-
from-home, study-from-home
and healthcare-from-home with
appropriate solutions. Powered
by automation and network
virtualisation, Jio has ensured zero
impact on its network despite
challenges of staff availability and
COVID-related restrictions. The
Company’s plants, ports and sites
are working at full utilisation to keep
the wheels of the economy moving
and to ensure India’s fuel and energy
security. The entire organisation
The pandemic has created a dearth of medical oxygen in the country.
To help India overcome the scarcity, facilities at the Jamnagar
refineries have been repurposed to deliver 1,000 MT of medical-
grade oxygen per day to be supplied to states, which is expected to
benefit over 1,00,000 people per day. This makes it one of the largest
producers of medical-grade oxygen from a single location in the
country. Reliance engineers are making smart logistical modifications
to rail and road transport to overcome bottlenecks and ensure oxygen
reaches those in need.
138
139
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Stakeholders – At the Core of Reliance’s Growth Strategy
Since inception, the Company has been committed to sustainable growth. As Reliance grows, so
does its responsibility towards its stakeholders – customers, employees, suppliers and partners,
governments and regulatory bodies, investors and shareholders and community members.
It is important for the Company to understand the opinions of people most relevant to its
businesses. The Company, therefore, engages with all its stakeholders regularly, has transparent
dialogues with them, addresses their concerns and endeavours to meet their expectations.
Stakeholder Engagement approach
Key
Stakeholders
Importance
Customers
Supporting
Communities
Employees
Suppliers
NGOs
Investors and
Shareholders
Government and
Regulatory
Authorities
Customers are at the
core of Reliance’s
business and it is
imperative to know
their needs and
expectations and
strive to meet them
Reliance works
towards delivering
value to the local
communities and to
strengthen its social
license to operate
For Reliance, employees
are the backbone of the
organisation and a key
competitive edge
Reliance provides safe
work environment
to employees and
helps them meet their
aspirations
Reliance fosters long
term relationship
with its suppliers and
ensures compliance
to policies related to
Business Partner Code
of Conduct
Reliance works in
close collaboration
with NGOs to ensure
holistic growth and
widening the reach of
our goals
Reliance is
committed to
creating value for its
shareholders
Government’s policies
and regulations impact
Reliance’s businesses
and provide new
opportunities to
achieve its mission
Functions
Business Teams: Retail,
Digital services, O2C, Oil
and Gas E&P
Manufacturing division
CSR teams, Reliance
Foundation, Reliance
Foundation Youth Sports
and Reliance Foundation
Institution of Education
and Research
Human resources,
corporate services,
medical services and
security
• Crude, feedstock and
fuel sourcing
• Procurement and
contracting
Reliance Foundation,
Reliance Foundation
Youth Sports and Reliance
Foundation Institution of
Education and Research,
CSR Divisions: Retail,
Digital Services, O2C, Oil
and Gas E&P
• Investor relations
• Secretarial and
compliance
• Secretarial and
compliance
• Legal
Mode of
Engagement
Meetings, surveys and
web portals
Meetings, newsletters,
surveys, field work and
trainings, digital services
/ virtual engagement
Personal/group
interactions, mailers and
trainings
Meetings and Annual
Report
Meetings and
correspondence
Meetings, conferences
and correspondence
Industry representations,
filings, correspondence,
meetings
Frequency of
Engagement
Annually, monthly,
need-based, real-time
Annually, quarterly,
monthly, ongoing
partnerships
Annually, quarterly,
monthly, need-based,
real-time, on-command
Real-time, on-command,
need-based
Annually, ongoing
partnerships
Annually, half-yearly,
quarterly, monthly, need-
based
Annually, quarterly,
monthly, need-based
140
141
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Integrated Thinking and Interplay of Capitals
Reliance takes a collective view of all six capitals and their interdependencies while striving to
create lasting stakeholder value. The Company has presented its performance against each
capital and the material trade-offs between the capitals below.
Natural Capital
Human Capital
Manufactured Capital
Intellectual Capital
Financial Capital
Employee volunteering in
recycling initiatives
Ensuring resource efficiency and
operational excellence – which
are the Company’s functional and
strategic core growth levers
R&D investments to promote clean
energy and circular economy,
waste plastic to road, Algae to Oil
Investment in the clean energy
space to accelerate growth
Social and Relationship
Capital
Community-focused environmental
initiatives such as rainwater
harvesting In FY 2020-21
over 6,400 ha was irrigated
with rainwater harvesting and
conservation initiatives
Employee volunteers supporting
responsible projects, such as
increasing the use of reusable and
recycled packaging
Systems with IoT-based technology
to predict and mitigate safety
incidents
• 900+ researchers and scientists
• 28,000+ engineers in technical
roles
• Entrepreneurial organisation
culture
• Total spend on employee benefits
• Employee volunteering
at `14,817 crore
• HSE expenditure at `592 crore
initiatives – 8,000+ hours
contributed
• 15,000+ people impacted
• Leading technologies
in operations to reduce
environmental impact
• Ensuring employee safety and
working towards zero incidents at
all sites
• Sourcing of carbon-neutral oil
• Training on asset management
• Smart manufacturing; polymer
composites for lightweight
vehicle
• Online corrosion monitoring tool
• Revenue: `5,39,238 crore
• Capital expenditure:
`79,667 crore
Products and services designed
to serve societal challenges and
address them effectively
Development of environmentally
sustainable technology and
products such as R|Elan™ Fabric
made by recycling PET bottles
Learning and growth opportunities
to upskill and work on cutting-
edge research and new product
development
Collaboration with Google to
develop an entry-level affordable
smartphone with an optimised
operating system
Investments in renewable energy
and biofuels initiatives to create
alternate fuel strategy
• Investing in up-skilling of
employees
• Investing in businesses that
support livelihoods and generate
employment
Optimising sites regularly to take
advantage of feedstock flexibility
to enhance profitability
• Total expenditure incurred on
R&D – `2,572 crore
• 137 patents granted
Investment focused on R&D and
promotion of new businesses
• Partnerships with globally
renowned technology and energy
companies
• Collaborations with promising
Indian start-ups
• Deepening the pool of Intellectual
property
CSR spend – `1,140 crore
• Conserving natural capital while
delivering social good, such as
using consumer plastic waste to
make concrete road surfaces
• Stringent Business Partner Code
of Conduct that outlines the
environment-friendly
requirements of business partners
142
During the COVID-linked lockdown,
Reliance Retail and Jio employees
continued to deliver essential
services
Delivering products and services
to meet customer needs and
satisfaction
Deployed innovative engineering
skills to repurpose units to produce
medical-grade oxygen, overcome
logistic bottlenecks to meet
requirements for India’s COVID
battle
Investment in Jio platforms to
accelerate the provision of India
specific, affordable and accessible
digital services, and promote
digital entrepreneurship
143
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Natural Capital
Bridging Sustainability and Growth
Holding the increase in global temperatures to 1.50C above pre-industrial
levels as adopted in the Paris Agreement is no longer a choice but a necessity.
Going beyond business imperatives and compliance requirements, this year,
Reliance Chairman & Managing Director, Shri Mukesh D. Ambani announced the
Company’s target to turn Net Carbon Zero by 2035. The Company considers the
Net Carbon Zero target as its moral responsibility to protect the earth from the
rising impact of climate change.
The Company has a robust governance
approach to monitor, review and
refine the way it manages natural
capital usage. Reliance has deployed
Company-wide annual environmental
and sustainability action plans, which
are monitored and reviewed regularly.
The Company follows a holistic Health,
Safety and Environmental (HSE) policy
at a Group level that defines Company-
wide HSE objectives and processes for
plant operations to improve operational
discipline and HSE performance. The
Company has also designed a HSE audit
programme to ensure management
standards are adhered to across
its operations.
The Group Safety and Operation
Risk team periodically monitors the
quarterly review of business plans.
They also conduct periodic reviews of
environmental aspects, independently,
at the segment and site levels. The
comprehensive review mechanism
covers the lifecycle of assets, across
their implementation, operating and
closure phases. Reliance continues to
strengthen its compliance systems and
processes through rigorous internal and
external audits.
The many impacts of COVID-19 have
made people even more aware of
the fragility of our environment and
the urgent need to take better care of
it. By forging new partnerships and
leveraging innovation, Reliance is
judiciously utilising the precious natural
capital that it needs for its businesses
and is striving to leave behind a better
planet for future generations.
Highlights FY 2020-21
Target to become
Net Carbon Zero by 2035
51,47,687 GJ
Total saving due to energy
conservation efforts
3.56 MW
Solar plant started at
Silvassa
Sourced world’s first
carbon-neutral oil
~2.3 billion
PET bottles recycled
annually
2.3+ crore
Saplings planted till date
144
Managing
Environmental Impacts
The Company adopts a cross-business
approach to reduce environmental
footprint. It focuses on the areas of
clean air and water, preventing soil
contamination, preserving biodiversity,
optimal utilisation of resources and
digitisation of operations by utilising
technology for direct energy savings
and online collaborations for reducing
travel needs . The Company’s state-of-
the-art facilities and seamless adoption
of technology solutions ensures
sustainability of operations.
2 million barrels
of the world’s first carbon-neutral
oil sourced by Reliance
Air Emissions Management
To meet India’s growing needs for
petrochemical building blocks and
materials, in the last decade, Reliance
GHG Emissions
undertook its largest investment cycle
in the O2C business. Simultaneously,
Reliance invested in creating digital
and physical platforms that have
sharply enhanced productivity as well
as reduced energy intensity for Indian
businesses and consumers. Energy
and Materials affordability and self-
sufficiency, a strong digital backbone
and an efficient physical supply-chain
infrastructure are key enablers for the
next phase of economic growth in India.
The mega O2C projects executed in
the last decade, increased Reliance’s
downstream production by 65%
without materially changing the
feedstock requirement of the business.
These projects increased crude to
chemicals conversion, provided
additional feedstock flexibility and
optimised energy cost and enhanced
self-sufficiency. It cemented Reliance’s
position as largest, most complex
and energy efficient integrated O2C
operations globally.
Sr
1
2
3
4
5
6
UOM
Parameters
Scope 1 CO2 million ton
Scope 2 CO2 million ton
TPM
SOx
NOx
VOC
‘000 ton
‘000 ton
‘000 ton
‘000 ton
FY2020-21*
FY2019-20
FY2018-19
FY2017-18
44.67
1.25
2.02
21.61
39.88
41.31
47.50
1.45
1.85
22.53
42.01
46.15
29.69
1.14
2.29
22.61
34.43
41.88
31.50
0.82
3.04
22.26
36.73
42.9
* For scope refer Independent Assurance Statement on page 176
As the energy requirement of these
mega O2C projects is currently met
by conventional energy sources, there
has been increase in GHG emissions in
FY 2019-20, reflecting the full year of
operation of the Cracker complex, and
stabilisation of the Petcoke gasification
complex at Jamnagar. While nearly
two-third of this increase in emissions
is on account of Petcoke which is now
consumed in-house instead of being
sold to external customers, gasification
145
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited project has also had multiple beneficial
impacts. It has enhanced energy self-
sufficiency for Reliance and improved
energy security for India. Petcoke
gasificaton is also used to maximise
Hydrogen production which is rapidly
emerging as the fuel of choice to
combat climate change and achieve
de-carbonisation across industries.
It also provides a solid platform to
significantly reduce the cost of carbon
capture and utilisation by fixing the
CO2 and converting it to value-added
chemicals in a sustainable manner.
Gasification asset has also become
the primarily source of medical grade
oxygen, producing over 11% of India’s
total production and meeting the needs
of nearly 1 in every 10 patients.
Response to climate change will shape
new business models and open-up
huge opportunity sets to create value
through a new energy and materials
paradigm. As societal needs evolve,
Reliance is committed to participate and
lead in the transition to new affordable
climate friendly energy and materials.
During the year, Reliance unveiled its
target to achieve Net Carbon zero by
2035. It also became one of the early
firms to commit to WEF-IBC metrics
on sustainability reporting. The WEF-
IBC framework endorses TCFD and
provides for a three-year pathway to
achieve full TCFD implementation.
The 6.2% reduction in GHG emissions
during FY 2020-21 sets the tenor
and trajectory for reduction in
Reliance’s carbon footprint. The
decrease in emissions is an outcome
of several initiatives undertaken by
RIL which include:
• Energy Conservation and Fuel Mix
Optimisation on a real-time basis
• Deeper integration
inside RIL’s core business
management and processes
• Adoption of next-gen digital
technologies - IoT, AI / ML:
- To capture fugitive emissions
across the entire value chain -
sourcing, production, storage,
and distribution
146
- Predictive maintenance to
reduce number of plant slow-
downs and shut-downs
• Consolidation, optimisation, and
integration of operations across
O2C sites - post commissioning and
stabilisation of all O2C projects
Over the coming years Reliance will
deploy further resources - intellectual,
physical, and financial and adopt a
collaborative approach, to achieve
further reduction in Greenhouse Gas
emission. The key elements of our
carbon reduction strategy include:
• Transition from transportation
fuels to chemical building blocks
integrated with sustainable
downstream derivatives
• Transition from fossil fuels
to renewable fuels for
captive energy demand
• Maximising use of biofuels and
using bio-pathways to fix CO2 and
facilitate conversion to renewable
fuels and materials
• Scaling up recycling of materials
and maximising circularity across
the value chains
• Achieving CO2 capture, storage and
conversion to useful chemicals and
materials at competitive costs
Reliance will continue to upgrade the
strategy and roadmap with an endeavor
to achieve Net Carbon Zero target
sooner than 2035.
creating sustainable sources of water.
The key performance parameters that
are being tracked in our Hydrocarbon
business are mentioned below:
219 million KL
Total water withdrawn
33 million KL
Water discharged
99 million KL
Water recycled
Collaboration with
Forest Essentials under
#GoGreenWithFE
R|Elan™ collaborated with Forest
Essentials™, the Ayurveda-
based skincare and perfume
brand, to encourage recycling of
used plastic packaging. Forest
Essentials™ incentivised customers
through a rewards programme
to discard empty jars and bottles
into a specially created collection
facility at its major stores. This
waste will be processed and
repurposed to make GreenGold™
fibre and fabric used to make
apparel, bags and other items.
Water Management
Waste Management
Water is a critical resource for
Reliance’s businesses. It has adopted
a holistic and climate-conscious
approach to manage water-related
risks. The Company manages and
monitors the amount of water
withdrawn, discharged and recycled
across its operations.
Reliance takes proactive steps to
recycle water using state-of-the-art
technologies to reduce freshwater
dependency. Treated effluents are
reused in the cooling towers, for
horticulture activities and in firewater
networks. The Company’s world-class
desalination unit at the Jamnagar facility
is a testimony of its commitment to
Reliance is a firm believer in the
3Rs of circular economy – Reduce,
Reuse, Recycle. To improve circularity
in plastics, the Company collects,
sorts and recycles plastics to
reduce dependency on new and
virgin resources.
The Company’s waste management
strategy undertakes the
following initiatives:
• Adopting responsible plastic and
e-waste management strategies
across Reliance Retail. It is now
authorised to collect e-waste
and fulfil extended producer
responsibilities
• Recycling discarded PET bottles
into fabric such as Recron Green
Gold. We plan to more than double
our recycling capabilities to about 5
billion PET bottles annually
• Sponsoring more than 100 reverse
vending machine installations across
major cities to enhance public
awareness about plastic waste
• Using bioplastic for packaging and
agricultural applications
• Using flexible plastic waste
in road making through our
initiative, ReRoute
• Transforming Multi Layered
Packaging (MLP) waste to stable
oil at refineries and O2C plants to
produce plastics again
• Recycling hazardous waste for use
as alternate fuels and raw material for
cement industries
Energy Efficiency Operations
Measures such as replacement with
LED at retail stores, translucent roof-
sheets at the warehouses, design
changes to enhance natural lighting
at the stores and wet cleaning of
HVAC systems have contributed
significantly to improving the
Company’s energy efficiency.
For its Digital Services business, the
Company has put in place certain
energy-saving systems that ensure one
of the lowest carbon intensities per
TB of data usage compared to other
service providers.
Across manufacturing sites, the
Company has taken up several energy
optimisation projects, waste heat
recovery projects, opportunistic
equipment upgrades and phase-wise
implementation of Advance Process
Control & Real Time Optimiser (APC
& RTO) systems to improve on energy
efficiency and resource conservation.
51,47,687 GJ
Energy saved
Renewable and
Alternative Energy
Reliance has increased the use
of renewable energy to power
its operations.
The Company has installed rooftop
solar panels, conducted trials of
co-firing biomass with coal and invested
in alternate energy solutions such as
fuel cells and biofuels. These steps are
helping the Company steadily reduce its
dependency on conventional fuels.
6,91,217 GJ
Renewable energy used for
Company operations
Ecosystems and Biodiversity
Reliance conducts periodic
environmental impact studies for its
greenfield and brownfield projects
to evaluate and mitigate ecosystem
impact. It has planted mangroves
on 875 acres of land around its
Jamnagar refinery plant to preserve
the ecological balance and has
also planted saplings across its
sites to conserve biodiversity. RIL
ensures its operations have no net
negative impact on local biodiversity
and ecosystems.
2.3+ crore
Saplings planted till date
Contributing to
Circular Economy
Reliance recognises the need to
transition to a low-carbon economy
to grow sustainably while meeting
investor expectations. It is taking
proactive steps to accelerate this
transition and has strengthened its
internal governance mechanism to
minimise, de-risk and mitigate risk as
it moves to low-carbon operations.
Recognising the growing consumer
preference for environment-friendly
products, Reliance supports initiatives
that promote circularity – such as the
development of the R|ELAN™ fabric.
R|ELAN™ — Future-
ready Fabrics
R|Elan™ Fabric 2.0, the next-
generation fabric brand,
is made using specialty
polyester fibres that combine
functionality and fashion
with a strong focus on
sustainability. It is used across
a portfolio of innovative, eco-
friendly apparel segments
such as activewear, denim,
and ethnic and western wear.
Circular Design Challenge:
R|Elan™ ‘Fashion for Earth’ is an
initiative rolled out in partnership
with IMG and the United Nations
Environment Programme to
unveil a new collection called
‘Malai’. This collection won the
second edition of India’s biggest
sustainable fashion award,
Circular Design Challenge, at the
Lakme Fashion Week. It is made
from a bio-composite material
made from the agricultural waste
of South India’s coconut industry
and offers a viable alternative to
non-sustainable materials.
Collaboration with Pankaj
and Nidhi at LFW
R|Elan™ has conceptualised and
consistently supports circularity
to encourage sustainable fashion
solutions. The Reliance team
collaborated with the famous
designer duo Pankaj and Nidhi for
the second time to showcase its
newest collection at the first-ever
digital edition of Lakme Fashion
Week 2020.
Using cutting-edge technology,
the team, along with the designer
duo, developed innovative
solutions such as R|Elan™
GreenGold – made from 100%
recycled used PET bottles,
R|Elan™ FeelFresh with anti-
microbial properties and R|Elan™
Kooltex, which keeps the wearer
cool for a longer time.
147
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Human Capital
Creating an Empowered Workforce
Reliance is India’s largest private sector employer and has more than 2,30,000
employees working in different businesses. It added over 75,000 jobs to the
Indian economy during the challenging year. An employer of choice, Reliance
strives to offer a fair, inclusive, emotionally satisfying and professionally enabling
environment to its employees. The Company’s efforts got it featured on LinkedIn’s
list of Top 25 workplaces in India.
Eid, Christmas, Mothers’ Day,
Family Day and Republic Day were
conducted virtually and went a long
way in showing empathy and care
Ensuring Health and Safety
The Company spread awareness,
formed COVID-19 task forces
and control rooms, ensured
symptom checks and rapid tests
and set up isolation and treatment
facilities for employees.
More than 3,50,000 employees and
service partners undertook COVID-19
Symptom Checker Survey daily.
Aggressive RT PCR and Antigen
Testing for our workforce entering
the premises helps to mitigate any
spread in the workplace. Antibody
tests are also conducted to identify
workforce at less risk to work from
office. Prophylactic medicines were
provided to 43,000+ frontline and
supply chain staff. The Company has
now rolled out a vaccination drive for its
eligible employees.
Periodic checks on employees’
morale reflected employees’
trust on management. 96% of the
respondents said they have faith in
the leadership to tide over the crisis,
94% had a favourable response on
‘employee safety measures’ and 92%
employees felt they are well connected
with their teams.
Robust Governance and
Code of Conduct
All employees must abide by the
Reliance Code of Conduct with an aim
to ensure the Company, its operations
and its people act ethically and with
transparency at all times.
Decisions pertaining to employee Code
of Conduct are overseen by the Board
through an Ethics and Compliance Task
Force comprising an Executive Director,
a General Counsel, Group Controller
and Group Company Secretary who
guide and monitor the implementation
of ethical business practices. The task
force reviews complaints and incidents
on a quarterly basis and reports them to
the Audit Committee.
Reliance has always put its people
first, especially this year that has been
fraught with uncertainties brought
about by COVID-19. Reliance undertook
several initiatives to ensure the physical
and mental well-being of its employees
during the year. The employees valued
the support offered to them and RIL’s
attrition number for the year reduced
by less than half compared to the
previous year.
Prioritising Employee
Well-being
Reliance shifted to an agile working
mode during COVID-19. Except for
critical assets facing roles and front-line
workers, workforce transited to work
from home on account of safety. To
keep them connected and motivated,
the Company engaged with the
employees regularly, albeit virtually.
Other initiatives included:
• Virtual onboarding of majority of new
joiners to ensure social distancing
and avoid travel
• Employees earning below `30,000
per month were paid salaries in
two tranches during the month
during lockdown
Individual business units conducted
Fun Fridays to connect and
engage with employees
•
• Major events including Townhalls,
Leader Connects, People Manager
Connects, Reliance Family Connects,
Drishti Art and Essay Competition
(organised by Reliance Foundation
to bring together the children of its
employees) Long Service Awards,
Reward & Recognition Ceremonies,
Sessions on Effective Listening and
Building Habits and celebrations
such as Independence Day, Diwali,
Highlights FY 2020-21
Successfully delivered
anytime-anywhere
learning to over 27,000
visitors on the in-house
designed platform for
Spectrum, RIL’s annual
learning event
50,000+
Freshers hired
75,000+
Jobs added to the economy
1.8 crore
Man-hours of training
imparted
6,000+ employees
of Network18 contributed
a day’s salary to the Prime
Minister Relief Fund under
the #IndiaGives campaign
148
149
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Human Capital
ISO 37001:2016 standard has been
incorporated to effectively prevent,
identify and respond to bribery risks.
A new e-learning module on Anti-
Bribery Management System – ABMS,
has been introduced as a mandatory
training for all new joinees as well as
for existing employees. This course
aims to equip the employees with the
required understanding and knowledge
to effectively prevent, identify and
respond to bribery risks. It also
encourages employees to speak up and
raise genuine concerns related to any
actual or suspected unethical conduct
or breach of law.
The Safety and Operational
Management System matches the
global standards of Occupational
Safety and Health Administration
(OSHA), National Fire Protection
Association (NFPA) and Competency
Assurance System (CAS) to ensure
safe and reliable operations. All of RIL’s
plants have implemented certified
OHS management systems as per the
ISO standards.
Fostering Diversity and Inclusion, Nurturing People-first Culture
Reliance has identified five material issues to guide the continuous improvement of its human capital and strengthen inclusion
and safety at the workplace. These are:
1
Attracting and retaining
talent
2
Fostering innovation
3
Diversity and Inclusion
4
Health, safety and
well-being
5
Labour management and
anti-discrimination
150
1 Attracting and
retaining talent
•
Reliance is committed to investing
in people and helping them grow.
It attracts the best talent and helps
them carve rewarding careers
through continuous learning and
development and growth-linked
opportunities.
• A performance-based transparent
remuneration policy encourages
employees to work towards common
goals. All eligible employees
receive performance appraisals on
regular basis.
Its values, led by the 3Ps – Purpose,
Passion and Perseverance – bind
the Reliance family together and
contributed significantly to minimise
turmoil during the pandemic.
•
• Reliance has a conscious
•
hiring process that
encourages a progressive and
inclusive work culture.
Reliance hired talent from some
of the leading institutions such as
IIMs, XLRI, ISB, IITs, NITs, BITS and
ICAI through the year.
1,400+
Differently abled talent
works in the Reliance Group
Connecting, engaging and
growing together
• Reliance moved to remote
onboarding, virtual projects,
gamification, online learning
modules and virtual assessments for
offers during COVID.
• Reliance Family Day which
commemorates the birth anniversary
of Founder Chairman, Shri Dhirubhai
Ambani, saw more than 50,000
employees with their families
come together to celebrate the
occasion virtually.
• The Reliance MyVoice portal offers a
channel to take forward Shri Mukesh
D. Ambani’s call
‘to create a place for the employees
of Reliance to share their views,
ideas, and inspirations with one
another in their own voice’. The
Reliance MyVoice portal had total
impressions of 1.4 lakh as of March
31, 2021. More than 23,000 users
participated in over 3,000 energising
conversations on the platform.
• R-world, an intranet single sign-on
platform, which was launched in
2021, has raked up 65,000 visitors
and over 4,00,000 visits within three
months of its launch.
• The Company hosted a set of videos
on Resilience, Virtual Collaboration,
Leading Self and Managing
Stress, among others, to help
employees and others cope with
the pandemic. The series garnered
14,000 views internally and 13,000
views externally.
• The Career Acceleration Programme
saw 7,000+ participants competing in
the last two years. Sapphire Coaching
Programme, First Line Young
Engineers at Reliance (FLYER), Step-
up Programme, Speed Mentoring,
Vision Boarding and Talent Reviews
were other programmes that
continued to groom talent.
• The Employee Experience Platform,
a dedicated digital ecosystem for
employee feedback, used advanced
analytics to systemically generate
insights that help leaders understand
employee aspirations as they design
a future-fit organisation.
Continuous learning
Reliance fosters a culture of
continuous learning and personal
development for career growth. The
Company’s development trainings
ensured continued upskilling and
reskilling so that talent could stay
relevant through the pandemic.
•
More than 87,000 employees
accessed digital learning content via
LinkedIn. Over 19,000 employees
upskilled themselves through
Coursera and more than 50,000
employees accessed in-house
learning platforms. The employees
of the Hydrocarbon unit alone
availed more than 3.5 lakh hours of
digital learning.
• Organisational capabilities for
the future are being built through
initiatives like Spectrum and Learning
Challenge that focus on innovative
self-learning modules, skill-based
sessions and live leadership talks,
and are open for all employees to
participate, learn and upskill.
• FY 2020-21 was focused on
upskilling the Company’s oil and
gas employees on capabilities
such as incident investigation
and data science and enhancing
digital literacy in HR, audit, risk and
governance teams.
• The IT organisation was trained on
cutting-edge technologies such as
Angular, MongoDB and NodeJS.
The Petrochemical teams undertook
customer-centric sales trainings
to cater to changing customer
preferences and channels.
• COVID awareness training was made
available to all on-field employees
across security, RBML retail outlets
and asset-facing employees at
manufacturing sites.
Going beyond for its people
•
Reliance has developed a maternity
support programme with elements
such as specific learning sessions,
Employee Resource Group (ERG) for
new parents, 182 days of maternity
leave followed by six months of half
day leave policy for new mothers,
84 days’ leave policy for adoptive
parents and commissioning
mothers respectively and five
days of Paternity Leave. Reliance
undertakes pro-active measures
including 24*7 toll free helpline for
women, child-care facility and self-
defense workshops.
•
In Reliance Group, 236 women
availed maternity leave, of which 156
resumed duties in the same financial
year and 3,251 men availed paternity
leave, of which 3,019 resumed duties
in the same financial year.
• For the differently abled, Reliance
has rolled out the ‘Saksham
programme’ to provide them with
employment opportunities at the
Reliance Retail stores. Additionally,
Reliance has assigned them
designated parking spots.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited
Integrated approach to sustainable growth
Human Capital
2 Fostering innovation
At Reliance, innovation is
fuelled by the hunger to sustain
growth and improvements on
a continuous and consistent
basis. The Company nurtures an
environment that encourages its
people to think out of the box and
share ideas and solutions to help
the Company innovate and grow.
Some of these initiatives include:
• Jio LEAP provides people at
Reliance access to global thought
and innovation leaders. Since
inception, 50 Jio LEAP events
have been organised, including
with 3 Nobel Laureates, 2
Olympians and 19 CEOs. In its
digital avatar, Jio LEAP clips have
garnered almost 85,000 views.
• Mission Kurukshetra’ is an
Artificial Intelligence (AI)
powered digital platform where
employees collaborate and
submit innovative ideas to grow
the Company. It was launched in
2014 and is now a treasure trove
of almost 33,600 ideas that have
the potential to create significant
value for the organisation.
3 Diversity and Inclusion
Reliance believes in promoting a
progressive and inclusive work
culture that encourages everyone
to grow. Its 5E framework
fosters an inclusive workplace
and stands for:
• Educate: Sensitise and
develop capabilities to foster an
inclusive environment
• Encourage: Visibly increase
support of internal and
external stakeholders
• Enable: Support
through infrastructure,
practices and policies
• Experience: Provide an inclusive
experience to all employees; be
allies and ambassadors
• Effectiveness: Create, measure,
monitor, report and benchmark
152
Company-wide diversity initiatives
continue to sensitise employees on
ways to strengthen the Company’s
inclusive culture. Several up-skilling
initiatives have been incorporated
as part of these engagements
to nurture women talent and
leadership. These include Jagriti
and Pragati, professional and
personal development programmes
such as Flying Lesson and R-Aadya
and a unique story sharing platform
‘Her Story’. Programmes such
as ‘We Women Leader’ aim to
develop managerial skills among
women employees.
39,000+
Women employees of Reliance
Group benefitted through several
up-skilling initiatives
1,800+
Women employees
benefitted through R-Aadya
All women ROs (petrol pumps) initiative
has been implemented across the
states of Rajasthan, Kerala, Jharkhand,
Uttar Pradesh and Maharashtra.
Reliance Retail has deployed more
than 250 women as managers at
their stores. These stores stand out
in the industry on several parameters
including safety, hygiene standards,
discipline and working conditions.
4 Health, Safety and
Well-being
Reliance’s goal of zero injuries and
incidents remains the bedrock of
its health and safety approach.
Occupational Health and Safety (OHS)
risks have been minimised through
trainings and multiple line of controls.
The Company also achieved significant
reduction in the lost workday cases
and process safety incidents. Its HSE
performance continues to be in the top
quartile amongst its peers. Externally
Facilitated Gap Assessments (EFGAs)
are conducted routinely across all
manufacturing sites to identify gaps in
the Operating Management System
(OMS) and develop plans to bridge
them. All of RIL’s plants have robust
mechanisms for workers to engage in
the OHS management system.
`592 crore
Spent on health, safety and
environment (HSE) initiatives
Employee well-being initiatives
at Reliance include:
• Reliance offers an Employee
Assistance Program (EAP) which
gives employees and family
members 24x7 access to a range
of online tools and services in the
area of mental health and well-
being. Services include confidential
emotional support by counsellors
through tie-ups with a dedicated
service provider.
•
In addition, through JioHealthHub,
employees also have access to the
best doctors empaneled on the app.
Tele-consultations provide access
to a wide variety of specialists for
every medical need
• Calendarised events like
everyday Yoga, weekly well-ness
expert connects and consistent
communication helped employees
to include these activities into their
routine and schedules. The activities
were spread across the five aspects
of R-Swasthya, the company’s holistic
wellness framework – physical,
mental, social, spiritual and financial.
• Mental and Emotional well-being
of the employees was in focus
through campaigns like Here For You,
Gratitude and Hope and 21 Days
of Yoga Festival.
The Company has undertaken
several measures with an aim to
ensure the safety of its people:
A fully equipped and well-qualified
•
HSE and Process Safety organisation
at all locations
• Competency Assurance System
(CAS) for frontline staff that trains
employees on safety aspects
relevant to their roles
• Behaviour-based safety
programme designed to foster an
incident-free culture
• A Task Based Health Risk
Assessment (TBHRA) that uses
technology to map the health
risks of employees vis-à-vis
workplace hazards
5 Labour Management and
Anti-Discrimination
Reliance follows the United Nations
Global Compact (UNGC) principles
on Human Rights, Labour Practices,
Environment and Anti-corruption.
The Company’s operational units
are materially compliant with local
and national laws and are aligned to
its ethics and human rights charter
supported by a strong Code of Conduct
and policy framework. Reliance follows
the requirements of the Industrial
Disputes Act, India, 1947 for issuing
minimum notice period(s) related to
significant operational changes. It
also recognises employee unions and
associations. Almost 100% of non-
supervisory permanent employees
across manufacturing locations are
covered under the collective bargaining
agreements. Reliance Ethics and
Compliance Task Force monitors
and manages the Company’s related
performance and comprises the
Reliance Group Head of HR, General
Counsel, Group Controller and Head of
Fraud Risk Management.
During the reporting period, there
were no known cases of child labour,
forced labour, involuntary labour,
sexual harassment and discriminatory
employment. There is no difference
in entry level remuneration between
men and women recruited for the same
cadre programme.
Focus Areas
• Reliance aspires to constantly upskill its employees to adopt emerging technologies, fuel
innovation and bring in greater efficiencies.
• The Company is committed to creating opportunities for its women employees and offer the
best working environment to attract and grow its women talent pool. It had set itself a target of
having 15% women workforce across businesses. At present, women employees form 16.9% of
the Company’s workforce at a Group level.
• Reliance aims to be a leader in the management of HSE, adhering to the global standards and
safety management systems. Currently, it is leveraging its expertise in data analytics to build a
platform to deliver simplified and interrelated safety processes for its employees.
• It is also embarking on a programme to build a healthcare system for its workforce that will be at
par with global standards. It continues to provide the best facilities to help its employees tackle
the ongoing COVID-19 onslaught with initiatives such as 24x7 emergency services, mental and
physical well-being programmes and R- Swasthya.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited
Manufactured Capital
Creating Value across
Production and Operations
Reliance believes that India is well positioned to be one of the world’s fastest
growing economies led by emerging opportunities and the expanding needs of
its 1.3 billion citizens for infrastructure and resources. It is poised to become a
change leader in the global economy.
Reliance is committed to support
India in this endeavour through its
commitment to ‘Made for India.
Made in India.’ As India transforms,
Reliance is bringing together its vast
capabilities and solutions portfolio –
right from its world-leading connectivity
services and an omni-channel retail
ecosystem to its growing focus on new
materials and energy forms – to help
create a new India.
Retail
Reliance Retail aims to serve millions
of customers with an outstanding
value proposition, unlimited choices
and superior quality through an
omni-channel presence. With a
registered loyal customer base of
156 million across 7,000 towns in India
in FY 2020-21, it is ranked amongst
the fastest growing retailers across
the world. It offers one of the most
extensive range of products, targeting
some of the fastest growing segments
such as household essentials, consumer
electronics, fashion and lifestyle and
more. Reliance Retail’s New Commerce
model seeks to partner with millions
of unorganised merchants through an
inclusive model of growth while digitally
enabling, empowering them and
offering a compelling value proposition
to grow their businesses and earnings.
In line with the Company’s mission to
reach the length and breadth of India
and meet the needs of its customers,
Reliance Retail continues to invest
in building design and product
development centres, developing a
sourcing ecosystem and building supply
chain infrastructure.
263
Warehouses and distribution
centres till date
272 million ft3
Warehousing capacity
till date
Digital Services
Reliance is developing indigenous
solutions and adopting world-class
technologies to get optimal returns
on its digitisation initiatives. Reliance
Jio is the fulcrum that is propelling the
Company’s journey to become future-fit
in a digital-first world. It leverages digital
technology and smart manufacturing
applications to not only create business
solutions but also innovate business
practices for the connected world. The
Company is continuously upskilling
employees to accelerate the adoption
of technology to improve efficiency,
productivity and data protection.
Reliance is also enabling India to
realise the potential of a digital-first
world through increased access and
reduced costs of digital data. India
has the lowest cost of data per GB
in the world. Reliance Jio has built a
scalable technology infrastructure
that connects 426.2 million customers
across the country and powers millions
of enterprises to create value. During
COVID 19 pandemic,
Jio successfully met the needs of
surging data traffic as millions of citizens
adopted to digital services in order to
stay connected, access education,
healthcare and essentials and stay
productive. The entire operations were
carried out despite minimum staff and
pandemic related restrictions owing to
high degree of automation and network
virtualisation.
Highlights FY 2020-21
Jio acquired the right
to use spectrum in all
22 circles
RIL continued O2C
operations at near
100% utilisation
2.5+ million
Homes reached by
Jio Fibre Gigabit Broadband
Total owned
spectrum footprint
increased by 56% to
1,732 MHz
RIL commissioned
Asia’s deepest gas field
and India’s first ultra-
deepwater gas field
Reliance Retail has
become the only
Indian Retailer to
feature in the ‘Global
Powers of Retailing’
Reliance Retail has a
footprint of
33.8 million sq. ft. with
12,711 stores spanning
7,000+ towns
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited asset management through effective
monitoring of assets in real time.
• By integrating work and information
flows, the Company has facilitated
cross-domain collaboration among
various technical and support
functions, leading to smarter and
innovative methods of working.
• Reliance leverages smart
manufacturing processes across its
value chain – including developing
and deploying smart sensors and
control elements such as edge
devices, no-touch remote operations,
paperless manufacturing and
workflow execution. A combination
of robotics, predictive and
prescriptive analytics sends out alerts
about impending equipment failures
to minimise disruptions.
• Reliance Integrated Operations
Centre provides a comprehensive
view of the entire operations with
up-to-date analysis. Real-time
communication from well-head
production units to plant utilisation
enhances productivity as teams
collaborate with an ‘outcome-
based approach’.
Raw Material Security
Reliance benefits from its ability to
process a wide variety of feedstocks
and crude grades sourced from diverse
geographical regions.
•
Its fully integrated operations
facilitate feedstock security and offer
economies of scale.
• The deep integration across its
O2C business facilitates maximum
capacity utilisation while minimising
dependency on external feeds.
• Reliance optimises its sites regularly
to take advantage of the feedstock
flexibility between naphtha, ethane,
off-gases and C2C3. Ethane imports
continue to afford cost advantage,
provide feedstock security and
positively impact profit margins.
• Reliance tries to maximise utilisation
of recycled material as feedstock in
line with 3R philosophy.
Asset Protection and Security
Reliance prioritises performance of
solutions and safety and protection of
assets across its businesses.
•
It has built India’s largest organised
retail business by investing
in economies of scale and
creating world-class technology-
enabled supply chains that put
security at its core.
• The Company has incorporated
robotic processes and automation
technologies to eliminate
workplace hazards.
•
• The Reliance Secured Connected
System (RILSCS) ensures cyber
security along with its multiple IoT
devices and solutions.
It has developed a robotic solution
for the remote raking in/out of
circuit breakers so that hazardous
exposure of electric-arc flashes can
be eliminated at its refineries.
• Reliance employees, assets and
operations are guarded by Global
Corporate Security (GCS) officers
Integrated approach to sustainable growth
Manufactured Capital
Digital Oil Field by Jio
Jio has implemented a ‘Digital Oil Field’ solution using AI to generate big
data for the Group’s Oil and Gas business wherein entire oil field operations
are connected through fibre optics. This simulates the behaviour of the
producing field as an online management system across the life cycle of
the asset. By creating a digital replica or a ‘Digital Twin’ of assets from
engineering, construction and operations, the business can reduce manual
effort as well as collect, collate and process information faster.
Driving Digital Inclusion and
Fostering Innovation
Reliance Jio has spearheaded digital
inclusion in India since 2016. In the
latest auction led by the Department
of Telecommunications, Government
of India, Reliance Jio won the spectrum
rights for all 22 circles across India. Jio
has entered into a trading agreement
to use Bharati Airtel’s spectrum in the
800 MHz band to further consolidate
its spectrum footprint. The Company
has built a world-class, IP-led strong
and future-proof data network with
the latest 4G LTE technology. It is the
only network conceived and born
as a mobile video network from the
ground up, supporting Voice over LTE
(VoLTE) technology.
Oil to Chemical (O2C)
Reliance continues to identify
opportunities to grow its O2C business
through adaptive and flexible strategic
measures. During the year, Reliance
processed 71.9 MMT of total feedstock,
The total production meant for sale
stood at 63.6 MMT. During COVID-19,
the world saw an unprecedented
demand shock which brought down
oil prices in the first half of the year.
A rebound in the global economy
enabled recovery of the O2C business,
aided by supportive policies as well
as supply and logistical constraints.
The Company’s strong international
and domestic supply chain, robust
logistics network, deep integration
and feedstock flexibility helped it fend
off significant demand destruction in
the O2C business.
Oil and Gas E&P
By exploring, extracting, producing,
and marketing hydrocarbons, Reliance
aims to maximise value creation for
stakeholders and drive consistent
growth. To optimally utilise its existing
infrastructure, Reliance is focusing its
exploration efforts in catchment areas.
By safeguarding critical resources,
the E&P business ensures functional
continuity and project delivery with
minimal disruptions in operations. The
Company aims to increase the share
of natural gas in India’s energy mix.
Reliance has commenced production
from R-Cluster and Satellite fields
in the KG -D6 block. The combined
production from these two fields is
expected at >18 MMCMD, accounting
for nearly 20% of India’s current
gas production.
Strengthening the framework
to build a digital-first
company
Smart Manufacturing - Asset
Utilisation and Reliable
Operations
Reliance is committed to responsible
and optimal utilisation of resources
led by the UN SDG of ‘Responsible
Consumption and Production’.
• The Reliance Management System
(RMS) supports an agile, future-ready
digitised organisation that ensures
responsible utilisation and efficient
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited financial services, new commerce,
education, healthcare, agriculture,
smart cities, smart manufacturing
and mobility with access,
affordability and scalability.
The Jio Platform is powered by
technologies such as 5G, cloud
computing, devices and operating
systems, big data analytics, AI
and ML, Virtual Reality (VR) and
Augmented Reality (AR), blockchain,
natural language processing and
computer vision. This gives Reliance
a massive advantage as it seeks to
foray into sectors such as media,
Integrated approach to sustainable growth
Manufactured Capital
Moving Towards Future
Readiness
Reliance believes that sustainable
growth can be achieved when it
optimises value creation for millions of
its stakeholders by bringing together
capabilities across core industries
and the digital segments. It aims to
continue pioneering business models,
integrating back and front-end
operations while tapping emerging
opportunities and adding strategic
partners when required.
Retail
Reliance Retail is looking at deploying
AI and Machine Learning (ML) to
identify patterns and garner predictive
insights into customer behaviour.
This will help the Company deliver
products tailored to changing customer
needs faster, build real-time value and
enhance overall customer experience.
It is transforming its end-to-end
procurement processes, making it
simpler, more efficient and digitised.
Oil to Chemicals (O2C)
Transconnect, a fleet management
programme of Reliance BP Mobility
(RBML), aims to de-clutter the
transaction process for commercial
vehicle owners with a secure
card-less service.
Reliance is developing captive and cost-
effective feedstock supplies to achieve
feedstock security.
To boost capabilities and reach for its
oil marketing business while ensuring
quality, RBML launched tamper-proof
high-density PE packs for doorstep
delivery and uses HDPE containers for
the non-transport sector.
• Reliance has developed a secure
document-sharing platform called
‘E-Room’ for collaboration with
internal and external stakeholders
as its employees are working from
home due to the pandemic.
Retail
• Data privacy awareness campaigns
are conducted regularly to sensitise
employees on the need to be vigilant,
compliant and cautious.
Managing Systemic Risk and
Disruption
To manage assets, appropriate controls
and contingencies are in place, making
sure all systems operate effectively
and with minimal downtime. These
systems are a combination of assurance
provided by the management, self-
verification, embedded functional
assurance and independent assurance.
• Reliance has developed an
automated system workflow to avoid
or minimise manual intervention in
most of the business and customer-
centric processes.
• To be at the forefront of digital
disruption taking place globally and
in India, Reliance Jio has indigenously
developed the next-generation 5G
stack, to make 5G affordable and
accessible everywhere.
• Jio has collaborated with global
technology leaders to develop
an open and inter-operable
interface-compliant architecture-
based 5G solution to accelerate
the development and rollout of
indigenous 5G network infrastructure
and services in India. This technology
marks the entry of Jio into the
Gigabit 5G product portfolio and
provides subscribers with faster data
at lower costs.
In the O2C business, the Company
aims to capture margins across
conversion chains through deep
integration and by reducing exposure
to the risk of product cyclicality.
•
round the clock, which de-risks and
secures operations.
Data Security and Privacy
Reliance is constantly evolving its
Data Protection Policy to comply with
Indian regulations and global best
practices and standards.
• Reliance continues to adopt
‘Next Generation Cyber Security
Architecture’ based on the Defence-
in-Depth (DiD) strategy that offers
enhanced detection, prevention and
correction capabilities to counteract
cybersecurity threats at each level of
the IT ecosystem.
Its state-of-the-art threat detection
tools protect and defend operations
against existing and emerging
cybersecurity attacks such as
phishing, distributed denial-of-service
(DDoS), ransomware and malwares.
•
• At Reliance, privacy of data and
information is upheld by default
and covers the processing, storage
and access to information required
in the normal course of business in
line with the Information Technology
Act (2000) and Rules (2011).
Additional user consent is required
if software solutions share data
with third parties.
• Personal data of all employees
is adequately secured. Explicit
employee consent is secured for
access to data or services provided
by a third party.
Digital Services
Jio has committed to digitise more
than 50 million small businesses
in the country, responding to the
call of building an Atmanirbhar
Bharat and an inclusive nation.
Jio Platforms and Qualcomm
technologies have collaborated
for local manufacturing of
critical equipment to catalyze 5G
ecosystem in India.
In collaboration with Google as
a strategic partner and investor,
Jio aims to develop an entry-level
affordable smartphone with an
optimised operating system.
Reliance aims to make India a ‘2G
Mukt Bharat’ with the launch of Jio
phones, which aim to upgrade 300
million 2G users to 4G.
To improve operating efficiencies
of its network, Jio aims to install
India’s largest blockchain network
with tens of thousands of nodes.
This blockchain technology will
further deliver unprecedented
security, trust, automation and
efficiency to almost any type
of transaction.
Building the Future of
Transportation in India
Reliance Strategic Business Ventures
Limited (RSBVL), a wholly owned
subsidiary of Reliance Industries, has
acquired additional equity stake in
the US-based technology company
skyTran Inc. The futuristic dream of
autonomous, zero-emission vehicles
arrowing above congested streets is
being brought to life by skyTran. With
this investment, Reliance aspires to
bring to India high-speed efficient
and economical intra- and inter-city
connectivity through a ‘Transportation-
as-a-Service’ platform.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Intellectual Capital
Fostering Wealth through Innovation
Highlights FY 2020-21
900+
Researchers and scientists
91
Patent applications filed
J2,572 crore
R&D expenditure
J320 crore
Value benefit derived
137
Patents granted
28,000+
Engineers in technical roles
Reliance has always endeavoured to deliver on its societal and business goals
through new ideas, innovation and pioneering technology. It has its pulse on
evolving customer needs through continuous engagement, which is at the centre
of its product development roadmap and innovation initiatives.
Over the years, Reliance has
transitioned from being a smart buyer
to a flagship developer of technology
to support its diverse businesses and
create value for every stakeholder.
Reliance has more than 900 researchers
and scientists from world’s top
institutes working on developing
next-gen technology solutions to
solve some of the most pressing
Indian and global challenges. The
Company has developed functional
competencies through a robust global
network. It has also established an
ecosystem to incubate, harness and
progress innovative and feasible
ideas. Its R&D facilities are equipped
with new-age technologies and
advanced infrastructure that accelerate
experimentation and development
of innovative products. It encourages
path-breaking thought leadership
and innovation beyond its R&D
teams to foster a culture of innovation
across the Company.
The Company acknowledges that
the first three industrial revolutions
based on fossil fuels have disturbed
the natural carbon cycle of the planet.
It recognises that the Fourth Industrial
Revolution offers an opportunity to
repair and restore the earth. Reliance
believes that new ideas, new materials,
environment-friendly energy sources
and digitisation will bring about the
paradigm shift required to achieve
its Net Carbon Zero target by 2035.
Through its intellectual capital, Reliance
not only focuses on business growth
but also contributes to UN SDGs. The
Company’s R&D efforts endeavour to
improve agricultural productivity, use
CO2 as a valuable feedstock, provide
access to the internet at an affordable
price and reimagine entire energy
ecosystems. Reliance is using its R&D
skills and competencies to identify
new ways to detect, protect and treat
COVID-19 patients and find solutions
to help communities at large stay safe
from the pandemic.
Leveraging its Intellectual Capital to Fight COVID-19
• The Reliance R&D team designed a
process to produce sanitisers aligned
with WHO specifications at 20%
of market cost.
• The team is working with various
CSIR labs to certify Nexar polymer,
which has shown the ability to
destroy the lipid layer of various
viruses and bacteria.
• Reliance developed novel cost-
effective diagnostic kits called
‘R-Green’ and ‘R-Green Pro’ for
COVID-19 detection. The kits have
received ICMR approval.
• The Company submitted a proposal
for the application of Niclosamide as
a potential drug against COVID-19.
• Reliance is working to address
insufficient ventilator supply in
emergency rooms across hospitals
in India by deploying a concept
developed in Italy, which enables
CPAP machine with a 3D-printed
charlotte valve and special
snorkelling mask.
• Reliance foresaw the significant
rise in demand for onsite oxygen as
the pandemic rages. It has started
working on value-engineered robust
design for oxygen generators
capable of producing 5-7 litres
of oxygen per minute with a
purity of 90-95%.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Intellectual Capital
Innovation and Technology
Circular Economy
Reliance believes that innovation and
technology are key pillars of growth.
The Company’s focus on innovation has
enabled it to grow from a humble textile
trading firm to a Fortune 500 company.
Now ranked among the world’s best,
Reliance nurtures an entrepreneurial
and innovation-led mindset that equips
it and the country to boldly venture
into the future. At Reliance, R&D
investments have resulted in several
breakthrough technologies and a
diverse patent portfolio. The Company’s
robust internal Intellectual Property
(IP) governance framework ensures
that these patents are aligned with the
Company’s business goals. In addition,
an IP governance framework helps it
adhere to compliance requirements.
Research and Technology
(R&T)
The role of the R&T unit at Reliance
is to create innovative products and
processes to augment the profitability
and growth of the Company by creating
stakeholder value and providing a
long-term competitive advantage. In
line with the Company’s core goal of
solving societal problems, the unit also
helps businesses broaden reach and
transform lives.
Clean Energy
• Reliance R&D has been operating
a pilot facility where it converts
sunlight, CO2 and seawater to
renewable biocrude. The plant has
been running continuously without
crashing for more than four years,
a world record.
• A catalyst that can be used to
convert high-ash Indian coal to high-
value syngas has been developed
by the R&D team.
• Reliance is testing a High
Temperature-Polymer Electrolyte
Membrane (HT-PEM) fuel cell system
on simulated Jio towers.
• Reliance is committed to pioneering
circular economy practices and
become one of the leading plastic
recyclers in the world.
It is using waste plastic in road
constructions and developing
bio-plastic through the catalytic
gasification process.
•
• The Company has developed a
catalytic process that can convert
plastic waste to stable oil, which
can be processed in refineries or
petrochemical plants to produce
plastics again.
• Reliance Catalytic Hydrothermal
Liquefaction (RCAT-HTL) technology
converts any organic waste and
biomass into renewable crude.
The renewable crude can be
further processed to produce
transportation fuel. The technology
is ready for commercialisation and
has the potential to significantly
contribute to the Company’s Net
Carbon Zero target.
• Reliance is addressing the
environmental impact of discarded
PET based fabric by separating
PET from mixed fabric blends and
converting it back to fibre and fabric.
• The Company’s R&D team is
developing an in-house technology
to covert waste recyclable polyester
material into valuable chemicals
• The team has also developed a waste
PVC based adhesive.
Climate Action
• Reliance has developed a
catalyst to convert methanol
and CO2 to high-value Dimethyl
Carbonate (DMC) product.
• The Company is also developing a
sorbent based circulating fluidised
bed process for concentrating CO2.
Bio-innovation
• Reliance has pioneered synthetic
biology led innovation for next-gen
biomaterials and food ingredients to
create new business opportunities in
food, agriculture, material and health.
•
•
Its expertise in synthetic biology
has helped the Company develop
alternatives for conventional food
and feed ingredients, with one of the
lowest carbon footprints.
It is working on bio-innovations to
increase agriculture productivity
by combining its expertise in
photosynthesis research with
AI and ML tools.
•
• Reliance is working on using
prediction systems for novel
agriculture solutions and synthetic
biology product development using
CRISPR technology.
It is using the Bio Coal Bed
Methane (Bio-CBM) process to
turn un-minable coal to methane.
Methane can help meet India’s
burgeoning energy needs through
cleaner energy.
• Reliance is developing sustainable
biomaterials and polymers (such as
nanocellulose, polyhydroxyalkanoate
(PHA) and high-strength silk, among
others), which can be produced on
an algae platform using CO2.
Industry and Infrastructure
• Reliance has developed a new
technology for functionalisation of
the elastomer. It has developed a new
class of ionic cross-linked elastomeric
materials, which provides excellent
adhesion to rubber, metal, wood
substrates and plastic.
• The R&D team is developing carbon
fibre composites to make lightweight
automotive body parts.
• Reliance has developed internally
plasticised PVC (IP-PVC) for
specialised application and polymer
composites (disentangled high
molecular weight polyethylene) for
lightweight vehicle and body armour.
• The Company’s R&D and Petro
Chemical business have jointly
developed thermoset composite
solutions that can be coated on
surfaces as a protection from
corrosive environments.
Focus Areas
Reliance will continue
to focus on building
a society powered by
digitisation – one that
can transform lives
and address global
issues such as climate
change. The Company
plans to invest in
R&D in line with its
growth ambitions and
relevant needs of the
country. It will focus on
supporting emerging
growth opportunities,
fostering circular
economy, reducing
GHG emissions and
encouraging adoption
of sustainable
practices.
Oil to Chemicals (O2C)
• The Company built an online
• Reliance R&D team developed a
new Multizone Catalytic Cracking
(MCC) process to convert a wide
range of distressed hydrocarbon
feedstock and/or neat crude to
high-value propylene, ethylene and
BTX (Benzene, Toluene and Xylene)
without producing any fuels. This
technology is a foundation for the
Company’s O2C sustainability plan. A
5 KBPSD MCC demonstration plant
design is also in progress.
• Reliance developed low-cost
anti-coking and sulfiding additive
Disulfide Oil (DSO), which is an
effective alternative to specialty
additives such as Di-methyl
Di-sulphide. It has received
several awards for this patented
technology and started commercial
production of the DSO.
• The Company developed an in-
house FCC catalyst to improve
conversion and propylene yield. It
has also developed a catalyst for
high-performance material, a slurry
ethylene polymerisation process
to produce bimodal pipe and blow
moulding grade HDPE, novel
cobalt-based catalyst for linear PBR
grade and a bimetallic catalyst to
replace vanadium.
• Reliance developed the Reliance
Olefins Removal Catalyst (REL-
ORCAT), a zeolite-based adsorbent
for BI reduction in aromatics. REL-
ORCAT is regenerable, less costly
and has a better life cycle.
corrosion-monitoring tool using the
dynamic diffusion reaction model.
Fourth Industrial Revolution
• Reliance is using facial
recognition technology to comply
with DoT KYC norms.
• Jio is the first telecom network
•
globally to roll out VoLTE at scale.
Reliance co-developed an IIoT
device to monitor the health of rotary
equipment to reduce maintenance
cost. It aims to bring transparency
and traceability in goods
transportation through investments
and research in blockchain.
• The Company implemented
several AI/ML projects in the areas
of polymers, algal cultivation and
catalyst development.
Technology Absorption
• The Reliance R&D team developed a
catalyst for the improvement of the
cycle length of DHT units.
• The team designed a low- cost
process for extraction of valuable
metals from gasification slag.
• The team also developed ICP and
Homo Grades PP with Reliance
Proprietary Diester Catalyst System.
• The team developed zeolite
molecular sieve-based adsorptive
process and commercialisation for 1
Octene purification for HMD.
• The team designed an adsorbent
and a process to ensure 80%
propylene recovery from the
polyolefin plant off-gas.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Financial Capital
Maximising Stakeholders Value
Highlights FY 2020-21
J79,667 crore
Capital expenditure
J53,739 crore
Net profit
J14,817 crore
Total spend on
employee benefits
J5,39,238 crore
Revenue
J97,580 crore
EBITDA
Maximising stakeholder value is the core philosophy at Reliance. Be it
shareholders, customers, suppliers, employees, communities, providers of capital
like bondholders and banks – Reliance considers all of them in its value creation
process.
The Company’s investments are
focused on R&D, inclusive growth and
promotion of new businesses while
addressing national and global priorities,
including meeting environmental
goals, and providing optimal returns for
all stakeholders.
The Company’s robust financial
and operating performance despite
COVID-19 induced restrictions and
economic challenges is reflective of its
inherent strengths and sound strategy.
It has always aligned its businesses with
its goal of building an inclusive, strong,
prosperous and self-reliant India.
Reliance has always maintained a
conservative financial profile with
an optimum capital structure and
investment-grade credit ratings. The
Company has been recognised as the
biggest wealth creator among India-
listed entities for the period 1995-2020.
With an aim to ensure that it follows
the highest standards of governance
and compliance while growing,
the Company has set up various
committees to monitor and review
performance regularly. The committees
comprise functional leaders, experts
and management representatives to
identify and mitigate potential risks
and take timely measures. Reliance’s
track record of building world-class
businesses is testimony to its approach
for sustainable value creation. This
involves establishing leadership position
in chosen areas of businesses, investing
in state-of-the-art technologies
and creating strong consumer
value proposition.
Economic Performance
The pandemic has altered the way
we live and work. Reliance has been
able to successfully navigate through
turbulent times and displayed the
resilience of its business model by
generating strong financial numbers.
During the reporting period, Reliance
generated revenue of `5,39,238
crore lower by 18.3%; EBITDA of
`97,580 crore, lower by 4.6%; and net
profit of `53,739 crore,
higher by 34.8% compared to
FY 2019-20. The decrease in
revenue was primarily due to lower
volume and realisation across
key O2C products and marginally
lower revenues on account of store
closures and operational disruptions
in the Retail segement. This was
partially offset by higher revenue
from the Digital Services segment.
Largest ever capital raise
in India
During FY 2020-21, Reliance forged
defining strategic partnerships
with leading technology firms
and marquee investors across
businesses. Through the rights issue
and asset monetisation, Reliance
executed the largest ever capital
raised in India.
J2,60,074 crore
Largest ever capital
raised in India
The fund raised along with capital
commitments exceeded net debt
levels, helping Reliance achieve a
net debt free balance sheet ahead
of the stated timeline of March
2021. Last year it successfully raised
`53,124 crore through a rights issue,
which was oversubscribed 1.59
times. The successful completion of
capital infusion is a reflection of the
shareholder’s trust in it.
Business Performance
Reliance’s businesses performed well
across the board and generated strong
cash inflows notwithstanding the
challenging macro environment.
Reliance Retail delivered a resilient
performance despite the
unprecedented and challenging
operating environment arising from
the COVID-19 situation. During the
reporting period, Reliance Retail
generated a gross revenue of
`1,53,818 crore. The revenues were
impacted on account of store closures
(80% stores operational), lower footfalls
(65% of last year) and operational
challenges. Through gradual rebound
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Financial Capital
#1 mobile operator in terms of both
Adjusted Gross Revenue (AGR) and
subscribers. To ensure people remain
connected during the pandemic, Jio is
leaving no stone unturned to enable all
Indians to work from home, learn from
home and access healthcare at home
through its world-class broadband
solutions. Strategic initiatives to be
rolled out by Jio in partnership with
Facebook and Google will further
improve its consumer service offerings.
In the next leg of its growth story, Jio
is committed to democratising digital
services and enhancing customer
experience through innovative
platforms and services.
Reliance is committed to invest and
grow in the media industry amidst
a dynamic business environment.
Network18 Media & Investments aims
to be a channel-agnostic provider
of top-draw content across genres,
languages and geographies. During the
reporting period, consolidated EBITDA
rose by 29% y-o-y to `796 crore despite
the impact of the pandemic dragging
revenues by 12% y-o-y. The media
industry, which is heavily dependent
on advertising revenue, faced many
challenges due to COVID-19, but
the advertising revenue has largely
recovered and subscription share in
the revenue is on the rise. Network18
has used this opportunity to rethink its
business model and is growing stronger.
Reliance has initiated the process of
carving out the O2C business, which
is expected to complete in 2021. O2C
a key engine of growth for Reliance.
It offers the right opportunity to
accelerate into new energy and new
material businesses buoyed by growing
presence in the clean energy space.
Reliance operated its O2C facilities at
near 100% even during the COVID-19
crisis by shifting products to foreign
markets. Its revenues from the O2C
business declined by 29% y-o-y to
`3,20,008 crore due to a decline in
average crude and feedstock prices.
The segment EBITDA was also lower
due to weak demand environment,
but gradual improvement in economic
activities supported demand and
margin recovery. Reliance is well
positioned to exploit the opportunity
this sector offers, having pioneered
vertical integration and conceived the
O2C concept well ahead of the industry.
The oil and gas industry went through
a turbulent year globally as COVID-19
related restrictions lowered overall
demand, which led to the fall of Brent
prices. The revenues of the Company’s
Oil & Gas segment decreased by 33.4%
of revenue streams, judicious cost
management initiatives and higher
investment income, the business
posted its all-time high profit (EBITDA)
of `9,842 crore. During the year,
Reliance Retail continued its focus on
expansion, strengthening omni-channel
presence and digital platforms and
building capacities for home delivery.
The business expanded its partnership
with merchants across the country
under its inclusive New Commerce
model. By the end of the year, the digital
commerce and merchant partnerships
business contributed nearly 10% of
revenues, significantly stepped up from
near zero in the preceding year. Reliance
Retail made strategic investment
throughout the year to strengthen its
capabilities in supply chain, technology
and product portfolio. These include
the acquisition of a leading marketplace,
Netmeds, furniture and home décor
retailer, Urban Ladder, and the lingerie
and intimate wear brand, Zivame.
In Digital Services, Reliance Jio became
the first operator outside China to
onboard 400 million subscribers in a
single country market. The business
segment delivered revenues of `90,287
crore, as against `69,605 crore in
previous year. The segment EBITDA
was at `34,035 crore for the year, as
against `23,348 crore in previous year.
The pandemic-induced lockdown
and work-from-home (WFH) adoption
resulted in increased usage of digital
data and related services. Jio had a
total customer base of 426.2 million
as on March 31, 2021 and is ranked
Focus Areas
Reliance will remain
committed to
accelerating the pace
of value creation for
stakeholders through
capital discipline and
optimal utilisation
of its resources as it
enters the next stage
of its evolution. It will
accelerate the pace of
growing capabilities for
digital, new commerce,
new energy and new
material businesses.
The Company will
continue to invest in
areas of opportunity to
further India’s inclusive
growth story, reflecting
its call of ‘Made for
India. Made in India’.
y-o-y to `2,140 crore in FY 2020-
21 compared to `3,211 crore in FY
2019-20. The decline in revenue was
primarily due to lower volumes from
conventional fields and overall lower
commodity price realisation. Macro
trends are however reviving, aided by
the COVID-19 vaccine drive.
Over the years, Reliance has
consistently created value for
stakeholders and established a
sustainable, responsible business
based on a deep understanding
of its customers and their evolving
needs. Pragmatic business policies
and strategies that propelled growth
include scaling market penetration,
cost and operational efficiencies. This is
backed by the Company’s unwavering
focus on developing and maintaining
long-term sustainable relationships
with stakeholders and bringing quality
products and services as well as
continuous innovation to the market.
The Company offers its employees
the opportunities and platforms they
need to reach their full potential. The
total spend on employee benefits for
the year was `14,817 crore vis-à-vis
`14,075 crore in FY 2019-20. Apart
from financial benefits, the Company
extended care for employees beyond
tangibles and offered a nurturing,
supportive environment in a year
fraught with challenges.
Robust Balance Sheet and
High Liquidity
Strong operating cash flow and largest
ever capital raise further strengthened
the Balance Sheet. Reliance achieved
its net-debt zero commitment ahead of
stated timeline. High liquidity and robust
balance sheet will support next phase of
growth across businesses.
During the year, RIL made pre-payment
of US$7.8 billion of long-term foreign
currency debt, with requisite approvals
from the RBI. This is the highest ever
pre-payment of debt undertaken by any
corporate borrower in India.
Reliance retained its credit rating of
‘CRISIL AAA/Stable’ from CRISIL, ‘IND
AAA/Stable’ from India Ratings, ‘Baa2’
from Moody’s for its international debt
and ‘BBB+’ from S&P. The ratings are
indicators of a strong credit profile and a
robust balance sheet, which are definite
positives for the Company’s long-term
growth trajectory.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Social and
Relationship Capital
Creating and Nurturing Vibrant
Ecosystems
Highlights FY 2020-21
`1,140 crore
Total CSR spends
11,000+
Customers served for
chemicals and materials
426.2 million
Jio customer base
156 million
Retail’s registered loyal
customer base
Inclusive New Commerce model seeks
to partner with millions of merchants
and kiranas empowering them to grow
their businesses
168
4.5+ crore
Served people in over
44,700 Indian villages
since inception
40+ crore
Subscribers seamlessly
served by Jio services
during COVID-19
Reliance believes in creating shared prosperity, sustainably. The Company
understands India’s pulse and has created value for millions of Indians across
India, giving hope and wings to their aspirations. It shares deep bonds with the
communities in which it operates. Reliance’s community-facing programmes have
touched almost every part of India and the Company aims to broaden its reach
and impact using innovation and technology.
and initiatives outline the vision, mission,
thrust areas and key requirements
as per Schedule VII of Section 135 of
the Indian Companies Act, 2013. Its
community-focused programmes aim
at bringing about societal change and
bridge developmental gaps through
education, empowerment led by
creation of livelihoods, transformation of
ecosystems, reducing gender gap and
promoting sustainable development.
The Company is committed to
supporting the nation’s goal of
Atmanirbhar Bharat (Self-reliant India).
The overall CSR spend for FY 2020-21
stood at `1,140 crore. The Company’s
CSR initiatives have served over
4.5 crore people in over 44,700 villages
of India since inception .
Reliance’s initiatives went a long way
in rebuilding disrupted livelihoods,
promoting the health and welfare of
people, strengthening water and food
security while enabling and skilling
women and youth. Its community-
building initiatives focus on rural
transformation; education; health; sports
for development; arts, culture and
heritage; disaster response and urban
renewal. It leverages technology for
implementing developmental solutions
through trained professionals.
A detailed overview of the Company’s CSR
programmes and spends is presented in
page 213 of the Integrated Annual Report.
Reliance considers the trust that
it shares with its stakeholders the
cornerstone of its success, which
has led to its sustained and profitable
growth. The Company aims to respect
the rights of all its employees, including
contractual staff, suppliers and local
communities, across its operations and
value chain. It has built inherent checks
and balances to identify and prevent
violation of their rights and address
potential impact across the value chain.
Reliance prioritises salient issues – those
that make communities most vulnerable
and susceptible to impact, as a result of
its activities and business relationships.
The Company’s policies and procedures
are designed to prevent and address
potential risks in a timely manner as its
business grows.
Reliance’s Board-level Corporate Social
Responsibility and Governance (CSR&G)
Committee oversees community
development initiatives, ensuring
stringent due diligence, review and
tracking impacts.
The three key material issues identified
and being addressed by the Company
under its social and relationship
capital include:
• Community development
• Customer satisfaction
• Supply chain management
Community Development
– Partnering for Holistic
Inclusive Growth
Reliance has one of the largest
commitments to Corporate Social
Responsibility (CSR) spends in India. It
delivers on its social commitments at
the site level as well as partnering with
Reliance Foundation and other NGOs for
wider reach. The Company’s CSR policy
HEALTH – Standing by India
during COVID-19 and Beyond
Reliance is committed to enhancing
access to quality and affordable
healthcare in India, led by the motto
‘Health for All’. It extends care to the
most vulnerable sections of society
through an integrated healthcare model
and network of delivery mechanisms.
During the pandemic last year, Reliance
responded with the speed and agility
that can only be achieved with years
of value creation. The Company’s
priority last year was to protect lives
and livelihoods, while growing business
responsibly and will continue to be its
focus for the upcoming years as well.
COVID-19 created unprecedented
pressure on public health systems
across India. Through Reliance
Foundation, India’s first dedicated
COVID-19 hospital was set up in
collaboration with the Brihanmumbai
Municipal Corporation (BMC). The
Foundation also extended its existing
healthcare services to COVID-19
patients. As the second COVID-19
wave hit India, Reliance scaled up its
operations to support the country’s fight
against the pandemic.
Reliance Foundation is managing
nearly 875 beds, including 145 ICU
beds, across three locations in Mumbai.
Additionally, it is setting up a 1,000-bed
COVID-19 Care facility with oxygen
supply in Jamnagar. Further, Reliance
deployed an extremely efficient
and seamless process that enabled
vaccination of more than 50,000 citizens
in its Sir H. N. Reliance Foundation
Hospital. Reliance is supplying over
1000 MT of medical-grade oxygen per
day to states to meet the needs of one in
10 patients across the country.
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited
Integrated approach to sustainable growth
Social and Relationship Capital
Delivering
healthcare, safety
and hope
Interior rural areas suffer
from lack of adequate local
healthcare facilities. Mobile
Medical Units (MMU) play
a key role in augmenting
primary healthcare capacities
in these areas.
Impacted by the pandemic,
Shreemati Poonam Baiga, the
pregnant wife of a migrant worker,
had to return to her native village
Shahdol with no means to take
care of her medical expenses.
Lack of prenatal and antenatal
care and institutional deliveries
lead to high infant mortality
rates in India. The MMUs run by
Reliance Foundation provided her
with the imperative health check-
ups, counselling, medicines and
supplements. They also ensured
regular check-ups to help her give
safe birth. Four Mobile Medical
Units (MMUs) run by Reliance
Foundation provide critical
primary care to 150 villages
of Shahdol, Kotma and other
villages in the Shahdol-Phulpur
Gas Pipeline (SHPPL) corridor.
These MMUs also helped in
complementing government
efforts for COVID-19 care and
treatment. The Foundation also
provided dry ration kits to more
than 1,500 poor households and
food to 40,000 through a central
kitchen at Shahdol village.
Livestock Care
Livestock farming generates
additional income for
farmers, especially in the arid
regions where income from
agriculture is often poor or
uncertain.
Kiran Turadkar (45) of Wagdaon
village in Chandrapur,
Maharashtra runs his household
on income from agriculture and
livestock farming. When his
buffaloes suffered from lumpy
skin disease and could not be
put to work, he had to pay to hire
buffaloes from others. Reliance
Foundation Information Services
apprised Kiran of a free livestock
treatment camp where he got
his animals treated and received
medicines for them free of cost.
Reliance supported and treated
over 1.9 lakh livestock through
better nutrition, healthcare and
animal husbandry practices
during FY 2020-21.
Water Resources
for All
Lack of irrigation facilities
makes small and marginal
farmers susceptible to the
vagaries of rains. Chal-Khal is
an age-old, simple and cost-
effective water conservation
model popular in Uttarakhand.
It enriches the soil, recharges
groundwater and improves
access to water. Led by SHGs
and local community members,
41 villagers through ‘Shramdaan’,
or voluntary labour, with the
support of Reliance Foundation
and local authorities, helped 24
villages in Uttarkashi, Uttarakhand
to construct two Chal-Khals
for their region in March 2021.
This enhanced access to water
in the region and is improving
the water table by recharging
groundwater. With the help of
Reliance Foundation, over 6,400
ha additional land was brought
under irrigation through water
harvesting and conservation
efforts across India. Additionally,
Reliance created over 131 lakh m3
of rainwater harvesting capacity
and improved access to
drinking water for 517 villages
during FY 2020-21.
Joining Hands for
Better Harvest
Reliance Foundation-
mentored Tirkut Krishak
Farmer Producer Company in
Jharkhand provides affordable
inputs to small and marginal
farmers
It establishes the critical forward
and backward market linkages
to ensure a robust supply chain
management for farmers. Pankaj
Yadav, a progressive farmer from
Jharkhand’s Deoghar district
was struggling to find seeds
when he decided to sow maise
in April to improve his yield and
go-to-market faster. The FPC,
through a Reliance Foundation
mentored SHG, not only delivered
seeds at Pankaj’s doorstep
but also provided expertise on
innovative farming practices. The
Foundation’s timely support and
Pankaj’s hard work helped him
take a bountiful harvest early to
the market and command a better
price. This holistic ecosystem
fostered by Reliance Foundation
is enhancing livelihoods across
India. Reliance supported 30
Farmer Producer Organisations
(FPOs) across 12 states to
strengthen market access for
43,000 farmers. These FPOs
transacted `94 crore worth
business and `26.2 crore produce
sales through digital linkages
during FY 2020-21.
The Jio HealthHub, a telemedicine
portal developed by Reliance Jio,
allowed patients to connect with
healthcare professionals, overcoming
the limitations of social distancing
during COVID-19. Reliance repurposed a
manufacturing facility in Gujarat to make
PPE kits for the COVID-19 warriors. The
unit ramped up production within weeks
to produce over 1,00,000 PPE kits per
day for health workers and caregivers.
Reliance’s doctors and other healthcare
personnel are working tirelessly
to save precious lives by providing
best medical care.
Under its project, Mission COVID
Suraksha (Protection from COVID),
Reliance provided over 81 lakh
masks and safety advisory material to
communities. Reliance provided more
than 5.5 lakh litres of free fuel to over
14,000 emergency vehicles across
249 districts in 18 states to deliver
uninterrupted COVID-19 services. Since
the start of the pandemic Mission Anna
Seva has provided over 5.5 crore meals
for frontline workers and vulnerable
communities across 80 districts, 18
states and 1 Union Territory.
Rural Transformation
Reliance has forged deep and lasting
relationships with the communities
in locations where it operates and
aims to bring about equitable
development across the country. Its
Rural Transformation Programme
supports communities that lack
livelihoods, water, food and nutrition
and encourages women empowerment.
The Company has empowered over
44,700 villages through a range of
innovative interventions that deliver
on both its social commitments and
sustainability goals.
Reliance’s Coal Bed Methane (CBM)
field produces about 14,000 m3/
day water as a by-product of CBM
extraction. This water is being
channelised to 55 farm ponds built in or
around adjacent farms or nearby wells,
which in turn has helped 350 farmers
undertake round-the-year farming
across 750 acres and increase earnings.
Further, existing ponds are being
deepened and desilted to increase their
capacities. Over 1 lakh KL of water has
been conserved and reused through
these farm ponds.
Reliance Foundation partnered
with U.S. Agency for International
Development (USAID) to launch the
WomenConnect India Challenge to
support innovative solutions to close the
gender-digital divide.
In addition, during the year, livelihood
trainings were conducted in
collaboration with various agencies,
covering over 1,700 Self Help Groups
(SHGs) supported by end-to-end
mentoring, bank and government
department linkages.
170
171
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Social and Relationship Capital
Education
Reliance adopts a multi-pronged
approach with an aim to ensure no
child is left behind. Quality education is
provided to 15,000+ annually through
14 Reliance Foundation Schools.
Through Reliance Foundation, the
Company has partnered with 244
schools across seven states, positively
impacting more than 1,700 teachers
and over 64,000 students through
digital classrooms. The Dhirubhai
Ambani Scholarships have supported
12,776 deserving students across India,
including 50% women scholars and
20% differently abled students since
its launch in 1996. The programme
has partnered with 27 State Boards,
CBSE Board schools and junior colleges
to identify top-ranking students for
the scholarship.
Making Nutritious
Food Accessible to
Students
Several studies provide a direct
link between learning outcomes
of the students and their
nutrition.
Mahananda Vishwas Phad of
Kasarvadi village Maharashtra
is an anganwadi worker who
understands the role of nutrition
in children’s growth and
development. Reliance Nutrition
Garden project trained Mahananda
to grow 13 types of vegetables and
fruits. Today, she uses self-grown
fresh produce to make nutritious
meals for the anganwadi children.
During the pandemic, these
nutritious meals not only fed the
children but also other families in
need in the village. Reliance has
supported over 10,000 Reliance
Nutrition Gardens during FY
2020-21. Reliance also partnered
with many other reputed NGOs to
provide nutritious and appetising
midday meals daily to government
primary schools.
172
India. Supported by a holistic set of
interventions, this programme offers
a free and robust platform to budding
athletes to develop their talents and
prowess in multiple sports across India.
The programme creates national and
international opportunities for India’s
sporting talent to shine and strengthens
the country’s sporting ecosystem.
Reliance Foundation’s Junior NBA
programme features NBA, WNBA and
NBA G League players, legends and
coaches who mentor students on skill
development, leadership and life skills.
During FY 2020-21, Reliance conducted
virtual sessions on fitness, nutrition
and well-being of athletes to reach
over 4,000 athletes and ~250 coaches
through digital workshops.
Jio Institute
Reliance is setting up Jio Institute, a
research focused multi-disciplinary
higher education institution, in Navi
Mumbai, Maharashtra. The campus
is planned to be green, digital-first,
and accessible at its core. Jio Institute
will offer full-time academic under-
graduate, post-graduate and doctoral
programmes that would be research
focused and interdisciplinary and
encourage students and faculty to
pursue research to solve national and
global problems. Jio Institute has signed
memoranda of understanding for
collaborations with global universities
including the Nanyang Technological
University (Singapore), University of
Toronto (Canada) and the University of
Manchester (UK). The collaborations
will encourage student and faculty
mobility, research partnership and
knowledge sharing. Jio Institute will also
commission a Digital Library to serve as
a hub for accessing quality information
and resources and expects it to become
a center of excellence for collaborative
knowledge creation.
Sports for Development
Reliance Foundation’s unique ‘Sports
for Development’ programme promotes
sports as a medium of learning
and building leadership capabilities
among the children and the youth of
Strong strides
forward
The Reliance Foundation Odisha
High Performance Centre (HPC)
established in collaboration
with the Odisha Government
aims to improve the standard
of athletics across the state
and the country.
It focuses on producing
homegrown athletes who can
achieve national and international
success. Two athletes from the
HPC – Amlan Borgohain and
Dilip Naik– participated in the 24th
National Federation Cup in Patiala
in March 2021 and returned with
Personal Best (PB) timings in
the 100m, and in the 800m and
1,500m races, respectively. With
proactive support from the state
government since operations
began in 2019, athletes from
the HPC have won at various
competitions and progressed
rapidly. Borgohain, for instance,
has gone from a complete
unknown to becoming one of
India’s best sprinters today. In
the past year, he has improved
his personal timing by running
an incredible 5m faster in
the 100m sprint.
Disaster Response
Natural disasters leave devastating
trail on human lives and livelihoods. In
developing countries like India with its
wide socio-economic gaps, the impact
is heightened. Reliance Foundation’s
disaster response programme offers a
two-pronged approach to alleviate the
pain of the impacted. The programme
provides early warning advisories to
build preparedness within communities
and ensure speedy response in the
immediate aftermath of disasters.
Reliance teams on ground directly
engage with the affected communities,
bringing together its strengths of
managing human resources and
deploying Information Technology
(IT) to provide relief efficiently
and effectively.
Early warning and post-disaster
advisories from the Company
have reached more than 10 lakh
people across 7 states and 2 Union
Territories last year.
Through Reliance Foundation,
Reliance extended support to coastal
communities impacted by cyclones
(Amphan, Nisarga, Burevi and Nivar),
the flood-affected communities of
Uttarakhand and Andhra Pradesh
and those impacted by locust attacks
during FY 2020-21.
Customer Satisfaction -
Ensuring Sustainable Growth
Reliance aims to become the world’s
most customer-focused company and
actively strives to achieve customer
delight. It provides customers with a
wide range of choices, an outstanding
value proposition, superior quality
and unmatched experience across
all its businesses. Further, the
Company develops new products and
services with an aim to ensure the
health and safety of its customers.
The Company believes customers
are key to a sustainable future and
earning their trust motivates the
Reliance team to exceed customer
expectation every time.
Customer satisfaction surveys:
To keep a pulse on customer
experience, the Company conducts
regular satisfaction surveys to seek
and incorporate their feedback to
develop better products and services.
Customers can reach Reliance round
the clock through several channels
customised for each business line.
The customer feedback received is
channelised into outcomes subject to
the nature of business. For example,
in the case of Reliance Retail, the
robust customer feedback mechanism
provides actionable market insights
to improve customer experiences and
performance; while in case of Jio, the
feedback surveys capture vital insights
in terms of customer onboarding, usage
of services and devices, and customer
experience of issue resolution. This
customised approach to engage with
customers across its varied businesses
has supported the Company’s
endeavours in developing and adopting
new and emerging technologies and
strengthening product stewardship.
Enhancing customer experience:
Reliance is improving customer
experience across its businesses
through digitisation. Measures such
as collaborative planning through
Customer Relationship Management
(CRM) platforms to effectively manage
demand and use of mobility apps for
approvals, account management and
customer visits have helped deliver
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NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited Integrated approach to sustainable growth
Social and Relationship Capital
supply chain network, which leverage
multi-modal logistics.
Partnering for Growth in the
Digital Era
Reliance is playing a key role in
spearheading India’s ‘digital’ evolution.
It is partnering with global technology
leaders, collaborating with promising
Indian start-ups and deepening the
pool of Intellectual Property (IP), and
these initiatives are giving it the leading
edge in its journey towards the digital.
JioGenNext is helping promising
start-ups progress towards their goals
of exponential growth through the
Jio ecosystem. The platform hosts
start-ups that are actively engaged
in developing products and services
facilitating digitalisation of small
and medium businesses (SMBs).
JioGenNext is currently supporting
159 start-ups with the addition of
22 start-ups during FY 2020-21. The
hyperlocal JioMart digital commerce
platform that was launched swiftly
following the onset of the pandemic,
rose to the occasion to service
customers across 200 cities, bringing
them essentials at their doorsteps to
meet the need of the hour. Alongside,
the business expanded its partnerships
with merchant partners under its
inclusive New Commerce model
ensuring consistent availability for kirana
partners across 33 cities .
service excellence to customers.
Deploying AI and ML tools to detect
changing patterns of customer
behaviour has helped Reliance design
better products and services, resulting
in customer delight and enhanced
personalisation. Initiatives such as a
secured document sharing platform
(E-Room) for effective collaboration
with internal as well external bodies
were developed primarily with a work-
from-home focus during the pandemic.
Reliance Retail has ensured incessant
supply of essential food and other
items to millions of Indian families
during pandemic
Vendor-managed inventory:
A seamless Vendor Managed Inventory
(VMI) has been launched to improve
customer satisfaction by assuring
supply and reduced working capital
requirement resulting in efficiencies of
cost, supply and service.
Data privacy and security: Reliance
pays stringent attention to data
privacy and data security. Jio privacy
and security programme maintains
the highest-level focus on three key
aspects – embedding security in design,
effective governance and enabling
organisation-wide security awareness.
A highly effective governance
structure with seamless processes
ensures asset security, customer data
privacy and reduced incidences of
security breaches.
As on March 31, 2021, 993 customer
complaints were received of which
957 were successfully resolved.
Subsequently, most of the remaining
complaints have been resolved.
Supply Chain Management
– Building Inclusive and
Sustainable Supply Chains
Reliance’s products and services
portfolio touch almost all Indians daily,
cutting across economic and social
spectrums. This necessitates the
establishment of a strong, resilient and
sustainable supply chain to support the
Company’s growing businesses and
customer needs. Reliance businesses
174
–Retail, Digital, O2C, Exploration and
Production – are powered by robust and
sustainable supply chains.
The Company shares strong
partnerships with its vast pool of
suppliers and partners. This has
enabled it to build and run world-class
supply chains that are critical for its
growth. In turn, Reliance creates value
for its partners, giving them impetus to
grow sustainably and in turn deepen
value creation for others. This cycle
of value creation plays a key role in
powering India’s overall economic
prosperity. The Company enables
and empowers its supplier partners
through capacity building, by deploying
best-of-breed production and business
practices and by ensuring sustainability
across the value chain.
Transparent and Efficient
Evaluation, Selection and
Management of Supply Chain
• Evaluation: All suppliers are
compliant with the Reliance Group
Business Partner Code of Conduct
(BPCOC). Social factors such as local
sourcing, indigenising operations,
compliance with labour-related
requirements, human rights and
environmental factors such as green
packaging, regeneration and safe
disposal serve as essential pointers in
evaluating supplier partners.
• Onboarding: Suppliers are
onboarded through a rigorous
three-step process that involves
robust qualification and structured
performance management
and evaluation.
• Managing partnerships: Ongoing
collaboration helps maintain long-
term productive relationships with
suppliers. The retail business is
investing in building state-of-the-art
supply chain infrastructure in India
by linking all major sourcing locations
through an automated, modular,
reliable and scalable warehousing,
logistics and last-mile fulfilment
ecosystem. The O2C business enjoys
a 5X bigger distribution footprint
than the nearest competitor in India
through its unparalleled logistics and
Fighting the
Pandemic: Providing
Accessibility to more
than 40 crore Indians
Through FY 2020-21, Jio’s
high-speed telecom backbone
connected more than 40 crore
Indians and thousands of
organisations with an aim to
ensure they could continue
their lives, whether they were
working or studying from
home or seeking health and
medical support.
This went a long way in keeping
India on the move during
COVID-19. Reliance Jio continues
to revolutionise digitalisation in
India with data consumption in
excess of 5 exabyte per month
on its network. It offers a unique
bundling of device, connectivity
and content for its over 100
million subscriber base across
India. Reliance Jio has a customer
base of 426.2 million as on
March 31, 2021.
Focus Areas
Despite the challenges of FY
2020-21, Reliance delivered
on its business and social
commitments guided by its
late founder Chairman
Shri Dhirubhai Ambani who
said, “Pursue your goals
even in the face of difficulties
and convert adversities
into opportunities”. The
Company’s unwavering
efforts during the pandemic
are testimony to its
resilience, passion for growth
and inclusion, which help
it sustain the trust of its
stakeholders.
As India continues its
progress to become a digital-
first, financially resilient and
equitable growth driven
nation, Reliance is reshaping,
expanding and building
new capabilities to support
the changing needs of the
country. The Company is
scaling one of the world’s
largest cutting-edge telecom
backbone, creating a unique
retail footprint that spans the
smallest outlets, developing
digital channels to cater to
millions, ensuring India’s
energy self-sufficiency
through environment-
friendly sources and bringing
in new materials that are
sustainable. Thus, Reliance
is well-equipped to give
expression to the idea of
a new India for the new
generation.
As Reliance strengthens its
fight against the pandemic
and rebuilds lives, it stays
committed to deliver on its
goal of ‘Made for India. Made
in India’ – connecting ideas,
innovation and purpose to
improve billions of lives. In
doing so, it will continue
giving wings to every
stakeholder as they aspire to
dream bigger and aim higher.
175
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated Annual Report 2020-21Reliance Industries Limited Independent Assurance Statement to Reliance Industries Limited on their Sustainability
Disclosures in the Integrated Annual Report for Financial Year 2020-21
To the Management of
Reliance Industries Limited, 3rd Floor,
Maker Chambers IV, 222, Nariman Point,
Mumbai 400021, Maharashtra, India.
Introduction
We, KPMG Assurance and Consulting
Services LLP (‘KPMG’), have been
engaged for the purpose of providing
assurance on the selected sustainability
disclosures presented in the Integrated
Annual Report (‘the Report’) of
Reliance Industries Limited (‘RIL’ or
‘the Company’) for FY 2020-21. Our
responsibility was to provide assurance
on the selected aspects of the Report as
described in the boundary, scope and
limitations as mentioned below.
Reporting Criteria
RIL has developed its report based on
the applicable accounting standards
and has incorporated the principles
of the International Integrated
Reporting Framework () published
by the International Integrated
Reporting Council (IIRC) into the
Management’s Discussion and Analysis
section of the Report.
Its sustainability performance
reporting criteria has been derived
from the GRI Standards of the Global
Reporting Initiative, United Nation’s
Sustainable Development Goals
(UN SDGs), American Petroleum
Institute / The International
Petroleum Industry Environmental
Conservation Association (API/
IPIECA) Sustainability Reporting
Guidelines and Business Responsibility
Reporting Framework based on
the principles of National Voluntary
Guidelines on Social, Environmental
and Economic Responsibilities of
Business (NVG – SEE).
RIL has also referred to new and
emerging frameworks such as Task
Force on Climate-related Financial
Disclosures (TCFD) recommendations
and World Economic Forum’s
WEF-IBC metrics.
Assurance Standards
We conducted the assurance in
accordance with:
• The requirements of the International
Federation of Accountants’ (IFAC)
International Standard on Assurance
Engagement (ISAE) 3000 (Revised)
Assurance Engagements Other
than Audits or Reviews of Historical
Financial Information.
- Under this standard, we have
reviewed the information
presented in the Report against
the characteristics of relevance,
completeness, reliability, neutrality
and understandability.
- Limited assurance consists
primarily of enquiries and
analytical procedures. The
procedures performed in a limited
assurance engagement vary in
nature and timing and are less
in extent than for a reasonable
assurance engagement.
- Reasonable assurance is a high
level of assurance, but it is not
a guarantee that it will always
detect a material misstatement
when it exists.
Boundary, Scope, and
Limitations
• The boundary of our assurance
covers the sustainability
performance of RIL’s manufacturing
divisions, refineries, exploration
and production in India; business
divisions such as chemicals; fibre
intermediates; petroleum; polyester;
polymers; Recron and RP Chemicals
units in Malaysia; petro-retail
division facilities under Reliance BP
Mobility Limited (RBML), terminal
operations and LPG; Reliance Jio
Infocomm Limited1; Reliance Retail
Ventures Limited1 and corporate
office at Reliance Corporate Park,
for the period 1st April, 2020 to
31st March, 2021.
• The sustainability disclosures
covered as part of the scope of
reasonable assurance process were
reduction in energy consumption,
renewable energy consumption,
water withdrawal, water discharge,
water recycled, total number of
employees at Reliance, employee
turnover, diversity of governance
bodies and employees, parental
leave and total manhours of training.
Additionally, the disclosures subject
to limited assurance process
included direct (scope 1) GHG
emissions, energy indirect (scope
2) GHG emissions, emissions
of particulate matter, oxides of
nitrogen, oxides of sulphur, markets
served, scale of the organization,
mechanisms for advice and concerns
about ethics, governance structure,
chair of the highest governance
body, requirements for product and
service information and labeling and
new employee hires.
• The assurance scope excludes:
- Aspects of the report other than
those mentioned above;
- Data and information outside the
defined reporting period;
- The Company’s statements that
describe expression of opinion,
belief, aspiration, expectation,
aim or future intention and
assertions related to Intellectual
Property Rights and other
competitive issues.
Assurance Procedures
Our assurance process involved
performing procedures to obtain
evidence about the reliability of
specified disclosures. The nature,
timing and extent of procedures
selected depend on our judgment,
including the assessment of the risks of
material misstatement of the selected
sustainability disclosures whether due
to fraud or error. In making those risk
assessments, we have considered
internal controls relevant to the
preparation of the Report in order to
design assurance procedures that are
appropriate in the circumstances. Our
assurance procedures also included:
1 Limited to total number of employees, new employee hires and employee turnover, parental leave, total manhours of training and diversity of
governance bodies and employees
176
other purpose. To the fullest extent
permitted by law, we do not accept or
assume responsibility to anyone other
than RIL for our work, for this report, or
for the conclusions expressed in this
independent assurance statement.
The assurance engagement is based
on the assumption that the data and
information provided to us is complete
and true. We expressly disclaim any
liability or co-responsibility for any
decision a person or entity would make
based on this assurance statement.
By reading this assurance statement,
stakeholders acknowledge and agree
to the limitations and disclaimers
mentioned above.
Conclusions
Based on our assurance procedures
and in line with the boundary, scope
and limitations, we conclude that,
for selected disclosures subjected
to limited assurance procedures as
defined under the scope of assurance,
nothing has come to our attention
that causes us not to believe that
these are appropriately stated in all
material respects, in line with the
reporting principles of GRI Standards.
Non-financial disclosures that have
been subject to reasonable assurance
procedures as defined under scope
of assurance, are fairly stated, in all
material respects and are in alignment
with the GRI standards.
Santhosh Jayaram
Partner
KPMG Assurance and
Consulting Services LLP
27 May 2021
• Assessment of RIL’s reporting
procedures regarding their
consistency with the application
of GRI Standards.
• Evaluating the appropriateness of
the quantification methods used to
arrive at the sustainability disclosures
presented in the Report.
• Verification of systems and
procedures used for quantification,
collation, and analysis of sustainability
disclosures included in the Report.
• Understanding the appropriateness
of various assumptions, estimations
and materiality thresholds used by
RIL for data analysis.
• Discussions with the personnel
responsible for the evaluation of
competence required to ensure
reliability of data and information
presented in the Report.
• Discussion on sustainability aspects
with senior executives at the different
plant locations and at the corporate
office to understand the risks and
opportunities from sustainability
context and the strategy
RIL is following.
• Assessment of data
reliability and accuracy.
• For verifying the data and information
related to RIL’s financial performance
we have relied on its audited financial
statements for the FY 2020-21.
• Review of the Company’s Business
Responsibility Report section
to check alignment to the nine
principles of the NVG-SEE.
• Verification of disclosures through
virtual conference meetings with
manufacturing units at Barabanki,
Dahej, Hazira, Hoshiarpur, Jamnagar
DTA, Jamnagar SEZ, Jamnagar
C2 complex, Jamnagar Pet Coke
Gasification unit, Nagothane, Naroda,
Patalganga, Silvassa, Vadodara;
Recron (Malaysia) facilities at Nilai
and Meleka; RP Chemicals Malaysia;
Petro-retail division facilities under
RBML, Terminal Operations and
LPG; On-shore and off-shore
exploration and production facilities
at Gadimoga and Shahdol; Reliance
Jio Infocomm Limited; Reliance Retail
Ventures Limited; and Corporate
office at Reliance Corporate
Park, Navi Mumbai.
Appropriate documentary evidences
were obtained to support our
conclusions on the information and
data verified. Where such documentary
evidences could not be collected due
to sensitive nature of the information,
our team verified the same using
screen sharing tools.
Independence
The assurance was conducted by
a multidisciplinary team including
professionals with suitable skills and
experience in auditing environmental,
social and economic information in
line with the requirements of ISAE
3000 (Revised) standard. Our work
was performed in compliance with the
requirements of the IFAC Code of Ethics
for Professional Accountants, which
requires, among other requirements,
that the members of the assurance
team (practitioners) be independent of
the assurance client, in relation to the
scope of this assurance engagement,
including not being involved in
writing the Report. The Code also
includes detailed requirements for
practitioners regarding integrity,
objectivity, professional competence
and due care, confidentiality and
professional behaviour. KPMG has
systems and processes in place to
monitor compliance with the Code
and to prevent conflicts regarding
independence. The firm applies ISQC 1
and the practitioner complies with the
applicable independence and other
ethical requirements of the IESBA code.
Responsibilities
RIL is responsible for developing
the Report contents. RIL is also
responsible for identification of material
sustainability topics, establishing and
maintaining appropriate performance
management and internal control
systems and derivation of performance
data reported. This statement is
made solely to the Management of
RIL in accordance with the terms
of our engagement and as per
scope of assurance.
Our work has been undertaken so that
we might state to RIL those matters
for which we have been engaged
to state in this statement and for no
177
NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWIntegrated approach to sustainable growth Integrated Annual Report 2020-21Reliance Industries Limited Corporate Governance Report
“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
K. Sethuraman
Savithri Parekh
Jyoti Jain
Sridhar
Kothandaraman
Ratnesh
Rukhariyar
“Corporate Governance is an interplay between people,
processes, performance and purpose. Our Values and
Behaviours form the bed rock of our Corporate Governance.
At RIL, we work towards building an environment of Trust,
Transparency and Accountability focusing on the long-term
and supporting more inclusive societies.”
This report is prepared in accordance
with the provisions of the Securities
and Exchange Board of India
(Listing Obligations and Disclosure
Requirements) Regulations, 2015
(Listing Regulations) and the report
contains the details of Corporate
Governance systems and processes
at Reliance Industries Limited (RIL
or the Company).
that sound governance system, based
on relationship and trust, is integral to
creating enduring value for all. We have
a defined policy framework for ethical
conduct of businesses. We believe
that any business conduct can be
ethical only when it rests on the six core
values viz. Customer Value, Ownership
Mind-set, Respect, Integrity, One Team
and Excellence.
At RIL, Corporate Governance is
all about maintaining a valuable
relationship and trust with all the
stakeholders. We consider stakeholders
as partners in our success and
remain committed to maximising
stakeholders’ value, be it Customers,
Local Communities, Employees,
Suppliers & Distributors, Trade Unions,
NGOs, Investors & Shareholders
and Government & Regulatory
Authorities. This approach to value
creation emanates from RIL’s belief
Statement on Company’s
Philosophy on Code of
Governance
Corporate Governance encompasses
a set of systems and practices to
ensure that the Company’s affairs are
being managed in a manner which
ensures accountability, transparency
and fairness in all transactions in
the widest sense. The objective is
to meet stakeholders’ aspirations
and societal expectations. Good
governance practices stem from the
dynamic culture and positive mindset
of the organisation. We are committed
to meet the aspirations of all our
stakeholders. This is demonstrated
in shareholder returns, high credit
ratings, awards and recognitions,
governance processes and an
entrepreneurial performance focussed
work environment. Additionally, our
customers have benefited from high
quality products delivered at extremely
competitive prices.
The essence of Corporate Governance
lies in promoting and maintaining
integrity, transparency and
accountability in the management’s
higher echelons. The demands
of Corporate Governance require
professionals to raise their competence
and capability levels to meet the
expectations in managing the enterprise
and its resources effectively with the
178
highest standards of ethics. It has
thus become crucial to foster and
sustain a culture that integrates all
components of good governance by
carefully balancing the inter-relationship
among the Board of Directors, Board
Committees, Finance, Compliance &
Assurance teams, Auditors and the
Senior Management. Our employee
satisfaction is reflected in the stability
of our senior management, low attrition
across various levels and substantially
higher productivity. Above all, we feel
honoured to be integral to India’s social
development. Details of several such
initiatives are available in the Report on
Corporate Social Responsibility.
At RIL, we believe that as we move
closer towards our aspirations of being
a global corporation, our Corporate
Governance standards must be
globally benchmarked. Therefore,
we have institutionalised the right
building blocks for future growth.
The building blocks will ensure that
we achieve our ambition in a prudent
and sustainable manner. RIL not only
adheres to the prescribed Corporate
Governance practices as per the Listing
Regulations, but is also committed to
sound Corporate Governance principles
and practices. It constantly strives
to adopt emerging best practices
being followed worldwide. It is our
endeavour to achieve higher standards
and provide oversight and guidance
to the management in strategy
implementation, risk management and
fulfilment of stated goals and objectives.
Over the years, we have strengthened
governance practices. These practices
define the way how business is
conducted and value is generated.
Stakeholders’ interests are taken into
account, before making any business
decision. RIL has the distinction of
consistently rewarding its shareholders
for over four eventful decades from
Initial Public Offer (IPO). Since then, RIL
has moved from one big idea to another
and these milestones continue to fuel its
relentless pursuit of ever-higher goals.
On standalone basis, we have grown
by a Compounded Annual Growth Rate
(CAGR) of Revenues 21.3%, Earnings
Before Interest, Tax, Depreciation
and Amortisation (EBITDA) before
exceptional items 22.8% and Net Profit
before exceptional items 23.7%. The
financial markets have endorsed our
sterling performance and the market
capitalisation has increased by CAGR
of 31.5% during the same period. In
terms of distributing wealth to our
shareholders, apart from having a
track record of uninterrupted dividend
payout, we have also delivered
consistent unmatched shareholder
returns since listing. The result of our
initiative is our ever widening reach
and recall. Our shareholder base has
grown from 52,000 after the IPO
to a consolidated present base of
around 30 lakh.
For decades, RIL is growing in step
with India’s industrial and economic
development. The Company has
helped transform the Indian economy
with large projects and world-class
execution. The quest to help elevate
India’s quality of life continues and
is unabated. It emanates from a
fundamental article of faith: ‘What is
good for India is good for Reliance’.
We believe, Corporate Governance is
not just a destination, but a journey to
constantly improve sustainable value
creation. It is an upward-moving target
that we collectively strive towards
achieving. Our multiple initiatives
towards maintaining the highest
standards of governance are detailed
in this Report.
Appropriate Governance
Structure with defined Roles
and Responsibilities
The Company has put in place an
internal governance structure with
defined roles and responsibilities of
every constituent of the system. The
Company’s shareholders appoint
the Board of Directors, which in turn
governs the Company. The Board
has established various Committees
to discharge its responsibilities in an
effective manner. The Chairman and
Managing Director (CMD) provides
overall direction and guidance to the
Board. In the operations and functioning
of the Company, the CMD is assisted
by four Executive Directors and a core
group of senior level executives.
The Chairman is responsible for
fostering and promoting the integrity
of the Board while nurturing a culture
where the Board works harmoniously
for the long-term benefit of the
Company and all its stakeholders. The
Chairman guides the Board for effective
governance in the Company.
The Chairman takes a lead role in
managing the Board and facilitating
effective communication among
Directors. The Chairman actively works
with the Human Resources, Nomination
and Remuneration Committee to
plan the Board and Committees’
composition, induction of directors to
the Board, plan for directors’ succession
and provide constructive feedback
and advice on performance evaluation
to directors. The Company Secretary
assists the Chairman in management
of the Board’s administrative activities
such as meetings, schedules, agenda,
communications and documentation.
Ethics / Governance Policies
At RIL, we strive to conduct our
business and strengthen our
relationships in a manner that is
dignified, distinctive and responsible.
We adhere to ethical standards
to ensure integrity, transparency,
independence and accountability
in dealing with all the stakeholders.
Therefore, we have adopted various
codes and policies to carry out our
duties in an ethical manner. Some of
these codes and policies are:
• Code of Conduct and Our Code
• Code of Conduct for Prohibition of
Insider Trading
• Code of Practices and Procedures for
Fair Disclosure of Unpublished Price
Sensitive Information
• Business Partner Code of Conduct
• Health, Safety and Environment Policy
• Vigil Mechanism and
Whistle-blower Policy
• Prevention of Sexual Harassment of
Women at Workplace Policy
• Corporate Social Responsibility Policy
• Policy for selection of Directors and
determining Directors’ independence
• Remuneration Policy for Directors,
Key Managerial Personnel and
other employees
• Dividend Distribution Policy
• Policy for determining
Material Subsidiaries
• Policy on Subsidiary Governance
179
Integrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited • Policy on Materiality of Related Party
Transactions and on dealing with
Related Party Transactions
• Policy for Performance Evaluation
of Independent Directors,
Board, Committees and other
individual Directors
• Policy on determination and
disclosure of Materiality of Events and
Information and Web Archival Policy
• Policy for Preservation of Documents
• Group Risk Management Policy
• Materiality Policy for
Commodity Exposure
• Commodity and Freight Risk
Management Policy
• Foreign Exchange and Derivatives
Risk Management Policy
• Investment Governance Policy
• Data Privacy Policy
• Group Information Security Policy
• Intellectual Property Policy
• Anti-Bribery and Anti-
Corruption Policy
• Anti Money Laundering Procedure
Audits and Internal Checks
and Balances
S R B C & CO LLP, Chartered
Accountants and D T S & Associates
LLP, Chartered Accountants, are the
Statutory Auditors of the Company.
The Statutory Auditors and the Group
Internal Audit Function perform
independent reviews of the ongoing
effectiveness of the Reliance
Management System which integrates
various components of the systems of
internal control.
Risk Management, Internal
Controls and Compliance
The Company has put in place the
“Reliance Management System” (RMS)
as a part of its transformation agenda.
RMS incorporates an integrated
framework for managing risks and
internal controls. The internal financial
controls have been documented,
embedded and digitised in the business
processes. Internal controls are regularly
tested for design, implementation and
operating effectiveness. RMS is enabled
through extensive use of technology
to support the risk management
processes, ensure the ongoing
effectiveness of internal controls in
processes, compliance with applicable
laws and regulations.
180
The Compliance Function ensures
compliance activities related to the
Financial, Operational and People
Management Systems of the various
group entities. This includes various
statutes such as industrial and labour
laws, taxation laws, corporate and
securities laws, health, safety and
environmental laws, etc. All compliance
activities are supported by a robust
online compliance monitoring system
(iRCMS) to ensure ongoing compliance.
The ongoing effectiveness of
compliance management activities is
reviewed independently by the Group
Audit Function.
The combination of independent
governance, assurance and oversight
structures, combined with automated
risk management, controls and
compliance monitoring, ensures
robustness and integrity of financial
reporting, management of internal
controls and ensures compliance
with statutory laws, regulations
and company’s policies. These
provide the foundations that enable
optimal use and protection of assets,
facilitate the accurate and timely
compilation of financial statements and
management reports.
Best Corporate Governance
practices
RIL strives for highest Corporate
Governance standards and practices. It,
therefore, endeavours to continuously
improve and adopt the best of
international Corporate Governance
codes and practices. Some of the
implemented global governance norms
and best practices include the following:
• All securities related filings with
the Stock Exchanges are reviewed
every quarter by the Stakeholders’
Relationship Committee.
• The Company has independent
Board Committees covering matters
related to Risk Management, Health
Safety and Environment, Corporate
Social Responsibility, Internal Audit,
Financial Management, Stakeholders’
Relationship, Directors’ Remuneration
and the nomination of Board members.
• The Company also has several
other Executive Committees of
senior management who review the
ongoing effectiveness of operational
and financial risk mitigations and
governance practices.
• The Group has an independent
Internal Audit Function that provides
risk-based assurance across all
material areas of Group Risk and
Compliance exposures.
• The Company undergoes
quarterly secretarial compliance
certification from an independent
company secretary who is in
whole-time practice.
• The Company has appointed an
independent firm of Chartered
Accountants to conduct concurrent
audit of share transfer and other
incidental functions carried out by the
Registrar and Transfer Agents.
RIL’s Integrated Reporting
RIL published its maiden Integrated
Annual Report in the FY 2016-17
aligned with the International
Integrated Reporting Council’s
(IIRC) framework. The concept
of the six capitals of business as
suggested by the framework has
been ingrained into the Company’s
management philosophy and has
become an important enabler for RIL’s
value creation story. RIL’s Integrated
Reporting is covered in Management
Discussion and Analysis Report.
Shareholders’
Communications
The Board recognises the importance
of two-way communication with
shareholders, giving a balanced report
of results and progress and responding
to questions and issues raised.
Shareholders seeking information
related to their shareholding may
contact the Company directly or
through the Company’s Registrar
and Transfer Agents, details of which
are available on the Company’s
website. RIL ensures that complaints
of its shareholders are responded
to promptly. A comprehensive
and informative Shareholders’
Referencer is available on the website
of the Company.
Role of the Company
Secretary in overall
Governance Process
Functions of the Company Secretary
are discharged by the Group Company
Secretary and the Joint Company
Secretary. The Company Secretary
plays a key role in ensuring that the
Board (including its Committees
thereof) procedures are followed and
regularly reviewed. The Company
Secretary ensures that all relevant
information, details and documents
are made available to the Directors
and senior management for effective
decision-making at the meetings.
The Company Secretary is primarily
responsible to assist and advice the
Board in the conduct of affairs of the
Company, to ensure compliance with
applicable statutory requirements, to
provide guidance to the Directors and
to facilitate convening of meetings. The
Company Secretary interfaces between
the management and regulatory
authorities for governance matters.
Board of Directors
Board Leadership
At RIL, it is our belief that an enlightened
Board consciously creates a culture
of leadership to provide a long-term
vision and policy approach to improve
the quality of governance. The Board’s
actions and decisions are aligned
with the Company’s best interests.
The Board is committed to the goal of
sustainably elevating the Company’s
value creation. The Company has
defined guidelines and an established
framework for the meetings of the Board
and its Committees. These guidelines
seek to systematise the decision-making
process at the meetings of the Board
and its Committees in an informed and
efficient manner.
Board Composition and
Category of Directors
The Company’s policy is to maintain an
optimum combination of Executive and
Non-Executive Directors.
The composition of the Board, Category, DIN and shareholding of Directors are as follows:
Sr.
No.
Name of the Director
Category
Mukesh D. Ambani*
1
Yogendra P. Trivedi
2
Prof. Dipak C. Jain
3
Dr. Raghunath A. Mashelkar
4
Adil Zainulbhai
5
Raminder Singh Gujral
6
Dr. Shumeet Banerji
7
Arundhati Bhattacharya
8
K. V. Chowdary
9
10 Nita M. Ambani
11 Nikhil R. Meswani
12 Hital R. Meswani
13 P. M. S. Prasad
14 Pawan Kumar Kapil
Chairman and Managing Director
Non-Executive
Directors
Executive Directors
Director
Identification
Number (DIN)
00001695
00001879
00228513
00074119
06646490
07175393
02787784
02011213
08485334
03115198
00001620
00001623
00012144
02460200
No. of equity shares held as on
March 31, 2021
(Fully paid-up)
75,00,000
60,400
-
-
-
12,000
13,500
-
-
75,00,000
33,56,748
32,23,772
6,00,000
53,000
(Partly paid-up)
5,52,020
4,026
-
-
-
800
900
-
-
5,52,021
2,23,781
2,14,916
40,000
3,533
* Promoter Director
Board members named at Sr. No. 2 to 8 are Independent Directors.
Smt. Nita M. Ambani is the spouse of Shri Mukesh D. Ambani.
Shri Nikhil R. Meswani and Shri Hital R. Meswani are brothers and not related to Promoter Director.
None of the other Directors is related to any other Director on the Board.
Directors’ Profile
A brief resume of the Directors, nature
of their expertise in specific functional
areas etc. are available on the website
of the Company.
Familiarisation Programmes
for Board Members
The Board members are provided with
necessary documents / brochures,
reports and internal policies to enable
them to familiarise with the Company’s
procedures and practices.
Periodic presentations are made at the
Board and Committee meetings on
business and performance updates
of the Company including Finance,
Sales, Marketing of the Company’s
major business segments, practices
relating to Human Resources,
overview of business operations of
major subsidiaries, global business
environment, business strategy and
risks involved.
Monthly / quarterly updates on relevant
statutory, regulatory changes and
landmark judicial pronouncements
encompassing important laws are
regularly circulated to the Directors.
Visits to various plant locations are
generally organised for the Independent
Directors to enable them to understand
and get acquainted with the operations
of the Company. However, due to
COVID-19 pandemic such visits were
not organised during the financial year
2020-21. Videos and flyers on major
initiatives taken in the fight against
COVID-19 were shared with the
Independent Directors.
Details of such familiarisation
programmes for the Independent
Directors are available on the website
of the Company.
181
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Code of Conduct
The Company has in place a
comprehensive Code of Conduct and
Our Code (the Codes) applicable to
the Directors and employees. The
Codes give guidance and support
needed for ethical conduct of business
and compliance of law. The Codes
reflect the core values of the Company
viz. Customer Value, Ownership
Mind-set, Respect, Integrity, One Team
and Excellence.
A copy of the Code of Conduct
and Our Code are available on the
website of the Company. The Codes
have been circulated to the Directors
and Senior Management Personnel
and its compliance is affirmed
by them annually.
A declaration on confirmation of
compliance of the Code of Conduct,
signed by the Company’s Chairman
and Managing Director is published
in this Report.
Succession Planning
The Company believes that sound
succession plans for the senior
leadership are very important for
creating a robust future for the
Company. The Human Resources,
Nomination and Remuneration
Committee work along with the Human
Resource team of the Company for a
structured leadership succession plan.
Core Skills / Expertise /
Competencies available with
the Board
The Board comprises of qualified
members who possess required skills,
expertise and competencies that allow
them to make effective contributions to
the Board and its Committees.
The following skills / expertise /
competencies have been identified
for the effective functioning of the
Company and are currently available
with the Board:
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
While all the Board members possess the skills identified, their area of core expertise is given below:
Name of the Director Area of Expertise
Name of the Director Area of Expertise
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Industry Experience, Research &
Development and Innovation
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Global Business
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
Mukesh D. Ambani
Yogendra P. Trivedi
Prof. Dipak C. Jain
Dr. Raghunath A.
Mashelkar
Adil Zainulbhai
182
Raminder Singh
Gujral
Dr. Shumeet Banerji
Arundhati
Bhattacharya
K. V. Chowdary
Nita M. Ambani
Nikhil R. Meswani
• Leadership / Operational experience
• Strategic Planning
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
Name of the Director Area of Expertise
Hital R. Meswani
P. M. S. Prasad
Pawan Kumar Kapil
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research & Development and Innovation
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research & Development and Innovation
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
• Leadership / Operational experience
• Industry Experience, Research & Development and Innovation
• Financial, Regulatory / Legal & Risk Management
Selection of
Independent Directors
Considering the requirement of skill
sets on the Board, eminent people
having an independent standing in
their respective field / profession
and who can effectively contribute
to the Company’s business and
policy decisions are considered by
the Human Resources, Nomination
and Remuneration Committee, for
appointment, as an Independent
Director on the Board. The Committee
inter alia considers qualification,
positive attributes, area of expertise
and number of Directorship(s) and
Membership(s) held in various
committees of other companies by
such persons in accordance with the
Company’s Policy for Selection of
Directors and determining Directors’
independence. The Board considers
the Committee’s recommendation and
takes appropriate decision.
Every Independent Director, at the first
meeting of the Board in which he / she
participates as a Director and thereafter
at the first meeting of the Board in
every financial year, gives a declaration
that he / she meets the criteria of
independence as provided under the
law and that he / she is not aware of any
circumstance or situation, which exist
or may be reasonably anticipated, that
could impair or impact his / her ability
to discharge his / her duties with an
objective independent judgement and
without any external influence.
In the opinion of the Board, the
Independent Directors fulfil the
conditions specified in the Listing
Regulations and are independent of
the management.
Meetings of Independent
Directors
The Company’s Independent Directors
met four times during the financial
year 2020-21. Such meetings were
conducted to enable the Independent
Directors to discuss matters pertaining
to the Company’s affairs and put
forth their views.
Board Meetings, Committee
Meetings and Procedures
Institutionalised
decision-making process
The Board of Directors is the apex
body constituted by shareholders
for overseeing the Company’s
overall functioning.
The Board provides and evaluates
the Company’s strategic direction,
management policies and their
effectiveness and ensures that
shareholders’ long-term interests
are being served.
The Board has constituted seven main
Committees, viz. Audit Committee,
Human Resources, Nomination
and Remuneration Committee,
Stakeholders’ Relationship Committee,
Corporate Social Responsibility
and Governance Committee, Risk
Management Committee, Health,
Safety and Environment Committee and
Finance Committee and is authorised to
constitute other functional Committees,
from time to time, depending on
business needs.
The Company’s internal guidelines for
Board / Committee meetings facilitate
decision-making process at its meetings
in an informed and efficient manner.
Number of Board Meetings
Eight Board meetings were held
during the financial year, as against the
statutory requirement of four meetings.
The details of Board meetings are
given below:
Date
April 2, 2020
April 18, 2020
April 30, 2020
July 14, 2020
July 30, 2020
October 30, 2020
January 22, 2021
March 26, 2021
Board
Strength
No. of
Directors
Present
14
14
14
14
14
14
14
14
14
13
14
14
13
14
14
14
183
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Attendance of Directors at Board Meetings, last Annual General Meeting (AGM) and no. of other
Directorship(s) and Chairmanship(s) / Membership(s) of Committees of each Director in various
companies:
Committees
Details of the Committees and other related information are provided hereunder:
Composition of Committees of the Company:
Attendance at
meetings during
FY 2020-21
No. of other
Directorship(s)
as on
31-03-2021
Board
AGM (1)
Directorship in other listed company(ies) and
category of directorship as on 31-03-2021
No. of Membership(s)
/ Chairmanship(s) of
committees in other
company(ies) as on
31-03-2021
(2)
Nil
3 (including
2 as Chairman)
Audit Committee
1.
Yogendra P. Trivedi
(Chairman of the Committee)
2. Dr. Raghunath A. Mashelkar
3. Adil Zainulbhai
4. Raminder Singh Gujral
5. K. V. Chowdary
Human Resources, Nomination and Remuneration Committee
1.
Adil Zainulbhai
(Chairman of the Committee)
2. Yogendra P. Trivedi
3. Dr. Raghunath A. Mashelkar
4. Raminder Singh Gujral
5. Dr. Shumeet Banerji
6. K. V. Chowdary
Stakeholders’ Relationship Committee
Corporate Social Responsibility and Governance Committee
Name of the Director
Mukesh D. Ambani
Yogendra P. Trivedi
Prof. Dipak C. Jain
Dr. Raghunath A. Mashelkar 8
8
8
8
Yes 4
Yes 4
Yes 3
Yes 6
Nil
1.
2.
Zodiac Clothing Company Limited –
Independent Director
The Supreme Industries Limited –
Independent Director
3. Emami Limited – Independent Director
Nil
1.
Godrej Agrovet Limited –
Independent Director
2
Nil
Adil Zainulbhai
8
Yes 7
1. Cipla Limited – Independent Director
Raminder Singh Gujral
8
Yes 5
Dr. Shumeet Banerji
Arundhati Bhattacharya
K. V. Chowdary
Nita M. Ambani
Nikhil R. Meswani
Hital R. Meswani
P. M. S. Prasad
7
8
7
8
8
8
8
Yes 3
Yes 2
Yes 3
Yes 2
Yes 2
Yes 5
Yes 6
Pawan Kumar Kapil
8
Yes 1
2.
3.
4.
1.
2.
Nil
Nil
1.
2.
Network18 Media & Investments Limited –
Independent Director
TV18 Broadcast Limited –
Independent Director
Larsen & Toubro Limited –
Independent Director
Adani Power Limited –
Independent Director
Adani Green Energy Limited –
Independent Director
CCL Products (India) Limited –
Independent Director
Divi’s Laboratories Limited –
Independent Director
3.
Tata Motors Limited –Independent Director
1. EIH Limited – Non-Executive Director
Nil
Nil
1.
2.
Nil
Network18 Media & Investments Limited –
Non-Executive Director
TV18 Broadcast Limited –
Non-Executive Director
8 (including
5 as Chairman)
3 (including
2 as Chairman)
Nil
Nil
4
Nil
1 (as Chairman)
1 (as Chairman)
4
Nil
(1)
(2)
The Directorships, held by the Directors as mentioned above, do not include Directorship(s) in foreign companies and Section 8 companies under
the Companies Act, 2013.
In accordance with Regulation 26 of the Listing Regulations, Membership(s) / Chairmanship(s) of only Audit Committee and Stakeholders’
Relationship Committee in all public limited companies have been considered.
During the year, all the meetings were held through video conference.
The number of Directorship(s) and Committee Membership(s) / Chairmanship(s) of all Directors is / are within the respective limits prescribed under
the Companies Act, 2013 and the Listing Regulations.
184
1.
Yogendra P. Trivedi
(Chairman of the Committee)
2. Arundhati Bhattacharya
3. K. V. Chowdary
4. Nikhil R. Meswani
5. Hital R. Meswani
Risk Management Committee
1.
Adil Zainulbhai
(Chairman of the Committee)
2. Dr. Shumeet Banerji
3. K. V. Chowdary
4. Hital R. Meswani
5. P. M. S. Prasad
Alok Agarwal
6.
(Chief Financial Officer)
Srikanth Venkatachari
7.
(Joint Chief Financial Officer)
Finance Committee
1. Yogendra P. Trivedi
(Chairman of the Committee)
2. Dr. Raghunath A. Mashelkar
3. Dr. Shumeet Banerji
4. Nikhil R. Meswani
Health, Safety and Environment Committee
1.
Hital R. Meswani
(Chairman of the Committee)
2. Dr. Raghunath A. Mashelkar
3. Arundhati Bhattacharya
4. P. M. S. Prasad
5. Pawan Kumar Kapil
Mukesh D. Ambani (Chairman of the Committee)
1.
2. Nikhil R. Meswani
3. Hital R. Meswani
The composition of the Committees is in accordance with the provisions of the Listing Regulations and the Companies Act, 2013.
K. Sethuraman, Group Company Secretary and Chief Compliance Officer and Savithri Parekh, Joint Company Secretary and
Compliance Officer, are the secretaries of all the Committees constituted by the Board.
Meetings of Committees held during the year and directors’ attendance:
Committees of the Company
Audit
Committee
Meetings held
Directors’ Attendance
Mukesh D. Ambani
Yogendra P. Trivedi
Prof. Dipak C. Jain
Dr. Raghunath A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K. V. Chowdary
Nita M. Ambani
Nikhil R. Meswani
Hital R. Meswani
P. M. S. Prasad
Pawan Kumar Kapil
* Not a member of the Committee
11
*
11
*
11
11
11
*
*
10
*
*
*
*
*
Human Resources,
Nomination and
Remuneration
Committee
5
Corporate Social
Responsibility
and Governance
Committee
4
*
5
*
5
5
5
5
*
5
*
*
*
*
*
*
4
*
4
*
*
4
*
*
*
4
*
*
*
Stakeholders’
Relationship
Committee
Health, Safety
and Environment
Committee
Risk Management
Committee
4
*
4
*
*
*
*
*
4
4
*
3
4
*
*
4
4
*
*
*
4
*
*
*
4
*
*
*
4
4
4
*
*
*
*
4
*
4
*
4
*
*
3
4
*
185
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Procedure at Committee Meetings
The Company’s guidelines relating
to the Board meetings are applicable
to the Committee meetings. The
composition and terms of reference of
all the Committees are in compliance
with the Companies Act, 2013 and
the Listing Regulations, as applicable.
During the year, all the recommendations
made by the respective Committees
were accepted by the Board. Each
Committee has the authority to engage
outside experts, advisors and counsels
to the extent it considers appropriate to
assist in its functioning. Minutes of the
proceedings of Committee meetings are
circulated to the respective Committee
members and placed before the Board
meetings for noting. The composition of
all the Committees is given in this Report.
Details of Committees
Audit Committee
Terms of Reference of the Committee
inter alia include the following:
• Recommend appointment,
remuneration and terms of
appointment of auditors.
• Approval of payment to statutory
auditors, including cost auditors, for
any other services rendered by them.
• Review with the management, the
quarterly financial statements before
submission to the Board for approval.
• Review with the management, the
statement of uses / application of funds.
• Review and monitor the auditor’s
independence, performance and
effectiveness of audit process.
• Review the findings of any internal
investigations by the internal
auditors into matters where there is
suspected fraud or irregularity or a
failure of internal control systems of
a material nature and reporting the
matter to the Board.
• Review the functioning of the
Whistle-blower mechanism / oversee
the vigil mechanism.
• Review financial statements, in
particular the investments made by
the Company’s unlisted subsidiaries.
The detailed terms of reference of the
Committee is available on the website
of the Company.
General
Members of the Audit Committee
possess requisite qualifications. The
representatives of Statutory Auditors
186
are permanent invitees to the Audit
Committee meetings held quarterly,
to approve financial statements. The
representatives of Statutory Auditors,
Executives from Accounts department,
Finance department, Corporate
Secretarial department and Internal
Audit department attend the Audit
Committee meetings.
The Lead Cost Auditor attends the Audit
Committee meeting where cost audit
report is discussed.
The Internal Audit Department of the
Company, co-sourced with professional
firms of Chartered Accountants, reports
directly to the Audit Committee.
The Chairman of the Committee was
present at the last Annual General
Meeting of the Company held
on July 15, 2020.
Meeting Details
Eleven meetings of the Committee were
held during the financial year, as against
the statutory requirement of four
meetings. The meetings were held on
April 18, 2020; April 25, 2020; April 30,
2020; July 30, 2020; August 31, 2020;
October 24, 2020; October 30, 2020;
December 15, 2020; January 16, 2021;
January 22, 2021 and March 23, 2021.
The details of attendance of Committee
members are given in this Report.
Human Resources, Nomination and
Remuneration Committee
Terms of Reference of the Committee
inter alia include the following:
• Formulate the criteria for determining
qualifications, positive attributes
and independence of a Director and
recommend to the Board a policy,
relating to the remuneration of the
Directors, Key Managerial Personnel
and other employees.
• Formulate the criteria for evaluation
of performance of the Independent
Directors and the Board of Directors.
• Devise a policy on Board Diversity.
• Identify persons who are qualified to
become Directors and who may be
appointed in senior management in
accordance with the criteria laid down
and to recommend to the Board their
appointment and / or removal.
• Recommend to the Board, all
remuneration, in whatever form,
payable to senior management.
• Review Human Resource policies
and overall human resources
of the Company.
The detailed terms of reference of the
Committee is available on the website
of the Company.
The Chairman of the Committee was
present at the last Annual General
Meeting of the Company held
on July 15, 2020.
Meeting Details
Five meetings of the Committee were
held during the financial year, as against
statutory requirement of one meeting.
The meetings were held on April 28,
2020; August 20, 2020; October 1,
2020; October 26, 2020 and January
14, 2021. The details of attendance
of Committee members are given
in this Report.
Stakeholders’ Relationship
Committee
The terms of reference of the
Committee is available on the website
of the Company.
The Chairman of the Committee was
present at the last Annual General
Meeting of the Company held
on July 15, 2020.
Meeting Details
Four meetings of the Committee were
held during the financial year, as against
statutory requirement of one meeting.
The meetings were held on April 25,
2020; August 19, 2020; October 21,
2020 and January 11, 2021. The details
of attendance of Committee members
are given in this Report.
Investor Grievance Redressal
The number of complaints received
and resolved to the satisfaction of
investors during the financial year, (out
of the investor base of 30 lakh) and their
break-up is as under:
Type of Complaints
Non-Receipt
of Annual Reports
Non-Receipt of Dividend
Non-Receipt of Interest /
Redemption payments
Transfer of securities
Rights Issue related
Total
No. of
Complaints
76
87
3
447
401
1,014
As on March 31, 2021, no complaints
were outstanding.
The response time for attending to
investors’ correspondence during
financial year 2020-21 is as under:
Particulars
No.
%
Total number of
correspondence
received during the
financial year 2020-21
Replied within 1 to 4
days of receipt
Replied after 4
days of receipt
3,41,445 100.00
3,41,125
99.91
320
0.09
Compliance Officer
K. Sethuraman, Group Company
Secretary and Chief Compliance Officer
and Savithri Parekh, Joint Company
Secretary and Compliance Officer, are
the Compliance Officers for complying
with requirements of Securities Laws.
Corporate Social Responsibility
and Governance Committee
The terms of reference of the
Committee is available on the website
of the Company.
Meeting Details
Four meetings of the Committee were
held during the financial year. The
meetings were held on April 29, 2020;
August 27, 2020; October 27, 2020
and January 15, 2021.The details of
attendance of Committee members are
given in this Report.
Risk Management Committee
The terms of reference of the
Committee is available on the website
of the Company.
The meetings were held on April 30,
2020; September 29, 2020; November
19, 2020; March 11, 2021 and
March 26, 2021.
Meeting Details
Four meetings of the Committee
were held during the financial year, as
against statutory requirement of one
meeting. The meetings were held on
April 27, 2020; April 28, 2020; October
28, 2020 and January 8, 2021. The
details of attendance of directors who
are Committee members are given
in this Report.
Health, Safety and Environment
Committee
The terms of reference of the
Committee is available on the website
of the Company.
Meeting Details
Four meetings of the Committee were
held during the financial year. The
meetings were held on April 25, 2020;
August 25, 2020; October 27, 2020
and January 13, 2021. The details of
attendance of Committee members are
given in this Report.
Finance Committee
The terms of reference of the
Committee is available on the website
of the Company.
Meeting Details
Five meetings of the Committee
were held during the financial year.
Performance Evaluation
Criteria for Directors
The Human Resources, Nomination
and Remuneration Committee has
devised a criteria for evaluation of the
performance of the Directors including
the Independent Directors. The said
criteria provides certain parameters
like attendance, acquaintance with
business, communication inter se
between board members, effective
participation, domain knowledge,
compliance with code of conduct,
vision and strategy, benchmarks
established by global peers etc., which
is in compliance with applicable laws,
regulations and guidelines.
Directors’ Remuneration
Remuneration Policy
The Company’s Remuneration Policy
for Directors, Key Managerial Personnel
and other employees is available on the
website of the Company.
The Company’s remuneration
policy is directed towards rewarding
performance based on review of
achievements. The remuneration
policy is in consonance with existing
industry practice.
Remuneration of the Managing Director and Whole-time Directors for the financial year
2020-21
Name of the Director
Mukesh D. Ambani
Nikhil R. Meswani
Hital R. Meswani
P. M. S. Prasad
Pawan Kumar Kapil
Salary and
allowances
Perquisites
Retiral benefits
Commission
payable
(` in crore)
Total
Stock Options
6.32
6.31
11.65*
3.81*
0.03
0.04
0.00
0.28
Nil
0.37
0.37
0.34
0.15
17.28
17.28
-
-
24.00
24.00
11.99
4.24
-
-
-
-
* includes performance linked incentives for the FY 2019-20 paid in FY 2020-21.
The tenure of office of the Managing Director and Whole-time Directors is for 5 (five) years from their respective date of
appointment and can be terminated by either party by giving three months’ notice in writing. There is no separate provision for
payment of severance fees.
187
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Remuneration of the Non-Executive Directors for the financial year 2020-21
General Body Meetings
Name of the Director
Yogendra P. Trivedi
Prof. Dipak C. Jain
Dr. Raghunath A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K. V. Chowdary
Nita M. Ambani
Total
Sitting Fee
Commission*
(` in crore)
Total
2.01
1.77
2.01
1.97
1.93
1.89
1.85
1.99
1.73
1.65
1.65
1.65
1.65
1.65
1.65
1.65
1.65
1.65
14.85
17.15
0.36
0.12
0.36
0.32
0.28
0.24
0.20
0.34
0.08
2.30
* An additional amount of `50 lakh each, based on the period of office held by Non-Executive Directors during the FY 2019-20, will also be paid.
During the year, there were no other
pecuniary relationships or transactions
of Non-Executive Directors with the
Company. The Company has not
granted any stock options to its Non-
Executive Directors.
Framework for Monitoring
Subsidiary Companies
During the year, Jio Platforms Limited
(JPL), Reliance Jio Infocomm Limited
(RJIL), Reliance Retail Limited (RRL)
and Reliance Global Energy Services
(Singapore) Pte. Limited (RGESS) were
material subsidiaries of the Company, as
per the Listing Regulations.
In terms of the provisions of Regulation
24(1) of the Listing Regulations,
appointment of one of the Independent
Directors of the Company on the Board
of material subsidiaries was applicable
only to JPL, RJIL and RRL. Prior to RRL
and RJIL becoming material unlisted
subsidiaries of the Company, Prof.
Dipak C. Jain was appointed as an
Independent Director on the Board of
RRL and Prof. Dipak C. Jain, Shri Adil
Zainulbhai and Dr. Shumeet Banerji
were appointed as Independent
Directors on the Board of RJIL and they
are continuing as such. Shri Raminder
Singh Gujral and Dr. Shumeet Banerji
are appointed as Independent Directors
on the Board of JPL.
Keeping in view good Corporate
Governance, Prof. Dipak C. Jain and
Shri Adil Zainulbhai are also on the Board
of Reliance Retail Ventures Limited
(RRVL), an unlisted subsidiary, which is
statutorily not required to appoint on its
Board an Independent Director of the
Company. For better administration and
governance, key subsidiary companies
have voluntarily appointed Independent
Directors on their respective Boards.
The composition and effectiveness of
Boards of subsidiaries is reviewed by
the Company periodically. Governance
framework is also ensured through
appointment of Managerial Personnel
and Secretarial Auditor. A robust
compliance management system
covering all the subsidiaries is also
in place. Guidance is provided to
subsidiaries on matters relating to
conduct of Board meeting, training
and familiarisation programmes for the
Independent Directors on the Board
of subsidiaries.
The Company is in compliance
with Regulation 24A of the Listing
Regulations. The Company’s unlisted
material subsidiaries undergo
Secretarial Audit. Copy of Secretarial
Audit Reports of JPL, RJIL and RRL
are available on the website of the
Company. The Secretarial Audit
Report of these unlisted material
subsidiaries does not contain any
qualification, reservation, adverse
remark or disclaimer.
Post closure of the financial year, RRVL
has become a material subsidiary and
RGESS has ceased to be a material
subsidiary of the Company.
The Company monitors performance of
subsidiary companies, inter alia, by the
following means:
• Financial statements, in particular
investments made by subsidiary
companies, are reviewed quarterly by
the Company’s Audit Committee.
• Minutes of Board meetings
of subsidiary companies are
placed before the Company’s
Board regularly.
• A statement containing all significant
transactions and arrangements
entered into by subsidiary
companies is placed before the
Company’s Board.
• Presentations are made to
the Company’s Board on
business performance of major
subsidiaries of the Company by the
senior management.
The Company’s Policy for determining
Material Subsidiaries is available on the
website of the Company.
Annual General Meetings
The date, time and venue of the Annual General Meetings held during preceding three years and the special resolution(s)
passed thereat, are as follows:
Year
Date
Time
Venue
Special Resolution(s) Passed
2019-20 July 15, 2020
02:00 p.m. Held through video
No special resolution was passed.
conference / other audio
visual means. Deemed
venue was 3rd Floor, Maker
Chambers IV, 222, Nariman
Point, Mumbai – 400 021
2018-19 August 12, 2019 11:00 a.m. Birla Matushri Sabhagar, 19,
Sir Vithaldas Thackersey
Marg, Near Bombay
Hospital & Medical Research
Centre, New Marine Lines,
Mumbai – 400 020
i. Re-appoint Shri P. M. S. Prasad as a Whole-time Director
ii. Re-appoint Shri Raminder Singh Gujral as an
Independent Director
2017-18 July 5, 2018
11:00 a.m. Birla Matushri Sabhagar, 19,
Sir Vithaldas Thackersey
Marg, Near Bombay
Hospital & Medical Research
Centre, New Marine Lines,
Mumbai – 400 020
i. Re-appoint Shri Adil Zainulbhai as an Independent Director
ii. Offer or invitation to subscribe to Redeemable Non-Convertible
Debentures on private placement
Tribunal Convened Meetings
As per the directions of Mumbai Bench
of the Hon’ble National Company Law
Tribunal (NCLT), by its Order dated
February 11, 2021, the Company
convened meetings of its Equity
Shareholders, Secured Creditors and
Unsecured Creditors, to consider and
approve, the Scheme of Arrangement
between Reliance Industries Limited
& its shareholders and creditors and
Reliance O2C Limited & its shareholders
and creditors.
Pursuant to the said Order, the meetings
of Equity Shareholders, Secured
Creditors and Unsecured Creditors
were held on March 31, 2021, through
video conferencing / other audio
visual means, in compliance with the
applicable provisions of the Companies
Act, 2013 and the Listing Regulations.
Voting Results of the aforesaid
meetings are available on the website
of the Company.
Resolution(s) passed through
Postal Ballot:
No postal ballot was conducted during
the financial year 2020-21. There is no
immediate proposal for passing any
resolution through postal ballot.
Disclosure on materially
significant related party
transactions that may have
potential conflict with the
Company’s interests at large
The Company’s major related party
transactions are generally with its
subsidiaries and associates. The related
party transactions are entered into
based on considerations of various
business exigencies, such as synergy
in operations, sectoral specialisation
and the Company’s long-term strategy
for sectoral investments, optimisation
of market share, profitability,
legal requirements, liquidity and
capital resources of subsidiaries
and associates.
All the contracts / arrangements /
transactions entered by the Company
during the financial year with related
parties were in its ordinary course of
business and on an arm’s length basis.
During the year, the Company had not
entered into any contract / arrangement
/ transaction with related parties
which could be considered material
in accordance with the policy of the
Company on Materiality of Related
Party Transactions and on dealing
with Related Party Transactions. The
Company has made full disclosure of
transactions with the related parties
as set out in Note 33 of Standalone
Financial Statement, forming part of
the Annual Report.
There were no materially significant
related party transactions which could
have potential conflict with interest of
the Company at large.
The Company’s Policy on Materiality
of Related Party Transactions
and on dealing with Related Party
Transactions is available on the website
of the Company.
Details of non-compliance
by the Company, penalties,
strictures imposed on the
Company by stock exchange
or SEBI, or any statutory
authority, on any matter
related to capital markets,
during the last three years
(i) The Securities and Exchange Board
of India (SEBI), on August 8, 2014
had passed an adjudication order on
a show cause notice issued to the
Company for alleged non-disclosure
of the diluted Earnings per Share
in the quarterly financial results
for the quarters ended June 2007,
September 2007, December
2007, March 2008, June 2008 and
188
189
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited September 2008 and imposed
monetary penalty of `13 crore. On an
appeal by the Company, the Hon’ble
Securities Appellate Tribunal, set
aside SEBI’s order and remanded
the matter for fresh consideration by
SEBI. SEBI issued a fresh show cause
notice dated April 5, 2016 in the
matter alleging incorrect disclosure
of the diluted Earnings per Share.
The Company filed a reply to the
show cause notice and attended the
personal hearing on July 26, 2016.
SEBI appointed new Adjudicating
Officer (AO). The last hearing before
the AO was held on November 22,
2018. Further details sought by
AO were provided in December
2018. After more than 2 years, the
AO sent a letter dated March 19,
2021 granting an opportunity to
the Company to make additional
submissions and personal hearing in
the matter. The Company has filed
additional submissions in the matter.
(ii) (a) On December 16, 2010, SEBI
issued a show cause notice (SCN)
inter alia to the Company (RIL) in
connection with the trades by RIL
in the stock exchanges in 2007 in
the shares of Reliance Petroleum
Limited, then a subsidiary of RIL.
Hearings were held before the
Whole Time Member (WTM) of
SEBI in respect of the SCN. By
an order dated March 24, 2017,
the WTM passed the directions:
(i) prohibiting inter alia RIL from
dealing in equity derivatives in
the ‘Futures & Options’ segment
of stock exchanges, directly or
indirectly, for a period of one year
from the date of the order; and (ii)
to RIL to disgorge an amount of
`447.27 crore along with interest
at the rate of 12% per annum
from November 29, 2007 till the
date of payment. In May 2017,
RIL and the other noticees filed
an appeal before the Securities
Appellate Tribunal (SAT) against
this order. SAT, by a majority order
(2:1), dismissed the appeal on
November 5, 2020 and directed
RIL to pay the disgorged amount
within sixty days from the date
of the order. The appeal of RIL
and other noticees has been
admitted by the Hon’ble Supreme
190
Court of India. By its order dated
December 17, 2020, the Hon’ble
Supreme Court of India directed
RIL to deposit `250 crore in
the Investors’ Protection Fund,
subject to the final result of the
appeal and stayed the recovery of
the balance, inclusive of interest,
pending the appeal. RIL has
complied with the order dated
December 17, 2020 of the Hon’ble
Supreme Court of India.
(b) In the very same matter, on
November 21, 2017, SEBI issued
show cause notice, inter alia, to
the RIL, asking RIL to show cause
as to why inquiry should not be
held in terms of SEBI (Procedure
for Holding Inquiry and Imposing
Penalties by Adjudicating Officer)
Rules, 1995 and penalty not be
imposed under the provisions
of the Securities and Exchange
Board of India Act, 1992. The
Adjudicating Officer of SEBI
passed an order on January 1,
2021 imposing a penalty of `25
crore on RIL. RIL has paid the
penalty under protest and has
filed an appeal before the SAT
against this order.
(iii) SEBI had issued a show cause notice
dated November 26, 2015 to the
Company alleging that, the Company
had not provided the information
sought by SEBI regarding
categorisation of the Directors of the
Company as on January 07, 2000.
The Adjudicating Officer, vide Order
dated February 28, 2018, disposed
of the adjudication proceedings
initiated against the Company
without imposition of any penalty.
(iv) The Company had issued
debentures with convertible warrants
in the year 1994 and allotted equity
shares against the warrants in the
year 2000. In this matter, SEBI had
filed a complaint on July 16, 2020,
inter alia against the Company
before the Special Court, Mumbai,
for taking cognizance of alleged
offences under Regulations 3, 5 and
6 of SEBI (Prohibition of Fraudulent
and Unfair Trade Practices relating
to Securities Market) Regulations,
1995 and section 77(2) and section
77A of Companies Act, 1956.
The Special Court, Mumbai, vide
order dated September 30, 2020,
dismissed SEBI’s complaint as barred
by limitation. Against the said order
of the Special Court, SEBI has filed
a revision application before the
Hon’ble High Court, Bombay and the
same is pending.
Whistle-Blower Policy
The Company promotes safe, ethical
and compliant conduct of all its
business activities and has put in place
a mechanism for reporting illegal or
unethical behaviour. The Company has
a Vigil Mechanism and Whistle-blower
policy under which the employees
are encouraged to report violations of
applicable laws and regulations and the
Code of Conduct – without fear of any
retaliation. The reportable matters may be
disclosed to the Ethics and Compliance
Task Force which operates under the
supervision of the Audit Committee.
Employees may also report violations to
the Chairman of the Audit Committee
and there was no instance of denial of
access to the Audit Committee. The Vigil
Mechanism and Whistle-blower Policy is
available on the website of the Company.
Prevention of Sexual
Harassment of Women at
Workplace
The Company is committed to provide
a work environment which ensures that
every employee is treated with dignity,
respect and afforded equal treatment.
Please refer Human Capital section of
Management Discussion and Analysis
Report, for more details.
Adoption of Mandatory and
Discretionary Requirements
The Company has complied with all
mandatory requirements of Regulation 34
of the Listing Regulations. The Company
has adopted the following discretionary
requirements of the Listing Regulations:
Audit Qualification
The Company is in the regime
of unmodified opinions on
financial statements.
Reporting of Internal Auditor
The Internal Audit Department of the
Company, co-sourced with professional
firms of Chartered Accountants, reports
directly to the Audit Committee.
Means of Communication
Quarterly results: The Company’s
quarterly / half-yearly / annual financial
results are sent to the Stock Exchanges
and published in ‘Indian Express’,
‘Financial Express’ and ‘Loksatta’.
They are also available on the website
of the Company.
News releases, presentations: Official
news releases and official media
releases are generally sent to the Stock
Exchanges and are also available on the
website of the Company.
Presentations to institutional investors
/ analysts: Detailed presentations are
made to institutional investors and
financial analysts on the Company’s
quarterly, half-yearly as well as annual
financial results and sent to the Stock
Exchanges. These presentations,
video recordings and transcript of
meetings are available on the website
of the Company. No unpublished price
sensitive information is discussed in
meeting with institutional investors and
financial analysts.
Website: The Company’s website (www.
ril.com) contains a separate dedicated
section ‘Investor Relations’ where
shareholders’ information is available.
Annual Report: The Annual Report
containing, inter alia, Audited Financial
Statement, Audited Consolidated
Financial Statement, Board’s Report,
Auditors’ Report and other important
information is circulated to the members
and others entitled thereto. The
Management Discussion and Analysis
Report forms part of the Annual Report.
The Annual Report is also available in
downloadable form on the website
of the Company.
Chairman’s Communiqué: A copy of
the Chairman’s speech is sent to all
the shareholders, whose e-mail IDs
are registered with the Company /
Depository Participants. The document
is also available on the website
of the Company.
Letters / e-mails / SMS to Investors:
The Company addressed various
investor-centric letters / e-mails to
its shareholders during the year.
This included reminders for claiming
unclaimed / unpaid dividend from
the Company; claiming shares lying in
unclaimed suspense account with the
Company; dematerialisation of shares,
updating e-mail, PAN and bank account
details. The Company has also sent a
series of focused correspondences to
the allottees of partly paid-up rights
equity shares whose shares were
credited in a separate demat suspense
account with the Company, requesting
them to furnish the requisite documents
/ information for claiming the said
shares. Further, where the mobile
numbers of the concerned shareholders
/ allottees were available, the Company
also sent SMS to them.
Print / Digital Media: During Rights
Issue, campaigns were run through
print / digital media, creating
investor awareness.
Chatbot: State of the art Chatbot
application was deployed, during the
Rights Issue and the Annual General
Meeting held in 2020, to provide instant
automated query resolution / support to
the investors / shareholders.
NSE Electronic Application Processing
System (NEAPS): NEAPS is a web-
based application designed by NSE
for corporates. All periodical and
other compliance filings are filed
electronically on NEAPS.
BSE Listing Centre (Listing Centre):
Listing Centre is a web-based
application designed by BSE for
corporates. All periodical and other
compliance filings are filed electronically
on the Listing Centre.
SEBI Complaints Redress System
(SCORES): Investor complaints are
processed at SEBI in a centralised
web-based complaints redress system.
The salient features of this system are
centralised database of all complaints,
online upload of Action Taken Reports
(ATRs) by concerned companies and
online viewing by investors of actions
taken on the complaints and their
current status.
Designated exclusive email-IDs:
The Company has designated the
following email-IDs exclusively for
investor servicing:
• For queries on Annual Report: investor.
relations@ril.com; rilagm@ril.com
• For queries in respect of
shares in physical mode:
rilinvestor@kfintech.com
Shareholders’ Feedback Survey: The
Company sends feedback form seeking
shareholders’ views on various matters
relating to investor services and Annual
Report for improvement in future.
General Shareholder
Information
Annual General Meeting
Thursday, June 24, 2021 at 2:00 p.m.
IST through Video Conferencing / Other
Audio Visual Means as set out in the
Notice convening the Annual General
Meeting. Deemed venue of the Meeting
is 3rd Floor, Maker Chambers IV, 222,
Nariman Point, Mumbai 400 021.
Dividend Payment Date
Between June 24, 2021 and June 30,
2021 for electronic transfer to the
shareholders who have furnished
bank account details to the Company
/ its Registrar.
Physical warrants shall be dispatched
to the shareholders, who have not
registered their ECS mandates.
Financial Year
April 1 to March 31
Financial Calendar
(Tentative) Results for the
quarter ending
June 30, 2021 – Fourth week of July, 2021
September 30, 2021 – Fourth week
of October, 2021
December 31, 2021 – Fourth week
of January, 2022
March 31, 2022 – Fourth
week of April, 2022
Annual General Meeting –
June / July, 2022
Listing on Stock Exchanges
Equity Shares
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
Scrip Code – 500325 / 890147
National Stock Exchange of India
Limited
Exchange Plaza, C-1, Block G,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051
Trading Symbol –
RELIANCE / RELIANCEPP
ISIN: INE002A01018 / IN9002A01024
191
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Global Depository Receipts (GDRs)
Luxembourg Stock Exchange
35A Boulevard Joseph II,
L-1840, Luxembourg
Commercial Papers
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
Overseas Depository
The Bank of New York Mellon
Corporation
240, Greenwich Street, New
York, NY 10286, USA
Payment of Listing Fees
Annual listing fee for the financial year
2021-22 has been paid by the Company
to BSE Limited and National Stock
Exchange of India Limited.
Domestic Custodian
ICICI Bank Limited
Empire Complex, 1st Floor, 414, Senapati
Bapat Marg, Lower Parel (West),
Mumbai - 400 013
Payment of Depository Fees
Annual Custody / Issuer fee is being
paid by the Company within the due
date based on invoices received from
the Depositories.
Fees Paid to the Statutory
Auditors
Total fees for all services paid by the
Company and its subsidiaries, on a
consolidated basis, to statutory auditors
of the Company and other firms in the
network entity of which the statutory
auditors are a part, during the year
ended March 31, 2021, is `59.73 crore.
Credit Rating
The Company’s financial discipline
and prudence is reflected in the
strong credit ratings ascribed by rating
agencies. There has been no revision
in credit ratings during the financial
year 2020-21. The details of the Credit
Rating are mentioned in Management
Discussion and Analysis Report.
Debentures
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
National Stock Exchange of India
Limited
Exchange Plaza, C-1, Block G,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051
Bonds
Singapore Stock Exchange
2 Shenton Way, #19- 00 SGX Centre 1,
Singapore 068804
Luxembourg Stock Exchange
35A Boulevard Joseph II,
L-1840, Luxembourg
Bonds listed on Taipei Stock Exchange
were redeemed during the year.
Stock Market Price Data
(a) Fully paid-up equity shares
Utilisation of funds raised
through issue of Non-
Convertible Debentures and
Rights Issue of equity shares
During the financial year 2020-21, the
Company issued on private placement
basis and allotted, Unsecured
Redeemable Non-Convertible
Debentures (NCDs) of face value of
`10,00,000/- (Rupees Ten lakh) each,
aggregating `24,955 crore in seven
tranches as per the terms of issue of the
respective tranches. Further, the third
tranche of `500 crore was received from
the holders of partly paid NCDs (Series
IA). The funds raised through NCDs
have been utilised for repayment of
existing borrowings and other purposes
in the ordinary course of business.
The funds raised by the Company
through Rights Issue, have been
utilised towards repayment of certain
borrowings of the Company, as stated in
the Letter of Offer.
Debenture Trustee
Axis Trustee Services Limited
The Ruby, 2nd Floor, SW,
29, Senapati Bapat Marg,
Dadar (West), Mumbai – 400 028
Tel: +91-22-62300451
Fax: +91-22-62300700
E-mail: debenturetrustee@axistrustee.in;
complaints@axistrustee.in
Website Address: www.axistrustee.in
Month
April 2020
May 2020
June 2020
July 2020
August 2020
September 2020
October 2020
November 2020
December 2020
January 2021
February 2021
March 2021
National Stock Exchange of India Limited (NSE)
BSE Limited (BSE)
High Price (`)
Low Price (`)
Volume (No.)
High Price (`)
Low Price (`)
Volume (No.)
1,494.95
1,615.00
1,804.20
2,198.80
2,196.00
2,369.35
2,309.00
2,095.00
2,038.00
2,120.00
2,152.00
2,231.90
1,045.20
1,393.00
1,475.95
1,708.05
2,000.25
2,044.25
1,991.00
1,835.10
1,855.25
1,830.00
1,848.00
1,973.70
47,37,60,747
46,20,09,690
39,76,86,864
61,65,46,940
38,32,65,064
37,87,69,234
25,98,30,368
43,22,25,361
23,27,69,277
30,00,50,658
24,11,26,674
19,41,33,230
1,495.00
1,614.85
1,804.10
2,198.70
2,195.00
2,368.80
2,309.40
2,095.35
2,037.80
2,119.80
2,152.25
2,231.00
1,044.75
1,393.65
1,475.65
1,708.75
2,001.25
2,045.35
1,990.75
1,835.00
1,856.05
1,830.00
1,845.20
1,973.05
2,05,39,292
1,83,17,840
2,20,69,670
2,93,62,534
1,72,55,541
1,69,41,796
1,09,37,428
1,78,50,068
1,09,17,366
1,76,34,405
1,71,60,448
1,01,90,776
[Source: This information is compiled from the data available on the websites of BSE and NSE]
(b) Partly paid-up equity shares
Month
April 2020*
May 2020*
June 2020*
July 2020
August 2020
September 2020
October 2020
November 2020
December 2020
January 2021
February 2021
March 2021
National Stock Exchange of India Limited (NSE)
BSE Limited (BSE)
High Price (`)
Low Price (`)
Volume (No.)
High Price (`)
Low Price (`)
Volume (No.)
-
-
895.50
1,358.70
1,294.90
1,470.00
1,416.40
1,206.70
1,139.90
1,224.40
1,272.00
1,333.30
-
-
664.40
804.90
1,100.00
1,171.20
1,122.40
961.95
1,000.00
956.65
965.00
1075.25
-
-
4,44,62,666
8,31,28,462
4,38,97,093
3,38,37,836
2,26,97,748
3,62,87,730
2,33,85,275
2,90,48,740
2,90,55,000
3,22,80,601
-
-
894.15
1,357.95
1,299.95
1,469.95
1,417.00
1,206.50
1,140.00
1,224.50
1,272.00
1,332.50
-
-
665.00
804.10
1,110.00
1,171.75
1,122.00
962.60
1,000.00
956.60
965.10
1,075.50
-
-
31,48,515
73,85,077
23,97,510
29,00,214
18,61,314
36,08,593
18,05,469
23,37,273
18,51,959
9,86,476
[Source: This information is compiled from the data available on the websites of BSE and NSE]
* The partly paid-up shares were listed on June 15, 2020
Share Price Performance in comparison to broad-based indices – BSE Sensex and NSE Nifty as on
March 31, 2021
FY 2020-21
2 Years
3 Years
5 Years
10 Years
RIL Share Performance
on BSE
Sensex
Performance
RIL Share Performance
on NSE
NIFTY
Performance
80.07%
46.96%
126.91%
283.30%
282.36%
68.01%
28.02%
50.17%
95.37%
154.61%
79.85%
46.94%
126.93%
283.30%
281.87%
70.87%
26.38%
45.26%
89.84%
151.82%
RIL’s share price on BSE and NSE has been adjusted for FY 2017-18 and the earlier years, on account of issue of bonus shares in FY 2017-18.
BSE SENSEX VS RIL SHARE PRICE
BSE SENSEX
RIL CLOSE PRICE
50,000
47,000
44,000
41,000
38,000
35,000
32,000
29,000
26,000
23,000
NSE NIFTY VS RIL SHARE PRICE
NSE NIFTY
RIL CLOSE PRICE
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
2,200
2,000
1,800
1,600
1,400
1,200
1,000
2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
192
193
Corporate Governance ReportMar 2020Apr 2020Mar 2021May 2020Jun 2020Jul 2020Aug 2020Sep 2020Oct 2020Nov 2020Dec 2020Jan 2021Feb 2021BSERILNSERILMar 2020Apr 2020Mar 2021May 2020Jun 2020Jul 2020Aug 2020Sep 2020Oct 2020Nov 2020Dec 2020Jan 2021Feb 2021Integrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Registrars and Transfer Agents
KFin Technologies Private Limited
(Formerly known as Karvy Fintech
Private Limited)
Selenium Tower B, Plot 31-32,
Gachibowli, Financial District,
Nanakramguda, Hyderabad - 500 032
Tel: +91 40 6716 1700
Toll Free No.: 1800 425 8998 (From 9:00
a.m. to 6:00 p.m.)
Fax: +91 40 67161680
E-mail: rilinvestor@kfintech.com
Website: www.kfintech.com
Share Transfer System
As mandated by SEBI, securities of
the Company can be transferred /
traded only in dematerialised form.
Shareholders holding shares in
physical form are advised to avail the
facility of dematerialisation. In this
regard, a communication encouraging
dematerialisation of shares and
explaining procedure thereof, was also
sent during the year to the concerned
shareholders of the Company.
During the year, the Company obtained,
on half-yearly basis, a certificate from
a Company Secretary in Practice,
certifying that all certificates for
transfer, transmission, sub-division,
consolidation, renewal, exchange
and deletion of names, were issued
as required under Regulation 40(9) of
the Listing Regulations read with SEBI
Circular no. SEBI/HO/MIRSD/RTAMB/
CIR/P/2020/59, dated April 13, 2020.
These certificates were duly filed with
the Stock Exchanges.
Shareholding Pattern as on March 31, 2021
Category of shareholder
Number of
shareholders
Total number
of shares (Fully
paid-up)
Total number of
shares (Partly
paid-up)
Total number
of shares (Fully
paid-up & Partly
paid-up)
% of total
number of
shares (A+B+C)
Sr.
No.
(A)
Shareholding of Promoter
and Promoter Group
Indian
Foreign
(1)
(2)
Total Shareholding of Promoter
and Promoter Group
Public Shareholding
(B)
Institutions
(1)
Non-institutions
(2)
Total Public Shareholding
(C) Non-Promoter Non-Public
Shares held by Custodian(s)
(1)
against which Depository Receipts
have been issued
Total shares held by Non-
Promoter Non-Public
Total (A) + (B) + (C)
52*
0
52
309,80,84,968
0
309,80,84,968
22,50,30,013
0
332,31,14,981
0
22,50,30,013 332,31,14,981
2,204
30,29,019
30,31,223
237,49,33,270
67,38,89,550
304,88,22,820
15,30,89,811
4,45,07,070
252,80,23,081
71,83,96,620
19,75,96,881 3,24,64,19,701
1
1
19,25,34,132
19,25,34,132
0
0
19,25,34,132
49.14
0.00
49.14
37.39
10.62
48.01
2.85
30,31,276
633,94,41,920
42,26,26,894 6,76,20,68,814
100.00
* As per disclosure under Regulation 30(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, furnished by the promoters.
CATEGORY-WISE SHAREHOLDING (%)
INSTITUTIONS
PROMOTERS
NON-INSTITUTIONS
GDR HOLDERS
2.85
10.62
49.14
37.39
Distribution of shareholding by size as on March 31, 2021
Dematerialisation of Shares
Mode of Holding
Fully paid-up (%) Partly paid-up (%)
NSDL
CDSL
Physical
Total
95.99
2.99
1.02
100.00
96.68
3.32
0.00
100.00
Build-Up of Equity Share Capital
The statement showing build-up of equity share capital is available on the website
of the Company.
Corporate Benefits to Investors
(A) Dividend declared for the last 10 Years
Financial Year
Date of
Dividend Declaration
Dividend per Equity Share of
`10/- each (`)
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
June 3, 2011
June 7, 2012
June 6, 2013
June 18, 2014
June 12, 2015
March 10, 2016
July 21, 2017
July 5, 2018 (post bonus issue 1:1)
August 12, 2019
July 15, 2020
8.00
8.50
9.00
9.50
10.00
10.50
11.00
6.00
6.50
6.50 (Pro-rata dividend
of `1.625 on each partly
paid-up equity share)
1980-81
1983-84
1997-98
2009-10
2017-18
Ratio
3:5
6:10
1:1
1:1
1:1
Liquidity
The Company’s Equity Shares are among the most liquid and actively traded
shares on the Indian Stock Exchanges. RIL shares consistently rank among the
top few frequently traded shares, both in terms of the number of shares traded
as well as value.
Relevant data for the average daily turnover for the financial year 2020-21
is given below:
Fully paid-up
Partly paid-up
Particulars
Shares (Nos.)
Value (` in crore)
BSE
NSE
Total
BSE
NSE
Total
8,40,069 1,75,58,932 1,83,99,001 1,40,012 18,71,689 20,11,701
158.03
3,284.70
3,442.73
15.52
207.78
223.30
0
2.85
Financial Year
(B) Bonus issues of fully paid-up Equity Shares
Fully paid-up
Partly paid-up
Total
[Source: This information is compiled from the data available on the websites of BSE and NSE]
Category (Shares)
Upto 500
501 - 1000
1001 - 5000
5001 - 10000
10001 - 20000
Above 20000
TOTAL
194
Holders
Shares
Holders
Shares
27,58,294
1,10,145
85,463
7,283
2,747
2,836
19,92,75,909
7,83,96,413
16,83,39,298
5,02,24,987
3,79,74,556
5,80,52,30,757
29,66,768 6,33,94,41,920
4,96,665
5,352
3,687
419
211
445
1,73,92,696
38,08,597
73,56,595
29,62,311
29,95,054
38,81,11,641
5,06,779 42,26,26,894
Shares
Holders
(Unique)
28,10,595
1,14,903
91,578
7,978
3,079
3,143
20,33,26,643
8,12,05,167
17,97,17,244
5,45,90,972
4,21,82,187
6,20,10,46,601
30,31,276 6,76,20,68,814
% of total
Shares
3.01
1.20
2.66
0.81
0.62
91.70
100.00
Outstanding Global Depository Receipts (GDRs) / Warrants and
Convertible Bonds, Conversion Date and likely impact on Equity
GDRs: Outstanding GDRs as on March 31, 2021 represent 19,25,34,132 equity
shares constituting 2.85% of Company’s paid-up Equity Share Capital. Each GDR
represents two underlying equity shares in the Company. GDR is not a specific
time-bound instrument and can be surrendered at any time and converted into the
underlying equity shares in the Company. The shares so released in favour of the
investors upon surrender of GDRs can
either be held by investors concerned
in their name or sold off in the Indian
secondary markets for cash. To the
extent of shares so sold in the Indian
markets, GDRs can be reissued under the
available head-room.
There are no outstanding warrants
or convertible bonds having any
impact on equity.
RIL GDR Programme
The Global Depository Receipts of the
Company are listed on Luxembourg
Stock Exchange and are traded on
the International Order Book (London
Stock Exchange) and amongst
qualified institutional investors on the
over-the-counter market in the United
States of America.
RIL GDRs are exempted securities under
US Securities Law. RIL GDR programme
has been established under Rule 144A
and Regulation S of the US Securities
Act, 1933. Reporting is done under the
exempted route of Rule 12g3-2(b) under
the US Securities Exchange Act, 1934.
The Bank of New York Mellon is an
Overseas Depository and ICICI Bank
Limited is the Domestic Custodian of all
the equity shares underlying the GDRs
issued by the Company.
Employee Stock Options
Particulars with regard to Employees’
Stock Options are available on the
website of the Company.
Commodity Price Risks /
Foreign Exchange Risk and
Hedging Activities
The Company is subject to commodity price
risks due to fluctuation in prices of crude oil,
gas, refinery and petrochemical products.
Also, Company’s payables and receivables
are partly in foreign currencies and due to
fluctuations in foreign exchange rates, it is
subject to Currency risks. The Company
has in place a robust risk management
framework for identification and monitoring
and mitigation of commodity price and
foreign exchange risks. The risks are tracked
and monitored on a regular basis and
mitigation strategies are adopted in line
with the risk management framework. For
further details on the above risks, please
refer the Enterprise Risk Management
195
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited section of the Management Discussion
and Analysis Report.
Risk Management Policy
with respect to Commodities
including through Hedging
• Commodities Exposure
The Company is exposed to price
volatility on various Petroleum,
Petrochemical and other Energy
related commodities, as part of its
business operations. Due to the
dynamic markets, prices of such
Commodities fluctuate and can
result in Margin Risk. This policy
prescribes the guidelines for
hedging Commodities Price risks.
• Hedging Policy
Exposures are identified and
measured across the Company
so that appropriate hedging
can be done on a net basis. For
Commodities hedging, there
exist Over The Counter (OTC)
and Exchange markets that offer
financial instruments (derivatives),
that enable managing the Price risk.
Strategic decisions regarding the
timing and the usage of derivatives
instruments such as Swaps / Futures
/ Options, are taken based on various
factors including market conditions,
physical inventories, macro-economic
situation. These decisions and
execution are done in line with the
Board approved Commodities Risk
Management framework. The Risk
Management Committee has oversight
on all hedging actions taken.
More details on Risk Management
are covered under the Enterprise
Risk Management section of the
Management Discussion and
Analysis Report.
Exposure of the Company to commodity risks, which are material is as
under:
Commodity Name
Crude
Middle Distillates
Light Distillates
Polymer
Petchem Intermediate
Polyester
Total
Exposure
towards
the
particular
commodity
(` in crore)
1,47,263
76,650
43,061
51,398
32,484
17,620
Exposure
in quantity
terms
towards
the
particular
commodity
(in 1000
Metric Ton)
65,421
27,523
13,687
6,149
7,157
2,384
3,68,476 1,22,321
% of such exposure hedged
through commodity derivatives
Domestic
market
International
market
Total
OTC Exchange OTC Exchange*
-
-
-
-
-
-
- 19.4
- 39.2
1.8
-
-
-
0.0
-
-
-
45.2 64.6
29.2 68.4
41.9 43.7
-
0.1
-
-
0.1
-
* Includes OTC transactions cleared through International Exchanges.
Plant Locations in India
Oil to Chemicals
DTA Jamnagar Refinery
Village Meghpar / Padana,
Taluka Lalpur, Jamnagar – 361 280,
Gujarat, India
Dahej Manufacturing Division
P. O. Dahej – 392 130, Taluka: Vagra,
District Bharuch, Gujarat, India
Vadodara Manufacturing Division
P. O. Petrochemicals,
Vadodara – 391 346, Gujarat, India
SEZ Jamnagar Refinery
Unit of Reliance Jamnagar SEZ Village
Meghpar / Padana, Taluka Lalpur,
Jamnagar – 361 280, Gujarat, India
Patalganga Manufacturing Division
B-1 to B-5 & A3, MIDC Industrial Area,
Patalganga – 410 220, District Raigad,
Maharashtra, India
Hazira Manufacturing Division
Village Mora, P. O. Bhatha, Surat-Hazira
Road, Surat – 394 510, Gujarat, India
Nagothane Manufacturing Division
P. O. Petrochemicals Township,
Nagothane – 402 125, Roha Taluka,
District Raigad, Maharashtra, India
Silvassa Manufacturing Division
342, Kharadpada, P. O. Naroli – 396 235,
Union Territory of Dadra and
Nagar Haveli, India
Barabanki Manufacturing Division
Dewa Road, P. O. Somaiya
Nagar, Barabanki – 225 123,
Uttar Pradesh, India
Hoshiarpur Manufacturing
Division
Dharamshala Road, V. P. O. Chohal,
District Hoshiarpur – 146 024,
Punjab, India
Oil & Gas
KG D6
Village Gadimoga, Tallarevu Mandal,
East Godavari District – 533 463, Andhra
Pradesh, India Coal Bed Methane
Coal Based Methane
Village & P. O.: Lalpur, Tehsil: Burhar,
District Shahdol, Madhya Pradesh
– 484 110, India
Composites
Vadodara Composites Division
Vadodara - Halol Expressway, Village -
Asoj, Taluka – Waghodia,
Vadodara – 391 510, Gujarat, India
Textiles
Naroda Manufacturing Division
103 / 106, Naroda Industrial
Estate, Naroda,
Ahmedabad – 382 330, Gujarat, India
Address for Correspondence
For shares held in physical form
KFin Technologies Private Limited
(Formerly known as Karvy Fintech
Private Limited)
Selenium Tower B, Plot
31-32, Gachibowli Financial District,
Nanakramguda, Hyderabad - 500 032
Tel: +91 40 6716 1700
Toll Free No.: 1800 425 8998 (From 9:00
a.m. to 6:00 p.m.)
Fax: +91 40 67161680
E-mail: rilinvestor@kfintech.com
Website: www.kfintech.com
For shares held in demat form
Investors’ concerned Depository
Participant(s) and / or KFin Technologies
Private Limited.
Any query on the
Annual Report
Smt. Savithri Parekh
Joint Company Secretary and
Compliance Officer
Reliance Industries Limited
3rd Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai - 400 021
E-mail: investor.relations@ril.com;
rilagm@ril.com
Transfer of Unpaid /
Unclaimed Amounts and
Shares to Investor Education
and Protection Fund
During the year, the Company has
credited `28.87 crore to the Investor
Education and Protection Fund (IEPF)
pursuant to the provisions of the
Companies Act, 2013. The cumulative
amount transferred by the Company to
IEPF up to March 31, 2021 is `271 crore.
In accordance with the provisions of the
Companies Act, 2013 and relaxation
granted by the IEPF Authority, the
Company has transferred 10,12,789
equity shares of `10/- each, to the credit
of the IEPF Authority, on December
21, 2020, in respect of which dividend
had not been paid or claimed by the
members for seven consecutive years
or more as on the cut-off date, i.e. July
12, 2020. The Company has initiated
necessary action for transfer of shares
in respect of which dividend has not
been paid or claimed by the members
consecutively since FY 2013-14.
The Company has uploaded on its
website, the details of unpaid and
unclaimed amounts lying with the
Company as on March 31, 2021.
Details of shares transferred to the IEPF
Authority during financial year 2020-21
are also available on the website
of the Company.
The Company has also uploaded these
details on the website of the IEPF
Authority (www.iepf.gov.in).
The voting rights on the shares
transferred to the IEPF Authority shall
remain frozen till the rightful owner
claims the shares.
Due dates for transfer to IEPF, of
unclaimed / unpaid dividends for the
financial year 2013-14 and thereafter:
FY ended
March 31, 2014
March 31, 2015
March 31, 2016
March 31, 2017
March 31, 2018
March 31, 2019
March 31, 2020
Declaration Date
Due Date
June 18, 2014
June 12, 2015
March 10, 2016
July 21, 2017
July 5, 2018
August 12, 2019
July 15, 2020
July 24, 2021
July 18, 2022
April 15, 2023
August 26, 2024
August 4, 2025
September 11, 2026
August 14, 2027
Equity Shares in the Unclaimed Suspense Account
In terms of Regulation 39 of the Listing Regulations, details of the equity shares lying in the Unclaimed Suspense Account
are as follows:
Particulars
Aggregate number of shareholders and the outstanding shares in the
Unclaimed Suspense Account lying as on April 1, 2020
Less: Number of shareholders who approached the Company for
transfer of shares (which number is the same as shares transferred
from Unclaimed Suspense Account during the year)
Add: Number of shareholders and aggregate number of shares
transferred to the Unclaimed Suspense Account during the year*
Less: Number of shares transferred to IEPF Authority during the year
Aggregate number of shareholders and the outstanding shares in
the Unclaimed Suspense Account lying as on March 31, 2021
Issued in demat form
Issued in physical form
No. of
shareholders
No. of
equity shares
96
2,616
0
0
0
0
0
0
No. of
shareholders
(phase-wise
transfers)
78,889
No. of
equity shares
74,32,768
2,546
3,18,039
1
72
1,636
71,255
96
2,616
74,708
70,43,546
The voting rights on the shares in the Unclaimed Suspense Account shall remain frozen till the rightful owner claim the shares.
* IEPF Authority has erroneously credited 72 shares to the Unclaimed Suspense Account instead of crediting claimant’s demat account. The matter
has been taken up with the IEPF Authority to rectify this transaction.
196
197
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Weblinks for the matters referred in this Report are as under:
Compliance of Corporate Governance requirements specified in Regulation 17 to 27 and
Regulation 46(2)(b) to (i) of the Listing Regulations
Website link
Sr.
No.
Particulars
Regulation
https://www.ril.com/DownloadFiles/IRStatutory/Code-of-Conduct.pdf
1
Board of Directors
17
Compliance
Status
Yes / No / N.A.
Yes
Particulars
Policies and Code
Code of Conduct
Our Code
Familarisation Programme for
Independent Directors
Remuneration Policy for Directors, Key
Managerial Personnel and other employees
Policy for selection of Directors and determining
Directors’ independence
Policy for determining Material Subsidiaries
Policy on Materiality of Related Party
Transactions and on dealing with Related
Party Transactions
Policy on Determination and Disclosure of
Materiality of Events and Information and Web
Archival Policy
Vigil Mechanism and Whistle- Blower Policy
Reports
Quarterly, Half-yearly and Annual Financial
Results (from 2002 to 2021)
Presentation to institutional investors and
analysts (from 1999 to 2021)
http://www.ril.com/DownloadFiles/IRStatutory/ourcode.pdf
https://www.ril.com/InvestorRelations/Downloads.aspx
http://www.ril.com/DownloadFiles/IRStatutory/Remuneration-Policy-for-Directors.pdf
http://www.ril.com/DownloadFiles/IRStatutory/Policy-for-Selection-of-Directors.pdf
http://www.ril.com/DownloadFiles/IRStatutory/Material-Subsidiaries.pdf
http://www.ril.com/DownloadFiles/IRStatutory/Policy-on-Materiality-of-RPT.pdf
http://www.ril.com/DownloadFiles/IRStatutory/MaterialityPolicy.pdf
http://www.ril.com/DownloadFiles/IRStatutory/Vigil-Mechanism-and-Whistle-
Blower-Policy.pdf
http://www.ril.com/InvestorRelations/FinancialReporting.aspx
http://www.ril.com/InvestorRelations/FinancialReporting.aspx
Annual Report (from 1976 to 2021)
http://www.ril.com/InvestorRelations/FinancialReporting.aspx
Chairman’s Communication (from 2002 to 2021) http://www.ril.com/InvestorRelations/Chairman-Communication.aspx
Sustainability Reports
Shareholder Information
Composition of Board of Directors and
Profile of Directors
Composition of various Committees of the Board
and their terms of reference
ESOS Disclosure under SEBI (Share Based
Employee Benefits) Regulations, 2014 as
on March 31, 2021
Details of unpaid and unclaimed amounts
lying with the Company as on date of last
Annual General Meeting (i.e. July 15, 2020)
and details of shares transferred to IEPF during
financial year 2020-21.
http://www.ril.com/Sustainability/CorporateSustainability.aspx
http://www.ril.com/OurCompany/Leadership/BoardOfDirectors.aspx
http://www.ril.com/OurCompany/Leadership/BoardCommittees.aspx
https://www.ril.com/DownloadFiles/IRStatutory/ESOS-2006-Disclosure-2020-21.pdf
https://www.ril.com/DownloadFiles/IRStatutory/ESOS-2017-Disclosure-2020-21.pdf
http://www.ril.com/InvestorRelations/ShareholdersInformation.aspx
Secretarial Audit Report of Material
Unlisted Subsidiary
https://www.ril.com/DownloadFiles/IRStatutory/Secretarial-Audit-Reports-of-material-
subsidiaries-2020-21.pdf
Build-up of Equity Share Capital
https://www.ril.com/DownloadFiles/IRStatutory/Build-up-of-Equity-Share-Capital.pdf
Shareholders’ Referencer
Investor Contacts
http://www.ril.com/DownloadFiles/IRForms/Shareholders-Referencer.pdf
https://www.ril.com/InvestorRelations/Investor-Contacts.aspx
198
Key Compliance observed
• Composition and Appointment of Directors
• Meetings and quorum
• Review of compliance reports
• Plans for orderly succession
• Code of Conduct
• Fees / compensation to Non-Executive Directors
• Minimum information to be placed before the Board
• Compliance Certificate by Chief Executive Officer and Chief
Financial Officer
• Risk management plan, risk assessment and
minimisation procedures
• Performance evaluation of Independent Directors
• Recommendation of Board for each item of special business
• Directorships in listed entities
• Composition
• Meetings and quorum
• Chairperson present at Annual General Meeting
• Role of the Committee
• Meetings and quorum
• Chairperson present at Annual General Meeting
• Role of the Committee
• Composition
• Meetings
• Chairperson present at Annual General Meeting
• Role of the Committee
• Composition
• Meetings
• Role of the Committee
2 Maximum Number
of Directorships
3
Audit Committee
17A
18
Yes
Yes
Nomination and
Remuneration Committee
19
Yes
• Composition
4
5
Stakeholders
Relationship Committee
20
Yes
6
Risk Management Committee
21
Yes
7
Vigil Mechanism
22
Yes
• Vigil Mechanism and Whistle-Blower Policy for
Directors and employees
• Adequate safeguards against victimisation
• Direct access to the Chairperson of Audit Committee
8
Related party transactions
23
Yes
• Policy on Materiality of related party transactions and dealing
9
Subsidiaries of the Company
24
Yes
10 Secretarial Audit
24A
Yes
with related party transactions
• Prior approval including omnibus approval of Audit Committee
for related party transactions
• Periodical review of related party transactions
• Disclosure on related party transactions
• Appointment of Company’s Independent Director on the
Board of unlisted material subsidiaries
• Review of financial statements and investments of unlisted
subsidiaries by the Audit Committee
• Minutes of the Board of Directors of the unlisted subsidiaries
are placed at the meeting of the Board of Directors
• Significant transactions and arrangements of unlisted
subsidiaries are placed at the meeting of the Board of Directors
• Secretarial Audit of the Company
• Secretarial Audit of material unlisted subsidiaries
incorporated in India
• Annual Secretarial Compliance Report
199
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Sr.
No.
Particulars
Regulation
11 Obligations with respect to
Independent Directors
25
Compliance
Status
Yes / No / N.A.
Yes
Key Compliance observed
• Tenure of Independent Directors
• Meetings of Independent Directors
12 Obligations with respect to
employees including Senior
Management, Key Managerial
Persons, Directors and Promoters
26
Yes
13 Other Corporate
27
Yes
Governance requirements
• Cessation and appointment of Independent Directors
• Familiarisation of Independent Directors
• Declaration from Independent Director that he / she meets
the criteria of independence are placed at the meeting of
Board of Directors
• Directors and Officers insurance for all the Independent Directors
• Memberships / Chairmanships in Committees
• Affirmation on compliance with Code of Conduct by Directors
and Senior Management
• Disclosure of shareholding by Non-Executive Directors
• Disclosures by Senior Management about potential
conflicts of interest
• No agreement with regard to compensation or profit sharing in
connection with dealings in securities of the Company by Key
Managerial Personnel, Director and Promoter
• Compliance with discretionary requirements
• Filing of quarterly, half-yearly and yearly compliance report on
Corporate Governance
14 Website
46(2)(b) to (i) Yes
• Terms and conditions of appointment of Independent Directors
• Composition of various Committees of the Board of Directors
• Code of Conduct of Board of Directors and Senior
Management Personnel
• Details of establishment of Vigil Mechanism /
Whistle-blower policy
• Criteria of making payments to Non-Executive Directors
• Policy on dealing with related party transactions
• Policy for determining material subsidiaries
• Details of familiarisation programmes imparted to
Independent Directors
No Disqualification
Certificate from Company
Secretary in Practice
Certificate from Dr. K. R. Chandratre,
Practising Company Secretary,
confirming that none of the Directors on
the Board of the Company have been
debarred or disqualified from being
appointed or continuing as directors
of companies by the SEBI, Ministry of
Corporate Affairs or any such other
Statutory Authority, as stipulated
under Regulation 34(3) of the Listing
Regulations, is attached to this Report.
CEO and CFO Certification
The Chairman and Managing Director
(CMD) and the Chief Financial Officer
(CFO) of the Company give annual
certification on financial reporting
and internal controls to the Board in
terms of Regulation 17(8) of the Listing
Regulations, copy of which is attached
to this Report. The CMD and the
CFO also give quarterly certification
on financial results while placing the
financial results before the Board
in terms of Regulation 33(2) of the
Listing Regulations.
Compliance Certificate of
the Auditors
Certificate from the Company’s
Auditors, S R B C & CO LLP and D T S &
Associates LLP, Chartered Accountants,
confirming compliance with conditions
of Corporate Governance, as stipulated
under Regulation 34 of the Listing
Regulations, is attached to this Report.
Certificate on Compliance
with Code of Conduct
I hereby confirm that the Company
has obtained from all the members of
the Board and Senior Management
Personnel, the affirmation that they
have complied with the ‘Code of
Conduct’ and ‘Our Code’ in respect of
the financial year 2020-21.
Mukesh D. Ambani
Chairman and Managing Director
April 30, 2021
No Disqualification Certificate from Company Secretary in Practice
(Pursuant to Regulation 34(3) read with Schedule V Para-C Clause 10(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To:
The Members
Reliance Industries Limited
3rd Floor, Maker Chambers IV, 222
Nariman Point, Mumbai - 400 021.
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Reliance
Industries Limited having CIN L17110MH1973PLC019786 and having registered office at 3rd Floor, Maker Chambers IV, 222,
Nariman Point, Mumbai 400021 Maharashtra, India (hereinafter referred to as ‘the Company’), produced before me by the
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Clause
10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company & its
officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the financial year ending
on 31 March 2021, have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr.
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Name of Director
Mukesh Dhirubhai Ambani
Yogendra Premkrishna Trivedi
Dipak Chand Jain
Raghunath Anant Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Shumeet Banerji
Arundhati Bhattacharya
Veerayya Chowdary Kosaraju
10.
11.
12.
Nita Mukesh Ambani
Nikhil Rasiklal Meswani
Hital Rasiklal Meswani
13. Madhusudana Sivaprasad Panda
14.
Pawan Kumar Kapil
DIN
Date of appointment in the
Company
00001695
00001879
00228513
00074119
06646490
07175393
02787784
02011213
08485334
03115198
00001620
00001623
00012144
02460200
01.04.1977
16.04.1992
04.08.2005
09.06.2007
20.12.2013
12.06.2015
21.07.2017
17.10.2018
18.10.2019
18.06.2014
26.06.1986
04.08.1995
21.08.2009
16.05.2010
Ensuring the eligibility of the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. My responsibility is to express an opinion on these, based on my verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
Dr. K. R. Chandratre
FCS No. 1370, C. P. No.: 5144
Place: Pune
Date: 30 April 2021
UDIN: F001370C000220325
Peer Review Certificate No.: 463/2016
200
201
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited CEO / CFO Certificate
Under Regulation 17(8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015
Independent Auditor’s Certificate on Compliance with the Conditions of Corporate
Governance as per Provisions of Chapter IV of Securities and Exchange Board of India
(Listing Obligations and Disclosure requirements) Regulations, 2015, (as amended)
To,
The Board of Directors
Reliance Industries Limited
1.
We have reviewed financial statements and the cash flow statement of Reliance Industries Limited (“the Company”) for the
year ended March 31, 2021 and to the best of our knowledge and belief:
i.
ii.
these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violative of the Company’s Code of Conduct.
We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of Company’s internal control systems pertaining to financial reporting. We have not come across any
reportable deficiencies in the design or operation of such internal controls.
2.
3.
4.
We have indicated to the Auditors and the Audit Committee that:
i.
there are no significant changes in internal controls over financial reporting during the year;
ii.
there are no significant changes in accounting policies during the year; and
iii.
there are no instances of significant fraud of which we have become aware.
Mukesh D. Ambani
Chairman and Managing Director
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
April 29, 2021
202
To the Members
Reliance Industries Limited
3rd Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai - 400021, India
1. The Corporate Governance Report
prepared by Reliance Industries
Limited (“the Company”), contains
details as stipulated in regulations 17
to 27, clauses (b) to (i) of regulation
46(2) and para C and D of Schedule
V of Securities and Exchange
Board of India (Listing Obligations
and Disclosure Requirements)
Regulations, 2015, as amended (“the
Listing Regulations”) (‘applicable
criteria’) with respect to Corporate
Governance for the year ended
March 31, 2021. This report is
required by the Company for annual
submission to the Stock exchange
and to be sent to the Shareholders
of the Company.
Management’s Responsibility
2. The preparation of the Corporate
Governance Report is the
responsibility of the Management
of the Company including the
preparation and maintenance of all
relevant supporting records and
documents. This responsibility also
includes the design, implementation
and maintenance of internal control
relevant to the preparation and
presentation of the Corporate
Governance Report.
3. The Management along with
the Board of Directors are also
responsible for ensuring that
the Company complies with the
conditions of Corporate Governance
as stipulated in the Listing
Regulations, issued by the Securities
and Exchange Board of India.
Auditor’s Responsibility
4. Our responsibility is to provide a
reasonable assurance in the form of
an opinion whether the Company
has complied with the condition of
Corporate Governance, as stipulated
in the Listing Regulations.
5. We conducted our examination of
the Corporate Governance Report
in accordance with the Guidance
Note on Reports or Certificates for
Special Purposes (Revised 2016) and
the Guidance Note on Certification
of Corporate Governance, both
issued by the Institute of Chartered
Accountants of India (“ICAI”). The
Guidance Note on Reports or
Certificates for Special Purposes
(Revised 2016) requires that we
comply with the ethical requirements
of the Code of Ethics issued by ICAI.
6. We have complied with the relevant
applicable requirements of the
Standard on Quality Control (SQC)
1, Quality Control for Firms that
Perform Audits and Reviews of
Historical Financial Information,
and Other Assurance and Related
Services Engagements.
7. The procedures selected depend
on the auditor’s judgement,
including the assessment of the
risks associated in compliance of
the Corporate Governance Report
with the applicable criteria. The
procedures includes but not limited
to verification of secretarial records
and financial information of the
Company and obtained necessary
representations and declarations
from directors including independent
directors of the Company.
8. The procedures also include
examining evidence supporting
the particulars in the Corporate
Governance Report on a test
basis. Further, our scope of work
under this report did not involve
us performing audit tests for the
purposes of expressing an opinion
on the fairness or accuracy of any
of the financial information or the
financial statements of the Company
taken as a whole.
Opinion
9. Based on the procedures performed
by us as referred in paragraph 7
and 8 above and according to the
information and explanations given
to us, we are of the opinion that the
Company has complied with the
conditions of Corporate Governance
as stipulated in the Listing
Regulations, as applicable for the
year ended March 31, 2021, referred
to in paragraph 1 above.
Other Matters and Restriction
on use
10. This report is neither an assurance
as to the future viability of the
Company nor the efficiency or
effectiveness with which the
management has conducted the
affairs of the Company.
11. This report is addressed to and
provided to the members of the
Company solely for the purpose
of enabling it to comply with its
obligations under the Listing
Regulations and should not be used
by any other person or for any other
purpose. Accordingly, we do not
accept or assume any liability or any
duty of care or for any other purpose
or to any other party to whom it is
shown or into whose hands it may
come without our prior consent in
writing. We have no responsibility
to update this report for events and
circumstances occurring after the
date of this report.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Reg. number: 142412W/ W100595 ICAI Firm Reg. number: 324982E/E300003
For S R B C & CO LLP
Chartered Accountants
per T P Ostwal
Partner
Membership No.: 030848
UDIN: 21030848AAAAAS1137
Place: Mumbai
Date: April 30, 2021
per Vikas Kumar Pansari
Partner
Membership No.: 093649
UDIN: 21093649AAAABF8338
Place: Mumbai
Date: April 30, 2021
203
Corporate Governance ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Board’s Report
Dear Members,
The Board of Directors present the Company’s Forty-fourth Annual Report (Post- IPO) and the Company’s audited financial
statements for the financial year ended March 31, 2021.
Financial Results
The Company’s financial performance (standalone and consolidated) for the year ended March 31, 2021 is summarised below:
Standalone
Consolidated
2020-21
2019-20
2020-21
2019-20
`
crore
US$
million*
`
crore
US$
million*
`
crore
US$
million*
`
crore
US$
million*
Profit Before Tax (Before Exceptional Item)
Current Tax
Deferred Tax
Profit For The Year (Before Exceptional Item)
Exceptional Item (net of tax) ^
Profit For The Year
Net Profit attributable to Non-Controlling Interest
Net Profit Attributable to Owners of the Company
Balance in Retained Earnings
Pursuant to Scheme of Arrangement #
Fresh issue of equity by subsidiaries #
Sub-Total
Appropriations
Transferred to Statutory Reserve
Transferred to Profit & Loss A/c ^
Transferred to Capital Redemption Reserve
Transferred (to)/from Debenture Redemption Reserve
Transferred (to)/from Special Economic Zone
Reinvestment Reserve
Dividend on Equity Shares
Tax on dividend
Closing Balance
589
3,133
-
647
22,908
-
4,732
27,640
4,304
31,944
-
31,944
14,146
32,416
-
44,561
(7,200)
(2,213)
3,780 35,148
(4,245)
4,369 30,903
-
4,369 30,903
26,808
3,141
4,434 (33,481)
-
78,506 11,944 24,230
-
-
6,814
(302)
66
5,889
(952)
(292)
4,645
(561)
4,084
-
4,084
4,815
(4,425)
49,819
(2,205)
483
48,097
5,642
53,739
(4,611)
49,128
32,972
(728)
58,050
(8,630)
(5,096)
6,578 44,324
772 (4,444)
7,350 39,880
(526)
(631)
6,719 39,354
12,330
4,766
(8,496)
(99)
-
- 1,18,170 16,163
4,474 1,99,542 27,549 43,188
-
(33,217)
-
-
525
-
(4,543)
-
-
72
-
-
-
-
(5,500)
-
-
-
-
(727)
(128)
-
-
41
525
(18)
-
-
6
72
(77)
-
(40)
(15)
(5,500)
(3,921)
-
41,893
(536)
-
(3,852)
(732)
6,937 14,146
(509)
(97)
(3,852)
(732)
3,141 1,96,059 27,073 32,972
(3,921)
-
(536)
-
7,672
(1,141)
(673)
5,858
(587)
5,271
(70)
5,201
2,038
(1,123)
-
6,116
(10)
-
(5)
(2)
(727)
(509)
(97)
4,766
Figures in brackets represent deductions.
* 1 US$ = `73.110 Exchange Rate as on March 31, 2021 (1 US$ = `75.665 as on March 31, 2020).
^ Refer Note 31 of the Standalone Financial Statement and Note 29 of the Consolidated Financial Statement.
# Refer Note 14 of the Standalone and Consolidated Financial Statement.
Results of Operations and
the state of Company’s
affairs
The Highlights of the Company’s
performance (Standalone) for
the year ended March 31, 2021
are as under:
• Value of Sales and services was
`2,78,940 crore (US$ 38.2 billion)
• Exports for the year was `1,45,143
crore (US$ 19.9 billion)
• EBITDA for the year was `48,318
crore (US$ 6.6 billion)
• Cash Profit for the year was `36,411
crore (US$ 5.0 billion)
• Net Profit for the year was `31,944
crore (US$ 4.4 billion)
Financial Performance
(Consolidated)
• Value of Sales and services was
`5,39,238 crore (US$ 73.8 billion)
• EBITDA for the year was `97,580
crore (US$ 13.3 billion)
• Cash Profit for the year was `79,828
crore (US$ 10.9 billion)
• Net Profit for the year was `53,739
crore (US$ 7.4 billion)
Dividend
The Board of Directors has
recommended a dividend of `7/-
(Rupees Seven only) per equity share of
`10/- (Ten rupees) each fully paid-up of
the Company (last year `6.50 per equity
share of `10/- each). Pro-rata dividend
shall be paid in proportion to the
paid-up value of the partly paid equity
shares. Dividend is subject to approval
of members at the ensuing annual
general meeting and shall be subject to
deduction of income tax at source.
The dividend recommended is in
accordance with the Company’s
Dividend Distribution Policy. The
Dividend Distribution Policy of
the Company is annexed herewith
and marked as Annexure I to this
Report and the same is available
on the Company’s website and can
be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/Dividend-
Distribution-Policy.pdf
204
Details of material changes
from the end of the financial
year
The outbreak of corona virus
(COVID-19) pandemic globally and in
India is causing significant disturbance
and slowdown of economic activity.
Operations and revenue have been
impacted due to COVID-19.
Material events during the
year under review
Rights issue of Equity Shares
During the year under review, the
Company had issued and allotted
42,26,26,894 partly paid-up equity
shares of `10/- each of the Company
on rights basis, in the ratio of 1 equity
share for every 15 equity shares held,
to eligible equity shareholders of the
Company at an issue price of `1,257/-
per fully paid-up equity share (including
a premium of `1,247/- per equity share).
An amount equivalent to 25% of the
issue price viz. `314.25 per equity share
was received on application.
In accordance with the terms of
issue, the Board of Directors in its
meeting held on March 26, 2021
made the following two calls on the
aforesaid equity shares:
(a) First call of `314.25 per partly paid
equity share (comprising `2.50
towards face value and `311.75
towards securities premium),
payable during the period from
May 17, 2021 to May 31, 2021, both
days inclusive; and
(b) Second & final call of `628.50
per partly paid equity share
(comprising `5.00 towards face
value and `623.50 towards
securities premium), payable during
the period from November 15,
2021 to November 29, 2021, both
days inclusive.
The funds raised by the Company
through Rights Issue, have been utilised
for the objects stated in the Letter of
Offer, dated May 15, 2020, towards
repayment of certain borrowings
of the Company.
Issue of Debentures
The Company had issued and
allotted on private placement basis,
unsecured redeemable non-convertible
debentures (NCDs) aggregating
`24,955 crore. Further, during the year,
the Company received payment of
3rd tranche, aggregating `500 crore,
from the holders of partly paid listed
unsecured redeemable non-convertible
debentures (PPD Series-IA). The funds
raised through NCDs have been utilised
for repayment of existing borrowings
and other purposes in the ordinary
course of business.
Scheme of Amalgamation of
Reliance Holding USA Inc.,
Reliance Energy Generation and
Distribution Limited with the
Company
A composite scheme of amalgamation
and plan of merger amongst Reliance
Holding USA Inc. (“RHUSA”), Reliance
Energy Generation and Distribution
Limited (“REGDL”) and the Company
(the “Scheme”), which provided for
merger of RHUSA with REGDL and
merger of REGDL with the Company,
was approved by the Hon’ble National
Company Law Tribunal, Mumbai Bench
and the Scheme became effective from
August 21, 2020. Both RHUSA and
REGDL were wholly owned subsidiaries
of the Company.
Scheme of Arrangement
Between the Company and
Reliance O2C Limited
The Board of Directors of the
Company had approved a scheme
of arrangement between (i) the
Company, its shareholders and
creditors, and (ii) Reliance O2C Limited
and its shareholders and creditors
(the “Scheme”). The Scheme, inter
alia, provides for transfer of the oil-
to-chemicals (“O2C”) undertaking
from the Company to Reliance O2C
Limited, a wholly owned subsidiary, as
a going concern on a slump sale basis
on terms and conditions as detailed
in the Scheme. The Scheme has been
approved by the Shareholders and
Creditors of the Company and is subject
to approvals under the applicable laws
including approval of the National
Company Law Tribunal.
Transfer of Petroleum Retail
Marketing Business
During the year under review, the
Company transferred its Petroleum
Retail Marketing business to Reliance
BP Mobility Limited (“RBML”). RBML is
a fuels and mobility business with BP
Global Investments Limited (“bp”). bp
holds 49% equity stake in RBML and the
balance 51% is held by the Company.
Management Discussion and
Analysis Report
Management Discussion and Analysis
Report for the year under review,
as stipulated under the Securities
and Exchange Board of India
(Listing Obligations and Disclosure
Requirements) Regulations, 2015
(“Listing Regulations”), is presented
in a separate section, forming part of
the Annual Report.
Business Operations /
Performance of the Company
and its major Subsidiaries
Major developments and business
performance of the Company and its
major subsidiaries consolidated with the
Company are given below:
Retail
Retail segment delivered a resilient
performance against the backdrop of
an unprecedented and challenging
operating environment, arising from
the COVID-19 pandemic situation that
emerged at the start of the year. The
business achieved revenue of `1,53,818
crore and posted an all-time high
EBITDA of `9,842 crore for the year.
This was driven by gradual rebound
of revenue streams, judicious cost
management initiatives and boosted by
higher investment income.
During the year, Reliance Retail
executed India’s largest fund raise
in the consumer / retail sector of
`47,265 crore for 10.09% stake from
marquee global investors, reflecting the
conviction in operating track record,
model and prospects.
Digital Services
Digital Service Segment achieved
revenue of `90,287 crore, an increase
of 29.7% y-o-y. Segment EBITDA was at
`34,035 crore for the year, a growth of
45.8% y-o-y. The Digital business added
37.9 million subscribers during the year,
with year-end subscriber base at 426.2
million. Customer engagement on the
Jio network remained healthy across
data and voice services. Jio is one of the
largest data networks globally carrying
over 5 exabytes of data on a monthly
205
Integrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited basis. Average per capita monthly
data usage across the subscriber
base was 13.3 GB for the quarter
ended March 2021.
During the year, Jio completed raising
funds of `152,056 crore across 13
marquee global investors. It also
enhanced its spectrum portfolio by
56% to 1,732 MHz through acquisition
of spectrum via the auction conducted
by Department of Telecom in 2021
and spectrum trading agreement
with Bharti Airtel.
In the endeavour to continue building
the premiere digital society in India,
multiple digital platforms like JioMart,
JioMeet, JioHaptik, JioPOS-lite,
JioGames, JioUPI, JioHealthHub, were
launched which were key enablers of
work from home, learn from home,
health from home and shop from home
during the Coronavirus crisis.
Media and Entertainment
The business successfully dealt with
the challenges posed by the COVID-19
pandemic and posted much improved
profitability across all business lines
in a difficult year. During financial year
2020-21, Network18 reported value of
services of `5,459 crore and EBITDA of
`796 crore (growth of 29% y-o-y). The
improvement in profitability is a result of
cost controls and concerted efforts to
increase annuity-style revenue streams,
including subscription and syndication.
Oil to Chemicals
The Oil to Chemicals (O2C) business
experienced both price and margin
dislocation due to the pandemic and
lockdown in many countries during the
first half of the financial year. Even in
testing times such as this, the business
delivered robust performance by
leveraging the strong international and
domestic supply-chain, multimodal
logistics, deep integration and feedstock
flexibility. Revenues for the O2C business
declined 29% with lower volumes and
lower realization due to decline in average
crude and feedstock prices specifically
during the first half of the year. Brent
crude price for the year averaged at
US$44.3/bbl versus US$61.1/bbl in the
previous year. The segment performance
was supported by sharp recovery in
downstream demand and deltas in
the second half of the year. During the
financial year 2020-21, O2C business
206
reported revenue of `3,20,008 crore and
EBITDA of `38,170 crore.
Subsidiaries, Joint Ventures
and Associate Companies
Overall production meant for sale
reduced from 71 MMT to 63.6 MMT.
Most of the reduction came from
transportation fuels due to global
demand destruction. However, with agile
business model and feedstock flexibility,
the Company was able to maximize
downstream throughput which stood at
71.9 MMT, a decrease of 10% y-o-y.
Oil and Gas E&P
Segment Revenues for the year was
lower by 33.4% y-o-y to `2,140 crore
primarily due to lower volumes from
conventional fields and overall lower
commodity price realization. EBITDA
for the year declined by 27% to `258
crore. For the year, domestic production
(the Company’s share) was at 27.8
BCFe, down 28.4% y-o-y due to expiry
of Panna Mukta Production Sharing
Contract in December 2019 and
cessation of production from D1D3 (KG
D6) field in February 2020. US Shale (the
Company’s share), production was 98.8
BCFe, up 22.9% on y-o-y basis. During
the year, R-Cluster fields in KG D6 block
commenced production and achieved
peak production level of 12.8 MMSCMD
in mid-April 2021, ahead of plan. In April
2021, Satellite fields also commenced
production two months ahead of
schedule despite COVID-19 challenges.
Credit Rating
The Company’s financial discipline
and prudence is reflected in the
strong credit ratings ascribed by rating
agencies. The details of credit ratings
are disclosed in the Management
Discussion and Analysis Report, which
forms part of the Annual Report.
Consolidated Financial
Statement
In accordance with the provisions of
the Companies Act, 2013 (“the Act”)
and Listing Regulations read with
Ind AS-110-Consolidated Financial
Statement, Ind AS-28-Investments
in Associates and Joint Ventures
and Ind AS-31-Interests in Joint
Ventures, the consolidated audited
financial statement forms part of
the Annual Report.
During the year under review,
companies listed in Annexure II to this
Report have become and/or ceased
to be the Company’s subsidiaries, joint
ventures or associate companies.
A statement providing details of
performance and salient features of
the financial statements of Subsidiary
/ Associate / Joint Venture companies,
as per Section 129(3) of the Act,
is provided as Annexure A to the
consolidated financial statement and
therefore not repeated in this Report to
avoid duplication.
The audited financial statement
including the consolidated financial
statement of the Company and all other
documents required to be attached
thereto is available on the Company’s
website and can be accessed at
https://www.ril.com/ar2020-21/pdf/RIL-
Integrated-Annual-Report-2020-21.pdf
The financial statements of the
subsidiaries, as required, are available
on the Company’s website and can
be accessed at
https://www.ril.com/Financial-
Statement-2020-21.aspx
The Company has formulated a Policy
for determining Material Subsidiaries.
The Policy is available on the Company’s
website and can be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/Material-Subsidiaries.pdf
During the year under review:
a) Reliance Retail Limited, Jio Platforms
Limited, Reliance Jio Infocomm
Limited and Reliance Global Energy
Services (Singapore) Pte. Limited,
were material subsidiaries of the
Company, as per Listing Regulations.
b) The Company along with JM Financial
Asset Reconstruction Company
Limited (acting in its capacity
as a Trustee of ‘JMFARC- March
2018 – Trust’- (JMFARC) acquired,
in accordance with the approved
Resolution plan, joint control
over Alok Industries Limited. The
Company holds 40.01% equity stake
and JMFARC holds 34.99% equity
stake in Alok Industries Limited
aggregating to 75%.
Secretarial Standards
The Company has followed the
applicable Secretarial Standards, i.e.
SS-1 and SS-2, relating to ‘Meetings of
the Board of Directors’ and ‘General
Meetings’ respectively.
Directors’ Responsibility
Statement
Your Directors state that:
a) in the preparation of the annual
accounts for the year ended March
31, 2021, the applicable accounting
standards read with requirements
set out under Schedule III to the Act
have been followed and there are no
material departures from the same;
b) the Directors have selected such
accounting policies and applied them
consistently and made judgements
and estimates that are reasonable
and prudent so as to give a true and
fair view of the state of affairs of the
Company as at March 31, 2021 and
of the profit of the Company for the
year ended on that date;
c) the Directors have taken proper and
sufficient care for the maintenance
of adequate accounting records in
accordance with the provisions of
the Act for safeguarding the assets
of the Company and for preventing
and detecting fraud and other
irregularities;
d) the Directors have prepared
the annual accounts on a
going concern basis;
e) the Directors have laid down internal
financial controls to be followed by
the Company and that such internal
financial controls are adequate and
are operating effectively; and
f) the Directors have devised proper
systems to ensure compliance with
the provisions of all applicable laws
and that such systems are adequate
and operating effectively.
Corporate Governance
The Company is committed to maintain
the highest standards of Corporate
Governance and adheres to the
Corporate Governance requirements
set out by the Securities and Exchange
Board of India (“SEBI”). The Company
has also implemented several best
governance practices. The report on
Corporate Governance as stipulated
under the Listing Regulations forms part
of the Annual Report. Certificate from
the Auditors of the Company confirming
compliance with the conditions of
Corporate Governance is attached to
the report on Corporate Governance.
Business Responsibility
Report
As stipulated under the Listing
Regulations, the Business Responsibility
Report (BRR) describing the
initiatives taken by the Company
from an environmental, social and
governance perspective is available
on the Company’s website and
can be accessed at
https://www.ril.com/
DownloadFiles/BRR202021.pdf
Contracts or arrangements
with Related Parties
All contracts / arrangements /
transactions entered by the Company
during the financial year with related
parties were in its ordinary course of
business and on an arm’s length basis.
During the year, the Company had not
entered into any contract / arrangement
/ transaction with related parties
which could be considered material
in accordance with the policy of the
Company on materiality of related party
transactions or which is required to be
reported in Form No. AOC-2 in terms
of Section 134(3) (h) read with Section
188 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014.
The Policy on Materiality of Related
Party Transactions and on dealing
with Related Party Transactions as
approved by the Board is available
on the Company’s website and
can be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/Policy-on-
Materiality-of-RPT.pdf
There were no materially significant
related party transactions which could
have potential conflict with the interests
of the Company at large.
Members may refer to Note 33 to the
Standalone Financial Statement which
sets out related party disclosures
pursuant to Ind AS.
Corporate Social
Responsibility (CSR)
Over the past decade, the Company
has focused on several corporate
social responsibility programs. The
CSR initiatives of the Company under
the leadership of Smt. Nita M. Ambani,
Founder and Chairperson, Reliance
Foundation, have touched the lives of
more than 4.5 crore people covering
more than 44,700 villages and several
urban locations across India.
The Company continues its endeavour
to improve the lives of people and
provide opportunities for their holistic
development through its different
initiatives in the areas of Rural
Transformation, Health, Education,
Sports for Development, Disaster
Response, Arts, Culture, Heritage
and Urban Renewal.
The Company adopted a multi-pronged
approach to address the COVID-19
pandemic. The Company supported
initiatives on healthcare, medical oxygen
supply, emergency meal distribution,
supply of free fuel, masks and awareness
creation. Over 5.5 crore meals provided
under Mission Anna Sewa; over 81
lakh masks were distributed under
Mission COVID-19 Suraksha and free
fuel support was provided to 14,000+
emergency vehicles. Medical oxygen
production was ramped up from zero
to 11% of India’s treatment needs for
meeting the requirement of over one lakh
patients every day. This was supplied
free to several State Governments.
The Company supported national
initiatives like Gram Uday Se Bharat
Uday Abhiyan, Unnat Bharat Abhiyan,
Swachh Bharat Abhiyan, Poshan
Abhiyan, Jal Shakti Abhiyan, Sabki
Yojana Sabka Vikas, Skill India
Mission, Digital India and Doubling
Farmers’ Income.
The CSR initiatives of the Company
have won several awards including
India Today-MDRA Special Healthgiri
Award 2020, CII National Awards for
Excellence in Water Management 2020
in the ‘Beyond the Fence’ category and
ICSI 5th CSR Excellence Award in Large
Category. Town & Country, America’s
leading general interest magazine,
featured Smt. Nita M. Ambani and
Reliance Foundation among the world’s
top Philanthropists of 2020.
207
Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited The CSR policy, formulated by the
Corporate Social Responsibility and
Governance (“CSR&G”) Committee
and approved by the Board,
continues unchanged. The policy can
be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/CSR-Policy.pdf
The three core commitments of Scale,
Impact and Sustainability form the
bed-rock of the Company’s philosophy
on CSR initiatives. As per the CSR policy
of the Company, Rural Transformation,
Health, Education, Environment,
Arts, Heritage & Culture and Disaster
Response, are the focus areas for
CSR engagement.
During the year, the Company spent
`922 crore (around 2.09% of the
average net profits of last three financial
years) on CSR activities.
risks. The key internal financial controls
have been documented, automated
wherever possible and embedded in the
respective business processes.
Assurance to the Board on the
effectiveness of internal financial
controls is obtained through 3 Lines of
Defence which include:
a) Management reviews and
self-assessment;
b) Continuous controls monitoring by
functional experts; and
c) Independent design and operational
testing by the Group Internal
Audit function.
The Company believes that these
systems provide reasonable assurance
that the Company’s internal financial
controls are adequate and are operating
effectively as intended.
The Annual Report on CSR activities
is annexed herewith and marked as
Annexure III to this Report.
Risk Management
The Company has a structured
Group Risk Management Framework,
designed to identify, assess and
mitigate risks appropriately. The Risk
Management Committee has been
entrusted with the responsibility to
assist the Board in:
a) overseeing and approving the
Company’s enterprise wide risk
management framework; and
b) ensuring that all material Strategic and
Commercial including Cybersecurity,
Safety and Operations, Compliance,
Control and Financial risks have
been identified and assessed and
adequate risk mitigations are in place,
to address these risks.
Further details on the Risk Management
activities including the implementation
of risk management policy, key risks
identified, and their mitigations are
covered in Management Discussion and
Analysis section, which forms part of
the Annual Report.
Internal Financial Controls
Internal Financial Controls are an integral
part of the Group Risk Management
framework and processes that address
financial as well as financial reporting
208
Directors and Key
Managerial Personnel
In accordance with the provisions
of the Act and the Articles of
Association of the Company, Shri
Nikhil R. Meswani and Shri P. K. Kapil,
Directors of the Company, retire
by rotation at the ensuing annual
general meeting. The Board of
Directors, on the recommendation of
the Human Resources, Nomination
and Remuneration (“HRNR”)
Committee, has recommended their
re-appointment.
The Board of Directors, based on
performance evaluation and as per
the recommendation of the HRNR
Committee has commended the re-
appointment of Dr. Shumeet Banerji, as
an Independent Director of the Company
for a second term of 5 (five) consecutive
years, effective July 21, 2022 on
completion of his current term of office.
In the opinion of the Board, he possesses
requisite expertise, integrity and
experience (including proficiency) for
appointment as an Independent Director
of the Company and the Board considers
that, given his professional background,
experience and contributions made by
him during his tenure, the continued
association of Dr. Shumeet Banerji would
be beneficial to the Company.
The Company has received declarations
from all the Independent Directors of
the Company confirming that:
a) they meet the criteria of
independence prescribed under the
Act and the Listing Regulations; and
b) they have registered their
names in the Independent
Directors’ Databank.
The Company has devised, inter alia, the
following policies viz.:
a) Policy for selection of Directors
and determining Directors’
independence; and
b) Remuneration Policy for Directors,
Key Managerial Personnel and
other employees.
The aforesaid policies are available
on the Company’s website and can
be accessed at
http://www.ril.com/DownloadFiles/
IRStatutory/Policy-for-Selection-of-
Directors.pdf and
https://www.ril.com/DownloadFiles/
IRStatutory/Remuneration-Policy-
for-Directors.pdf
The Policy for selection of Directors and
determining Directors’ independence
sets out the guiding principles for
the HRNR Committee for identifying
persons who are qualified to become
Directors and to determine the
independence of Directors, while
considering their appointment as
Independent Directors of the Company.
The Policy also provides for the
factors in evaluating the suitability of
individual Board members with diverse
background and experience that are
relevant for the Company’s operations.
There has been no change in the policy
during the current year.
The Company’s remuneration
policy is directed towards rewarding
performance based on review of
achievements. The remuneration policy
is in consonance with existing industry
practice. There has been no change in
the policy during the current year.
Performance Evaluation
The Company has a policy for
performance evaluation of the Board,
Committees and other individual
Directors (including Independent
Directors) which include criteria
for performance evaluation of
Non-Executive Directors and
Executive Directors.
In accordance with the manner of
evaluation specified by the HRNR
Committee, the Board carried out annual
performance evaluation of the Board,
its Committees and Individual Directors.
The Independent Directors carried out
annual performance evaluation of the
Chairperson, the non-independent
directors and the Board as a whole. The
Chairman of the respective Committees
shared the report on evaluation with the
respective Committee members. The
performance of each Committee was
evaluated by the Board, based on the
report of evaluation received from the
respective Committees. A consolidated
report was shared with the Chairman
of the Board for his review and giving
feedback to each Director.
Employees’ Stock Option
Schemes
The Employee Stock Option Scheme –
2006 (“ESOS–2006”) was withdrawn
during financial year 2017-18. However,
options granted under ESOS–2006, but
pending to be exercised, continue to be
governed by ESOS–2006. The HRNR
Committee, through RIL ESOS 2017
Trust inter alia administers and monitors
Reliance Industries Limited Employees’
Stock Option Scheme 2017
(“ESOS-2017”) of the Company.
The above Schemes are in line with
the Securities and Exchange Board
of India (Share Based Employee
Benefits) Regulations, 2014 (“SBEB
Regulations”). The Company has
obtained certificates from the Auditors
of the Company stating that the
Schemes have been implemented in
accordance with the SBEB Regulations
and the resolutions passed by the
members. The certificates are available
for inspection by members in electronic
mode. The details as required to be
disclosed under the SBEB Regulations
can be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/ESOS-2006-
Disclosure-2020-21.pdf and
https://www.ril.com/DownloadFiles/
IRStatutory/ESOS-2017-
Disclosure-2020-21.pdf
Auditors and Auditors’ Report
Auditors
S R B C & CO LLP, Chartered
Accountants and D T S & Associates
LLP (formerly known as D T S &
Associates), Chartered Accountants
were appointed as Auditors of
the Company for a term of 5 (five)
consecutive years, at the annual general
meeting held on July 21, 2017. The
Auditors have confirmed that they are
not disqualified from continuing as
Auditors of the Company.
The Notes on financial statement
referred to in the Auditors’ Report are
self-explanatory and do not call for any
further comments. The Auditors’ Report
does not contain any qualification,
reservation, adverse remark or disclaimer.
Cost Auditors
The Board has appointed the following
Cost Accountants as Cost Auditors for
conducting the audit of cost records of
products and services of the Company
for various segments for the financial
year 2021-22 under Section 148 of the
Act read with the Companies (Cost
Records and Audit) Rules, 2014:
i. Textiles Business – Kiran J. Mehta & Co;
ii. Chemicals Business – Diwanji & Co.,
K.G. Goyal & Associates, V.J. Talati
& Co., Suresh D. Shenoy, Shome &
Banerjee and Dilip M. Malkar & Co.;
iii. Polyester Business – V.J. Talati
& Co., Suresh D. Shenoy, V.
Kumar & Associates and K.G.
Goyal & Associates;
iv. Electricity Generation – Diwanji & Co.
and Kiran J. Mehta & Co.;
v. Petroleum Business –
Suresh D. Shenoy;
vi. Oil & Gas Business – V.J. Talati & Co.
and Shome & Banerjee;
vii. Gasification – Suresh D. Shenoy; and
viii.Composite Solution –
Kiran J. Mehta & Co.
Shome & Banerjee, Cost Accountants,
have been nominated as the Company’s
Lead Cost Auditors.
In accordance with the provisions of
Section 148(1) of the Act, read with
the Companies (Cost Records and
Audit) Rules, 2014, the Company has
maintained cost records.
Secretarial Auditor
The Board had appointed Dr. K.R.
Chandratre, Practising Company
Secretary, to conduct Secretarial Audit
for the financial year 2020-21. The
Secretarial Audit Report for the financial
year ended March 31, 2021 is annexed
herewith and marked as Annexure
IV to this Report. The Secretarial
Audit Report does not contain any
qualification, reservation, adverse
remark or disclaimer.
Disclosures
Meetings of the Board
Eight Meetings of the Board of
Directors were held during the year. The
particulars of the meetings held and
attended by each Director are detailed
in the Corporate Governance Report.
Audit Committee
The Audit Committee comprises
Shri Yogendra P. Trivedi (Chairman),
Dr. Raghunath A. Mashelkar, Shri
Adil Zainulbhai, Shri Raminder Singh
Gujral and Shri K. V. Chowdary. During
the year, all the recommendations
made by the Audit Committee were
accepted by the Board.
Corporate Social Responsibility
and Governance Committee
The Corporate Social Responsibility
and Governance Committee comprises
Shri Yogendra P. Trivedi (Chairman), Shri
Nikhil R. Meswani, Dr. Raghunath A.
Mashelkar and Dr. Shumeet Banerji.
Human Resources, Nomination
and Remuneration Committee
The Human Resources, Nomination and
Remuneration Committee comprises
Shri Adil Zainulbhai (Chairman), Shri
Yogendra P. Trivedi, Dr. Raghunath
A. Mashelkar, Shri Raminder Singh
Gujral, Dr. Shumeet Banerji and Shri
K. V. Chowdary.
Stakeholders’ Relationship
Committee
The Stakeholders’ Relationship
Committee comprises Shri Yogendra
P. Trivedi (Chairman), Smt Arundhati
Bhattacharya, Shri K. V. Chowdary,
Shri Nikhil R. Meswani and Shri
Hital R. Meswani.
Details of composition of other
committees are given in the
Corporate Governance Section of
the Annual Report.
Vigil Mechanism
The Company has established a
robust Vigil Mechanism and a Whistle-
blower policy in accordance with the
209
Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited (Refer Note 2, 3, 6, 9, 33 and 39 to the
Standalone Financial Statement).
Conservation of Energy,
Technology Absorption and
Foreign Exchange Earnings and
Outgo
The particulars relating to conservation
of energy, technology absorption,
foreign exchange earnings and outgo,
as required to be disclosed under
the Act, are provided in Annexure V
to this Report.
Annual Return
The Annual Return of the Company
as on March 31, 2021 is available
on the Company’s website and can
be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/Annual-Return-2020-21.pdf
Particulars of Employees and
Related Disclosures
In terms of the provisions of Section
197(12) of the Act read with Rules
5(2) and 5(3) of the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a
statement showing the names of the top
ten employees in terms of remuneration
drawn and names and other particulars
of the employees drawing remuneration
in excess of the limits set out in the said
rules forms part of this Report.
Disclosures relating to remuneration
and other details as required under
Section 197(12) of the Act read
with Rule 5(1) of the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014
forms part of this Report.
Having regard to the provisions of the
second proviso to Section 136(1) of the
Act and as advised, the Annual Report
excluding the aforesaid information
is being sent to the members of the
Company. Any member interested in
obtaining such information may address
their email to rilagm@ril.com
General
Your Directors state that no disclosure
or reporting is required in respect of
the following matters as there were no
transactions on these matters during
the year under review:
• Details relating to deposits covered
under Chapter V of the Act.
• Issue of equity shares with
differential rights as to dividend,
voting or otherwise.
• Issue of shares (including sweat
equity shares) to employees of the
Company under any scheme save
and except Employees’ Stock Options
Schemes referred to in this Report.
• Neither the Managing Director nor
the Whole-time Directors of the
Company receive any remuneration
or commission from any of
its subsidiaries.
• No significant or material orders
were passed by the Regulators or
Courts or Tribunals which impact the
going concern status and Company’s
operations in future.
• No fraud has been reported
by the Auditors to the Audit
Committee or the Board.
• There has been no change in the
nature of business of the Company.
• There is no proceeding pending
under the Insolvency and
Bankruptcy Code, 2016.
• There was no instance of one-
time settlement with any Bank or
Financial Institution.
Acknowledgement
The Board of Directors wish to place on
record its deep sense of appreciation
for the committed services by all the
employees of the Company. The Board
of Directors would also like to express
their sincere appreciation for the
assistance and co-operation received
from the financial institutions, banks,
government and regulatory authorities,
stock exchanges, customers, vendors,
members, debenture holders
and debenture trustee during the
year under review.
For and on behalf of the
Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
April 30, 2021
provisions of the Act and the Listing
Regulations. An Ethics and Compliance
Task Force (ECTF) comprising an
Executive Director, General Counsel,
Group Controller and Group Company
Secretary has been established
which oversees and monitors the
implementation of ethical business
practices in the Company. The task
force reviews complaints and incidents
on a quarterly basis and reports them to
the Audit Committee.
Employees and other stakeholders
are required to report actual or
suspected violations of applicable
laws and regulations and the Code
of Conduct. Such genuine concerns
(termed Reportable Matter) disclosed
as per Policy are called “Protected
Disclosures” and can be raised by a
Whistle-blower through an e-mail or
dedicated telephone line or a letter
to the ECTF or to the Chairman of the
Audit Committee. The Vigil Mechanism
and Whistle-blower policy is available
on the Company’s website and can
be accessed at
https://www.ril.com/DownloadFiles/
IRStatutory/Vigil-Mechanism-and-
Whistle-Blower-Policy.pdf
Prevention of Sexual
Harassment at Workplace
In accordance with the requirements
of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition &
Redressal) Act, 2013 (“POSH Act”) and
Rules made thereunder, the Company
has in place a policy which mandates
no tolerance against any conduct
amounting to sexual harassment of
women at workplace. The Company
has constituted Internal Committee(s)
(ICs) to redress and resolve any
complaints arising under the POSH
Act. Training/awareness programs
are conducted throughout the year
to create sensitivity towards ensuring
respectable workplace.
Particulars of loans given,
investments made, guarantees
given and securities provided
Particulars of loans given, investments
made, guarantees given and securities
provided along with the purpose
for which the loan or guarantee or
security provided is proposed to be
utilised by the recipient are provided
in the Standalone Financial Statement
210
Annexure I
Dividend Distribution Policy
The Board of Directors (the “Board”)
of Reliance Industries Limited (the
“Company”) at its meeting held on April
24, 2017 had adopted this Dividend
Distribution Policy (the “Policy”) as
required by Regulation 43A of the SEBI
(Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the
“Listing Regulations”).
Objective
The objective of this Policy is to
establish the parameters to be
considered by the Board of Directors
of the Company before declaring or
recommending dividend.
The Company has had an uninterrupted
dividend payout since listing. In future,
the Company would endeavour to
pay sustainable dividend keeping in
view the Company’s policy of meeting
the long-term growth objectives from
internal cash accruals.
Circumstances under which the
shareholders may or may not
expect dividend
The Board of Directors of the Company,
while declaring or recommending
dividend shall ensure compliance
with statutory requirements under
applicable laws including the provisions
of the Companies Act, 2013 and Listing
Regulations. The Board of Directors,
while determining the dividend to
be declared or recommended, shall
take into consideration the advice of
the executive management of the
Company and the planned and further
investments for growth apart from other
parameters set out in this Policy.
The Board of Directors of the Company
may not declare or recommend
dividend for a particular period if it is
of the view that it would be prudent to
conserve capital for the then ongoing
or planned business expansion
or other factors which may be
considered by the Board.
Parameters to be considered
before recommending dividend
The Board of Directors of the
Company shall consider the following
financial / internal parameters while
declaring or recommending dividend
to shareholders:
• Profits earned during
the financial year
• Retained Earnings
• Earnings outlook for next
three to five years
• Expected future capital /
liquidity requirements
• Any other relevant factors and
material events.
The Board of Directors of the
Company shall consider the
following external parameters while
declaring or recommending dividend
to shareholders:
• Macro-economic environment
– Significant changes in Macro-
economic environment materially
affecting the businesses in
which the Company is engaged
in the geographies in which the
Company operates
• Regulatory changes – Introduction
of new regulatory requirements or
material changes in existing taxation
or regulatory requirements, which
significantly affect the businesses in
which the Company is engaged
• Technological changes which
necessitate significant new
investments in any of the businesses
in which the Company is engaged.
Utilisation of Retained Earnings
The Company shall endeavour to utilise
the retained earnings in a manner which
shall be beneficial to the interests of the
Company and also its shareholders.
The Company may utilise the retained
earnings for making investments for
future growth and expansion plans,
for the purpose of generating higher
returns for the shareholders or for any
other specific purpose, as approved by
the Board of Directors of the Company.
Parameters that shall be
adopted with regard to various
classes of shares
The Company has issued only one
class of shares viz. equity shares.
Parameters for dividend payments in
respect of any other class of shares will
be as per the respective terms of issue
and in accordance with the applicable
regulations and will be determined,
if and when the Company decides to
issue other classes of shares.
Conflict in Policy
In the event of any conflict between this
Policy and the provisions contained in
the Listing Regulations, the Regulations
shall prevail.
Amendments
The Board may, from time to time, make
amendments to this Policy to the extent
required due to change in applicable
laws and Listing Regulations or as
deemed fit on a review.
For and on behalf of the
Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
April 30, 2021
211
Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Annexure II
Annexure III
Companies / Bodies Corporate which became / ceased to be Company’s Subsidiaries, Joint Ventures or Associate
Companies as per the provisions of the Companies Act, 2013:
Annual Report on Corporate Social Responsibility (CSR) activities for the Financial Year 2020-21
1.
Brief outline on CSR Policy of the Company
Refer Section: Corporate Social Responsibility (CSR) in the Board’s Report
1. Companies / Bodies Corporate
which became Subsidiaries during
the financial year 2020-21:
2. Companies / Bodies Corporate
which ceased to be Subsidiaries
during the financial year 2020-21:
Sr.
No.
Name of the Company/ Bodies
Corporate
Sr.
No.
Name of the Company/ Bodies
Corporate
1.
2.
3.
Reliance Energy Generation and
Distribution Limited
Reliance Holding USA Inc.
Dadri Toe Warehousing
Private Limited
4. Companies / Bodies Corporate
which have ceased to be Joint
Venture or Associate during the
financial year 2020-21:
Sr.
No.
1.
2.
Name of the Company
Summit Digitel Infrastructure Private
Limited (Formerly Reliance Jio Infratel
Private Limited)
Football Sports
Development Limited*
3. There are no Companies / Bodies
3. RISE Worldwide Limited (Formerly
Corporate which have become Joint
Ventures or Associates during the
financial year 2020-21.
IMG Reliance Limited)*
*Ceased to be joint venture and became a
subsidiary during the year.
For and on behalf of the
Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
April 30, 2021
1. Dadha Pharma Distribution
Private Limited
2.
3.
4.
5.
Football Sports Development Limited
Jio Information Aggregator
Services Limited
Jio Media Limited
Jio Things Limited
6. Mesindus Ventures Private Limited
7.
8.
9.
Netmeds Marketplace Limited
Reliance Lifestyle Products Private
Limited (Formerly V&B Lifestyle India
Private Limited)
Reliance Retail and Fashion
Lifestyle Limited
10. RISE Worldwide Limited (Formerly
IMG Reliance Limited)
11. Tresara Health Private Limited
12. Urban Ladder Home Décor Solutions
Private Limited
13. Vitalic Health Private Limited
14. Actoserba Active Wholesale
Private Limited
15. RBML Solutions India Limited
16. skyTran Inc.
17.
skyTran Israel Limited
18. Dadri Toe Warehousing Private Limited
2. Composition of CSR Committee
Name of Director
Sl.
No.
Designation/Nature of Directorship
1.
2.
Shri Yogendra P. Trivedi
Shri Nikhil R. Meswani
3. Dr. Raghunath A. Mashelkar
4. Dr. Shumeet Banerji
Chairman (Non-Executive Director)
Member (Executive Director)
Member (Non-Executive Director)
Member (Non-Executive Director)
Number of
meetings of CSR
Committee held
during the year
4
4
4
4
Number of
meetings of
CSR Committee
attended during
the year
4
4
4
4
3.
Provide the weblink where
Composition of CSR Committee,
CSR Policy and CSR projects approved
by the Board are disclosed on the
website of the Company
Composition of CSR Committee
CSR Policy
https://www.ril.com/OurCompany/Leadership/
BoardCommittees.aspx
https://www.ril.com/DownloadFiles/
IRStatutory/CSR-Policy.pdf
CSR projects
approved by the Board
https://www.ril.com/DownloadFiles/IRStatutory/
CSR-Projects-2021-22.pdf
4.
Provide the details of Impact assessment of CSR projects carried out in
pursuance of sub-rule(3) of rule 8 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014, if applicable (attach the report)
Not Applicable for the financial year under review
5.
Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl.
No.
1.
2.
3.
Financial Year
2019-20
2018-19
2017-18
TOTAL
Amount available for set-off
from preceding financial years
(` in crore)*
34
Amount required to be set-off
for the financial year, if any
(` in crore)
Nil
38
42
114
Nil
Nil
Nil
*The Company has spent in excess of the mandatory requirement under the Companies Act, 2013 but the same is not proposed to be set off.
6. Average net profit of the company as per Section 135 (5)
7.
(a)
Two percent of average net profit of the company as per section 135 (5)
(b) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years
(c) Amount required to be set off for the financial year, if any
(d) Total CSR obligation for the financial year (7a+7b-7c)
8.
(a) CSR amount spent or unspent for the financial year:
`44,196 crore
`884 crore
Nil
Nil
`884 crore
Total Amount spent for the
financial year
Amount Unspent (` in crore)
Total Amount transferred to Unspent
CSR Account as per Section 135(6)
Amount transferred to any fund specified
under Schedule VII as per second proviso to Section 135(5)
Amount
Date of transfer
Name of the fund
Amount
Date of transfer
`922 crore
Not applicable
Not applicable
212
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Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
8.
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1)
SI.
No.
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
Name of the Project
Item from the list of activities in
Schedule VII to the Act
Local area
(Yes/No)
Location of the Project
State
District
Project
duration *
Amount
allocated for
the project
(` in crore) **
Amount spent
in the current
financial year
(` in crore)
Amount
transferred to
Unspent CSR
Account for the
project as per
Section 135(6)
(` in crore)
Mode of
Implemen-
tation
- Direct
(Yes/No)
Mode of Implementation
- Through Implementing
Agency
Name
CSR
Registration
number
Education
1.
Promoting Institution of
Eminence - Jio Institute
TOTAL
Clause (ii) Promoting education
Yes
Maharashtra
Raigad
15 Years
375
375
-
No
Reliance Foundation
Institution of
Education and Research
CSR00000624
375
375
* Project duration is from the year of commencement of the project.
** Represents budget for the financial year 2020-21
8.
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1)
SI.
No.
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Name of the Project
Item from the list of activities in
Schedule VII to the Act
Local area
(Yes/No)
Location of the Project
State
District
Amount spent for
the project
(` in crore)
Mode of
Implemen-
tation - Direct
(Yes/No)
Mode of Implementation -
Through Implementing Agency
Name
CSR Registration
number
(1)
SI.
No.
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Name of the Project
Item from the list of activities in
Schedule VII to the Act
Local area
(Yes/No)
Location of the Project
State
District
Amount spent for
the project
(` in crore)
Mode of
Implemen-
tation - Direct
(Yes/No)
Mode of Implementation -
Through Implementing Agency
Name
CSR Registration
number
Disaster Response
14.
COVID-19 Relief -
Mission Anna Sewa
Clause (xii) disaster management,
including relief, rehabilitation and
reconstruction activities
COVID - 19 - Relief Support
15.
Sports for Development
16.
Promoting Grassroot Sports
*Includes `0.12 crore direct spent by the Company
Other Initiatives
17.
Promoting Sustainable
Environment, Arts and Culture
*Includes `0.11 crore direct spent by the Company
TOTAL
Clause (vii) training to promote
rural sports, nationally recognised
sports, paralympic sports
and olympic sports
(iv) ensuring environmental
sustainability, ecological balance,
protection of flora and fauna, animal
welfare, (v) protection of national
heritage, art and culture
Yes
No
Yes
Yes
Note 2
PAN INDIA
Kerala - Thiruvananthapuram; Delhi-Delhi
PAN INDIA
40
3
10
*49
Yes
No
Yes
No
Direct
Reliance Foundation
CSR00000623
Direct
Reliance Foundation Youth
Sports CSR00000365;
Reliance Foundation
CSR00000623
Yes
Gujarat - Jamnagar; Andhra Pradesh- East Godavari;
Maharashtra- Mumbai
*2
No
Reliance Foundation
CSR00000623
547
Education
1.
Scholarship and Education Support
Clause (ii) Promoting education
2.
3.
4.
Reliance Foundation Schools
Infrastructure Development for
primary schools, aanganwadi
and other initiatives at
manufacturing sites
Other Initiatives including
Programme Partnerships
Health
5.
Clause (i) Promoting health care
including preventive health care
Preventive and Public
Healthcare Initiatives
Drishti Corneal transplant and
other initiatives for visually impaired
Medical Relief and
Assistance Programme
COVID-19 - Mission Covid Suraksha
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Note 1
Gujarat- Vadodara; Maharashtra - Mumbai,
Nagpur, Raigad;
Gujarat - Jamnagar, Surat, Vadodara;
Maharashtra - Raigad;
Andhra Pradesh - East Godavari;
Uttar Pradesh - Allahabad; Daman & Diu - Silvassa
PAN INDIA
Uttar Pradesh - Ghazipur; Madhya Pradesh - Shahdol;
Maharashtra- Mumbai, Raigad
PAN INDIA
Note 2
PAN INDIA
Other Initiatives including
Programme Partnerships
No
Maharashtra - Mumbai, Thane; Rajasthan - Udaipur
Rural Transformation
10.
Development of Rural
Infrastructure and other Rural
Development Initiatives
Sustainable
Livelihoods Programme
Drinking Water Supply and other
Rural Development Programmes at
manufacturing sites
Other Initiatives including
Programme Partnerships
Clause (i) Eradicating hunger,
poverty and malnutrition, drinking
water; Clause (iv) ensuring
environmental sustainability,
ecological balance, protection of
flora and fauna, animal welfare; (x)
rural development projects
Yes
Yes
Yes
No
Gujarat - Dahej, Hazira; Maharashtra - Raigad;
Uttar Pradesh - Ghazipur
PAN INDIA
Note 2
Andhra Pradesh - Tirupati; Delhi - Delhi ;
Gujarat - Jamnagar; Maharashtra - Mumbai;
Tamil Nadu - Chennai; Uttar Pradesh - Agra
6.
7.
8.
9.
11.
12.
13.
214
8
13
16
40
101
1
6
113
27
8
3
42
7
58
No
No
Yes
No
No
No
Yes
Yes
No
No
No
No
Yes
No
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Direct
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
Note 1: Delhi - New Delhi; Gujarat - Junagadh; Kerala - Kollam; Maharashtra - Mumbai, Nagpur, Raigad, Thane; Tamilnadu - Chennai; Uttarakhand - Haridwar, Nainital,
Pauri Garhwal, Pithoragarh, Tehri Garhwal; West Bengal - Darjeeling
Note 2: Andhra Pradesh - East Godavari; Gujarat - Bharuch, Jamnagar, Navsari, Surat, Vadodara, Ahmedabad; Madhya Pradesh - Shahdol;
Maharashtra - Nagpur, Raigad; Uttar Pradesh - Allahabad, Barabanki; Punjab - Hoshiarpur; Pondicherry - Yanam
8.
(d) Amount spent on Administrative Overheads
(e) Amount spent on Impact Assessment, if applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e)
(g) Excess amount for set off, if any
Particulars
SI.
No.
(i)
Two percent of average net profit of the company as per section 135(5)
(ii) Total amount spent for the financial year
(iii) Excess amount spent for the financial year [(ii)-(i)]
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)]
9.
(a) Details of Unspent CSR amount for the preceeding three financial years:
(1)
(2)
(3)
(4)
(5)
SI.
No.
Preceding
Financial Year
Amount transferred to
Unspent CSR Account
under Section 135(6)
(` in crore)
Amount spent
in the reporting
Financial Year
(` in crore)
Amount transferred to any fund specified under
Schedule VII as per section 135(6), if any
Name of
the Fund
Amount
(` in crore)
Date of
transfer
Not Applicable
-
-
`922 crore
Amount
(` in crore)
884
922
38
-
38
(6)
Amount
remaining to
be spent in
succeeding
financial years
(` in crore)
215
Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
9.
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceeding financial year(s):
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
SI.
No.
Project ID
Name of the project
1.
RIL-CSR-EDN-001
Promoting Institution of
Eminence - Jio Institute
TOTAL
Financial
year in
which the
project was
commenced
Project
duration*
Total
amount
allocated for
the project
(` in crore) **
2017-18
15 years
375
Amount
spent on
the project
in the
reporting
Financial
year
(` in crore)
375
Cumulative
amount
spent at
the end of
reporting
Financial
Year
(` in crore)
1,671
Status of
the project-
Completed/
Ongoing
Ongoing
375
375
1,671
*Project duration is from the year of commencement of the project
**Represents budget for the financial year 2020-21
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year
(a) Date of creation or acquisition of the capital asset (s)
(b) Amount of CSR spent for creation or acquisition of capital asset
(c)
Details of the entity or public authority or beneficiary under whose name such capital asset is
registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of
the capital asset).
Not applicable
Not applicable
Not applicable
Not applicable
11. Specify the reasons(s), if the company has failed to spend two percent of the average net profit as per
Not Applicable
Section 135(5).
Yogendra P. Trivedi
(Chairman, CSR&G Committee)
April 30, 2021
Nikhil R. Meswani
(Executive Director)
216
Annexure IV
Secretarial Audit Report
For the Financial Year ended 31 March 2021
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To:
The Members
Reliance Industries Limited
3rd Floor, Maker Chambers IV
222, Nariman Point
Mumbai – 400 021
I have conducted the Secretarial
Audit of the compliance of applicable
statutory provisions and the adherence
to good corporate practices by Reliance
Industries Limited (hereinafter called
“the Company”). Secretarial Audit was
conducted in a manner that provided
me a reasonable basis for evaluating
the corporate conducts/statutory
compliances and expressing my
opinion thereon.
Based on my verification of the
Company’s books, papers, minute
books, forms and returns filed and other
records maintained by the Company
and also the information provided by
the Company, its officers, agents and
authorized representatives during the
conduct of Secretarial Audit, I hereby
report that in my opinion, the Company
has, during the audit period covering
the financial year ended on 31 March
2021 (‘Audit Period’) complied with the
statutory provisions listed hereunder
and also that the Company has proper
Board-processes and compliance-
mechanism in place to the extent, in the
manner and subject to the reporting
made hereinafter:
I have examined the books, papers,
minute books, forms and returns
filed and other records maintained
by the Company for the financial year
ended on 31 March 2021 according to
the provisions of:
(i)
(ii)
The Companies Act, 2013 (the Act)
and the rules made thereunder;
The Securities Contracts
(Regulation) Act, 1956 (‘SCRA’) and
the rules made thereunder;
(iii) The Depositories Act, 1996 and
the Regulations and Bye-laws
framed thereunder;
(iv) The Foreign Exchange
(i) The Securities and
Management Act, 1999 and
the rules and regulations made
thereunder to the extent of Foreign
Direct Investment, Overseas
Direct Investment and External
Commercial Borrowings;
(v)
The following Regulations
prescribed under the Securities and
Exchange Board of India Act, 1992
(‘SEBI Act’): —
(a) The Securities and Exchange
Board of India (Substantial
Acquisition of Shares and
Takeovers) Regulations, 2011;
(b) The Securities and
Exchange Board of India
(Prohibition of Insider Trading)
Regulations, 2015;
(c) The Securities and Exchange
Board of India (Issue of Capital
and Disclosure Requirements)
Regulations, 2018;
(d) The Securities and Exchange
Board of India (Share
Based Employee Benefits)
Regulations, 2014;
(e) The Securities and Exchange
Board of India (Issue and
Listing of Debt Securities)
Regulations, 2008;
(f) The Securities and Exchange
Board of India (Registrars to
an Issue and Share Transfer
Agents) Regulations, 1993
regarding the Companies Act
and dealing with client (Not
applicable to the Company
during the Audit Period);
(g) The Securities and Exchange
Board of India (Delisting of
Equity Shares) Regulations,
2009 (Not applicable to
the Company during the
Audit Period);
(h) The Securities and Exchange
Board of India (Buyback of
Securities) Regulations, 2018
(Not applicable to the Company
during the Audit Period); and
Exchange Board of India
(Listing Obligations and
Disclosure Requirements)
Regulations, 2015.
I have also examined compliance with
the applicable clauses of the following:
(i) Secretarial Standards (SS-1 and SS-2)
issued by The Institute of Company
Secretaries of India; and
(ii) Listing Agreements entered into
by the Company with BSE Limited
and the National Stock Exchange
of India Limited.
During the period under review
the Company has complied with
the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc.
mentioned above.
I further report that, having regard to
the compliance system prevailing in
the Company and on examination of
the relevant documents and records in
pursuance thereof on test-check basis,
the Company has complied with the
following laws applicable specifically
to the Company:
(a) Merchant Shipping Act, 1958 and
Rules made thereunder;
(b) Petroleum Act, 1934 and Rules
made thereunder;
(c) Oil Field (Regulation and
Development) Act, 1948 and Rules
made thereunder;
(d) The Mines Act, 1952 and Rules
made thereunder and
(e) The Petroleum and Natural Gas
Regulatory Board Act, 2006 and the
Rules made thereunder.
I further report that
The Board of Directors of the Company
is duly constituted with proper balance
of Executive Directors, Non-Executive
Directors and Independent Directors.
The changes in the composition of
the Board of Directors that took place
during the period under review were
carried out in compliance with the
provisions of the Act.
217
Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited • The Board of Directors of the
Annexure to the Secretarial Audit Report
Company had approved a scheme
of arrangement between (i) the
Company, its shareholders and
creditors, and (ii) Reliance O2C
Limited and its shareholders and
creditors (the “Scheme”). The
Scheme, inter alia, provides for
transfer of the oil-to-chemicals
(“O2C”) undertaking from the
Company to Reliance O2C Limited
as a going concern on slump sale
basis on the terms and conditions
as detailed in the Scheme. The
scheme has been approved by the
Shareholders and Creditors of the
Company at their respective meetings
convened and held on 31 March
2021 pursuant to order dated 11
February 2021 of National Company
Law Tribunal, Mumbai. The Scheme
is subject to further approvals under
applicable laws including approval of
the National Company Law Tribunal.
Dr. K. R. Chandratre
FCS No.: 1370, C. P. No.: 5144
Place: Pune
Date: 30 April 2021
UDIN: F001370C000220281
Peer Review
Certificate No.: 463/2016
This report is to be read with my letter
of even date which is annexed as
Annexure and forms an integral part
of this report.
To:
The Members
Reliance Industries Limited
3rd Floor, Maker Chambers IV
222, Nariman Point
Mumbai – 400 021.
My report of even date is to be read along with this letter:
1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express
an opinion on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness
of the contents of the secretarial records. The verification was done on test-check basis to ensure that correct facts are
reflected in secretarial records. I believe that the process and practices, I followed provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
4. Wherever required, I have obtained Management Representation about the compliance of laws, rules and regulations and
happening of events, etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. My examination was limited to the verification of procedures on test-check basis.
6. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.
Dr. K. R. Chandratre
FCS No.: 1370, C. P. No.: 5144
Place: Pune
Date: 30 April 2021
UDIN: F001370C000220281
Peer Review Certificate No. : 463/2016
Adequate notice is given to all directors
to schedule the meetings of the Board
and Committees of the Board. Except
where consent of the directors was
received for scheduling meeting at a
shorter notice, agenda and detailed
notes on agenda were sent at least
seven days in advance, and a system
exists for seeking and obtaining further
information and clarifications on the
agenda items before the meeting
and for meaningful participation
at the meeting.
All decisions at Board Meetings and
Committee Meetings were carried
out unanimously as recorded in the
minutes of the meetings of the Board of
Directors or Committees of the Board,
as the case may be.
I further report that there are adequate
systems and processes in the Company
commensurate with the size and
operations of the Company to monitor
and ensure compliance with applicable
laws, rules, regulations and guidelines.
I further report that during
the audit period:
• The Company issued and allotted on
private placement basis, unsecured,
redeemable, non-convertible
Debentures (NCDs) aggregating
`24,955 crore. The Company
cancelled 20,092 Non-Convertible
Debentures (of PPD Series D, G, H,
IA, IB and 13) which were bought by
the Company. Further, the Company
redeemed Unsecured Non-
Convertible Debentures amounting
to `12,000 crore (PPD Series B, C,
E, F, PPD1 and PPD2) and Secured
Non-Convertible Debentures
amounting to `500 crore (Series PPD
-180 Tranche 1).
• The Company issued and allotted
42,26,26,894 partly paid-up equity
shares of `10/- each of the Company
on rights basis, in the ratio of 1 equity
share for every 15 equity shares
held, to eligible equity shareholders
of the Company at an issue price of
`1,257/- per fully paid-up equity share
(including a premium of `1,247/- per
equity share). An amount equivalent
to 25% of the issue price viz. `314.25
per equity share was received
on application.
The Board of Directors of the Company,
at its meeting held on 26 March 2021
made the following two calls on the
partly paid-up rights equity shares:
• First call of `314.25 per partly
paid equity share (including a
premium of `311.75 per share),
payable during the period from 17
May 2021 to 31 May 2021, both
days inclusive; and
• Second & final call of `628.50 per
partly paid equity share (including
a premium of `623.50 per share),
payable during the period from 15
November 2021 to 29 November
2021, both days inclusive.
• The Company granted 42,00,000
options to the eligible employees
under Employees Stock
Option Scheme 2017.
• The composite scheme of
amalgamation and plan of merger
amongst Reliance Holding USA
Inc. (“RHUSA”), Reliance Energy
Generation and Distribution Limited
(“REGDL”) and the Company (the
“Scheme”), which, provided for
merger of RHUSA with REGDL and
merger of REGDL with the Company
was approved by the Hon’ble National
Company Law Tribunal, Mumbai
Bench, vide its Order dated 27 July
2020. The Scheme became effective
from 21 August 2020.
218
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Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Annexure V
Particulars of Energy
Conservation, Technology
Absorption and Foreign
Exchange Earnings and Outgo
required under the Companies
(Accounts) Rules, 2014
A. Conservation of Energy
(i) Steps taken to conserve energy
Energy efficiency is a cornerstone
for positive impact on environment
and sustainable growth. The
Company continued to improve
across all facets of energy
management which include
generation, distribution and
consumption. Energy conservation
was achieved by optimising existing
energy profile through digital
technologies including advanced
analytics, real-time optimization
models, process engineering
and embracing newer and more
efficient technologies.
Advanced models and tools were
used to improve energy efficiency
and reduce carbon footprint at
sites, buildings and campuses.
Dedicated teams working on
monitoring, reporting, periodic
energy audits and benchmarking
with international refineries and
petrochemical sites enable the
Company to continually improve
energy performance.
This approach has yielded
steady results over the years and
during the financial year under
review, the Company achieved
a reduction of 243.4 Gcal/hr in
energy consumption.
Additionally, the Company is
implementing Digital twins and
Artificial Intelligence /Machine
Learning based analytical models
for further enhancement in energy
efficiency, reliability and reduction
in carbon footprint.
Major energy conservation
initiatives taken during the financial
year 2020-21 are listed below.
Jamnagar Manufacturing Division:
Domestic Tariff Area (DTA)
• Medium Pressure (MP) steam
generation from lean sponge oil heat
exchanger circuit in Coker unit
220
• Commissioned Condensate
• Minimizing High Pressure (HP)
Preheater (CPH) for GT / HRSG 10
(Gas Turbine / Heat Recovery Steam
Generator) with increased waste heat
recovery from flue gas
• Hydrocarbon recovery from Vent Gas
Recovery circuit in Linear Low Density
Poly-ethylene (LLDPE) plant
• APC (Advanced Process
Control) implementation for
steam optimization in Captive
Power Plant (CPP)
• Process steam reduction by
optimizing Ethylene Oxide (EO) and
Carbon Dioxide (CO2) absorption
/ stripper loops
• Improved dilution steam reboiler
performance by C7C8 injection
in quench water
• Routing Mono Ethylene Glycol
(MEG) stream from refining
column directly to MEG tank by
monitoring Glycol quality
• Medium Pressure (MP) steam
consumption reduced by
implementing Advance Process
Control (APC) in vent gas stack of
Acid Gas Removal (AGR) plant
• Routing of Recycle Flash Gas directly
steam consumption in Air Preheater
in SEZ Sulphur Recovery Unit by
process optimization
• HP Syngas Expander power
generation increased by reducing
bypass quantity in AGR plant
Hazira Manufacturing Division
• Stripper Pressure optimization
resulting in Low Pressure (LP) steam
consumption reduction in Poly-
Butadiene Rubber (PBR-3) plant
Dahej Manufacturing Division
• Optimization of Steam to
Hydrocarbon ratio in cracker furnaces
to reduce the use of medium low-
pressure steam consumption
• Reduction of steam in reboiler by
optimizing operation of Secondary
De-Ethanizer Column
Vadodara Manufacturing Division
• Increased HP steam temperature
from Steam turbine in Naphtha
Cracker Plant to improve
utilization of MP steam
• Rotor replacement of GT 2 resulting in
heat rate improvement by 1.5%
to SRU (Sulphur Recovery Unit)
incinerator, resulting in reduced
operation of compressors (1.7 MW
x2) in AGR plant
Patalganga Manufacturing division
• Replacement of intercoolers
of Air Compressor by energy
efficient design
• Optimization of Steam to CO (carbon
Monoxide) ratio, by monitoring
CO slippage in “CO-shift plant”
and by installation of Real Time
Optimizer (RTO)
• HP Syngas Expander power
Nagothane Manufacturing Division
• Improved heat recovery from flue
gas by increasing flow through LP
economizer module and reduce
stack temperature
generation increased by reducing
bypass quantity in AGR plant
Barabanki Manufacturing Division
• Husk boiler tube bundle
Jamnagar Manufacturing Division:
Special Economic Zone (SEZ)
• Uprate of Gas Turbine (GT-1)
with AGP (Advance Gas Path)
components to improve heat rate
• Reduced flaring in Xylene Recovery
Column (XRC) by optimizing Column
operating parameters at Para
Xylene (PX4) plant
• MP steam consumption reduced by
implementing Advanced Process
Control in vent gas stack of Acid
Gas Removal plant
• Optimization of Steam to carbon
mono-oxide ratio, by monitoring CO
slippage in “CO-shift plant” and by
installation of RTO
replacement for energy savings and
reliability improvement
(ii) Steps taken to utilize alternate
sources of energy
• Trials conducted in boiler-1 and
achieved upto 15% co-firing
of biomass with coal at Dahej
Manufacturing Division
• Commissioned 3.56 MW solar
power generation project at Silvassa
Manufacturing Division. (Capex:
`13.7 crore). The project is expected
to generate 5645 MWh/yr reducing
Green House Gas (GHG) emission by
4600 tons CO2/yr
(iii) Capital investment on energy conservation equipments
Manufacturing Division
Sr.
No.
1
2
3
4
5
6
7
8
Jamnagar manufacturing division (DTA)
Jamnagar manufacturing division (SEZ)
Hazira manufacturing division
Dahej manufacturing division
Vadodara manufacturing division
Patalganga manufacturing division
Nagothane manufacturing division
Other manufacturing divisions
B. Technology Absorption
Research and technology development
of the Company helps create
superior value by harnessing internal
Research and Development skills and
competencies and creates innovations
in emerging technology domains related
to the Company’s various businesses.
Research and technology development
of the Company focuses on:
a. New products, processes and
catalyst development to support
existing business and create
breakthrough technologies for
new businesses;
b. Advanced troubleshooting; and
c. Support to capital projects and
profit and reliability improvements in
manufacturing plants.
(i)
Major efforts made towards
technology absorption
Oil to Chemicals (O2C)
• Crude to Chemicals by Multi zone
Catalytic Cracking technology (MCC)
• Conversion of waste plastics to
stable oil for reconversion to plastics
(circular economy)
• CO2 capture process from dilute
refinery/ power plant flue gases
• Catalyst development for
improvement of cycle length of DHT
(Diesel Hydrotreating Unit) units
• Development of Hi-Active
Fluid Catalytic Cracking (FCC)
catalyst for FCCUs
• Advanced Support to Gasification
• Low cost process development for
valuable metals (Vanadium, Nickel)
extraction from gasification slag
• Green process and catalyst for direct
synthesis of dimethyl carbonate
(DMC) from CO2 and methanol
• FCC Catalyst switchover support
Capital investments on
energy efficient equipments
(` in crore)
Energy savings
(Gcal/hr)
10.02
12.23
0.5
0.5
9.4
0.6
0.0
15.7
132.52
95.11
4.0
3.7
4.4
1.5
1.5
0.6
• F clean process development for Re
• Gas phase Linear Low-Density
use of char filter fuses for sustainable
operation of gasifiers
• Value creation from refinery waste
by- product: Using sodium free
di-sulphide oils (DSO) to replace
dimethyl disulphide (DMDS)
in gas and naphtha cracker
and hydrotreaters
• Light coker naphtha processing in
SEZ (Special Economic Zone) FCC
to enable higher propylene and
ethylene production
• DTA (Domestic Tariff Area) coker
feed window widening with respect
to metals and asphaltenes by using
clarified slurry oil (CSO) with feed
• Online corrosion monitoring system
under IOW (Integrity Operating
Windows) initiative for monitoring
crude corrosivity
• Study to analyze if ANN (Artificial
Neural Network) models can
substitute LP (Linear Programming)
models in planning and also direct to
better optimal points
• Development of in-house
composition-based RX (Reactor)
models for plant monitoring and
LP applications
• NIR (Near InfraRed) based fast
crude characterization for assay
update support
• Naphtha molecular assay for crude
scheduling and valuation
• Capturing of complex physics in
Third Stage Separator (TSS) cyclone
separator and model validation with
experimental data
• Effluent treatment by
Cavitation process
• Development for Impact Co
Polymer (ICP) and Homo Grades PP
(Polypropylene) with the Company’s
proprietary Diester Catalyst System.
Polyethylene (LLDPE)/ High Density
Polyethylene (HDPE) production with
in-house catalysts & Metallocene
catalyst development for LLDPE
• Development of Functional
Emulsion Styrene Butadiene Rubber
(ESBR) grades for silica based
composite for Green Tyre
• Valorisation of Polyvinyl Chloride
(PVC) Value Chain
• Biodegradable Polymers for
Packaging Applications
• Development of internally plasticized
PVC with improved processability
• Value added Elastomeric
Ionomers Development
• High performance
engineering thermoplastic
Polyphenylene Sulphide (PPS)
• Development of advanced
Polyethylene (PE) Products and
Catalyst Technology
• Development of high strength
fiber and film for ballistic armours.
Disentangled Polyethylene (DPE)
based weaved and stab resistant
fabric from HS (High Strength)/HM
(High Modulus) DPE tape
• Chloride free Continuous Catalytic
Reforming (CCR) catalyst with higher
aromatics yield development
• RELORCAT catalyst was developed
and commercially produced for
unsaturated hydrocarbon reduction
from Benzene Toluene Xylene (BTX)
streams in aromatics plant
• Purification process for sulfolane
• Self-healing elastomer: Polybutadiene
Rubber (PBR) grade (Relnext) for
enhanced (40%) tyre life
• Coke less Naphtha/
Gas steam cracking
• Development of adsorbent and
process for 80% propylene recovery
from polyolefin plant off gas
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Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
(iv) Expenditure incurred on Research and Development:
Sr. No.
Particulars
a)
b)
Total
Capital
Revenue
(` in crore)
1,412
1,160
2,572
C. Foreign Exchange Earnings and Outgo
(i)
Activities relating to export, initiatives to increase exports, developments of new export markets for products
and services and export plan
The Company has continued to maintain focus and avail of export opportunities based on economic considerations. During
the year, the Company has exports (FOB value) worth ` 1,32,773 crore (US$ 18.2 billion).
(ii) Total Foreign Exchange Earned and Used
a)
b)
c)
Foreign Exchange earned in terms of actual inflows
Total savings in foreign exchange through products manufactured by the Company and deemed exports
(US$ 12.7 billion)
Sub-total (a+b)
Foreign Exchange outgo in terms of actual outflows
(` in crore)
1,34,436
92,489
2,26,925
1,79,929
For and on behalf of Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
April 30, 2021
• Commissioning and Troubleshooting
of Dowtherm purification system
• Advance technical support provided
for characterization of Vinyl Chloride
Monomer (VCM) Oxychlorination
fresh and spent catalyst
• Evaluation of spare activated
alumina and activated carbon
(Linde) for improved shelf life in VCM
Oxychlorination
• Initiated commercial production
of 37 ton of 3A zeolite molecular
sieve for cracker
• 1.5 ton adsorbent and process for
NMP (N-Methyl-2-Pyrrolidone)
purification (TAN – Total Acid
Number) and Chloride reduction)
developed and implemented at
Benzene Recovery Unit (BRU)
• Adsorptive Paraxylene pilot scale
purification process developed
• Non Hydrofluoric Acid (HF) route to
Linear Alkyl Benzene (LAB) using
the Company’s proprietary Ionic
Liquid catalyst
• PTA/IPA (IsoPhthalic Acid)
• Low cost alumina adsorbent
Process Optimization
replacement for Purified Terephthalic
Acid (PTA) off gas drier
• Zeolite Molecular sieve based
adsorptive process developed
and commercialized for 1
Octene purification
• Developed Effluent Treatment
Plant (ETP) microbial culture and
successfully implemented
• Residual life analysis of Ion Exchange
Resins for DI (DeIonized) Plant
• Chloride analysis of EOEG (Ethylene
Oxide, Ethylene Glycol) CO2
regenerator stream
• Chloride Guard bed adsorbent testing
in manufacturing plants
• Adsorptive process developed
for residual chloride removal from
recycled finished water of PBR-1 plant
• Adsorptive purification process
developed for Mono Ethylene
Glycol (MEG) purification and
under implementation
• Catalyst characterization of PTA plant
• Adsorptive and distillation Process
developed for Triethylene Glycol
(TEG) purification for Ethylene Oxide
Ethylene Glycol (EOEG)
• Development of in-house spin finish
oil formulation
• Commercial manufacturing
of Reliance Oxidation Catalyst
(RELOX) for nitrogen gas
purification for Polyethylene
Terephthalate (PET) plant
• Commercial production and
implementation of Spherical silica gel
for PE (Polyethylene)
• Development of Technology
information package (TIP) for
DOTP (Dioctyl Terephthalate)
process modification.
Advanced Materials and Other R&D
Activities
• Development of indigenous polymer
electrolyte membrane (PEM) fuel
cell technology
• Development of Poly Acrylo Nitrile
(PAN) precursor for Carbon Fibers
• Advance process control (APC)/
Real time Optimisation (RTO)
implementation in all major
manufacturing facilities
• Modelling and simulation,
scale up, support and advance
trouble shooting
• Polymeric materials for 3D printing
• Graphene polymer and
elastomer composites
• Developed and demonstrated PHA
(Polyhydroxyalkanoates)-bioplastics
production (potential substitute
for PE/PP) in an engineered
microbial platform
• Developed sustainable and advanced
material in the form of Nanocellulose
which is suitable for various
applications in biomedical, biomaterial
and personal care products
• Harness synthetic biology tools to
produce high strength silk protein
as an ingredient for personal care
and other products
Biofuels and Bio-Chemicals
• Development of ‘Green Bio crude’
and high value products from
algae, using sea water, sunlight, and
low-cost nutrients
• Application of biotechnology to
enhance the productivity of algae
species for biofuel
• Deployment of RCAT (Hydrothermal
Liquefaction (HTL) technology
towards commercialization to achieve
the Company’s net zero carbon
goal by achieving 25% blend in
refining capacity
• Demonstrate Algae to
ethanol concept
• Technology development for
commercial production of specialty
products viz. super proteins, aqua
and animal feed
• Harness advanced synthetic biology
tools to develop technologies for
Nanocellulose, PHA Bioplastic, Iron
fortified protein and High strength
silk production
(ii) Information regarding
imported technology
(imported during last three
years)
None
(iii) The benefits derived from R&D and
Technology absorption, adoption
and innovation initiative in financial
year 2020-21 is ~ ` 320 crore.
Apart from the above monetary savings,
there are other benefits from R&D,
which are as follows:
• Transition from smart buyer
of technology to a flagship
developer of technology
• Future ready for next generation
businesses and mitigating disruption
in existing business
• Visionary disruptive business and
technology strategy to disrupt
mobility, industrial sector
• Sustaining competitive advantage
• Generating new intellectual
properties for business value creation.
222
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Board’s ReportIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Financial Statements
Independent Auditors’ Report
Standalone
Independent Auditors’ Report
Balance Sheet
Statement of Profit and Loss
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
1
2
3
Property, Plant & Equipment, Capital Work-in-Progress,
Intangible Assets and Intangible Assets Under Development
Investments – Non-Current
Loans – Non-Current
4 Other Non-Current Assets
5
6
7
8
9
Inventories
Investments – Current
Trade Receivables
Cash and Cash Equivalents
Loans – Current
10 Other Financial Assets – Current
11 Taxation
12 Other Current Assets
13 Share Capital
14 Other Equity
15 Borrowings
16 Other Financial Liabilities – Non-Current
17 Provisions – Non-Current
18 Deferred Tax Liabilities (Net)
19 Other Non-Current Liabilities
Consolidated
Independent Auditors’ Report
Balance Sheet
Statement of Profit and Loss
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
225
234
235
236
238
240
249
250
254
256
257
257
258
258
258
258
259
259
260
261
262
264
264
264
265
300
312
313
314
316
318
20 Borrowings – Current
21 Trade Payables
22 Other Financial Liabilities – Current
23 Other Current Liabilities
24 Provisions – Current
25 Revenue from Operations
26 Other Income
27 Changes in Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade
28 Employee Benefits Expense
29 Finance Costs
30 Other Expenses
31 Exceptional Items (Net of Tax)
32 Earnings Per Share (EPS)
33 Related Parties Disclosures
34 Oil and Gas Disclosures
35 Contingent Liabilities and Commitments
36 Capital Management
37 Financial Instruments
38 Segment Information
39 Details of Loans given, Investments made and guarantee given
covered U/S 186 (4) of the Companies Act, 2013.
40 Details of Research and Development Expenditure
41 Significant Arrangements during the Year
42 Events after the Reporting Period
21 Other Current Liabilities
22 Provisions – Current
23 Revenue from Operations
24 Other Income
25 Changes in Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade
Property, Plant and Equipment, Other Intangible Assets, Capital
329
26 Employee Benefits Expense
Work-in-Progress and Intangible Assets under Development
27 Finance Costs
1
2
3
4
Investments – Non-Current
Loans – Non-Current
Deferred Tax
5 Other Non-Current Assets
6
7
8
9
Inventories
Investments – Current
Trade Receivables
Cash and Cash Equivalents
10 Other Financial Assets – Current
11 Other Current Assets
12 Taxation
13 Share Capital
14 Other Equity
15 Borrowings – Non-Current
16 Other Financial Liabilities - Non-Current
17 Deferred Payment Liabilities
18 Provisions – Non-Current
19 Borrowings – Current
20 Other Financial Liabilities – Current
330
336
336
336
337
337
337
338
338
338
338
339
340
342
344
344
344
345
345
28 Other Expenses
29 Exceptional Items (Net of Tax)
30 Earnings Per Share (EPS)
31 Related Parties Disclosures
32 Oil and Gas Disclosures
33 Details of Contingent Liabilities & Commitments
34 Capital Management
35 Financial Instruments
36 Segment Information
37 Enterprises Consolidated as Subsidiary in Accordance
with Indian Accounting Standard 110 – Consolidated
Financial Statements
38 Significant Enterprises Consolidated as Associates and Joint
384
Ventures in accordance with Indian Accounting Standard 28 –
Investments in Associates and Joint Ventures
39 Additional Information, as required under Schedule III to the
387
Companies Act, 2013, of Enterprises Consolidated as Subsidiary
/ Associates / Joint Ventures
40 Significant arrangements during the Year
41 Events after the Reporting Period
397
397
265
265
266
266
266
266
267
267
268
271
271
272
273
274
287
289
290
290
297
297
297
298
299
346
346
346
346
347
347
352
352
354
354
355
365
367
368
368
375
377
To the Members of
Reliance Industries Limited
Report on the Audit of the Standalone
Financial Statements
Opinion
We have audited the accompanying Standalone Financial
Statements of Reliance Industries Limited (“the Company”)
which includes joint operations, which comprise the Balance
sheet as at March 31, 2021, the Statement of Profit and Loss,
including the statement of Other Comprehensive Income, the
Cash Flow Statement and the Statement of Changes in Equity
for the year then ended, and notes to the Standalone Financial
Statements, including a summary of significant accounting
policies and other explanatory information.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013, as amended (“the
Act”) in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as
at March 31, 2021, its profit including other comprehensive
income, its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on Auditing
(SAs), as specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further
described in the Auditors’ Responsibilities for the Audit of
the Standalone Financial Statements’ section of our report.
We are independent of the Company in accordance with
the ‘Code of Ethics’ issued by the Institute of Chartered
Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements under
the provisions of the Act and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the
Standalone Financial Statements.
Emphasis of Matter
We draw attention to Note 31(b) and 41.1 of the financial
statements in respect of the Scheme of Amalgamation of
wholly-owned subsidiaries with the Company approved
by the Hon’ble National Company Law Tribunal, Mumbai,
wherein the financial information has been restated from
the appointed date and not from the earliest date presented
in accordance with Ind AS 103, as per General Circular No.
09/2019 issued by MCA dated August 21, 2019 and loss due
to take over of borrowing and consequential adjustment for
reversal thereof in the statement of profit and loss upon the
Scheme becoming effective.
Our Opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Standalone Financial Statements for the financial year ended
March 31, 2021. These matters were addressed in the context
of our audit of the Standalone Financial Statements as a
whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. For each matter
below, our description of how our audit addressed the matter
is provided in that context.
We have determined the matters described below to be the
key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the Auditors’
responsibilities for the audit of the Standalone Financial
Statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the Standalone Financial
Statements. The results of our audit procedures, including
the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying
Standalone Financial Statements.
Key audit matters
How our audit addressed the key audit matter
A. Capitalisation and useful life of property, plant and equipment
During the year ended March 31, 2021, the Company has incurred
capital expenditure on various projects included in capital work in
progress and intangible assets under development. Further, items
of property, plant and equipment that are ready for its intended use
as determined by the management have been capitalised in the
current year. Judgement is involved to determine that the aforesaid
capitalisation meet the recognition requirement under Ind AS
specifically in relation to determination of whether the criteria for
intended use of the management has been met.
Our audit procedures included and were not limited to the following:
• Examined the management assessment of the assumptions
considered in estimation of useful life.
• Examined the useful economic lives with reference to the
Company’s historical experience and technical evaluation by third
party specialist appointed by management.
• Assessed the objectivity and competence of the Company’s
external specialists involved in the process.
• Assessed the nature of the additions made to property, plant
Further, in the current year, the Company has reassessed the
useful life of its plant and machinery from 25-35 years to 50
years. Assessment of useful life of plant and machinery involves
management judgement, technical assessment, consideration of
historical experiences, anticipated technological changes, etc.
Accordingly, the above has been determined as a key audit matter.
and equipment, intangible assets, capital work-in-progress and
intangible asset under development on a test check basis to test
whether they meet the recognition criteria as set out in para 16
to 22 of Ind AS 16 – Property, Plant and Equipment, including
intended use of management.
• Assessed the impact recognised on account of the change in the
useful life and disclosure made in the financial statements.
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Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Independent Auditors’ Report
Key audit matters
How our audit addressed the key audit matter
Key audit matters
How our audit addressed the key audit matter
B. Estimation of oil reserves, decommissioning liabilities, depletion charges and impairment evaluation of development rights
Refer to Note 34.2 on proved reserves and production on product
and geographical basis, Note C(A) on estimation of Oil and Gas
reserves, Note B.2(s) on Accounting for Oil and Gas activity, Note
C(B) on Decommissioning Liabilities, Note C(C) on Property Plant
and Equipment/Intangible Assets and Note B.2(j) on Provisions and
Note B.2(i) on impairment of non-financial assets and Note 17 of the
financial statements.
around the key drivers of the cash flow forecasts including future
oil and gas prices, estimated reserves, discount rates used, etc. by
engaging valuation experts.
Our work included and were not limited to the following procedures:
• Performed walk-through of the estimation process associated
• Assessed the valuation methodology, including assumptions
with the oil and gas reserves.
• Assessed the objectivity and competence of the Company’s
specialists involved in the process and valuation specialists
engaged by us.
• Assessed whether the updated oil and gas reserve estimates
were included in the Company’s, accounting for amortisation /
depletion and disclosures of proved reserves and proved
developed reserves in the financial statements.
• Tested the assumption used in determining the decommissioning
provisions. Also compared these assumptions with the previous
year and enquired for reasons for any material variations.
• Reviewed the disclosure made by the Company in the
financial statements.
Our audit procedures included and were not limited to the following:
• Assessed the management’s position through discussions with
the in-house legal expert and external legal opinions obtained
by the Company (where considered necessary) on both, the
probability of success in the aforesaid cases, and the magnitude
of any potential loss.
• Discussed with the management on the development in these
litigations during the year ended March 31, 2021.
• Rolled out of enquiry letters to the Company’s legal counsel and
noted the responses received.
• Assessed the responses received from Company’s legal counsel
by engaging our internal legal experts.
• Assessed the objectivity and competence of the Company’s legal
counsel involved in the process and legal experts engaged by us.
• Reviewed the disclosures made by the Company in the
financial statements.
• Obtained representation letter from the management on the
assessment of these matters.
The determination of the Company’s oil and natural gas reserves
requires significant judgements and estimates to be applied. Factors
such as the availability of geological and engineering data, reservoir
performance data, acquisition and divestment activity, drilling of
new wells and commodity prices all impacts the determination of the
Company’s estimates of oil and natural gas reserves.
Estimates of oil and gas reserves are used to calculate depletion
charges for the Company’s oil and gas assets. The impact of
changes in estimated proved reserves is dealt with prospectively
by amortising the remaining carrying value of the asset over the
expected future production. Oil and natural gas reserves also have
a direct impact on the assessment of the recoverability of asset’s
carrying values reported in the financial statements.
For the purpose of impairment testing, value in use has been
determined by the management by considering estimates such
as discount rates, reserves and volumes, future oil and gas natural
prices etc. along with other macro-economic, business and
financing factors.
Further, the recognition and measurement of decommissioning
provisions involves use of estimates and assumptions relating to
timing of abandonment of well and related facilities which would
depend upon the ultimate life of the field, expected utilisation of
assets by other fields, the scope of abandonment activity and
pre-tax rate applied for discounting.
Accordingly, the same is considered as a key audit matter.
C. Litigation matters
The Company has certain significant ongoing legal proceedings for
various complex matters with the Government of India and other
parties, continuing from earlier years, which are as under:
1. Matters in relation to Oil and Gas:
(a)
(b)
(c)
(d)
2.
(a)
Disallowance of certain costs under the production sharing
contract, relating to Block KG-DWN-98/3 and consequent
deposit of differential revenue on gas sales from D1D3 field
to the gas pool account maintained by Gail (India) Limited
(Refer Note 34.3).
Claim against the Company in respect of gas said
to have migrated from neighbouring blocks (KGD6)
(Refer Note 34.4(a)).
Claims relating to limits of cost recovery, profit sharing
and audit and accounting provisions of the public sector
corporations etc., arising under two production sharing
contracts entered into in 1994 (Refer Note 34.4(b)).
Suit for specific performance of a contract for supply
of natural gas before the Hon’ble Bombay High Court
(Refer Note 34.4(c)).
Matter relating to trading in shares of Reliance Petroleum
Limited (‘RPL’):
Special Appellate Tribunal judgement dated November 5,
2020, dismissing Company’s appeal made in relation to order
passed by the Securities and Exchange Board of India (‘SEBI’)
under Section 11B of the SEBI Act, 1992 (Refer Note 35(III)).
226
Due to complexity involved in these litigation matters,
management’s judgement regarding recognition and measurement
of provisions for these legal proceedings is inherently uncertain
and might change over time as the outcomes of the legal cases
are determined.
Accordingly, it has been considered as a key audit matter.
D. Fair Valuation of Investments
As at March 31, 2021, the Company has investments of ` 78,234
crore in the Equity and Preference Shares of Jio Digital Fiber Private
Limited (‘JDFPL’) and Summit Digitel Infrastructure Private Limited
(“SDIPL’) (Formerly Reliance Jio Infratel Private Limited) which are
measured at fair value as per Ind AS 109 read with Ind AS 113.
These investments are Level 3 investments as per the fair value
hierarchy in Ind AS 113 and accordingly determination of fair value
is based on a high degree of judgement and input from data that
is not directly observable in the market. Further, the fair value is
significantly influenced by the expected pattern of future benefits of
the tangible assets of JDFPL (fiber assets) and SDIPL (tower assets).
Refer Note 2 and Note 37A in the financial statements.
Accordingly, the same has been considered as a key audit matter.
Our audit procedures included and were not limited to the following:
• Reviewed the fair valuation reports provided by the management
by involvement of internal specialist / external valuation experts.
• We assessed the assumptions around the cash flow forecasts
including discount rates, expected growth rates and its effect on
business and terminal growth rates used through involvement of
the internal experts.
• We also involved internal experts to assess the Company’s
valuation methodology and assumptions, applied in determining
the fair value.
• We discussed potential changes in key drivers as compared to
previous year / actual performance with management to evaluate
the inputs and assumptions used in the cash flow forecasts.
• Assessed the objectivity and competence of our internal
expert and Company’s internal / external specialists involved
in the process.
• Reviewed the disclosures made by the Company in the
financial statements.
E. Impairment of Investment in shale gas entities and recognition of deferred tax assets
(a)
(a)
Based on the assessment of the internal and external sources
of information, management has identified indicators of
impairment in respect of its investments in shale gas entities
engaged in the business of exploration and production of oil
and gas. In the current year, management has performed an
impairment assessment by comparing the carrying value of
these investments to their recoverable amount and accordingly
recognised an impairment loss of ` 15,686 crore. For the
purpose of the above impairment testing, realisable value
has been determined by the management by considering
estimates such as discount rates, reserves and volumes,
future oil and gas natural prices etc, along with consideration
of other macro-economic, business and financing factors
including divestment agreement entered into for certain
upstream assets.
(b)
The Company has also recognised Deferred Tax Assets of
` 15,570 crore in respect of the difference between the book
base and tax base of the investment in shale gas entities
engaged in the business of exploration and production of
oil and gas, in accordance with Ind AS 12 – Income Taxes.
Recognition of the aforesaid deferred tax asset involves
management judgement and estimates to determine whether
there is a reasonable certainty to utilise the deferred tax assets
against future capital gains.
Both the above items have been disclosed as exceptional items in
the financial statements (Refer Note 31(c)).
Accordingly, the above matters have been considered as a
key audit matter.
Our audit procedures to address impairment of investment
included and were not limited to the following:
• Obtained and assessed the impairment triggers identified by
the management.
• Read the note in relation to impairment of assets in
consolidated financial statement of the shale gas entities.
• Discussed the aforesaid matter with the component auditor
in accordance with Standard of Auditing 600 – Using the
work of Another Auditor.
• Read the agreement in reference to divestment of interest
in certain upstream assets operated by EQT Corporation to
Northern Oil and Gas, Inc.
• Obtained the realisable value assessment made by the
management and assessed the methodology and the
assumptions applied in determining the realisable value by
engaging our internal valuation specialists.
• Reviewed the disclosures made by the Company in the
financial statements.
(b)
Our audit procedures to address recognition of deferred tax
asset included and were not limited to the following:
• Assessed the basis of recognition of deferred tax assets in
accordance with Ind AS.
• Obtained and assessed the management assumptions /
judgements and mathematical accuracy for calculating the
difference between the book base and tax base.
• Evaluated the management assessment on future
transactions including capital gain projections used in
assessing the recoverability.
• Evaluated the management assessment of tax credit
recognition including calculation of tax base as per the
Income Tax Act, 1961 by engaging internal tax specialist. In
making this assessment, we evaluated the competence and
objectivity of our internal experts.
• Reviewed the disclosures made by the Company in the
financial statements.
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Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Independent Auditors’ Report
Key audit matters
How our audit addressed the key audit matter
F. IT systems and controls over financial reporting
We identified IT systems and controls over financial reporting as a
key audit matter for the Company because its financial accounting
and reporting systems are fundamentally reliant on IT systems and
IT controls to process significant transaction volumes, specifically
with respect to revenue and raw material consumption. Also, due
to such large transaction volumes and the increasing challenge to
protect the integrity of the Company’s systems and data, cyber
security has become more significant.
Automated accounting procedures and IT environment controls,
which include IT governance, IT general controls over program
development and changes, access to program and data and IT
operations, IT application controls and interfaces between IT
applications are required to be designed and to operate effectively
to ensure accurate financial reporting.
Our procedures included and were not limited to the following:
• Assessed the complexity of the IT environment by engaging IT
specialists and through discussion with the head of IT and internal
audit and identified IT applications that are relevant to our audit.
• Assessed the design and evaluation of the operating
effectiveness of IT general controls over program development
and changes, access to program and data and IT operations by
engaging IT specialists.
• Performed inquiry procedures with the head of cybersecurity at
the Company in respect of the overall security architecture and
any key threats addressed by the Company in the current year.
• Assessed the design and evaluation of the operating
effectiveness of IT application controls in the key processes
impacting financial reporting of the Company by engaging
IT specialists.
• Assessed the operating effectiveness of controls relating to data
transmission through the different IT systems to the financial
reporting systems by engaging IT specialists.
Information Other than the Financial
Statements and Auditors’ Report Thereon
The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual Report, but does not
include the Standalone Financial Statements and our auditors’
report thereon.
Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
and, in doing so, consider whether such other information
is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management for the
Standalone Financial Statements
The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to
the preparation of these Standalone Financial Statements
that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgements and estimates that are reasonable and
prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Statements that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Standalone Financial Statements,
management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing
the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of
the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone
Financial Statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
228
• Identify and assess the risks of material misstatement of
the Standalone Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of
the Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial
controls with reference to financial statements in place and
the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors’
report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditors’ report. However, future
events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content
of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements for the financial year ended March 31, 2021
and are therefore the key audit matters. We describe these
matters in our auditors’ report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the
adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of
such communication.
Report on Other Legal and Regulatory
Requirements
1.
As required by the Companies (Auditor’s Report) Order,
2016 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of Section 143 of
the Act, we give in the “Annexure 1” a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2.
As required by Section 143(3) of the Act, we report that:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit;
In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books;
The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive
Income, the Cash Flow Statement and Statement
of Changes in Equity dealt with by this Report are in
agreement with the books of account;
In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
2015, as amended;
On the basis of the written representations received
from the directors as on March 31, 2021 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2021 from
being appointed as a director in terms of Section 164
(2) of the Act;
With respect to the adequacy of the internal financial
controls with reference to these Standalone Financial
Statements and the operating effectiveness of such
controls, refer to our separate Report in “Annexure 2”
to this report;
In our opinion, the managerial remuneration for the
year ended March 31, 2021 has been paid / provided
by the Company to its directors in accordance
with the provisions of Section 197 read with
Schedule V to the Act;
With respect to the other matters to be included
in the Auditors’ Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the
best of our information and according to the
explanations given to us:
i.
The Company has disclosed the impact of
pending litigations on its financial position in
its Standalone Financial Statements – Refer
Note 35 to the Standalone Financial Statements;
229
Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW
Independent Auditors’ Report
ii.
iii.
The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts;
There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company except for an amount of ` 1.76 crore which are held in abeyance due to
pending legal cases.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Reg. Number:
142412W/W100595
per T P Ostwal
Partner
Membership No.: 030848
UDIN: 21030848AAAAAQ3979
Mumbai
Date: April 30, 2021
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Reg. Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership No.: 093649
UDIN: 21093649AAAABJ4217
Mumbai
Date: April 30, 2021
Annexure 1
To the Independent Auditors’ Report of even date on the Standalone Financial Statements of Reliance Industries Limited
(Referred to in paragraph 1, under ‘Report on Other Legal and
Regulatory Requirements’ section of our Report of even date)
(iv)
(i)
(a)
The Company has maintained proper records
showing full particulars, including quantitative details
and situation of fixed assets.
(b)
The Company has a regular programmeme
for physical verification of its fixed assets by
which its fixed assets are verified in a phased
manner. In our opinion, this periodicity of physical
verification is reasonable having regard to the size
of the Company and the nature of its fixed assets.
However, there were certain fixed assets which
were not verified during the year as planned due to
outbreak of COVID–19 pandemic. As represented
by the management, these will be covered for
verification in the subsequent period. According
to the information and explanations given to us, no
material discrepancies were noticed on verification
of the fixed assets.
(c)
According to information and explanations given
by the management, the title deeds / lease deeds
of immovable properties included in property, plant
and equipment are held in the name of the Company
except for leasehold land of ` 83 crore in respect
of which the allotment letters are received and
supplementary agreements entered; however, lease
deeds are pending execution. (Refer Note 1.1 of the
Standalone Financial Statements).
(ii)
(iii)
The management has conducted physical verification
of inventory at reasonable intervals during the year
and no material discrepancies were noticed on such
physical verification.
According to the information and explanations given
to us, the Company has not granted any loans, secured
or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the register
maintained under Section 189 of the Act. Accordingly,
the provisions of clause 3(iii) (a), (b) and (c) of the Order
are not applicable to the Company and hence not
commented upon.
In our opinion and according to the information and
explanations provided to us, the Company has not
granted any loans or provided any guarantees or security
to the parties covered under Section 185 of the Act. The
Company has complied with the provisions of Section
186 of the Act in respect of investments made or loans
or guarantee or security provided to the parties covered
under Section 186 of the Act.
The Company has not accepted any deposits within
the meaning of Sections 73 to 76 of the Act and the
Companies (Acceptance of Deposits) Rules, 2014 (as
amended). Accordingly, the provisions of clause 3(v) of
the Order are not applicable to the Company.
We have broadly reviewed the books of account
maintained by the Company pursuant to the rules made
by the Central Government for the maintenance of cost
records under Section 148(1) of the Act, related to the
manufacturing activities, and are of the opinion that
prima facie, the specified accounts and records have
been made and maintained. We have not, however, made
a detailed examination of the same.
(v)
(vi)
(vii) (a)
The Company is generally regular in depositing
with appropriate authorities undisputed statutory
dues including Provident fund, Employees’ State
Insurance, Income-tax, Sales-tax, Goods and
Services tax, Duty of customs , Duty of excise,
Value Added Tax, Cess and Other Statutory Dues
applicable to it.
(b)
According to the information and explanations
provided to us, no undisputed amounts payable
in respect of Provident fund, Employees’ State
Insurance, Income-tax, Sales Tax, Goods and
Service tax, Duty of customs, Duty of excise, Value
added tax, Cess and Other Statutory Dues were
outstanding, at the year end, for a period of more
than six months from the date they became payable.
230
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Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW
Independent Auditors’ Report
(c)
According to the records of the Company, the dues of Sales-tax, Service tax, Duty of customs, Duty of excise, Value
added tax, Cess and Goods and Service Tax which have not been deposited on March 31, 2021 on account of any
dispute, are as follows:
Name of the Statute
Nature of Dues
Amount
(` in crore)
Period to which the amount
relates
Forum where the dispute is pending
Central Excise Act, 1944 Excise Duty
and Service Tax
5 Various Years from
1990-91 to 2017-18
Commissioner of Central
Excise (Appeals)
Central Sales Tax Act,
1956 and Sales Tax Act
of various States
Sales Tax/
VAT and Entry Tax
1,131 Various Years from
1991-92 to 2017-18
463 Various Years from
2001-02 to 2019-20
The Customs Excise and Service
Tax Appellate Tribunal
Joint Commissioner/Commissioner
(Appeal) of Sales Tax
646 Various Years from
1983-84 to 2015-16
94 Various Years from
2000-01 to 2011-12
Customs Act, 1962
Customs Duty
98 2007-08 and 2017-18
Goods and
Services Tax Act, 2017
Goods
and Services Tax
0.31 2017-18 to 2020-21
Sales Tax Appellate Tribunal
High Court
The Customs Excise and Service
Tax Appellate Tribunal
Joint/Additional Commissioner of
GST and Central Excise
(viii) In our opinion and according to the information and
explanations provided by the management, the Company
has not defaulted in repayment of loans or borrowing
to a financial institution, bank or government or dues to
debenture holders.
(ix)
(x)
In our opinion and according to the information and
explanations provided by the management, the Company
has utilised the monies raised by way of rights issue of
equity shares, debt instruments and term loans for the
purposes for which they were raised.
Based upon the audit procedures performed for the
purpose of reporting the true and fair view of the
Financial Statements and according to the information
and explanations provided by the management, we
report that no fraud by the Company or no material fraud
on the Company by the officers and employees of the
Company has been noticed or reported during the year.
(xi)
According to the information and explanations provided
by the management, the managerial remuneration has
been paid / provided in accordance with the requisite
approvals mandated by the provisions of Section 197
read with Schedule V to the Act.
(xii) In our opinion, the Company is not a nidhi company.
Therefore, the provisions of clause 3(xii) of the Order
are not applicable to the Company and hence not
commented upon.
(xiv) According to the information and explanations provided
to us and on an overall examination of the balance
sheet, the Company has not made any preferential
allotment or private placement of shares or fully or partly
convertible debentures during the year under review
and hence, reporting requirements under clause 3(xiv)
of the Order are not applicable to the Company and, not
commented upon.
(xv) According to the information and explanations provided
by the management, the Company has not entered
into any non-cash transactions with directors or
persons connected with him as referred to in Section
192 of the Act.
(xvi) According to the information and explanations provided
to us, the provisions of Section 45-IA of the Reserve Bank
of India Act, 1934 are not applicable to the Company.
For D T S & Associates LLP
For S R B C & CO LLP
Chartered Accountants
Chartered Accountants
ICAI Firm Reg. Number:
ICAI Firm Reg. Number:
142412W/W100595
324982E/E300003
per T P Ostwal
Partner
per Vikas Kumar Pansari
Partner
Membership No.: 030848
Membership No.: 093649
UDIN: 21030848AAAAAQ3979 UDIN: 21093649AAAABJ4217
Mumbai
Mumbai
(xiii) According to the information and explanations provided
Date: April 30, 2021
Date: April 30, 2021
by the management, transactions with the related parties
are in compliance with Section 177 and 188 of the Act
where applicable and the details have been disclosed in
the financial statements, as required by the applicable
accounting standards.
232
Annexure 2
To the Independent Auditors’ Report of even date on the Standalone Financial Statements of Reliance Industries Limited
Report on the Internal Financial Controls
under Clause (i) of sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
Meaning of Internal Financial Controls over
Financial Reporting with reference to these
Standalone Financial Statements
We have audited the internal financial controls over financial
reporting of Reliance Industries Limited (“the Company”)
which includes joint operations as of March 31, 2021 in
conjunction with our audit of the Standalone Financial
Statements of the Company for the year ended on that date.
Management’s Responsibility for Internal
Financial Controls
The Company’s Management is responsible for establishing
and maintaining internal financial controls based on the
internal control over financial reporting criteria established
by the Company considering the essential components
of internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting
(the “Guidance Note”) issued by the Institute of Chartered
Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including
adherence to the Company’s policies, the safeguarding of
its assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as
required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s
internal financial controls over financial reporting with
reference to these Standalone Financial Statements based
on our audit. We conducted our audit in accordance with the
Guidance Note and the Standards on Auditing as specified
under Section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls and, both issued
by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal
financial controls over financial reporting with reference to
these Standalone Financial Statements was established and
maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
over financial reporting with reference to these Standalone
Financial Statements and their operating effectiveness. Our
audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial
controls over financial reporting with reference to these
Standalone Financial Statements, assessing the risk that a
material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the
auditors’ judgement, including the assessment of the risks of
material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
audit opinion on the internal financial controls over
financial reporting with reference to these Standalone
Financial Statements.
A company’s internal financial control over financial reporting
with reference to these Standalone Financial Statements
is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A
company’s internal financial control over financial reporting
with reference to these Standalone Financial Statements
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the company are being made only in accordance with
authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorised acquisition, use, or
disposition of the Company’s assets that could have a material
effect on the financial statements.
Inherent Limitations of Internal Financial
Controls over Financial Reporting with
reference to these Standalone Financial
Statements
Because of the inherent limitations of internal financial
controls over financial reporting with reference to these
Standalone Financial Statements, including the possibility
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of
the internal financial controls over financial reporting with
reference to these Standalone Financial Statements to future
periods are subject to the risk that the internal financial control
over financial reporting with reference to these Standalone
Financial Statements may become inadequate because of
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects,
adequate internal financial controls over financial reporting
with reference to these Standalone Financial Statements and
such internal financial controls over financial reporting with
reference to these Standalone Financial Statements were
operating effectively as at March 31, 2021, based on the
internal control over financial reporting criteria established
by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Reg. Number:
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Reg. Number:
142412W/W100595
324982E/E300003
per T P Ostwal
Partner
Membership No.: 030848
UDIN: 21030848AAAAAQ3979 UDIN: 21093649AAAABJ4217
per Vikas Kumar Pansari
Partner
Membership No.: 093649
Mumbai
Date: April 30, 2021
Mumbai
Date: April 30, 2021
233
Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW
Statement of Profit and Loss
For the year ended 31st March, 2021
Notes
As at
31st March, 2021
As at
31st March, 2020
(` in crore)
Notes
2020-21
2019-20
(` in crore)
Balance Sheet
As at 31st March, 2021
Assets
Non-Current Assets
Property, Plant and Equipment
Capital Work-in-Progress
Intangible Assets
Intangible Assets Under Development
Financial Assets
Investments
Loans
Other Non-Current Assets
Total Non-Current Assets
Current Assets
Inventories
Financial Assets
Investments
Trade Receivables
Cash and Cash Equivalents
Loans
Other Financial Assets
Other Current Assets
Total Current Assets
Total Assets
Equity and Liabilities
Equity
Equity Share capital
Other Equity
Total Equity
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-Current Liabilities
Total Non-Current Liabilities
Current Liabilities
Financial Liabilities
Borrowings
Trade Payables Due to:
Micro and Small Enterprises
Other than Micro and Small Enterprises
Other Financial Liabilities
Other Current Liabilities
Provisions
Total Current Liabilities
Total Liabilities
Total Equity and Liabilities
Significant Accounting Policies
See accompanying Notes to the Financial Statements
1
1
1
1
2
3
4
5
6
7
8
9
10
12
13
14
15
16
17
18
19
20
21
22
23
24
1 to 44
2,92,092
20,765
14,741
12,070
2,52,620
65,698
4,968
6,62,954
2,97,854
15,638
8,624
12,327
4,21,793
44,348
4,461
8,05,045
37,437
38,802
94,665
4,159
5,573
993
59,560
8,332
2,10,719
8,73,673
70,030
7,483
8,485
15,028
16,115
10,711
1,66,654
9,71,699
6,445
4,68,038
4,74,483
6,339
3,84,876
3,91,215
1,60,598
4,014
1,499
30,788
504
1,97,403
1,94,402
2,930
1,410
50,556
504
2,49,802
33,152
59,899
90
86,909
61,172
19,563
901
2,01,787
3,99,190
8,73,673
116
70,932
1,32,492
66,170
1,073
3,30,682
5,80,484
9,71,699
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
234
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
Income
Value of Sales
Income from Services
Value of Sales & Services (Revenue)
Less: GST Recovered
Revenue from Operations
Other Income
Total Income
Expenses
Cost of Material Consumed
Purchase of Stock-in-Trade
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
Excise Duty
Employee Benefits Expense
Finance Costs
Depreciation/Amortisation and Depletion Expense
Other Expenses
Total Expenses
Profit Before Exceptional Item and Tax
Exceptional Item (Net of Tax)
Profit Before Tax*
Tax Expenses*
Current Tax
Deferred Tax
Profit for the Year
Other Comprehensive Income
i.
ii.
iii.
Items that will not be reclassified to Profit or Loss
Income tax relating to items that will not be reclassified to Profit or Loss
Items that will be reclassified to Profit or Loss
Income tax relating to items that will be reclassified to Profit or Loss
Total Other Comprehensive Income/(Loss) for the Year (Net of Tax)
iv.
Total Comprehensive Income for the Year
Earnings Per Equity Share of Face Value of ` 10 each
Basic (in `) – After Exceptional Item
Basic (in `) – Before Exceptional Item
Diluted (in `) – After Exceptional Item
Diluted (in `) – Before Exceptional Item
Significant Accounting Policies
See accompanying Notes to the Financial Statements
2,76,181
2,759
2,78,940
13,871
2,65,069
14,818
2,79,887
3,62,869
3,308
3,66,177
14,322
3,51,855
13,566
3,65,421
1,68,262
2,37,342
7,301
610
19,402
5,024
16,211
9,199
30,970
7,292
77
14,902
6,067
12,105
9,728
33,347
2,56,979
3,20,860
22,908
4,304
27,212
-
(4,732)
31,944
350
(79)
2,755
(456)
2,570
34,514
49.66
42.97
48.90
42.31
44,561
(4,245)
40,316
7,200
2,213
30,903
(392)
(944)
(6,921)
1,183
(7,074)
23,829
48.42
55.07
48.42
55.07
25
26
27
28
29
1
30
31
11
18
26.1
26.2
32
32
32
32
1 to 44
*Profit before tax is after Exceptional Item and tax thereon. Tax expenses are excluding the Current Tax and Deferred Tax on Exceptional Item.
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
235
Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW
Statement of Changes in Equity
For the year ended 31st March, 2021
A. Equity Share Capital
(` in crore)
Balance as at
1st April, 2019
Change during
the year 2019-20
Balance as at
31st March, 2020
Change during
the year 2020-21
Balance as at
31st March, 2021
6,339
-*
6,339
106
6,445
*Shares of ` 57,36,870 issued on exercise of employee stock options.
B. Other Equity
Balance
as at
1st April,
2020
Total
Comprehensive
Income for the
Year
Dividends
Transfer
(to)/from
Retained
Earnings
Transfer
(to)/from
General
Reserve
On Rights
Issue#
On
Employee
Stock
Options
Others@
(` in crore)
Balance
as at
31st March,
2021
As at 31st March, 2021
Share Application Money
Pending Allotment
Share Call Money Account
Reserves and Surplus
Capital Reserve
Securities Premium
Debenture Redemption Reserve
Share Based Payments Reserve
General Reserve
Retained Earnings
Special Economic Zone
Reinvestment Reserve
1
-
403
46,329
9,375
4
2,55,000
14,146
5,500
Other Comprehensive Income
54,118
2,570
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31,944
(3,921)
(32,692)*
-
-
-
(525)$
-
-
-
-
-
(3,410)
-
3,410
-
-
-
-
(1)
39,843
-
13,104
-
-
-
-
-
-
-
-
9
-
415
-
-
-
-
-
-
-
-
-
-
-
-
39,843
403
59,442
5,965
419
2,58,410
32,416
41,893
-
-
4,975
56,688
Balance
as at 1st
April, 2019
Total
Comprehensive
Income for the
Year
Dividends
Tax on
Dividend
Transfer
(to)/from
Retained
Earnings
Transfer
(to)/from
General
Reserve
On Rights
Issue
On
Employee
Stock
Options
Others@
(` in crore)
Balance
as at 31st
March,
2020
As at 31st March, 2020
Share Application Money
Pending Allotment
2
Reserves and Surplus
Capital Reserve
Securities Premium
Debenture
Redemption Reserve
Share Based
Payments Reserve
General Reserve
Retained Earnings
Special Economic Zone
Reinvestment Reserve
291
46,306
9,375
9
2,55,000
26,808
-
-
Other
Comprehensive Income
61,192
(7,074)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,903
(3,852)
(732)
(5,500)
-
-
-
-
5,500
-
-
Total
3,98,983
23,829 (3,852)
(732)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1)
-
1
-
23
-
(5)
-
-
-
-
112
-
-
-
-
403
46,329
9,375
4
2,55,000
(33,481)
14,146
-
-
5,500
54,118
17 (33,369)
3,84,876
Total
3,84,876
34,514 (3,921)
(33,217)
- 52,947
423 32,416
4,68,038
@ Refer Note 41.1
* Refer Note 31 (b)
@ Refer Note 41.1
# Refer Note 13.8
$ Net of Special Economic Zone Reinvestment Reserve created during the year of ` 3,303 crore.
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
236
237
Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW Cash Flow Statement
For the year ended 31st March, 2021
A. Cash Flow from Operating Activities
Net Profit Before Tax as per Statement of Profit and Loss
(After Exceptional item and Tax thereon)
Adjusted for:
Premium on Buy back of Debentures
Provision for Impairment in value of investment (Net)
(Profit) / Loss on Sale / Discard of Property, Plant & Equipment (Net)
Depreciation / Amortisation and Depletion Expense
Effect of Exchange Rate Change
Net Gain on Financial Assets #
Exceptional Item / Tax on exceptional item
Dividend Income
Interest Income #
Finance costs
Operating Profit before Working Capital Changes
Adjusted for:
Trade and Other Receivables
Inventories
Trade and Other Payables
Cash Generated from Operations
Taxes Paid (Net)
Net Cash Flow (Used in)/from Operating Activities *
B. Cash Flow from Investing Activities
Purchase of Property, Plant and Equipment and Intangible Assets
Consideration for / (Repayment of) Capex Liabilities transferred from Reliance Jio
Infocomm Limited (RJIL) through Scheme of Arrangement
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets
Investments in Subsidiaries/Trusts
Disposal of Investments in Subsidiaries
Purchase of Other Investments
Proceeds from Sale of Financial Assets (including Advance Received)
Net Cash Flow for Other Financial Assets
Interest Income
Dividend Income from Subsidiaries/Associates
Dividend Income from Others
Net Cash Flow from/(Used in) Investing Activities
C. Cash Flow from Financing Activities
Proceeds from Issue of Equity Share Capital
Share Application Money
Net Proceeds from Rights Issue
Payment of Lease Liabilities
Proceeds from Borrowings – Non–Current
Repayment of Borrowings – Non–Current
Borrowings–Current (Net)
Dividends Paid (including Dividend Distribution Tax)
Interest Paid
Net Cash Flow (Used in)/from Investing Activities
Net (Decrease)/Increase in Cash and Cash Equivalents
Opening Balance of Cash and Cash Equivalents
Add: On Merger (Refer Note 41.1)
Closing Balance of Cash and Cash Equivalents (Refer Note No. 8)
(` in crore)
2020-21
2019-20
27,212
40,316
194
(16)
-
9,199
(1,238)
(2,866)
(4,304)
(141)
(11,065)
16,211
33,186
2,781
1,365
(36,154)
1,178
(1,690)
(512)
(21,755)
(27,743)
1,147
(16,147)
1,33,647
(4,32,492)
4,34,074
(7,321)
10,706
141
-
60
-
192
9,728
(253)
(1,717)
(899)
(350)
(9,926)
12,105
49,256
5,050
5,342
23,139
82,787
(5,254)
77,533
(23,183)
31,849
15
(2,12,106)
65,365
(9,86,656)
10,02,471
(24,620)
2,890
303
47
74,257
(1,43,625)
5
-
13,210
(53)
32,765
(86,291)
(18,078)
(3,921)
(14,294)
(76,657)
(2,912)
8,485
-
5,573
18
1
-
(97)
87,310
(9,238)
11,828
(4,584)
(14,471)
70,767
4,675
3,768
42
8,485
Change in liability arising from financing activities
Borrowing – Non-Current (Refer Note 15)
Borrowing – Current (Refer Note 20)
Borrowing – Non-Current (Refer Note 15)
Borrowing – Current (Refer Note 20)
1st
April, 2020
Cash flow
2,38,700
59,899
(53,526)
(18,078)
2,98,599
(71,604)
Foreign
exchange
movement/
Others^
3,372
(8,669)
(5,297)
(` in crore)
On Merger
31st
March, 2021
-
-
-
1,88,546
33,152
2,21,698
1st
April, 2019
1,22,623
39,097
1,61,720
Cash flow*
Foreign
exchange
movement
On Merger
(Refer Note
41.1)
(` in crore)
31st
March, 2020
78,072
11,828
89,900
10,374
351
10,725
27,631
8,623
2,38,700
59,899
36,254
2,98,599
^ Others includes short–term loans of ` 10,707 crore, refinanced into Long–Term Loan.
* Includes Consideration for Non-Current Borrowings transferred from Reliance Jio Infocomm Limited through Scheme of Arrangement.
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
# Other than Financial Services Segment.
* Includes amount spent in cash towards Corporate Social Responsibility is ` 922 crore (Previous Year ` 909 crore).
238
239
Reliance Industries LimitedIntegrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEW A. Corporate Information
Reliance Industries Limited (the Company) is a listed
entity incorporated in India. The registered office of the
Company is located at 3rd Floor,
Maker Chambers IV, 222, Nariman Point,
Mumbai – 400 021, India.
The Company is engaged in activities spanning
across hydrocarbon exploration and production, Oil to
chemicals, retail, digital services and financial services.
B. Significant Accounting Policies:
B.1 Basis of Preparation and Presentation
The Financial Statements have been prepared on the
historical cost basis except for following assets and
liabilities which have been measured at fair value amount:
i)
Certain Financial Assets and Liabilities (including
derivative instruments),
ii) Defined Benefit Plans – Plan Assets and
iii) Equity settled Share Based Payments
The Financial Statements of the Company have been
prepared to comply with the Indian Accounting standards
(‘Ind AS’), including the rules notified under the relevant
provisions of the Companies Act, 2013, amended
from time to time.
The Company’s Financial Statements are presented in
Indian Rupees (`), which is also its functional currency
and all values are rounded to the nearest crore
(`00,00,000), except when otherwise indicated.
B.2 Summary of Significant Accounting
Policies
(a) Current and Non-Current Classification
The Company presents assets and liabilities
in the Balance Sheet based on Current/ Non-
Current classification.
An asset is treated as Current when it is –
Expected to be realised or intended
-
to be sold or consumed in normal
operating cycle;
- Held primarily for the purpose of trading;
Expected to be realised within twelve
-
months after the reporting period, or
Cash or cash equivalent unless restricted
from being exchanged or used to settle a
liability for at least twelve months after the
reporting period.
-
All other assets are classified as non-current.
A liability is current when:
-
It is expected to be settled in normal
operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months
after the reporting period, or
There is no unconditional right to defer the
-
-
-
240
settlement of the liability for at least twelve
months after the reporting period.
The Company classifies all other liabilities
as non-current.
Deferred tax assets and liabilities are classified
as non-current assets and liabilities.
(b) Property, Plant and Equipment
Property, Plant and Equipment are stated at
cost, net of recoverable taxes, trade discount
and rebates less accumulated depreciation and
impairment losses, if any. Such cost includes
purchase price, borrowing cost and any cost
directly attributable to bringing the assets
to its working condition for its intended use,
net charges on foreign exchange contracts
and adjustments arising from exchange rate
variations attributable to the assets. In case
of land the Company has availed fair value as
deemed cost on the date of transition to Ind AS.
Subsequent costs are included in the asset’s
carrying amount or recognised as a separate
asset, as appropriate, only when it is probable
that future economic benefits associated with
the item will flow to the entity and the cost can
be measured reliably.
Property, Plant and Equipment which are
significant to the total cost of that item of
Property, Plant and Equipment and having
different useful life are accounted separately.
Other Indirect Expenses incurred relating to
project, net of income earned during the project
development stage prior to its intended use,
are considered as pre-operative expenses and
disclosed under Capital Work-in-Progress.
Depreciation on Property, Plant and Equipment
is provided using written down value method
on depreciable amount except in case of certain
assets of Oil to Chemicals segment which
are depreciated using straight line method.
Depreciation is provided based on useful life
of the assets as prescribed in Schedule II to the
Companies Act, 2013 except in respect of the
following assets, where useful life is different
than those prescribed in Schedule II;
Particular
Depreciation
Fixed Bed Catalyst (useful
life: 2 years or more)
Over its useful life as
technically assessed
Fixed Bed Catalyst (useful
life: up to 2 years)
100% depreciated in the
year of addition
Plant and Machinery (useful
life: 25 to 50 years)
Over its useful life as
technically assessed
The residual values, useful lives and methods of
depreciation of Property, Plant and Equipment
are reviewed at each financial year end and
adjusted prospectively, if appropriate.
Gains or losses arising from derecognition of a
Property, Plant and Equipment are measured
as the difference between the net disposal
proceeds and the carrying amount of the asset
and are recognised in the Statement of Profit
and Loss when the asset is derecognised.
(c) Leases
The Company, as a lessee, recognises a right-
of-use asset and a lease liability for its leasing
arrangements, if the contract conveys the right
to control the use of an identified asset.
The contract conveys the right to control the
use of an identified asset, if it involves the use
of an identified asset and the Company has
substantially all of the economic benefits from
use of the asset and has right to direct the use
of the identified asset. The cost of the right-of-
use asset shall comprise of the amount of the
initial measurement of the lease liability adjusted
for any lease payments made at or before the
commencement date plus any initial direct costs
incurred. The right-of-use assets is subsequently
measured at cost less any accumulated
depreciation, accumulated impairment losses,
if any and adjusted for any remeasurement
of the lease liability. The right-of-use assets is
depreciated using the straight-line method from
the commencement date over the shorter of
lease term or useful life of right-of-use asset.
The Company measures the lease liability at
the present value of the lease payments that
are not paid at the commencement date of the
lease. The lease payments are discounted using
the interest rate implicit in the lease, if that rate
can be readily determined. If that rate cannot
be readily determined, the Company uses
incremental borrowing rate.
For short-term and low value leases, the
Company recognises the lease payments as an
operating expense on a straight-line basis over
the lease term.
(d) Intangible Assets
Intangible Assets are stated at cost of
acquisition net of recoverable taxes, trade
discount and rebates less accumulated
amortisation/depletion and impairment
losses, if any. Such cost includes purchase
price, borrowing costs, and any cost directly
attributable to bringing the asset to its working
condition for the intended use, net charges on
foreign exchange contracts and adjustments
arising from exchange rate variations
attributable to the Intangible Assets.
Subsequent costs are included in the asset’s
carrying amount or recognised as a separate
asset, as appropriate, only when it is probable
that future economic benefits associated with
the item will flow to the entity and the cost can
be measured reliably.
Other Indirect Expenses incurred relating to
project, net of income earned during the project
development stage prior to its intended use,
are considered as pre-operative expenses
and disclosed under Intangible Assets
Under Development.
Gains or losses arising from derecognition
of an Intangible Asset are measured as the
difference between the net disposal proceeds
and the carrying amount of the asset and are
recognised in the Statement of Profit and
Loss when the asset is derecognised. The
Company’s intangible assets comprises assets
with finite useful life which are amortised on
a straight-line basis over the period of their
expected useful life.
A summary of amortisation/depletion policies applied to the Company’s Intangible Assets to the extent of depreciable
amount is as follows:
Particular
Amortisation / Depletion
Technical Know-How Over the useful life of the underlying assets ranging from 5 years to 35 years
Computer Software Over a period of 5 years
Development Rights
Depleted using the unit of production method. The cost of producing wells along with its related facilities
including decommissioning costs are depleted in proportion of oil and gas production achieved vis-à-vis
Proved Developed Reserves. The cost for common facilities including its decommissioning costs are
depleted using Proved Reserves.
Others
In case of Jetty, the aggregate amount amortised to date is not less than the aggregate rebate
availed by the Company
The amortisation period and the amortisation method for Intangible Assets with a finite useful life are reviewed at each
reporting date.
241
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited (e) Research and Development Expenditure
Revenue expenditure pertaining to research is
charged to the Statement of Profit and Loss as
and when incurred.
Development costs are capitalised as an
intangible asset if it can be demonstrated that
the project is expected to generate future
economic benefits, it is probable that those
future economic benefits will flow to the entity
and the costs of the asset can be measured
reliably, else it is charged to the Statement of
Profit and Loss.
(f) Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on
hand, cash at banks, short-term deposits and
short-term, highly liquid investments that are
readily convertible to known amounts of cash
and which are subject to an insignificant risk of
changes in value.
(g) Finance Costs
Borrowing costs include exchange differences
arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the
interest cost. Borrowing costs that are directly
attributable to the acquisition or construction of
qualifying assets are capitalised as part of the
cost of such assets. A qualifying asset is one
that necessarily takes substantial period of time
to get ready for its intended use.
Interest income earned on the temporary
investment of specific borrowings pending
their expenditure on qualifying assets is
deducted from the borrowing costs eligible for
capitalisation.
All other borrowing costs are charged to the
Statement of Profit and Loss for the period for
which they are incurred.
(h) Inventories
Items of inventories are measured at lower of
cost and net realisable value after providing
for obsolescence, if any, except in case of
by-products which are valued at net realisable
value. Cost of inventories comprises of cost of
purchase, cost of conversion and other costs
including manufacturing overheads net of
recoverable taxes incurred in bringing them to
their respective present location and condition.
Cost of finished goods, work-in-progress, raw
materials, chemicals, stores and spares, packing
materials, trading and other products are
determined on weighted average basis.
(i)
Impairment of Non-Financial Assets
– Property, Plant and Equipment and
Intangible Assets
The Company assesses at each reporting date
as to whether there is any indication that any
242
Property, Plant and Equipment and Intangible
Assets or group of Assets, called Cash
Generating Units (CGU) may be impaired. If any
such indication exists, the recoverable amount
of an asset or CGU is estimated to determine
the extent of impairment, if any. When it is not
possible to estimate the recoverable amount of
an individual asset, the Company estimates the
recoverable amount of the CGU to which the
asset belongs.
An impairment loss is recognised in the
Statement of Profit and Loss to the extent,
asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is higher of an
asset’s fair value less cost of disposal and value
in use. Value in use is based on the estimated
future cash flows, discounted to their present
value using pre-tax discount rate that reflects
current market assessments of the time value of
money and risk specific to the assets.
The impairment loss recognised in prior
accounting period is reversed if there has been a
change in the estimate of recoverable amount.
(j) Provisions
Provisions are recognised when the Company
has a present obligation (legal or constructive)
as a result of a past event, it is probable that an
outflow of resources embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation. If the effect of the
time value of money is material, provisions are
discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific
to the liability. When discounting is used, the
increase in the provision due to the passage of
time is recognised as a finance cost.
Provision for Decommissioning
Liability
The Company records a provision for
decommissioning costs towards site restoration
activity. Decommissioning costs are provided
at the present value of future expenditure using
a current pre-tax rate expected to be incurred
to fulfil decommissioning obligations and are
recognised as part of the cost of the underlying
assets. Any change in the present value of the
expenditure, other than unwinding of discount
on the provision, is reflected as adjustment to
the provision and the corresponding asset. The
change in the provision due to the unwinding
of discount is recognised in the Statement of
Profit and Loss.
(k) Contingent Liabilities
Disclosure of contingent liability is made when
there is a possible obligation arising from past
events, the existence of which will be confirmed
only by the occurrence or non-occurrence of
one or more uncertain future events not wholly
within the control of the Company or a present
obligation that arises from past events where
it is either not probable that an outflow of
resources embodying economic benefits will
be required to settle or a reliable estimate of
amount cannot be made.
(m) Tax Expenses
The tax expenses for the period comprises
of current tax and deferred income tax. Tax is
recognised in Statement of Profit and Loss,
except to the extent that it relates to items
recognised in the Other Comprehensive
Income. In which case, the tax is also recognised
in Other Comprehensive Income.
(l) Employee Benefits Expense
i. Current Tax
Short-Term Employee Benefits
The undiscounted amount of short-term
employee benefits expected to be paid
in exchange for the services rendered by
employees are recognised as an expense
during the period when the employees
render the services.
Post-Employment Benefits
Defined Contribution Plans
The Company recognises contribution payable
to the provident fund scheme as an expense,
when an employee renders the related service.
If the contribution payable to the scheme for
service received before the balance sheet date
exceeds the contribution already paid, the
deficit payable to the scheme is recognised as a
liability. If the contribution already paid exceeds
the contribution due for services received
before the balance sheet date, then excess is
recognised as an asset to the extent that the
pre-payment will lead to a reduction in future
payment or a cash refund.
Defined Benefit Plans
The Company pays gratuity to the employees
who have completed five years of service
with the Company at the time of resignation/
superannuation. The gratuity is paid @15 days
basic salary for every completed year of service
as per the Payment of Gratuity Act, 1972. The
gratuity liability amount is contributed to the
approved gratuity fund formed exclusively
for gratuity payment to the employees. The
gratuity fund has been approved by respective
Income Tax authorities. The liability in respect
of gratuity and other post-employment benefits
is calculated using the Projected Unit Credit
Method and spread over the period during
which the benefit is expected to be derived from
employees’ services.
Remeasurement gains and losses
arising from adjustments and changes in
actuarial assumptions are recognised in
the period in which they occur in Other
Comprehensive Income.
Employee Separation Costs: The Company
recognises the employee separation cost when
the scheme is announced, and the Company is
demonstrably committed to it.
Current tax assets and liabilities are
measured at the amount expected to be
recovered from or paid to the Income Tax
authorities, based on tax rates and laws that
are enacted at the Balance sheet date.
ii. Deferred Tax
Deferred tax is recognised on temporary
differences between the carrying amounts
of assets and liabilities in the Financial
Statements and the corresponding
tax bases used in the computation of
taxable profit.
Deferred tax assets are recognised to the
extent it is probable that taxable profit will
be available against which the deductible
temporary differences, and the carry
forward of unused tax losses can be
utilised. Deferred tax liabilities and assets
are measured at the tax rates that are
expected to apply in the period in which
the liability is settled or the asset realised,
based on tax rates (and tax laws) that have
been enacted or substantively enacted
by the end of the reporting period. The
carrying amount of Deferred tax liabilities
and assets are reviewed at the end of each
reporting period.
(n) Share Based Payments
Equity-settled share based payments to
employees and others providing similar services
are measured at the fair value of the equity
instruments at the grant date. Details regarding
the determination of the fair value of equity-
settled share based payments transactions are
set out in Note 28.2.
The fair value determined at the grant date
of the equity-settled share based payments
is expensed on a straight-line basis over the
vesting period, based on the Company’s
estimate of equity instruments that will
eventually vest, with a corresponding increase
in equity. At the end of each reporting period,
the Company revises its estimate of the
number of equity instruments expected to
vest. The impact of the revision of the original
estimates, if any, is recognised in Statement
of Profit and Loss such that the cumulative
expenses reflects the revised estimate, with a
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Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
corresponding adjustment to the Share Based
Payments Reserve.
The dilutive effect of outstanding options is
reflected as additional share dilution in the
computation of diluted earnings per share.
In case of equity-settled share-based payment
transactions, where the Company grants stock
options to the employees of its subsidiaries,
the transactions are accounted by increasing
the cost of investment in subsidiary with a
corresponding credit in the equity.
(o) Foreign Currencies Transactions
and Translation
Transactions in foreign currencies are recorded
at the exchange rate prevailing on the date of
transaction. Monetary assets and liabilities
denominated in foreign currencies are translated
at the functional currency closing rates of
exchange at the reporting date. Exchange
differences arising on settlement or translation
of monetary items are recognised in Statement
of Profit and Loss except to the extent of
exchange differences which are regarded as an
adjustment to interest costs on foreign currency
borrowings that are directly attributable to
the acquisition or construction of qualifying
assets which are capitalised as cost of assets.
Additionally, exchange gains or losses on foreign
currency borrowings taken prior to
April 1, 2016 which are related to the acquisition
or construction of qualifying assets are adjusted
in the carrying cost of such assets.
Non-monetary items that are measured in
terms of historical cost in a foreign currency are
recorded using the exchange rates at the date of
the transaction. Non-monetary items measured
at fair value in a foreign currency are translated
using the exchange rates at the date when the
fair value was measured. The gain or loss arising
on translation of non-monetary items measured
at fair value is treated in line with the recognition
of the gain or loss on the change in fair value of
the item (i.e. translation differences on items
whose fair value gain or loss is recognised in
Other Comprehensive Income or Statement
of Profit and Loss are also recognised in Other
Comprehensive Income or Statement of Profit
and Loss, respectively).
In case of an asset, expense or income where
a non-monetary advance is paid/received,
the date of transaction is the date on which
the advance was initially recognised. If
there were multiple payments or receipts in
advance, multiple dates of transactions are
determined for each payment or receipt of
advance consideration.
244
(p) Revenue Recognition
Revenue from contracts with customers is
recognised when control of the goods or
services are transferred to the customer at an
amount that reflects the consideration entitled
in exchange for those goods or services.
The Company is generally the principal as it
typically controls the goods or services before
transferring them to the customer.
Generally, control is transferred upon shipment
of goods to the customer or when the goods
is made available to the customer, provided
transfer of title to the customer occurs and the
Company has not retained any significant risks
of ownership or future obligations with respect
to the goods shipped.
Revenue from rendering of services is
recognised over time by measuring the progress
towards complete satisfaction of performance
obligations at the reporting period.
Revenue is measured at the amount of
consideration which the Company expects to be
entitled to in exchange for transferring distinct
goods or services to a customer as specified in
the contract, excluding amounts collected on
behalf of third parties (for example taxes and
duties collected on behalf of the government).
Consideration is generally due upon satisfaction
of performance obligations and a receivable
is recognised when it becomes unconditional.
Generally, the credit period varies between 0-60
days from the shipment or delivery of goods
or services as the case may be. The Company
provides volume rebates to certain customers
once the quantity of products purchased during
the period exceeds a threshold specified and
also accrues discounts to certain customers
based on customary business practices which
is derived on the basis of crude price volatility
and various market demand – supply situations.
Consideration are determined based on its most
likely amount. Generally, sales of petroleum
products contain provisional pricing features
where revenue is initially recognised based on
provisional price.
Difference between final settlement price and
provisional price is recognised subsequently.
The Company does not adjust short-term
advances received from the customer for the
effects of significant financing component if it
is expected at the contract inception that the
promised good or service will be transferred to
the customer within a period of one year.
Contract Balances
Trade Receivables
A receivable represents the Company’s
right to an amount of consideration that
is unconditional.
Contract Liabilities
A contract liability is the obligation to transfer
goods or services to a customer for which
the Company has received consideration (or
an amount of consideration is due) from the
customer. If a customer pays consideration
before the Company transfers goods or services
to the customer, a contract liability is recognised
when the payment is made or the payment is
due (whichever is earlier).
Contract liabilities are recognised as
revenue when the Company performs
under the contract.
Interest Income
Interest Income from a Financial Assets is
recognised using effective interest rate method.
Dividend Income
Dividend Income is recognised when the
Company’s right to receive the amount has
been established.
(q) Financial Instruments
i. Financial Assets
A.
Initial Recognition and Measurement
All Financial Assets are initially recognised
at fair value. Transaction costs that are
directly attributable to the acquisition
or issue of Financial Assets, which are
not at Fair Value Through Profit or Loss,
are adjusted to the fair value on initial
recognition. Purchase and sale of Financial
Assets are recognised using trade
date accounting.
B. Subsequent Measurement
a) Financial Assets measured at
b)
Amortised Cost (AC)
A Financial Asset is measured at Amortised
Cost if it is held within a business model
whose objective is to hold the asset in
order to collect contractual cash flows
and the contractual terms of the Financial
Asset give rise to cash flows on specified
dates that represent solely payments
of principal and interest on the principal
amount outstanding.
Financial Assets measured at Fair
Value Through Other Comprehensive
Income (FVTOCI)
A Financial Asset is measured at FVTOCI
if it is held within a business model whose
objective is achieved by both collecting
contractual cash flows and selling Financial
Assets and the contractual terms of the
Financial Asset give rise on specified
dates to cash flows that represents solely
payments of principal and interest on the
principal amount outstanding.
c)
Financial Assets measured at Fair Value
Through Profit or Loss (FVTPL)
A Financial Asset which is not classified in
any of the above categories are measured
at FVTPL. Financial assets are reclassified
subsequent to their recognition, if the
Company changes its business model for
managing those financial assets. Changes
in business model are made and applied
prospectively from the reclassification date
which is the first day of immediately next
reporting period following the changes
in business model in accordance with
principles laid down under Ind AS 109 –
Financial Instruments.
C.
Investment in Subsidiaries, Associates
and Joint Ventures
The Company has accounted for its
investments in Subsidiaries, associates and
joint venture at cost less impairment loss (if
any). The investments in preference shares
with the right of surplus assets which are in
nature of equity in accordance with
Ind AS 32 are treated as separate category
of investment and measured at FVTOCI.
D. Other Equity Investments
All other equity investments are measured
at fair value, with value changes recognised
in Statement of Profit and Loss, except
for those equity investments for which
the Company has elected to present the
value changes in ‘Other Comprehensive
Income’. However, dividend on such equity
investments are recognised in Statement of
Profit and loss when the Company’s right to
receive payment is established.
E.
Impairment of Financial Assets
In accordance with Ind AS 109, the
Company uses ‘Expected Credit Loss’
(ECL) model, for evaluating impairment
of Financial Assets other than those
measured at Fair Value Through Profit
and Loss (FVTPL).
Expected Credit Losses are measured
through a loss allowance at an
amount equal to:
• The 12-months expected credit losses
(expected credit losses that result from
those default events on the financial
instrument that are possible within 12
months after the reporting date); or
• Full lifetime expected credit losses
(expected credit losses that result from all
possible default events over the life of the
financial instrument).
For Trade Receivables the Company
applies ‘simplified approach’ which requires
245
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited expected lifetime losses to be recognised
from initial recognition of the receivables.
The Company uses historical default
rates to determine impairment loss on the
portfolio of trade receivables. At every
reporting date these historical default rates
are reviewed and changes in the forward-
looking estimates are analysed.
For other assets, the Company uses 12
month ECL to provide for impairment loss
where there is no significant increase in
credit risk. If there is significant increase in
credit risk full lifetime ECL is used.
ii. Financial Liabilities
A.
Initial Recognition and Measurement
All Financial Liabilities are recognised
at fair value and in case of borrowings,
net of directly attributable cost. Fees of
recurring nature are directly recognised
in the Statement of Profit and Loss
as finance cost.
B. Subsequent Measurement
Financial Liabilities are carried at amortised
cost using the effective interest method.
For trade and other payables maturing
within one year from the balance sheet
date, the carrying amounts approximate
fair value due to the short maturity of
these instruments.
iii. Derivative Financial Instruments and
Hedge Accounting
The Company uses various derivative
financial instruments such as interest
rate swaps, currency swaps, forwards
& options and commodity contracts to
mitigate the risk of changes in interest rates,
exchange rates and commodity prices.
At the inception of a hedge relationship,
the Company formally designates and
documents the hedge relationship to
which the Company wishes to apply hedge
accounting and the risk management
objective and strategy for undertaking
the hedge. Such derivative financial
instruments are initially recognised at fair
value on the date on which a derivative
contract is entered into and are also
subsequently measured at fair value.
Derivatives are carried as Financial Assets
when the fair value is positive and as
Financial Liabilities when the fair value is
negative. Any gains or losses arising from
changes in the fair value of derivatives are
taken directly to Statement of Profit and
Loss, except for the effective portion of
cash flow hedge which is recognised in
Other Comprehensive Income and later
to Statement of Profit and Loss when the
246
hedged item affects profit or loss or is
treated as basis adjustment if a hedged
forecast transaction subsequently results in
the recognition of a Non-Financial Assets or
Non-Financial liability.
Hedges that meet the criteria for hedge
accounting are accounted for as follows:
A. Cash Flow Hedge
The Company designates derivative
contracts or non-derivative Financial
Assets/ Liabilities as hedging instruments
to mitigate the risk of movement in
interest rates and foreign exchange rates
for foreign exchange exposure on highly
probable future cash flows attributable to
a recognised asset or liability or forecast
cash transactions.
When a derivative is designated as a cash
flow hedging instrument, the effective
portion of changes in the fair value of
the derivative is recognised in the cash
flow hedging reserve being part of Other
Comprehensive Income. Any ineffective
portion of changes in the fair value of the
derivative is recognised immediately in the
Statement of Profit and Loss. If the hedging
relationship no longer meets the criteria for
hedge accounting, then hedge accounting
is discontinued prospectively. If the hedging
instrument expires or is sold or terminated
or exercised, the cumulative gain or loss
on the hedging instrument recognised in
cash flow hedging reserve till the period
the hedge was effective remains in cash
flow hedging reserve until the underlying
transaction occurs. The cumulative gain
or loss previously recognised in the cash
flow hedging reserve is transferred to the
Statement of Profit and Loss upon the
occurrence of the underlying transaction.
If the forecasted transaction is no longer
expected to occur, then the amount
accumulated in cash flow hedging
reserve is reclassified in the Statement of
Profit and Loss.
B. Fair Value Hedge
The Company designates derivative
contracts or non-derivative Financial
Assets/Liabilities as hedging instruments
to mitigate the risk of change in fair value
of hedged item due to movement in
interest rates, foreign exchange rates and
commodity prices.
Changes in the fair value of hedging
instruments and hedged items that are
designated and qualify as fair value hedges
are recorded in the Statement of Profit and
Loss. If the hedging relationship no longer
meets the criteria for hedge accounting,
the adjustment to the carrying amount
of a hedged item for which the effective
interest method is used is amortised to
Statement of Profit and Loss over the
period of maturity.
iv. Derecognition of Financial Instruments
The Company derecognises a Financial
Asset when the contractual rights to the
cash flows from the Financial Asset expire
or it transfers the Financial Asset and the
transfer qualifies for derecognition under
Ind AS 109. A Financial liability (or a part
of a Financial liability) is derecognised
from the Company’s Balance Sheet when
the obligation specified in the contract is
discharged or cancelled or expires.
v. Offsetting
Financial Assets and Financial Liabilities are
offset and the net amount is presented in
the balance sheet when, and only when, the
Company has a legally enforceable right to
set off the amount and it intends, either to
settle them on a net basis or to realise the
asset and settle the liability simultaneously.
(r) Non-current Assets held for Sale
Non-current assets are classified as held for
sale if their carrying amount will be recovered
principally through a sale transaction rather than
through continuing use and sale is considered
highly probable.
A sale is considered as highly probable when
decision has been made to sell, assets are
available for immediate sale in its present
condition, assets are being actively marketed
and sale has been agreed or is expected to
be concluded within 12 months of the date of
classification.
Non-current assets held for sale are neither
depreciated nor amortised.
Assets and liabilities classified as held for sale
are measured at the lower of their carrying
amount and fair value less cost of sale and are
presented separately in the Balance Sheet.
(s) Accounting for Oil and Gas Activity
The Company has adopted Successful Efforts
Method (SEM) of accounting for its Oil and
Gas activities. The policy of recognition of
exploration and evaluation expenditure is
considered in line with the principle of SEM.
Seismic costs, geological and geophysical
studies, petroleum exploration license fees
and general and administration costs directly
attributable to exploration and evaluation
activities are expensed off. The costs incurred
on acquisition of interest in oil and gas blocks
and on exploration and evaluation other than
those which are expensed off are accounted
for as Intangible Assets Under Development.
All development costs incurred in respect of
proved reserves are also capitalised under
Intangible Assets Under Development. Once
a well is ready to commence commercial
production, the costs accumulated in Intangible
Assets Under Development are classified as
Intangible Assets corresponding to proved
developed oil and gas reserves. The exploration
and evaluation expenditure which does not
result in discovery of proved oil and gas reserves
and all cost pertaining to production are
charged to the Statement of Profit and Loss.
The Company uses technical estimation of
reserves as per the Petroleum Resources
Management System guidelines 2011 and
standard geological and reservoir engineering
methods. The reserve review and evaluation is
carried out annually.
Oil and Gas Joint Ventures are in the nature
of joint operations. Accordingly, assets and
liabilities as well as income and expenditure are
accounted on the basis of available information
on a line-by-line basis with similar items in the
Company’s Financial Statements, according to
the participating interest of the Company.
(t) Earnings Per Share
Basic earnings per share is calculated by dividing
the net profit after tax by the weighted average
number of equity shares outstanding during
the year adjusted for bonus element in equity
share. Diluted earnings per share adjusts the
figures used in determination of basic earnings
per share to take into account the conversion
of all dilutive potential equity shares. Dilutive
potential equity shares are deemed converted
as at the beginning of the period unless issued
at a later date.
C. Critical Accounting Judgements and Key
Sources of Estimation Uncertainty
The preparation of the Company’s Financial Statements
requires management to make judgement, estimates and
assumptions that affect the reported amount of revenue,
expenses, assets and liabilities and the accompanying
disclosures. Uncertainty about these assumptions and
estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities
affected in next financial years.
(A) Estimation of Oil and Gas Reserves
The determination of the Company’s estimated
oil and natural gas reserves requires significant
judgements and estimates to be applied and these
are regularly reviewed and updated. Factors such
as the availability of geological and engineering
data, reservoir performance data, acquisition
and divestment activity, drilling of new wells, and
247
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited (E) Provisions
1. Property, Plant & Equipment, Capital Work-in-Progress, Intangible Assets and Intangible
commodity prices all impact on the determination
of the Company’s estimates of its oil and natural gas
reserves. The Company bases it’s proved reserves
estimates on the requirement of reasonable certainty
with rigorous technical and commercial assessments
based on conventional industry practice and
regulatory requirements.
Estimates of oil and natural gas reserves are used
to calculate depletion charges for the Company’s
oil and gas properties. The impact of changes in
estimated proved reserves is dealt with prospectively
by amortising the remaining carrying value of the
asset over the expected future production. Oil and
natural gas reserves also have a direct impact on the
assessment of the recoverability of asset carrying
values reported in the Financial Statements.
Details on proved reserves and production
both on product and geographical basis are
provided in Note 34.1.
(B) Decommissioning Liabilities
The liability for decommissioning costs is recognised
when the Company has an obligation to perform
site restoration activity. The recognition and
measurement of decommissioning provisions
involves the use of estimates and assumptions.
These include; the timing of abandonment of well
and related facilities which would depend upon the
ultimate life of the field, expected utilisation of assets
by other fields, the scope of abandonment activity
and pre-tax rate applied for discounting.
The timing of recognition and quantification of the
liability (including litigations) requires the application
of judgement to existing facts and circumstances,
which can be subject to change. The carrying
amounts of provisions and liabilities are reviewed
regularly and revised to take account of changing
facts and circumstances.
(F) Impairment of Financial and
Non-Financial Assets
The impairment provisions for Financial Assets
are based on assumptions about risk of default
and expected cash loss rates. The Company uses
judgement in making these assumptions and
selecting the inputs to the impairment calculation,
based on Company’s past history, existing market
conditions as well as forward-looking estimates at
the end of each reporting period.
In case of non-financial assets company estimates
asset’s recoverable amount, which is higher of an
asset’s or Cash Generating Units (CGU’s) fair value
less costs of disposal and its value in use.
In assessing value in use, the estimated future cash
flows are discounted to their present value using
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are
taken into account, if no such transactions can be
identified, an appropriate valuation model is used.
(C) Property Plant and Equipment/
(G) Recognition of Deferred Tax Assets
Intangible Assets
Estimates are involved in determining the cost
attributable to bringing the assets to the location and
condition necessary for it to be capable of operating
in the manner intended by the management.
Property, Plant and Equipment/Intangible Assets are
depreciated/amortised over their estimated useful
life, after taking into account estimated residual
value. Management reviews the estimated useful life
and residual values of the assets annually in order to
determine the amount of depreciation/ amortisation
to be recorded during any reporting period. The
useful life and residual values are based on the
Company’s historical experience with similar assets
and take into account anticipated technological
changes. The depreciation/amortisation for future
periods is revised if there are significant changes
from previous estimates.
(D) Recoverability of Trade Receivables
Judgements are required in assessing the
recoverability of overdue trade receivables and
determining whether a provision against those
receivables is required. Factors considered include
the credit rating of the counterparty, the amount
and timing of anticipated future payments and any
possible actions that can be taken to mitigate the risk
of non-payment.
248
and Liabilities
Deferred tax assets and liabilities are recognised
for deductible temporary differences and unused
tax losses for which there is probability of utilisation
against the future taxable profit. The Company uses
judgement to determine the amount of deferred
tax that can be recognised, based upon the likely
timing and the level of future taxable profits and
business developments.
(H) Fair Value Measurement
For estimates relating to fair value of financial
instruments refer note 37 of financial statements.
(I) Global Health Pandemic on COVID-19
The outbreak of corona virus (COVID-19) pandemic
globally and in India is causing significant
disturbance and slowdown of economic activity.
The Company’s operations and revenue during
the period were impacted due to COVID-19. The
Company has taken into account the possible
impact of COVID-19 in preparation of financial
statements, including its assessment of recoverable
value of its assets based on internal and external
information upto the date of approval of these
financial statements and current indicators of future
economic conditions.
Assets Under Development
Description
Property,
Plant and Equipment
Own Assets:
Land
Buildings
Plant & Machinery
Electrical Installations
Equipments$
Furniture & Fixtures
Vehicles
Ships
Aircrafts & Helicopters
Sub-Total
Right-of-Use Assets:
Land
Plant & Machinery
Ships
Sub-Total
Total (A)
Intangible Assets *
Technical Knowhow Fees
Software
Development Rights
Others
Total (B)
Total (A+B)
Previous Year
Capital
Work-in-Progress
Intangible Assets
Under Development
Gross Block
Depreciation/Amortisation and Depletion
Net Block
As at
01-04-2020
Additions/
Adjustments
Deductions/
Adjustments^
As at
31-03-2021
As at
01-04-2020
For the
Year#
Deductions/
Adjustments^
As at
31-03-2021
As at
31-03-2021
As at
31-03-2020
(` in crore)
38,974
19,817
3,26,334
10,513
5,392
711
604
502
46
4,02,893
17,696
4,625
10
22,331
4,25,224
5,092
964
36,412
1,031
43,499
4,68,723
1
879
3,077
107
66
26
105
3
-
4,264
-
74
-
74
4,338
27
15
6,602
71
6,715
11,053
38,968
7
1,096
19,600
3,090 3,26,321
10,186
5,246
623
693
505
46
-
7,137
1,09,975
4,005
2,933
470
446
329
39
4,969 4,02,188 1,25,334
434
212
114
16
-
-
3
69
-
72
1,532
17,693
494
4,630
10
10
2,036
22,333
5,041 4,24,521 1,27,370
-
3
-
18
21
3,154
5,119
838
976
29,880
43,014
1,003
1,084
34,875
50,193
5,062 4,74,714 1,62,245
-
907
5,946
704
593
35
60
16
1
8,262
173
238
-
411
8,673
170
33
328
66
597
9,270
-
288
38,968
-
7,756
11,844
2,646 1,13,275 2,13,046
5,850
4,336
1,888
3,358
177
446
203
490
160
345
6
40
38,974
12,680
2,16,359
6,508
2,459
241
158
173
7
3,550 1,30,046 2,72,142 2,77,559
373
168
59
16
-
-
1
63
-
64
16,164
4,131
-
20,295
3,614 1,32,429 2,92,092 2,97,854
15,989
3,961
-
19,950
1,704
669
10
2,383
-
2
-
18
20
1,938
126
6,532
28
8,624
3,634 1,67,881 3,06,833 3,06,478
3,324
869
30,208
1,051
35,452
1,795
107
12,806
33
14,741
3,65,034 1,13,331
9,642 4,68,723 1,61,846
9,811
9,412 1,62,245 3,06,478 2,03,188
20,765
15,638
12,070
12,327
$ Includes office equipments.
* Other than internally generated.
^ Includes transfer of petro retail assets (Refer Note 41.2).
# Depreciation / Amortisation and Depletion Expense for the year includes depreciation of ` 71 crore (Previous year ` 83 crore) capitalised during the
year. Thus, the net amount ` 9,199 crore has been considered in Statement of Profit and Loss.
1.1 Right-of-Use (Land) includes:
i)
ii)
` 83 crore (Previous Year ` 83 crore) in respect of which the letters of allotment are received and supplementary
agreements entered, however, lease deeds are pending execution.
` 6,923 crore (Previous Year ` 6,923 crore) towards investment in preference shares representing right to hold and use
all the immovable properties of the investee entity.
1.2 Buildings includes:
i) Cost of shares in Co-operative Societies ` 2,03,700 (Previous Year ` 2,03,700).
ii)
` 135 crore (Previous Year ` 135 crore) in shares of Companies / Societies with right to hold and use certain
area of Buildings.
1.3 Intangible Assets – Others include: Jetties amounting to ` 812 crore (Previous Year ` 812 crore), the Ownership of which
vests with Gujarat Maritime Board.
1.4 Capital work-in-Progress and Intangible Assets Under Development includes:
i)
` 4,377 crore (Previous Year ` 2,348 crore) on account of Project Development Expenditure.
ii)
` 1,894 crore (Previous Year ` 1,669 crore) on account of cost of construction materials at site.
249
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
1.5 Additions in Property, Plant & Equipment, Capital work-in-progress, Intangible Assets and Intangible assets under
Development includes ` 204 crore (net gain) [Previous Year ` 5,715 crore (net loss)] on account of exchange difference
during the year.
1.6 For Assets given as security - Refer Note 15.1.
Particulars
In Preference Shares of Joint Venture Companies
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
1.7 The Company based on internal and external technical evaluation, reassessed the estimates relating to the life of Plant &
Unquoted, fully paid up
Machinery. Basis this technical evaluation, the Company has revised the useful life of these assets to 50 years from the
respective dates of commissioning, with effect from April 01, 2020.
Alok Industries Limited of ` 1 each (Refer Note 41.3)
2,50,00,00,000
250
250
-
-
-
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
1,18,360
11,880
-
11,880
-
-
-
-
60,000
6,000
1,00,000
10,000
93,420
9,342
-
-
2,53,420
27,394
1,18,360
12,795
-
-
-
-
-
-
25,342
40,189
-
37,222
-
40,189
68,60,064
1,98,65,33,333
64,29,20,000
62,63,125
11,08,500
52,00,000
14,302
68,60,064
-
64,29,20,000
62,63,125
11,08,500
52,00,000
14,302
16
16
269
269
64
1
4
-
-
69
16
16
-
-
64
1
4
-
-
69
Particulars
2. Investments – Non-Current
Investments measured at Amortised Cost
In Debentures of Other Companies
Quoted, fully paid up
Secured Redeemable Non-Convertible Debentures - Series 5 of
Summit Digitel Infrastructure Private Limited
(Formerly Reliance Jio Infratel Private Limited) of ` 10 lakh each
Unquoted, fully paid up
9% Non–Convertible Debentures of Jio Digital Fibre Private
Limited of ` 10 lakh each
9% Non–Convertible Debentures of Summit Digitel Infrastructure
Private Limited (Formerly Reliance Jio Infratel Private Limited)
of ` 10 lakh each
Secured Redeemable Non-Convertible Debentures - Series PPD1
of Jio Digital Fibre Private Limited of ` 10 lakh each
Secured Redeemable Non-Convertible Debentures - Series PPD2
of Jio Digital Fibre Private Limited of ` 10 lakh each
Secured Redeemable Non-Convertible Debentures - Series PPD3
of Jio Digital Fibre Private Limited of ` 10 lakh each
In Government Securities
6 Years National Savings Certificates (Deposited with Sales
Tax Department and Other Government Authorities) [` 39,087
(Previous Year ` 39,087)]
Total of Investments measured at Amortised Cost
Investments Measured at Cost
In Equity Shares of Associate Companies
Quoted, fully paid up
Reliance Industrial Infrastructure Limited of ` 10 each
In Equity Shares of Joint Ventures
Quoted, fully paid up
Alok Industries Limited of ` 1 each (Refer Note 41.3)
In Equity Shares of Associate Companies
Unquoted, fully paid up
Gujarat Chemical Port Limited of ` 1 each
Indian Vaccines Corporation Limited of ` 10 each $
Reliance Europe Limited of Sterling Pound 1 each
Jamnagar Utilities & Power Private Limited Class 'A' shares of
` 1 each [` 40,40,000; (Previous Year ` 40,40,000)]
Vadodara Enviro Channel Limited of ` 10 each
[ ` 143,020; (Previous Year ` 143,020)]
$ Net of provision for impairment.
250
In Equity Shares of Joint Venture Companies
Unquoted, fully paid up
Jio Payments Bank Limited of ` 10 each
Pipeline Management Services Private Limited of ` 10 each
[` 50,00,000; (Previous Year ` 50,00,000)]
India Gas Solutions Private Limited of ` 10 each
Football Sports Development Limited of ` 10 each
RISE Worldwide Limited (Formerly IMG Reliance
Limited) of ` 10 each
In Equity Shares of Subsidiary Companies
Unquoted, fully paid up
Indiavidual Learning Limited (Formerly Indiavidual Learning Private
Limited) of ` 1 each
Reliance BP Mobility Limited of `10 each
[` 4,95,790; (Previous Year ` 9,00,000)] (Refer Note 41.2)
Radisys Corporation of USD 10 each
Reliance Content Distribution Limited of ` 10 each
[` 5,00,000; (Previous Year ` 5,00,000)]
Reliance Ethane Holding Pte Limited of USD 1 each
Reliance Gas Pipelines Limited of ` 7 each (Previous Year ` 10
each) (Refer Note 41.4)
Reliance Global Energy Services (Singapore) Pte.
Limited of SGD 1 each
Reliance Global Energy Services Limited of GBP 1 each
Reliance Industrial Investments and Holdings Limited of `10 each
Reliance Industries (Middle East) DMCC of AED 1000 each
Reliance O2C Limited of ` 10 each
[` 5,00,000; (Previous Year ` 5,00,000)]
Reliance Retail Ventures Limited of ` 10 each
Reliance Sibur Elastomers Private Limited of `10 each
Reliance Strategic Investments Limited of ` 10 each
Reliance Ventures Limited of ` 10 each
Reliance Industries Uruguay Petroquimica S.A., EN Liquidacion
(Formerly Reliance Industries Uruguay Petroquimica S.A.) of
Uruguayan Peso 1 each
Saavn Media Limited (Formerly Saavn Media Private
Limited) of ` 1 each
Reliance Commercial Dealers Limited of ` 10 each
Indiawin Sports Private Limited of ` 10 each
Reliance Projects & Property Management Services
Limited of ` 10 each
Reliance 4IR Realty Development Limited of ` 10 each
Reliance Strategic Business Ventures Limited of ` 10 each
RIL USA Inc of USD 10,000 each @
Reliance Digital Health USA Inc. (Formerly Affinity Names Inc.) of
USD 10 each @$
Affinity USA LLC (Formerly Affinity USA Inc.); (Previous Year of
USD 10,000 each); [` Nil; (Previous Year ` 7,13,850]) @
Jio Platforms Limited of ` 10 each (Refer Note 2.3)
Jio Limited of ` 10 each [` 1,00,000; (Previous Year ` 1,00,000)]
Reliance Ethane Pipeline Limited of ` 10 each (Refer Note 41.4)
RISE Worldwide Limited (Formerly IMG Reliance
Limited) of ` 10 each
$ Net of provision for impairment.
@ Refer Note 41.1
16,24,00,000
162
16,24,00,000
5,00,000
2,25,00,000
10,80,141
-
-
49,579
-
50,000
15,56,72,113
37,30,00,000
15,00,000
30,00,000
21,98,93,170
1,05,886
50,000
1
23
134
5,00,000
1,50,00,000
10,80,141
-
5,33,60,074
320
-
-
-
-
992
257
65
54
475
161
-
45,78,904
90,000
75,00,000
50,000
15,56,72,113
37,30,00,000
15,00,000
30,00,000
14,75,04,400
1,05,886
50,000
162
1
15
134
201
513
327
-
539
-
992
373
65
54
33
161
-
5,83,77,58,520
1,76,35,43,119
20,20,200
26,91,150
17,317
1,764
2
2,351
5,66,70,00,000
1,44,52,18,117
20,20,200
26,91,150
5,667
1,445
2
2,351
31,39,733
1
5,84,926
6,826
-
-
1,50,00,000
26,50,000
10,00,00,000
10,00,00,000
10,00,00,000
-
-
-
-
-
25
3
32
17,614
10,035
-
-
-
1,50,00,000
26,50,000
10,00,00,000
10,00,00,000
10,00,00,000
300
1,000
1
5,93,78,41,645
10,000
5,00,00,000
53,610
-
49
4,96,13,00,000
10,000
-
10,67,20,148
253
-
1,05,059
25
3
32
17,614
10,035
21
2
-
4,961
-
-
-
51,529
251
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Particulars
In Preference Shares of Subsidiary Companies
Unquoted, fully paid up
5% Non-Cumulative Compulsorily Convertible Preference Shares
of Reliance Industries (Middle East) DMCC of AED 1000 each
9% Non-Cumulative Compulsorily Convertible Preference Shares
of Reliance Strategic Investments Limited of ` 1 each
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Gas Pipelines Limited of ` 7 each (Previous Year of ` 10
each) (Refer Note 41.4)
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Industrial Investments & Holdings Limited of ` 10 each
9% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Universal Traders Private Limited of ` 10 each
9% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Prolific Traders Private Limited of ` 10 each
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Content Distribution Limited of `10 each
9% Non-Cumulative Optionally Convertible Preference Shares of
Indiawin Sports Private Limited of ` 10 each
12% Cumulative Compulsorily Convertible Preference Shares of
Indiavidual Learning Limited (Formerly Indiavidual Learning Private
Limited) of ` 1 each
0.01% Redeemable Preference Shares of Reliance BP Mobility
Limited of ` 10 each (Refer Note 41.2)
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Strategic Business Ventures Limited of ` 10 each
0.01% Non-Cumulative Optionally Convertible Preference Shares
of Jio Platforms Limited of ` 10 each (Refer Note 2.3)
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Ethane Pipeline Limited of ` 10 each (Refer Note 41.4)
Unquoted, partly paid up
8.5% Non-Cumulative Optionally Convertible Preference
Shares of Reliance Retail Ventures Limited [(Previous Year
` 4.125 each paid up)]
Members Contribution in Subsidiary Companies, Unquoted
Reliance Marcellus LLC@ #$
Reliance Eagleford Upstream LLC@ #$
Reliance Eagleford Upstream GP LLC@$
Reliance Marcellus II LLC [` Nil; (Previous Year ` 29,55,696)] @$
Aurora Algae LLC (Formerly Aurora Algae Inc.); [` Nil;
(Previous Year ` Nil)]@$
In Debentures of Subsidiary Companies
Unquoted, fully paid up
Zero Coupon Unsecured Convertible Redeemable Debentures of
Reliance Industrial Investments and Holdings Limited of ` 5,000 each
Zero Coupon Unsecured Optionally Fully Convertible Debentures
of Reliance Ambit Trade Private Limited of ` 10 each
Zero Coupon Unsecured Optionally Fully Convertible Debentures
of Reliance Prolific Commercial Private Limited of ` 10 each
Zero Coupon Unsecured Optionally Fully Convertible Debentures
of Reliance Comtrade Private Limited of ` 10 each [` 20,00,000;
(Previous Year ` 20,00,000)]
Zero Coupon Unsecured Optionally Fully Convertible
Debentures of Reliance Eminent Trading & Commercial Private
Limited of ` 10 each
Zero Coupon Unsecured Optionally Fully Convertible Debentures
of Reliance Content Distribution Limited of ` 10 each
Zero Coupon Unsecured Optionally Fully Convertible Debentures
of Reliance Strategic Business Ventures Limited of ` 10 each
# Refer Note 31 (c)
@ Refer Note 41.1
$ Net of provision for impairment.
252
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
5,51,469
4,02,800
994
113
5,51,469
4,02,800
36,76,50,000
253
36,76,50,000
994
113
368
4,72,41,72,954
11,628
4,72,41,72,954
11,628
1,71,64,000
103
1,71,64,000
103
14,39,92,000
1,296
14,39,92,000
1,296
5,34,00,60,000
5,340
5,34,00,60,000
5,340
27,49,96,000
275
27,49,96,000
-
-
-
-
27,69,198
30,00,00,000
27,75,000
288
27,75,000
275
277
300
288
-
- 1,77,02,51,62,850
1,77,025
18,55,00,000
182
-
-
20,472
1,98,007
-
-
-
-
-
-
-
-
-
-
-
80,00,00,000
1,650
1,650
11,069
7,357
2
-
-
18,428
8,83,143
442
3,11,10,000
3,75,70,000
31
38
3,11,10,000
3,75,70,000
2,00,000
-
2,00,000
2,12,00,000
21
2,12,00,000
31
38
-
21
1,04,15,52,700
1,041
1,61,28,71,200
1,613
74,25,454
817
1,948
-
-
2,145
Particulars
In Corpus of Trust
Unquoted
Investment in Corpus of Independent Media Trust
Total of Investments measured at Cost
Investments Measured at Fair Value Through Other
Comprehensive Income (FVTOCI)
In Equity Shares of Other Companies
Unquoted, fully paid up
Petronet India Limited of ` 0.10 each [` 10,00,000; (Previous
Year ` 10,00,000)]
Petronet VK Limited of ` 10 each [` 20,000; (Previous
Year ` 20,000)]$
Ahmedabad Mega Clean Association of ` 10 each [` 1,00,000;
(Previous Year ` 1,00,000)]
VAKT Holdings Limited of USD 0.001 each
Quoted, fully paid up
Balaji Telefilms Limited of ` 2 each
Eros STX Global Corporation (Formerly Eros International PLC)
of GBP 0.30 each
In Preference Shares of Other Companies
Unquoted, fully paid up
10% Optionally Convertible Preference Shares of Jio Digital Fibre
Private Limited of ` 10 each
0% Redeemable, Non-Participating, Non-Cumulative and Non-
Convertible Preference Shares of Summit Digitel Infrastructure
Private Limited (Formerly Reliance Jio Infratel Private
Limited) of ` 10 each
10% Optionally Convertible Preference Shares of Summit Digitel
Infrastructure Private Limited (Formerly Reliance Jio Infratel Private
Limited) of ` 10 each
10% Cumulative Redeemable Preference Shares of Jio Digital Fibre
Private Limited of ` 10 each
Other Investments
In Membership Share in LLP, Unquoted
Labs 02 Limited Partnership
Breakthrough Energy Ventures II L.P.
In Membership Interest in LLC, Unquoted
BreakThrough Energy Ventures LLC
In Debentures or Bonds – Quoted fully paid up*
In Fixed Maturity Plan – Quoted fully paid up^
In Government Securities – Quoted fully paid up*
Total of Investments measured at Fair Value Through Other
Comprehensive Income
Investments Measured at Fair Value Through Profit
and Loss (FVTPL)
In Equity Shares of Other Companies – Unquoted, fully paid up
In Equity Shares of Other Companies – Quoted, fully paid up
In Preference Shares of Other Companies –
Unquoted, fully paid up
Total of Investments measured at Fair Value Through
Profit and Loss
Total Investments Non-Current
Aggregate amount of Quoted Investments
Market Value of Quoted Investments
Aggregate amount of Unquoted Investments
* Includes ` Nil (Previous Year ` 11,448 crore) given as collateral security (Refer Note 20).
^ Refer Note 37C
$ Net of provision for impairment.
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
3,366
3,366
1,31,769
3,366
3,366
2,75,723
1,00,00,000
1,49,99,990
10,000
39,894
2,52,00,000
31,11,088
1,00,00,000
1,49,99,990
10,000
39,894
2,52,00,000
31,11,088
-
-
-
39
39
144
41
185
-
-
-
39
39
95
39
134
77,70,11,98,375
77,889
77,70,11,98,375
77,701
5,00,00,000
94
-
-
12,50,000
-
1
5,00,00,000
12,50,000
-
50
1
77,984
77,752
29
21
199
3,550
1,372
-
5,171
83,379
250
-
-
250
2,52,620
17,272
21,240
2,35,348
16
-
103
1,539
11,070
14,263
26,991
1,04,916
465
250
250
965
4,21,793
27,272
27,475
3,94,521
253
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
(` in crore)
Note 1 Investment by Reliance Industrial Investments and Holdings Limited in Subsidiaries
2.1 Category-Wise Investment-Non-Current
Financial assets measured at Amortised Cost
Financial assets measured at Cost
Financial assets measured at Fair Value through Other Comprehensive Income
Financial assets measured at Fair Value through Profit and Loss
Total Investment – Non-Current
As at
31st March, 2021
As at
31st March, 2020
37,222
1,31,769
83,379
250
2,52,620
40,189
2,75,723
1,04,916
965
4,21,793
2.2 The list of subsidiaries, joint ventures and associates along with proportion of ownership interest held and country of
incorporation are disclosed in Note 37 and Note 38 of Consolidated Financial Statement.
2.3 During the year, Jio Platforms Limited has redeemed 0.01% Non-Cumulative Optionally Convertible Preference Shares
(OCPS) of ` 1,28,784 crore and converted ` 48,241 crore of OCPS into its equity shares.
3. Loans – Non-Current
Secured and Considered Good
Loans and advances to Related parties (Refer Note 33 (IV))
Unsecured and Considered Good
Deposits with Related Parties (Refer Note 33 (IV))
Loans and advances to Related parties (Refer Note 33 (IV))
Other Loans and Advances*
Total
* Other Loans and advances includes primarily fair valuation of interest free deposits.
A. Loans and Advances in the Nature of Loans given to Subsidiaries#:
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
9,923
9,923
699
54,150
926
55,775
65,698
10,916
10,916
702
31,804
926
33,432
44,348
(` in crore)
Sr.
No.
Name of the Company
As at
31st March, 2021
Maximum Balance
during the year
As at
31st March, 2020
Maximum Balance
during the year
1
2
3
4
5
6
7
8
1
2
3
4
5
6
7
Loans – Non-Current^
Reliance Industrial Investments and Holdings Limited
Reliance Corporate IT Park Limited
Reliance Jio Infocomm Limited
Reliance Gas Pipelines Limited
Reliance 4IR Realty Development Limited
Reliance Projects & Property Management
Services Limited
Reliance Strategic Business Ventures Limited
Reliance Ethane Pipeline Limited
Loans – Current
Reliance Ventures Limited
Reliance Strategic Investments Limited
Reliance Retail Limited
Reliance Sibur Elastomers Private Limited
Reliance Corporate IT Park Limited
Jio Platforms Limited
Reliance Retail Ventures Limited
Total
12,277
12,291
-
420
2,305
30,611
5,331
838
64,073
-
-
-
-
990
-
-
990
65,063
12,536
13,761
-
1,440
2,305
32,886
7,996
1,020
-
2,420
7,850
238
990
11,150
2,360
10,497
13,761
-
670
1,648
10,793
5,351
-
42,720
-
2,420
-
110
990
11,000
-
14,520
57,240
21,367
16,908
9,194
670
5,362
15,743
5,549
-
2,312
2,767
2,500
110
990
12,903
-
All the above loans and advances have been given for business purposes.
#Loans and Advances does not include interest receivable of ` Nil (Previous Year ` 3 crore).
^Loans and Advances that fall under the category of ‘Loans - Non–Current ‘ and are re-payable after more than 1 year.
254
In Equity Shares:
Sr.
No.
1
2
3
4
5
6
7
Name of the Company
Reliance Payment Solutions Limited
Kanhatech Solutions Limited
Reliance Retail Insurance Broking Limited
Reliance Retail Finance Limited
Jio Infrastructure Management Services Limited
Reliance Petroleum Retail Limited
Jio Information Aggregator Services Limited
In Preference Shares:
Sr.
No.
Name of the Company
1
Reliance Payment Solutions Limited
Note 2 Investment by Reliance Projects & Property Management Services Limited in Subsidiaries:
In Equity Shares:
Sr.
No.
Name of the Company
1
Reliance SMSL Limited
Note 3 Investment by Reliance 4IR Realty Development Limited in Subsidiaries:
No. of Shares
11,50,00,000
7,50,00,000
40,00,000
6,81,20,000
60,000
10,000
50,000
No. of Shares
1,00,00,000
No. of Shares
50,000
In Equity Shares:
Sr.
No.
Name of the Company
Reliance Corporate IT Park Limited
Reliance Eminent Trading & Commercial Private Limited
Reliance Prolific Traders Private Limited
Reliance Progressive Traders Private Limited
Reliance Universal Traders Private Limited
Reliance Prolific Commercial Private Limited
Reliance Comtrade Private Limited
Reliance Ambit Trade Private Limited
Reliance Vantage Retail Limited
1
2
3
4
5
6
7
8
9
10 Surela Investment and Trading Private Limited
11 The Indian Film Combine Private Limited
12 Dronagiri Bokadvira North Infra Limited
13 Dronagiri Bokadvira East Infra Limited
14 Dronagiri Bokadvira West Infra Limited
15 Dronagiri Bokadvira South Infra Limited
16 Dronagiri Dongri North Infra Limited
17 Dronagiri Dongri East Infra Limited
18 Dronagiri Dongri West Infra Limited
19 Dronagiri Dongri South Infra Limited
20 Dronagiri Funde North Infra Limited
21 Dronagiri Funde East Infra Limited
22 Dronagiri Funde West Infra Limited
23 Dronagiri Funde South Infra Limited
24 Dronagiri Navghar North Infra Limited
25 Dronagiri Navghar East Infra Limited
26 Dronagiri Navghar West Infra Limited
27 Dronagiri Navghar South Infra Limited
28 Dronagiri Navghar North First Infra Limited
29 Dronagiri Navghar South First Infra Limited
30 Dronagiri Navghar North Second Infra Limited
31 Dronagiri Navghar South Second Infra Limited
32 Dronagiri Pagote North Infra Limited
33 Dronagiri Pagote East Infra Limited
No. of Shares
2,37,99,94,480
1,00,00,000
1,00,00,000
1,00,00,000
1,00,00,000
10,00,000
10,00,000
10,00,000
5,60,000
5,000
5,73,751
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
255
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Sr.
No.
Name of the Company
34 Dronagiri Pagote West Infra Limited
35 Dronagiri Pagote South Infra Limited
36 Dronagiri Pagote North First Infra Limited
37 Dronagiri Pagote South First Infra Limited
38 Dronagiri Pagote North Second Infra Limited
39 Dronagiri Panje North Infra Limited
40 Dronagiri Panje East Infra Limited
41 Dronagiri Panje West Infra Limited
42 Dronagiri Panje South Infra Limited
43 Kalamboli North Infra Limited
44 Kalamboli East Infra Limited
45 Kalamboli West Infra Limited
46 Kalamboli South Infra Limited
47 Kalamboli North First Infra Limited
48 Kalamboli South First Infra Limited
49 Kalamboli North Second Infra Limited
50 Kalamboli North Third Infra Limited
51 Ulwe North Infra Limited
52 Ulwe East Infra Limited
53 Ulwe West Infra Limited
54 Ulwe South Infra Limited
55 Ulwe Waterfront North Infra Limited
56 Ulwe Waterfront East Infra Limited
57 Ulwe Waterfront West Infra Limited
58 Ulwe Waterfront South Infra Limited
In Preference Shares of Subsidiaries:
Sr.
No.
1
2
3
4
Name of the Company
Reliance Corporate IT Park Limited
Reliance Eminent Trading & Commercial Private Limited
Reliance Progressive Traders Private Limited
Reliance Universal Traders Private Limited
Note 4 Investment by Reliance Strategic Business Ventures Limited in Subsidiaries:
In Equity Shares:
Sr.
No.
1
2
3
Name of the Company
Reliance Exploration & Production DMCC
Reliance Innovative Building Solutions Private Limited
Reliance Jio Messaging Services Limited
In Preference Shares:
Sr.
No.
1
2
Name of the Company
Reliance Exploration & Production DMCC
skyTran Inc.
No. of Shares
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
No. of Shares
1,12,09,43,246
17,37,000
2,03,06,000
7,20,00,000
No. of Shares
1,76,200
6,46,93,950
9,73,28,000
No. of Shares
14,90,700
3,16,27,738
(` in crore)
4. Other Non-Current Assets (Unsecured and Considered Good)
Capital Advances
Advance Income Tax (Net of Provision)
Others *
Total
* Includes ` 295 crore (Previous Year ` 295 crore) deposited in Gas pool account (Refer Note 34.3).
As at
31st March, 2021
As at
31st March, 2020
2,398
2,230
340
4,968
2,087
2,048
326
4,461
Advance Income Tax (Net of Provision)
At start of year
Charge for the year – Current Tax
Others #
Tax paid (Net) during the year
At end of year
# Pertain to provision for tax on exceptional item.
5.
Inventories
Raw Materials (Including Material in Transit)
Work-in-Progress *
Finished Goods
Stock-in-Trade
Stores and Spares
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,048
-
(1,508)
1,690
2,230
1,827
(7,200)
2,167
5,254
2,048
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
15,023
7,712
9,314
49
5,339
37,437
15,040
7,748
10,873
45
5,096
38,802
(` in crore)
* Includes Land, Development Cost and on transfer on completion of Projects of ` 4,322 crore (Previous Year ` 5,253 crore).
6.
Investments – Current
Investments measured at Amortised Cost
In Collateral Borrowing & Lending Obligation-Unquoted
Total of Investments measured at Amortised Cost
Investments Measured At Fair Value Through Other Comprehensive
Income (FVTOCI)
In Fixed Maturity Plan – Quoted, fully paid up ^
In Mutual Fund – Quoted ^
In Mutual Fund – Unquoted ^
Total of Investments measured at Fair Value Through Other
Comprehensive Income
Investments Measured at Fair Value Through Profit and Loss (FVTPL)
In Government Securities – Quoted fully paid up *
In Debentures or Bonds Quoted, fully paid up *
In Treasury Bills – Quoted
In Mutual Fund – Unquoted ^
In Mutual Fund – Quoted ^
Total of Investments measured at Fair Value Through Profit and Loss
Total Investments – Current
Aggregate amount of Quoted Investments
Market Value of Quoted Investments
Aggregate amount of Unquoted Investments
^ Refer Note 37C
* Includes ` Nil (Previous Year ` 11,690 crore) given as collateral security (Refer Note 20).
6.1 Category-Wise Investment – Current
Financial assets measured at amortised cost
Financial assets measured at Fair Value through Other Comprehensive Income
Financial Assets measured at Fair value through Profit and Loss
Total Investment – Current
As at
31st March, 2021
As at
31st March, 2020
1,000
1,000
10,446
2,768
48,891
62,105
4,767
1,946
13,161
8,471
3,215
31,560
94,665
36,303
36,303
58,362
-
-
-
2,720
38,216
40,936
14,783
3,442
10,869
-
-
29,094
70,030
31,814
31,814
38,216
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
1,000
62,105
31,560
94,665
-
40,936
29,094
70,030
256
257
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
7. Trade Receivables (Unsecured and Considered Good)
Trade Receivables
Total
8. Cash and Cash Equivalents
Cash on Hand
Balances with Banks *
Cash and Cash Equivalents as per Balance Sheet
Cash and Cash Equivalent as per Cash Flows Statement
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
4,159
4,159
7,483
7,483
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
18
5,555
5,573
5,573
17
8,468
8,485
8,485
* Includes Unclaimed Dividend of ` 208 crore (Previous Year ` 220 crore), Fixed Deposits of ` 5 crore (Previous Year ` 249 crore) with maturity of more
than 12 months and Fixed Deposits of ` 2,468 crore (Previous Year ` 2,549 crore) given as collateral securities. These deposits can be withdrawn by
the Company at any point of time without prior notice or penalty on the principal.
9. Loans – Current
Secured and Considered Good
Loans and Advances to Related Parties (Refer Note 33 (IV)) #
Unsecured and Considered Good
Loans and Advances to Related Parties (Refer Note 33 (IV)) #
Other Loans
Total
# Refer Note 3.A for details of Loans.
10. Other Financial Assets – Current
Deposits to Related Parties (Refer Note 33 (IV))
Other Deposits
Call Money Receivable (Refer Note 13.8)
Others *
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
990
990
-
3
3
993
990
990
13,533
505
14,038
15,028
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
12,000
904
39,843
6,813
59,560
-
606
-
15,509
16,115
* Mainly includes fair valuation of derivatives and interest receivable on loans to related parties (Refer Note 33 (II)).
11. Taxation
Tax Expenses Recognised in Statement of Profit and Loss
Current tax
Deferred tax
Tax expenses recognised in the current year
Tax expenses for the year can be reconciled to the accounting profit as follows:
Profit Before Tax and Exceptional Items
Applicable Tax Rate
Computed Tax Expense
Tax Effect of:
Exempted income
Expenses disallowed
Additional allowances net of MAT Credit
Current Tax Provision (A)
Incremental Deferred tax Liability/(Asset) on account of Property, Plant and Equipment
and Intangible Assets
Incremental Deferred tax Liability/(Asset) on account of Financial Assets and Other items
Deferred Tax Provision (B)
Tax Expenses Recognised in Statement of Profit and Loss (A+B)
Effective Tax Rate
Tax on Exceptional Item *
* Refer Note 31
12. Other Current Assets (Unsecured and Considered Good)
Balance with Customs, Central Excise, GST and state authorities
Other Current Assets to Related Parties (Refer Note 33 (II))
Others #
Total
# Includes primarily prepaid expenses and claims receivable.
(` in crore)
Year ended
31st March, 2021
Year ended
31st March, 2020
-
(4,732)
(4,732)
7,200
2,213
9,413
(` in crore)
Year ended
31st March, 2021
Year ended
31st March, 2020
22,908
34.944%
8,005
(133)
4,910
(12,782)
-
2,354
(7,086)
(4,732)
(4,732)
-
(14,062)
44,561
34.944%
15,571
(3,100)
3,632
(8,903)
7,200
3,271
(1,058)
2,213
9,413
21.12%
(899)
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
4,536
-
3,796
8,332
7,685
134
2,892
10,711
258
259
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
(` in crore)
13.7 Rights, Preferences and Restrictions attached to Shares:
13. Share Capital
Authorised Share Capital:
14,00,00,00,000
(14,00,00,00,000)
1,00,00,00,000
(1,00,00,00,000)
Total
Issued Capital:
6,33,94,41,920
(6,33,92,67,510)
42,26,26,894
( - )
Total
Subscribed and Paid Up Capital:
6,33,94,41,920
(6,33,92,67,510)
42,26,26,894
( - )
Total
Equity Shares of ` 10 each
Preference Shares of ` 10 each
Equity Shares of ` 10 each fully paid up
Equity Shares of ` 10 each, (` 2.5 paid up) (Refer Note 13.8)
Equity Shares of ` 10 each fully paid up
Equity Shares of ` 10 each, (` 2.5 paid up) (Refer Note 13.8)
As at
31st March, 2021
As at
31st March, 2020
14,000
1,000
15,000
6,339
423
6,762
6,339
106
6,445
14,000
1,000
15,000
6,339
-
6,339
6,339
-
6,339
13.1
13.2
13.3
3,08,03,34,238
(3,08,03,34,238)
42,26,26,894
( - )
41,31,91,759
(41,31,68,826)
Shares were allotted as fully paid Bonus Shares in the last five years by capitalisation of Securities
premium and Capital Redemption Reserve.
Issued as partly paid shares under Right Issue (Refer Note 13.8).
Shares held by Associates.
Figures in bracket represents Previous year’s figure.
13.4 The Details of Shareholders Holding more than 5% Shares:
Name of the Shareholder
Srichakra Commercials LLP
Devarshi Commercials LLP
Karuna Commercials LLP
Tattvam Enterprises LLP
Life Insurance Corporation of India
As at 31st March, 2021
As at 31st March, 2020
No. of Shares
73,95,99,829
54,55,69,460
54,55,69,460
54,55,69,460
37,16,09,077
% held
No. of Shares
% held
10.94
8.07
8.07
8.07
5.50
68,88,95,274
50,81,66,996
50,81,66,996
50,81,66,996
37,18,05,415
10.87
8.02
8.02
8.02
5.87
13.5 The Reconciliation of the Number of Shares Outstanding is set out below:
Particulars
Equity Shares at the beginning of the year
Add: Shares issued on exercise of employee stock options
Add: Shares Issued on Rights Basis (Refer Note 13.8)
Equity Shares at the end of the year
As at
31st March, 2021
As at
31st March, 2020
No. of Shares
No. of Shares
6,33,92,67,510
1,74,410
42,26,26,894
6,76,20,68,814
6,33,86,93,823
5,73,687
-
6,33,92,67,510
13.6 Options granted under ESOS-2006 prior to withdrawal of scheme, continue to be governed by ESOS-2006. The Members
approved a new scheme viz. ‘Reliance Industries Limited Employees’ Stock Option Scheme 2017’ (ESOS-2017) with a limit
to grant 6,33,19,568 options. Pursuant to ESOS-2017, 42,00,000 options have been granted to eligible employees of the
Company and its subsidiaries.
The Company has only one class of equity shares having face value of ` 10 each. The holder of the equity share is entitled
to dividend right and voting right in the same proportion as the capital paid-up on such equity share bears to the total
paid-up equity share capital of the Company. The dividend proposed by Board of Directors is subject to approval of
the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in the
same proportion as the capital paid-up on the equity shares held by them bears to the total paid-up equity share capital
of the Company.
13.8 Issue of Shares Under Rights Issue:
The Company had, issued 42,26,26,894 equity shares of face value of ` 10/- each on right basis (‘Rights Equity Shares’)
to the Eligible Equity Shareholders at an issue price of ` 1,257 per Rights Equity Share (including premium of ` 1,247 per
Rights Equity Share). In accordance with the terms of issue, ` 314.25 i.e. 25% of the Issue Price per Rights Equity Share,
was received from the concerned allottees on application and shares were allotted. The Board has made two call(s) i.e.
First call of ` 314.25 per Rights Equity Share (including a premium of ` 311.75 per share) and Second & final call of ` 628.50
per Rights Equity Share (including a premium of ` 623.50 per share) on shareholders.
14. Other Equity
Share Application Money Pending Allotment
As per last Balance Sheet
Add: Issue of Share/Application money received (Refer Note 14.1)
Share Call Money Account
As per last Balance Sheet
Addition during the year (Refer Note 13.8)
Capital Reserve
As per last Balance Sheet
Add: On account of Merger (Refer Note 41.1)
Securities Premium
As per last Balance Sheet
Add: On Employee stock option
Add: Premium on Shares issued under Rights Issue
(Refer Note 13.8)
Debentures Redemption Reserve
As per last Balance Sheet
Less: Transferred to General Reserve
Share Based Payments Reserve
As per last Balance Sheet
Add: On Employee Stock Option (Refer Note 13.6)
Special Economic Zone Reinvestment Reserve
As per last Balance Sheet
Add: Transferred from/(to) Retained Earnings
General Reserve
As per last Balance Sheet
Add: Transferred from Debenture Redemption Reserve
As at 31st March, 2021
As at 31st March, 2020
(` in crore)
1
(1)
-
39,843
403
-
46,329
9
13,104
9,375
(3,410)
4
415
5,500
(525) $
-
39,843
2
(1)
-
-
291
112
1
-
403
403
46,306
23
-
59,442
46,329
9,375
-
5,965
9,375
9
(5)
419
4
-
5,500
4,975
5,500
2,55,000
3,410
2,55,000
-
2,58,410
2,55,000
$ Net of Special Economic Zone Reinvestment Reserve created during the year of ` 3,303 crore.
260
261
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
(` in crore)
15.2 Maturity Profile and Rate of Interest of Non-Convertible Debentures are as set out below:
Retained Earnings
As per last Balance Sheet
Add: Profit for the year
Add: Others (Refer Note 41.1)
Less: Appropriations
Dividend on Equity Shares
[Dividend per Share ` 6.5 (Previous year ` 6.5)]
Tax on Dividend
Transferred from/(to) Special Economic Zone
Reinvestment Reserve
Transferred to Statement of Profit and Loss
(Refer Note 31(b))
Other Comprehensive Income (OCI)
As per last Balance Sheet
Add: Movement in OCI (Net) during the year
Total
As at 31st March, 2021
As at 31st March, 2020
14,146
31,944
32,416
78,506
(3,921)
-
525
(33,217)
54,118
2,570
26,808
30,903
(33,481)
24,230
(3,852)
(732)
(5,500)
-
41,893
14,146
61,192
(7,074)
56,688
4,68,038
54,118
3,84,876
14.1 Share Application Money Pending Allotment represents application money received on account of Employees
Stock Option Scheme.
15. Borrowings
Secured – At Amortised Cost
Non-Convertible Debentures
Unsecured – At Amortised Cost
Non-Convertible Debentures
Bonds
Term Loans – from Banks
Term loans – from Others
Total
As at 31st March, 2021
As at 31st March, 2020
Non-Current
Current
Non-Current
Current
(` in crore)
7,851
7,851
46,279
25,256
80,270
942
1,52,747
1,60,598
5,500
5,500
6,985
11,560
3,182
721
22,448
27,948
13,382
13,382
29,679
38,754
1,10,925
1,662
1,81,020
1,94,402
498
498
11,990
7,746
23,169
895
43,800
44,298
15.1 Secured Non-Convertible Debentures referred above to the extent of:
a)
b)
` Nil (Previous Year ` 500 crore) are secured by way of first mortgage/charge on the immovable properties situated at
Jamnagar Complex (SEZ unit) of the Company.
` 13,351 crore are secured by hypothecation of all the movable plant and machinery, both present and future,
located at Hazira and Dahej Manufacturing Divisions of the Company (Previous Year ` 13,386 crore were secured by
hypothecation of the movable properties, both present and future, including movable plant and machinery, spares,
tools and accessories, furniture, fixtures and vehicles of Reliance Jio Infocomm Limited, subsidiary of the Company,
save and except the telecom licenses, spectrum, brand name, goodwill and any intellectual property rights and such of
the assets that are procured through financing from Cisco Systems Capital India Private Limited).
a) Secured:
Rate of Interest
7.97%
8.00%
8.25%
8.32%
8.70%
Total
b) Unsecured:
Rate of Interest
MIBOR+2.90%
REPO+2.80%
6.95%
7.00%
7.05%
7.17%
7.20%
7.40%
8.30%
8.65%
8.70%
8.95%
9.00%
9.05%
9.25%
Total
Non-Current
(` in crore)
Current
2025-26
2024-25
2023-24
2022-23
Total
2021-22
-
-
1,000
-
-
1,000
-
-
1,000
-
-
1,000
-
3,851
1,000
-
-
4,851
1,000
-
-
-
-
1,000
1,000
3,851
3,000
-
-
7,851
-
-
-
2,000
3,500
5,500
Non-Current *
(` in crore)
Current*
2028-29
2025-26
2024-25
2023-24
2022-23
Total
2021-22
-
-
-
-
-
-
-
-
-
2,190
1,320
2,040
-
2,409
-
7,959
-
-
-
-
-
-
-
2,795
-
-
-
-
-
-
-
2,795
-
-
-
-
-
-
-
-
-
-
-
-
1,000
-
2,500
3,500
3,600
4,500
825
-
4,235
-
4,000
-
-
-
-
-
-
-
-
17,160
-
-
5,000
5,000
-
4,900
-
-
-
-
-
-
-
-
-
14,900
3,600
4,500
5,825
5,000
4,235
4,900
4,000
2,795
-
2,190
1,320
2,040
1,000
2,409
2,500
46,314
* Includes ` 50 crore (Non-Current ` 35 crore and Current ` 15 crore) as prepaid finance charges.
15.3 Maturity Profile and Rate of Interest of Bonds are as set out below:
Rate of Interest
Non-Current *
1.87%
2.06%
2.44%
2.51%
3.67%
4.13%
4.88%
5.40%
6.25%
7.63%
8.25%
9.38%
10.25%
10.50%
Total
2096-97 2046-47 2044-45 2040-41
2027-28
2026-27
2025-26
2024-25
2023-24
2022-23
Total
2021-22
-
-
-
-
-
-
-
-
-
-
-
-
91
-
91
-
-
-
-
-
-
-
-
-
-
-
-
-
70
70
-
-
-
-
-
-
5,483
-
-
-
-
-
-
-
5,483
-
-
-
-
-
-
-
-
3,656
-
-
-
-
-
3,656
-
-
-
-
5,849
-
-
-
-
37
-
-
-
-
5,886
-
-
-
-
-
-
-
-
-
-
248
162
-
-
410
142
139
158
164
-
-
-
-
-
-
-
-
-
-
603
142
139
158
164
-
7,311
-
-
-
-
-
-
-
-
7,914
142
139
158
164
-
-
-
-
-
-
-
-
-
-
603
142
139
158
164
-
-
-
-
-
-
-
-
-
-
142
568
139
556
158
632
164
656
-
5,849
-
7,311
-
5,483
10,967
-
-
3,656
-
37
-
248
-
162
-
91
70
-
603 25,319 11,570
* Includes ` 73 crore (Non-Current ` 63 crore and Current ` 10 crore) as prepaid finance charges.
-
-
-
-
-
-
-
-
7,000
-
-
-
-
-
-
7,000
(` in crore)
Current*
262
263
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
15.4 Maturity Profile of Unsecured Term Loans are as set out below:
Term Loans – from Banks *
Term Loans – from Others
Non-Current
Above 5 years
1-5 years
10,450
-
10,450
70,362
942
71,304
Total
80,812
942
81,754
(` in crore)
Current
1 year
3,310
721
4,031
19. Other Non-Current Liabilities
Advance from Related Parties (Refer Note 33 (II))
Total
* Includes ` 670 crore (Non-Current ` 542 crore and Current ` 128 crore) as prepaid finance charges.
Interest rates on term loans are in range of 0.31% to 8.34%.
15.5 The Company has satisfied all the covenants prescribed in terms of borrowings
16. Other Financial Liabilities – Non-Current
Lease Liabilities
Other Payables *
Total
* Includes Creditors for Capital Expenditure.
17. Provisions – Non-Current
Provision for decommissioning of Assets #
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,869
1,145
4,014
2,930
-
2,930
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
1,499
1,499
1,410
1,410
# The movement in the provision is towards (i) Utilisation for Tapti facilities, (ii) changes in the exchange rates (iii) Unwinding of discount (iv) change in
estimate. Provision for Decommissioning of Assets is for Tapti, KGD6 and CBM Block.
18. Deferred Tax Liabilities (Net)
The movement on the deferred tax account is as follows:
At the start of the year
Charge / (Credit) to Statement of Profit and Loss ^
Charge to Other Comprehensive Income
At the end of year
^ Refer Note 11 and 31(c)
Component of Deferred Tax Liabilities/(Asset)
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
50,556
(20,303)
535
30,788
47,317
2,213
1,026
50,556
Deferred tax liabilities / (asset) in relation to:
Property, Plant and Equipment and
Intangible Asset
Financial Assets and Others
Loan and Advances
Provisions
As at
31st March, 2020
Charge/(Credit) to
Statement of
Profit and Loss
Other
Comprehensive
Income
(` in crore)
As at
31st March, 2021
34,572
16,404
(28)
(392)
50,556
2,354
(22,631)
(2)
(24)
(20,303)
-
535
-
-
535
36,926
(5,692)
(30)
(416)
30,788
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
504
504
504
504
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,981
-
2,981
-
5,250
24,921
30,171
33,152
4,720
18,847
23,567
8,623
-
27,709
36,332
59,899
20. Borrowings – Current
Secured – At Amortised Cost
Working Capital Loans
From Banks
Rupee Loans
From Others
Rupee Loans
Unsecured – At Amortised Cost
Other Loans and Advances
From Banks
Foreign Currency Loans
Rupee Loans
From Others
Commercial paper *
Total
* Maximum amount outstanding at any time during the year was ` 33,718 crore ( Previous Year ` 29,054 crore).
20.1
Working Capital Loans from Banks of ` 2,981 crore (Previous Year ` 4,720 crore) are secured by hypothecation of
present and future stock of raw materials, work-in-progress, finished goods, stores and spares (not relating to plant
and machinery), book debts, outstanding monies, receivables, claims, bills, materials in transit, etc. save and except
receivables of Oil & Gas segment (additionally was secured by Government Securities in previous year
(Refer Note 2 and 6)).
20.2
Working Capital Loans from Others of ` Nil (Previous Year ` 18,847 crore) are secured by Government Securities and
Corporate Bonds (Refer Note 2 and 6).
20.3
Refer note 37 B (iv) for maturity profile.
20.4
The Company has satisfied all the covenants prescribed in terms of borrowings.
21. Trade Payables due to
Micro and Small Enterprise
Other than Micro and Small Enterprise
Total
21.1 There are no overdues to Micro, Small and Medium Enterprises as at March 31, 2021.
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
90
86,909
86,999
116
70,932
71,048
264
265
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
22. Other Financial Liabilities – Current
Current maturities of Borrowings - Non – Current
Interest accrued but not due on Borrowings
Unclaimed Dividends #
Lease Liabilities – Current
Advance from Related Parties (Refer Note 33 (II))
Other Payables *
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
27,948
3,217
208
116
202
29,481
61,172
44,298
2,814
220
102
7,969
77,089
1,32,492
# Does not include any amount due and outstanding, to be credited to Investor Education and Protection Fund except ` 2 crore (Previous Year ` 2 crore)
which is held in abeyance due to legal cases pending.
* Includes Creditors for Capital Expenditure, Security Deposit and Financial Liability at Fair Value.
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
15,163
4,400
19,563
63,882
2,288
66,170
26. Other Income
Interest
Bank deposits
Debt instruments
Other Financial Assets measured At Amortised Cost
Others
Dividend Income
Other Non-Operating Income
Gain On Financial Assets
Realised Gain
Unrealised Gain/(Loss)
Total
2020-21
2019-20
(` in crore)
83
10,806
83
93
3,560
(694)
11,065
141
746
2,866
14,818
127
9,529
67
203
1,886
(170)
9,926
350
1,574
1,716
13,566
Above includes income from assets measured at Cost/Amortised Cost ` 7,413 crore (Previous Year ` 6,462 crore), income from assets measured
at Fair Value Through Profit and Loss ` 1,866 crore (Previous Year ` 1,514 crore) and income from assets measured at Fair Value Through Other
Comprehensive Income ` 4,793 crore (Previous Year ` 4,016 crore).
23. Other Current Liabilities
Contract Liabilities
Other Payables ^
Total
^ Mainly includes statutory dues.
24. Provisions – Current
Provisions for Employee Benefits (Refer Note 28.1)**
Other Provisions#
Total
(` in crore)
26.1 Other Comprehensive Income – Items that will not be reclassified to
As at
31st March, 2021
As at
31st March, 2020
293
608
901
335
738
1,073
Profit and Loss
Remeasurement gain/(loss) of Defined Benefit Plan
Equity Instruments through OCI
Total
** The provision for employee benefit includes annual leave and vested long service leave entitlement accrued.
# The Company had recognised liability for excise duty payable on clearance of goods lying in stock as on 31st March, 2020 of ` 387 crore as per the
estimated pattern of dispatches. During the year, ` 387 crore was utilised for clearance of goods. Provision recognised under this class for the year
is ` 343 crore which is outstanding as on 31st March, 2021. Actual outflow is expected in the next financial year. The Company had recognised
customs duty liability on goods imported under various export incentive schemes of ` 195 crore as at 31st March, 2020. During the year, further
provision of ` 582 crore was made and sum of ` 590 crore were reversed on fulfilment of export obligation. Closing balance on this account as at
31st March, 2021 is ` 187 crore.
25. Revenue from Operations
Disaggregated Revenue
Oil to Chemicals
Oil & Gas
Retail
Others
Value of Sales
Income from Financial Services
Income from Other Services
Value of Services
Total ^^
^^ Net of GST.
2020-21
2,61,866
470
29
389
2,62,754
1,190
1,125
2,315
2,65,069
(` in crore)
2019-20
3,47,237
1,093
50
514
3,48,894
1,590
1,371
2,961
3,51,855
Revenue from contract with customers differ from the revenue as per contracted price due to factors such as taxes recovered, volume rebate,
discounts, hedge etc.
266
26.2 Other Comprehensive Income – Items that will be reclassified to Profit and Loss
Government Securities
Debentures/Bonds
Debt Income Fund
Fixed Maturity Plan
Commodity Hedge
Cash flow Hedge
Total
27. Changes in Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade
Inventories (At Close)
Finished Goods/Stock-in-Trade
Work-in-Progress *
Inventories (At Commencement)
Finished Goods/Stock-in-Trade
Work-in-Progress
Less: Capitalised during the year
Less: Exceptional Items (Refer Note 31 (d))
Total
* Excludes on transfer on completion of Projects.
2020-21
21
329
350
2020-21
(152)
83
(491)
84
504
2,727
2,755
2020-21
9,364
4,009
13,373
10,918
3,115
14,033
50
-
13,983
610
(` in crore)
2019-20
(128)
(264)
(392)
(` in crore)
2019-20
152
(107)
254
166
(1,491)
(5,895)
(6,921)
(` in crore)
2019-20
10,918
3,115
14,033
13,246
6,450
19,696
448
5,138
14,110
77
267
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
28. Employee Benefits Expense
Salaries and Wages
Contribution to Provident Fund and Other Funds
Staff Welfare Expenses
Total
2020-21
4,002
251
771
5,024
28.1 As per Indian Accounting Standard 19 “Employee Benefits”, the Disclosures as Defined are given below:
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for the year is as under
Particulars
Employer’s Contribution to Provident Fund
Employer’s Contribution to Superannuation Fund
Employer’s Contribution to Pension Scheme
2020-21
122
19
55
(` in crore)
2019-20
5,390
260
417
6,067
(` in crore)
2019-20
136
12
58
The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
Defined Benefit Plan
I) Reconciliation of opening and closing balances of Defined Benefit Obligation
Particulars
Defined Benefit Obligation at beginning of the year
Current Service Cost
Interest Cost
Actuarial (Gain) / Loss
Benefits Paid *
Liability Transferred Out
Defined Benefit Obligation at end of the year
* Includes benefits of ` 86 crore (Previous Year ` 73 crore) paid by the Company.
II) Reconciliation of opening and closing balances of fair value of Plan Assets
Particulars
Fair value of Plan Assets at beginning of the year
Return on Plan Assets
Employer Contribution
Benefits Paid
Assets Transferred Out
Fair value of Plan Assets at end of the year
III) Reconciliation of fair value of Assets and Obligations
Particulars
Fair value of Plan Assets
Present value of Obligation
Amount recognised in Balance Sheet [Surplus/(Deficit)]
(` in crore)
Gratuity (Funded)
2020-21
2019-20
970
48
66
(17)
(90)
(23)
954
820
45
66
117
(78)
-
970
(` in crore)
Gratuity (Funded)
2020-21
2019-20
970
70
-
(4)
(23)
1,013
820
55
100
(5)
-
970
(` in crore)
Gratuity (Funded)
As at
31st March, 2021
As at
31st March, 2020
1,013
954
59
970
970
-
IV) Expenses recognised during the year
Particulars
In Income Statement
Current Service Cost
Interest Cost
Return on Plan Assets
Net Cost
In Other Comprehensive Income
Actuarial (Gain) / Loss
Return On Plan Assets
Net (Income)/ Expense for the year recognised in OCI
V)
Investment Details
Particulars
GOI Securities
Insurance Policies
VI) Actuarial Assumptions
Mortality Table (IALM)
Discount Rate (per annum)
Expected rate of return on Plan Assets (per annum)
Rate of escalation in Salary (per annum)
Rate of employee turnover (per annum)
(` in crore)
Gratuity (Funded)
2020-21
2019-20
48
66
(66)
48
(17)
(4)
(21)
45
66
(66)
45
117
11
128
As at 31st March, 2021
As at 31st March, 2020
` in crore
% Invested
` in crore
% Invested
7
1,006
1,013
0.69
99.31
100.00
9
961
970
0.92
99.08
100.00
Gratuity (Funded)
2020-21
2006-08
2019-20
2006-08
(Ultimate)
(Ultimate)
6.95%
6.95%
4.00% p.a. for the
next 1 years, 6.00%
p.a. thereafter
2%
6.84%
6.84%
4.00% p.a. for the
next 2 years, 6.00%
p.a. thereafter
2%
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion
and other relevant factors including supply and demand in the employment market. The above information is certified
by the actuary.
The Expected Rate of Return on Plan Assets is determined considering several applicable factors, mainly the composition
of Plan Assets held, assessed risks, historical results of return on Plan Assets and the Company’s policy for Plan
Assets Management.
VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2020-21.
VIII) Sensitivity Analysis
Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount rate, expected salary
increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible
changes of the assumptions occurring at end of the reporting period, while holding all other assumptions constant. The
result of Sensitivity analysis is given below:
Particulars
Change in rate of discounting (delta effect of +/- 0.5%)
Change in rate of salary increase (delta effect of -/+ 0.5%)
Change in rate of employee turnover (delta effect of -/+ 0.5%)
(` in crore)
As at 31st March, 2021
As at 31st March, 2020
Decrease
Increase
Decrease
Increase
24
24
2
25
26
2
26
26
2
27
27
2
These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary Risk.
268
269
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Investment Risk
Interest Risk
Longevity Risk
Salary Risk
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by
reference to market yields at the end of the reporting period on government bonds.
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase
in the return on the plan’s debt investments.
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality
of plan participants both during and after their employment. An increase in the life expectancy of the plan
participants will increase the plan’s liability.
The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As
such, an increase in the salary of the plan participants will increase the plan’s liability.
28.2 Share Based Payments
a) Scheme Details
The Company has Employee Stock Option Schemes i.e. ESOS-2006 and ESOS-2017 under which options have been granted at the
various exercise prices to be vested from time to time on the basis of performance and other eligibility criteria. Details of number of
options outstanding have been tabulated below:
Financial Year (Year of Grant)
Number of Options Outstanding
As at
31st March, 2021
As at
31st March, 2020
Financial
Year of Vesting
Range of
Exercise
price (`)
Range of
Fair value
at Grant Date (`)
1) ESOS - 2006
i)
Details of Employee Stock Options granted upto 31st March, 2015 but not vested as on 1st April, 2015
2006-07
2008-09
Sub-Total
Details of Employee Stock Options granted from 1st April, 2015 to 31st March, 2021
2016-17
Sub-Total
2) ESOS - 2017
60,224 2017-18 to 2020-21
60,224
2015-16
2015-16 & 2016-17
1,63,136
6,180
1,69,316
-
1,200
1,200
24,000
24,000
ii)
Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2021
2020-21
Sub-Total
Total (1(i)+1(ii)+2)
42,00,000
42,00,000
42,25,200
- 2021-22 to 2024-25
-
2,29,540
321.00
322.30
154.90
156.20 - 164.90
548.00
149.80-204.50
10.00 2,133.40 - 2,151.90
ESOS – 2006: Exercise Period will expire not later than five years from the date of vesting of options or such other period as may be decided
by the Human Resources, Nomination and Remuneration Committee of the Board.
ESOS – 2017: Exercise Period would commence from the date of Vesting and would expire not later than seven years from the Grant Date or
such other period as may be decided by the Human Resources, Nomination and Remuneration Committee of the Board.
b)
Compensation expenses arising on account of the Share Based Payments
(` in crore)
Year ended
31st March, 2021
Year ended
31st March, 2020
Expenses arising from equity – settled share-based payment transactions
0.02
0.28
c) Fair Value on the grant date
The fair value at grant date is determined using “Black Scholes Model” which takes into account the exercise price, term of the option,
share price at grant date and expected price volatility of the underlying shares, expected dividend yield and the risk free interest rate
for the term of the option.
During the year : (1) No stock options were granted under ESOS-2006 and (2) 42,00,000 options were granted under ESOS-2017 to the
eligible employees of the Company and its subsidiaries. The model inputs for options granted during the year ended 31st March 2017
and 31st March, 2021 included as mentioned below:
a) Weighted average exercise price
b) Grant date:
c) Vesting year:
d) Share Price at grant date:
e) Expected price volatility of Company’s share:
f)
g) Risk free interest rate:
Expected dividend yield:
ESOS - 2006
ESOS - 2017
` 1,096
05.10.2016 & 10.10.2016
2017-18 to 2020-21
` 1,089 at 05.10.2016;
` 1,096 at 10.10.2016
25.1% to 26.5%
1.07%
7.00%
`10
05.10.2020
2021-22 to 2024-25
` 2,212 at 05.10.2020
30.2% to 31.9%
0.60%
5.1% to 5.6%
The expected price volatility is based on the historic volatility (based on remaining life of the options).
270
d) Movement in share options during the year:
Particulars
Balance at the beginning of the year
Granted during the year
Exercised during the year
Expired / Lapsed during the year
Balance at the end of the year
As at 31st March, 2021
As at 31st March, 2020
Number of
share options
Weighted
average
exercise price
Number of
share options
Weighted
average
exercise price
2,29,540
42,00,000
(1,74,410)
(29,930)
42,25,200
380.59
10.00
368.18
321.00
13.14
4,98,239
366.82
-
(2,67,439)
(1,260)
2,29,540
-
355.21
321.00
380.59
Weighted average remaining contractual life of the share option outstanding at the end of year is 2,370 days (Previous Year 468 days).
29. Finance Costs
Interest Expenses *
Interest on Lease Liabilities
Applicable loss on foreign currency transactions and translation
Total
* Net of Interest Capitalised of ` 2,333 crore (Previous Year ` 4,054 crore).
30. Other Expenses
Manufacturing Expenses
Stores, Chemicals and Packing Materials
Electric Power, Fuel and Water
Labour Processing, Production Royalty and Machinery Hire Charges
Repairs to Building
Repairs to Machinery
Exchange Difference (Net)
Excise Duty #
Lease Rent
Selling and Distribution Expenses
Warehousing and Distribution Expenses
Sales Tax / VAT
Other Selling and Distribution Expenses
Establishment Expenses
Professional Fees
General Expenses
Rent
Insurance
Rates & Taxes
Other Repairs
Travelling Expenses
Payment to Auditors
Loss on Sale /Discard of Property, Plant and Equipments
Charity and Donations
Less: Transferred to Project Development Expenditure
Total
2020-21
12,755
239
3,217
16,211
(` in crore)
2019-20
9,767
246
2,092
12,105
2020-21
(` in crore)
2019-20
5,034
12,424
431
59
667
(514)
241
33
18,375
7,169
617
621
8,407
576
1,997
145
384
477
312
58
32
8
1,169
5,158
970
30,970
5,210
13,759
685
122
1,258
178
189
23
21,424
6,581
856
601
8,038
601
1,702
79
939
942
512
159
31
196
1,107
6,268
2,383
33,347
# Excise Duty shown under manufacturing expenditure represents the aggregate of Excise Duty borne by the Company and difference between Excise
Duty on opening and closing stock of finished goods.
271
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
c)
Due to the adverse changes in market environment, reduction in activity by operator and recent operational performance
of the Shale Gas subsidiaries, the Company has impaired its investment in Shale Gas Subsidiaries to the extent of
` 15,686 crore. This is in accordance with the requirements of Ind AS 36 –Impairment of Assets, as the carrying amount of
investments exceeds its recoverable amount. Further, the Company has also recognised Deferred Tax Assets of ` 15,570
crore in respect of the difference between the book base and tax base of the Shale Gas Operations, in accordance with Ind
AS 12 - Income Taxes.
For the year ended 31st March, 2020
d)
COVID-19 has significant impact on business operations of the Company. Further, there is substantial drop in oil prices
accompanied with unprecedented demand destruction. The Company based on its assessment has determined the
impact of such exceptional circumstances on its financial statements and the same has been disclosed separately as
‘Exceptional Items’ of ` 4,245 crore (net of taxes of ` 899 crore).
32. Earnings Per Share (EPS)
Face Value Per Equity Share (K)
Basic Earnings Per Share (K) – After Exceptional Item
Basic Earnings Per Share (K) – Before Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to
Equity Shareholders (` in crore) – After Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to
Equity Shareholders (` in crore) – Before Exceptional Item
Weighted Average number of Equity Shares used as denominator for
calculating Basic EPS
Diluted Earnings Per Share (K) – After Exceptional Item
Diluted Earnings Per Share (K) – Before Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity
Shareholders (` in crore) – After Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to
Equity Shareholders (` in crore) – Before Exceptional Item
Weighted Average number of Equity Shares used as denominator for
calculating Diluted EPS
Reconciliation of Weighted Average Number of Shares Outstanding
Weighted Average number of Equity Shares used as denominator for
calculating Basic EPS ^
Total Weighted Average Potential Equity Shares *
Weighted Average number of Equity Shares used as denominator for
calculating Diluted EPS
* Dilutive impact of Employee Stock Option Scheme and Partly paid Rights Issue Shares.
^ Refer Note 13.8
2020-21
2019-20
10
49.66
42.97
31,944
27,640
10
48.42
55.07
30,903
35,148
6,43,28,74,848
6,38,21,18,265
48.90
42.31
31,944
27,640
48.42
55.07
30,903
35,148
6,53,21,38,901
6,38,24,01,693
6,43,28,74,848
6,38,21,18,265
9,92,64,053
2,83,428
6,53,21,38,901
6,38,24,01,693
Particulars
Fees as Auditors *
30.1 Payment to Auditors as:
(a)
(b) Tax Audit Fees
(c) Fees for Other Services
(d) Cost Audit Fees
Total
2020-21
(` in crore)
2019-20
29
1
3
1
34
27
1
2
1
31
* Includes ` 2 crore, in the nature of rights issues expenses accounted in Securities Premium Account.
Fees for Other Services primarily includes certification fees paid to auditors. Statute and regulation permit auditors to certify export / import
documentation and transfer pricing among others.
30.2 Corporate Social Responsibility (CSR)
(a)
CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company
during the year is ` 884 crore (Previous Year ` 875 crore).
(b)
Expenditure related to Corporate Social Responsibility is ` 922 crore (Previous Year ` 909 crore).
Particulars
Rural Transformation
Health (including COVID-19)
Education
Sports for Development
Disaster Response (including COVID-19)
Arts, Culture, Heritage and Urban Renewal
Total
2020-21
110
256
452
49
53
2
922
(` in crore)
2019-20
58
35
254
42
519
1
909
(c)
Out of note (b) above, ` 335 crore (Previous Year ` 121 crore) contributed to Reliance Foundation, ` 20 crore (Previous Year ` 37 crore)
to Reliance Foundation Youth Sports and ` 375 crore (Previous Year ` 229 crore) to Reliance Foundation Institution of Education and
Research which are related parties.
Particulars
31. Exceptional Items (Net of Tax)
a) Net gain on sale of investments (net of tax)
b) Loss on acquisition of RHUSA loan
Withdrawal from Retained Earnings
c)
Sub-Total (b)
Impairment of Investments in Shale Gas Entities
Recognition of Deferred Tax Asset relating to Shale Gas Investments
Sub-Total (c)
d) Loss due to substantial fall in oil prices and demand destruction (net of tax)
Total (a+b+c+d)
For the year ended 31st March, 2021
2020-21
(` in crore)
2019-20
(33,217)
33,217
(15,686)
15,570
4,420
-
(116)
-
4,304
-
-
-
(4,245)
(4,245)
a)
b)
Net gain on sale of investments and transfer of Petro Retail assets with respect to Reliance BP Mobility Limited of
` 4,420 crore (net of taxes of ` 1,508 crore) (Refer Note 41.2).
The Company has recognised loss of ` 33,217 crore in the Statement of Profit and Loss due to take over of Reliance
Holding USA, Inc. (RHUSA) loan, which was supported / guaranteed by the Company. Further, these loans were taken over
by the Company subsequent to approval received from lenders of Reliance Holding USA Inc. and Reserve Bank of India.
Pursuant to the Composite Scheme of Amalgamation and Plan of Merger (the “Scheme”) approved by the Hon’ble
National Company Law Tribunal, Mumbai bench, vide order dated July 27, 2020, Reliance Holding USA Inc. (RHUSA) has
merged with Reliance Energy Generation and Distribution Limited (REGDL) and REGDL has merged with the Company. In
accordance with the provisions of the Scheme, the Company has withdrawn consequential amount of ` 33,217 crore from
retained earnings to the Statement of Profit and Loss.
272
273
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
33. Related Parties Disclosures
As per Ind AS 24, the disclosures of transactions with the related parties are given below:
(I)
List of Related Parties where control exists and relationships:
Sr.
No.
Name of the Related Party
Relationship
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
ABC Cable Network Private Limited
Actoserba Active Wholesale Private Limited ^
Adhunik Cable Network Limited
Adventure Marketing Private Limited #
AETN18 Media Private Limited #
Affinity USA LLC (Formerly Affinity USA Inc.)
Ambika DEN Cable Network Private Limited
Amogh Broad Band Services Private Limited
Angel Cable Network Private Limited
Antique Communications Private Limited
Asteria Aerospace Private Limited
Augment Cable Network Private Limited
Aurora Algae LLC (Formerly Aurora Algae Inc.)
Bali Den Cable Network Limited
Bee Network and Communication Limited (Formerly Bee Network and Communication
Private Limited)
Bhadohi DEN Entertainment Private Limited
Big Den Entertainment Limited (Formerly Big Den Entertainment Private Limited)
Binary Technology Transfers Limited (Formerly Binary Technology Transfers Private Limited)
Blossom Entertainment Private Limited
Cab-i-Net Communications Private Limited
Channels India Network Private Limited
Chennai Cable Vision Network Private Limited
Colorful Media Private Limited #
Colosceum Media Private Limited #
Crystal Vision Media Private Limited
C-Square Info-Solutions Private Limited
Dadha Pharma Distribution Private Limited ^
Dadri Toe Warehousing Private Limited ^@
Den A.F. Communication Private Limited
Den Aman Entertainment Private Limited
DEN Ambey Cable Networks Private Limited
Den Ashu Cable Limited
DEN BCN Suncity Network Limited
Den Bindra Network Private Limited
Den Broadband Limited (Formerly Den Broadband Private Limited)
Den Budaun Cable Network Private Limited
Den Citi Channel Limited (Formerly Den Citi Channel Private Limited)
Den Classic Cable TV Services Limited (Formerly Den Classic Cable TV Services Private Limited)
DEN Crystal Vision Network Limited
Den Digital Cable Network Limited (Formerly Den Digital Cable Network Private Limited)
Den Discovery Digital Networks Private Limited
Den Elgee Cable Vision Private Limited
Den Enjoy Cable Networks Private Limited
Den Enjoy Navaratan Network Private Limited
DEN Enjoy SBNM Cable Network Private Limited
Den F K Cable TV Network Private Limited
DEN Faction Communication System Limited (Formerly DEN Faction Communication System
Private Limited)
DEN Harsh Mann Cable Network Limited
Den Fateh Marketing Private Limited
Den Jai Ambey Vision Cable Private Limited
# Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Relationships established during the year.
@ Ceased to be related party.
274
Subsidiary
Sr.
No.
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
Name of the Related Party
Relationship
Den Kashi Cable Network Limited
Den Kattakada Telecasting And Cable Services Limited
DEN Krishna Cable TV Network Limited
Den Maa Sharda Vision Cable Networks Limited
Den Mahendra Satellite Private Limited
Den Malabar Cable Vision Limited (Formerly Den Malabar Cable Vision Private Limited)
DEN Malayalam Telenet Private Limited
Den MCN Cable Network Limited
Den Mod Max Cable Network Private Limited
Den Nashik City Cable Network Private Limited
Den Networks Limited
DEN Patel Entertainment Network Private Limited
DEN Pawan Cable Network Limited
Den Pradeep Cable Network Limited (Formerly Den Pradeep Cable Network Private Limited)
DEN Prayag Cable Networks Limited
Den Premium Multilink Cable Network Private Limited
Den Prince Network Limited
Den Radiant Satellite Cable Network Private Limited
Den Rajkot City Communication Private Limited
Den Sahyog Cable Network Limited
Den Sariga Communications Limited (Formerly Den Sariga Communications Private Limited)
Den Satellite Cable TV Network Limited (Formerly Den Satellite Cable TV Network Private Limited)
Den Saya Channel Network Limited
Den Steel City Cable Network Limited (Formerly Den Steel City Cable Network Private Limited)
DEN STN Television Network Private Limited
Den Supreme Satellite Vision Private Limited
Den Varun Cable Network Limited
Den VM Magic Entertainment Limited
Den-Manoranjan Satellite Private Limited
Desire Cable Network Limited
Devine Cable Network Private Limited
Digital18 Media Limited #
Disk Cable Network Private Limited
Divya Drishti Den Cable Network Private Limited
Drashti Cable Network Limited (Formerly Drashti Cable Network Private Limited)
Dronagiri Bokadvira East Infra Limited
Dronagiri Bokadvira North Infra Limited
Dronagiri Bokadvira South Infra Limited
Dronagiri Bokadvira West Infra Limited
Dronagiri Dongri East Infra Limited
Dronagiri Dongri North Infra Limited
Dronagiri Dongri South Infra Limited
Dronagiri Dongri West Infra Limited
Dronagiri Funde East Infra Limited
Dronagiri Funde North Infra Limited
Dronagiri Funde South Infra Limited
Dronagiri Funde West Infra Limited
Dronagiri Navghar East Infra Limited
Dronagiri Navghar North First Infra Limited
Dronagiri Navghar North Infra Limited
Dronagiri Navghar North Second Infra Limited
Dronagiri Navghar South First Infra Limited
Dronagiri Navghar South Infra Limited
Dronagiri Navghar South Second Infra Limited
Dronagiri Navghar West Infra Limited
Dronagiri Pagote East Infra Limited
Dronagiri Pagote North First Infra Limited
Subsidiary
# Control by Independent Media Trust of which the Company is the sole beneficiary.
275
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Sr.
No.
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
Name of the Related Party
Relationship
Dronagiri Pagote North Infra Limited
Dronagiri Pagote North Second Infra Limited
Dronagiri Pagote South First Infra Limited
Dronagiri Pagote South Infra Limited
Dronagiri Pagote West Infra Limited
Dronagiri Panje East Infra Limited
Dronagiri Panje North Infra Limited
Dronagiri Panje South Infra Limited
Dronagiri Panje West Infra Limited
eDreams Edusoft Private Limited
e-Eighteen.com Limited #
Ekta Entertainment Network Limited (Formerly Ekta Entertainment Network Private Limited)
Elite Cable Network Private Limited
Eminent Cable Network Private Limited
Fab Den Network Limited
Fortune (Baroda) Network Private Limited
Fun Cable Network Private Limited
Futuristic Media and Entertainment Limited (Formerly Futuristic Media and Entertainment
Private Limited)
Galaxy Den Media & Entertainment Private Limited
Gemini Cable Network Limited (Formerly Gemini Cable Network Private Limited)
Genesis Colors Limited
Genesis La Mode Private Limited
GLB Body Care Private Limited
GLF Lifestyle Brands Private Limited
Glimpse Communications Private Limited
GML India Fashion Private Limited
Grab A Grub Services Private Limited
Greycells18 Media Limited #
Hamleys (Franchising) Limited
Hamleys Asia Limited
Hamleys Global Holdings Limited
Hamleys of London Limited
Hamleys Toys (Ireland) Limited
Hathway Bhawani Cabletel and Datacom Limited
Hathway Broadband Limited (Formerly Hathway Broadband Private Limited)
Hathway Cable and Datacom Limited
Hathway Cnet Limited (Formerly Hathway Cnet Private Limited)
Hathway Digital Limited (Formerly Hathway Digital Private Limited)
Hathway Digital Saharanpur Cable & Datacom Limited (Formerly Hathway Digital Saharanpur Cable
& Datacom Private Limited) ^
Hathway Enjoy Cable Network Limited (Formerly Hathway Enjoy Cable Network Private Limited)
Hathway Gwalior Cable & Datacom Limited (Formerly Hathway Gwalior Cable & Datacom
Private Limited)
Hathway Internet Satellite Limited (Formerly Hathway Internet Satellite Private Limited)
Hathway JMD Farukhabad Cable Network Limited (Formerly Hathway JMD Farukhabad Cable
Network Private Limited)
Hathway Kokan Crystal Cable Network Limited (Formerly Hathway Kokan Crystal Cable Network
Private Limited)
Hathway Krishna Cable Limited (Formerly Hathway Krishna Cable Private Limited)
Hathway Mantra Cable & Datacom Limited (Formerly Hathway Mantra Cable & Datacom
Private Limited)
Hathway Media Vision Limited (Formerly Hathway Media Vision Private Limited)
Hathway Mysore Cable Network Limited (Formerly Hathway Mysore Cable Network Private Limited)
Hathway Nashik Cable Network Private Limited
Hathway New Concept Cable & Datacom Limited (Formerly Hathway New Concept Cable &
Datacom Private Limited)
Hathway Software Developers Limited (Formerly Hathway Software Developers Private Limited)
Subsidiary
Sr.
No.
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
Name of the Related Party
Relationship
Hathway Space Vision Cabletel Limited (Formerly Hathway Space Vision Cabletel Private Limited)
Hathway United Cables Limited (Formerly Hathway United Cables Private Limited)
Ideal Cables Limited (Formerly Ideal Cables Private Limited)
IndiaCast Media Distribution Private Limited #
IndiaCast UK Limited #
IndiaCast US Limited #
Indiavidual Learning Limited (Formerly Indiavidual Learning Private Limited)
Indiawin Sports Private Limited
Indradhanush Cable Network Limited (Formerly Indradhanush Cable Network Private Limited)
Infomedia Press Limited #
ITV Interactive Media Limited (Formerly ITV Interactive Media Private Limited)
Jhankar Cable Network Limited (Formerly Jhankar Cable Network Private Limited)
Jio Cable and Broadband Holdings Private Limited $
Jio Content Distribution Holdings Private Limited $
Jio Digital Cableco Private Limited $
Jio Digital Distribution Holdings Private Limited $
Jio Estonia OU
Jio Futuristic Digital Holdings Private Limited $
Jio Haptik Technologies Limited (Formerly known as Reliance Jio Digital Services Limited)
Jio Information Aggregator Services Limited^
Jio Infrastructure Management Services Limited (Formerly known as Jio Digital Media
Distribution Limited)
Jio Internet Distribution Holdings Private Limited $
Jio Limited
Jio Media Limited ^
Jio Platforms Limited
Jio Television Distribution Holdings Private Limited $
Jio Things Limited ^
Kalamboli East Infra Limited
Kalamboli North First Infra Limited
Kalamboli North Infra Limited
Kalamboli North Second Infra Limited
Kalamboli North Third Infra Limited
Kalamboli South First Infra Limited
Kalamboli South Infra Limited
Kalamboli West Infra Limited
Kanhatech Solutions Limited
Kishna DEN Cable Networks Private Limited
Liberty Media Vision Limited (Formerly Liberty Media Vision Private Limited)
Libra Cable Network Limited
Luvley Limited
M Entertainments Private Limited
Mahadev Den Cable Network Limited (Formerly Mahadev Den Cable Network Private Limited)
Mahavir Den Entertainment Private Limited
Maitri Cable Network Private Limited
Mansion Cable Network Private Limited
Marble Cable Network Private Limited
Media18 Distribution Services Limited #
Meerut Cable Network Private Limited
Mesindus Ventures Private Limited^
Mindex 1 Limited
Model Economic Township Limited
Moneycontrol.Dot Com India Limited #
Mountain Cable Network Limited
Multi Channel Cable Network Limited (Formerly Multi Channel Cable Network Private Limited)
Multi Star Cable Network Limited
Subsidiary
# Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Relationships established during the year.
276
# Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Relationships established during the year.
$ Control by Digital Media Distribution Trust of which Reliance Content Distribution Limited is the sole beneficiary, which is a wholly-owned
subsidiary of the Company.
277
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Sr.
No.
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
Name of the Related Party
Relationship
Multitrack Cable Network Private Limited
Nectar Entertainment Limited (Formerly Nectar Entertainment Private Limited)
Netmeds Marketplace Limited ^
Network18 Media & Investments Limited #
New Emerging World of Journalism Limited (Formerly New Emerging World Of Journalism
Private Limited)
NowFloats Technologies Private Limited
Radiant Satellite (India) Private Limited
Radisys B.V.
Radisys Canada Inc.
Radisys Cayman Limited
Radisys Convedia (Ireland) Limited
Radisys Corporation
Radisys GmbH
Radisys India Private Limited
Radisys International LLC
Radisys International Singapore PTE. Limited
Radisys Poland sp. z o.o
Radisys Spain S.L.U.
Radisys Systems Equipment Trading (Shanghai) Co. Limited
Radisys Technologies (Shenzhen) Co., Limited
Radisys UK Limited
RB Holdings Private Limited #
RB Media Holdings Private Limited #
RB Mediasoft Private Limited #
RBML Solutions India Limited ^
Recron (Malaysia) Sdn Bhd
Reliance 4IR Realty Development Limited
Reliance Ambit Trade Private Limited
Reliance BP Mobility Limited
Reliance Brands Holding UK Limited
Reliance Brands Limited
Reliance Brands Luxury Fashion Private Limited (Formerly known as Genesis Luxury Fashion
Private Limited)
Reliance Clothing India Private Limited
Reliance Commercial Dealers Limited
Reliance Comtrade Private Limited
Reliance Content Distribution Limited
Reliance Corporate IT Park Limited
Reliance Digital Health USA Inc. (Formerly Affinity Names Inc.)
Reliance Eagleford Upstream GP LLC
Reliance Eagleford Upstream Holding LP
Reliance Eagleford Upstream LLC
Reliance Eminent Trading & Commercial Private Limited
Reliance Energy Generation and Distribution Limited @
Reliance Ethane Holding Pte. Limited
Reliance Ethane Pipeline Limited
Reliance Exploration & Production DMCC
Reliance GAS Lifestyle India Private Limited
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Global Energy Services Limited
Reliance Holding USA, Inc. @
Reliance Industrial Investments and Holdings Limited
Reliance Industries (Middle East) DMCC
Reliance Industries Uruguay Petroquimica S.A., EN Liquidacion (Formerly known as Reliance
Industries Uruguay Petroquimica S.A.) @
Subsidiary
Sr.
No.
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
Name of the Related Party
Relationship
Reliance Innovative Building Solutions Private Limited
Reliance Jio Global Resources LLC
Reliance Jio Infocomm Limited
Reliance Jio Infocomm Pte. Limited
Reliance Jio Infocomm UK Limited
Reliance Jio Infocomm USA Inc.
Reliance Jio Media Limited
Reliance Jio Messaging Services Limited
Reliance Lifestyle Products Private Limited (Formerly V&B Lifestyle India Private Limited) ^
Reliance Marcellus II LLC
Reliance Marcellus LLC
Reliance O2C Limited
Reliance Payment Solutions Limited
Reliance Petro Marketing Limited
Reliance Petroleum Retail Limited
Reliance Progressive Traders Private Limited
Reliance Projects & Property Management Services Limited
Reliance Prolific Commercial Private Limited
Reliance Prolific Traders Private Limited
Reliance Retail and Fashion Lifestyle Limited ^
Reliance Retail Finance Limited
Reliance Retail Insurance Broking Limited
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance SMSL Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
Reliance Universal Traders Private Limited
Reliance Vantage Retail Limited
Reliance Ventures Limited
Reliance-GrandOptical Private Limited
Reverie Language Technologies Limited (Formerly Reverie Language Technologies Private Limited)
RIL USA, Inc.
RISE Worldwide Limited (Formerly Known as IMG Reliance Limited) **
Roptonal Limited #
Rose Entertainment Private Limited
RP Chemicals (Malaysia) Sdn Bhd
RRB Mediasoft Private Limited #
Saavn Inc.
Saavn LLC
Saavn Media Limited (Formerly Saavn Media Private Limited)
SankhyaSutra Labs Limited (Formerly SankhyaSutra Labs Private Limited)
Sanmati DEN Cable TV Network Private Limited
Sanmati Entertainment Limited (Formerly Sanmati Entertainment Private Limited)
Scrumpalicious Limited
Shopsense Retail Technologies Private Limited
Shree Sidhivinayak Cable Network Limited (Formerly Shree Sidhivinayak Cable Network
Private Limited)
Shri Kannan Departmental Store Private Limited
Silverline Television Network Limited
skyTran Inc. ^
skyTran Israel Limited ^
Sree Gokulam Starnet Communication Limited (Formerly Sree Gokulam Starnet Communication
Private Limited)
Srishti Den Networks Limited
Surajya Services Limited (Formerly Surajya Services Private Limited)
Subsidiary
# Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Relationships established during the year.
@ Ceased to be related party.
278
# Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Relationships established during the year.
** Became subsidiary during the year.
@ Ceased to be related party.
279
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Sr.
No.
Name of the Related Party
Relationship
Surela Investment and Trading Limited
323
Tesseract Imaging Limited (Formerly Tesseract Imaging Private Limited)
324
The Hamleys Group Limited
325
The Indian Film Combine Private Limited
326
Tresara Health Private Limited ^
327
Trident Entertainment Private Limited
328
TV18 Broadcast Limited #
329
Ulwe East Infra Limited
330
Ulwe North Infra Limited
331
Ulwe South Infra Limited
332
Ulwe Waterfront East Infra Limited
333
Ulwe Waterfront North Infra Limited
334
Ulwe Waterfront South Infra Limited
335
Ulwe Waterfront West Infra Limited
336
Ulwe West Infra Limited
337
United Cable Network (Digital) Limited
338
Urban Ladder Home Décor Solutions Private Limited ^
339
UTN Cable Communications Limited (Formerly UTN Cable Communications Private Limited)
340
VBS Digital Distribution Network Limited (Formerly VBS Digital Distribution Network Private Limited)
341
Viacom 18 Media Private Limited #
342
Viacom18 Media (UK) Limited #
343
Viacom18 US Inc. #
344
Victor Cable TV Network Limited (Formerly Victor Cable TV Network Private Limited)
345
Vision India Network Limited (Formerly Vision India Network Private Limited)
346
347
Vitalic Health Private Limited^
348 Watermark Infratech Private Limited #
349 Web18 Digital Services Limited #
350 Win Cable and Datacom Limited (Formerly Win Cable and Datacom Private Limited)
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
Digital Media Distribution Trust
Independent Media Trust
Network 18 Media Trust
Alok Industries Limited ^
Football Sports Development Limited
India Gas Solutions Private Limited
Jio Payments Bank Limited
Pipeline Management Services Private Limited
RISE Worldwide Limited (Formerly Known as IMG Reliance Limited) **
Gujarat Chemical Port Limited
Indian Vaccines Corporation Limited
Jamnagar Utilities & Power Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
Vadodara Enviro Channel Limited
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri Pawan Kumar Kapil
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman
Smt. Savithri Parekh
Smt. Nita M. Ambani
# Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Relationships established during the year.
** Became subsidiary during the year.
Subsidiary
Company / Subsidiary
is a beneficiary
Joint Venture
Associates
Key
Managerial Personnel
Relative of Key
Managerial Personnel
280
Name of the Related Party
Relationship
Sr.
No.
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
Sr.
No.
1
2
3
Dhirubhai Ambani Foundation
Hirachand Govardhandas Ambani Public Charitable Trust
Jamnaben Hirachand Ambani Foundation
Reliance Foundation
Reliance Foundation Institution of Education and Research
Reliance Foundation Youth Sports
Sir HN Hospital Trust
Sir Hurkisondas Nurrotamdas Hospital and Research Centre
IPCL Employees Gratuity Fund - Baulpur Unit
IPCL Employees Provident Fund Trust
Reliance Employees Provident Fund Bombay
Reliance Industries Limited Staff Superannuation Scheme
Reliance Industries Limited Employees Gratuity Fund
Reliance Industries Limited Vadodara Units Employees Superannuation Fund
RIL Vadodara Unit Employees Gratuity Fund
(II) Transactions during the year with Related Parties:
Nature of Transactions (Excluding Reimbursements)
Subsidiaries/
Beneficiary
Associates/
Joint Venture
Purchase of Property, Plant and Equipment and
Intangible Assets
Purchase / Subscription of Investments
Sale / Redemption of Investments
4 Net Loans and Advances, Deposits Given/ (Returned)
5 Net Advance Received
6
7
Transfer of Liabilities
Revenue from Operations
8 Other Income
9
Purchases of Goods / Services
10 Electric Power, Fuel and Water
11 Hire Charges
12 Employee Benefit Expense
13 Payment to Key Managerial Personnel/Relative
14 Sales and Distribution Expenses
15 Rent
16 Professional Fees
17 General Expenses #
18 Donations
19 Sale of Business (Through Slump Sale)
20 Rights Issue of Equity Shares
Note: Figures in italic represents Previous Year’s amounts.
# Does not include sitting fees of Non- Executive Directors of ` 2 crore.
2,478
1,493
79,907
2,35,694
2,06,355
93,037
19,840
12,133
-
(7,969)
851
1,04,365
50,792
26,783
4,202
3,393
1,935
1,399
11
-
485
539
617
1,413
-
-
6
1
-
-
202
428
615
571
-
-
1,060
-
-
-
4
155
527
350
-
-
(23)
(41)
-
-
-
-
1,580
153
25
32
1,629
1,578
4,782
4,898
46
119
-
-
-
-
2,023
2,184
15
11
27
30
9
15
-
-
-
-
1
-
Enterprises over
which Key Managerial
Personnel are
able to exercise
significant influence
Post
Employment Benefit
(` in crore)
Others
Total
-
-
-
-
-
-
-
-
-
-
-
-
1
-
4
3
1
-
-
-
-
-
451
566
-
-
-
-
-
-
-
-
6
-
803
462
-
-
-
-
2,482
1,648
80,434
2,36,044
2,06,355
93,037
19,817
12,092
-
(7,969)
851
1,04,365
52,373
26,936
4,231
3,428
3,565
2,977
4,793
4,898
531
658
1,068
1,979
99
110
2,029
2,185
15
11
229
458
630
586
803
462
1,060
-
55
-
281
Key
Managerial
Personnel/
Relative
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
99
110
-
-
-
-
-
-
-
-
-
-
54
-
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Sr.
No.
Nature of Transactions (Excluding Reimbursements)
Subsidiaries/
Beneficiary
Associates/
Joint Venture
(` in crore)
Others
Total
Key
Managerial
Personnel/
Relative
Balances as at 31st March, 2021
1
Investments
2
3
Trade Receivables *
Loans and Advances
4 Deposits
5
Trade and Other Payables *
6 Other non-current liabilities
7 Other Current assets
8
9
Financial Guarantees
Performance Guarantees
10 Other Financial Liabilities – Current
11 Other Financial Assets
Figures in italic represents Previous Year’s amounts.
* Includes reimbursements.
1,30,845
2,75,125
1,434
461
65,063
57,243
12,180
160
389
280
504
504
-
-
7,067
5,011
1,939
1,986
202
7,969
1,124
-
924
598
524
24
-
-
519
542
933
1,128
-
-
-
-
110
1,447
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(III) Disclosure in Respect of Major Related Party Transactions during the Year:
-
-
-
-
-
-
-
-
-
-
-
-
-
134
-
-
-
-
-
-
-
-
1,31,769
2,75,723
1,958
485
65,063
57,243
12,699
702
1,322
1,408
504
504
-
134
7,177
6,458
1,939
1,986
202
7,969
1,124
-
(` in crore)
Particulars
Relationship
2020-21
2019-20
1
2
Purchase of Property Plant & Equipment and Intangible Assets
Jamnagar Utilities & Power Private Limited
Jio Platforms Limited
Reliance Brands Limited
Reliance Corporate IT Park Limited
Reliance Industrial Infrastructure Limited
Reliance Jio Infocomm Limited
Reliance Projects & Property Management Services Limited
Reliance Retail Limited
Reliance Sibur Elastomers Private Limited
Sikka Ports & Terminals Limited
Purchase / Subscription of Investments
Alok Industries Limited ^
Football Sports Development Limited
India Gas Solutions Private Limited
Indiavidual Learning Limited (Formerly Indiavidual Learning
Private Limited)
Indiawin Sports Private Limited
Jio Platforms Limited $
Reliance 4IR Realty Development Limited
Reliance BP Mobility Limited
Reliance Commercial Dealers Limited
Reliance Content Distribution Limited
Reliance Eagleford Upstream LLC (Refer Note 41.1)
Reliance Ethane Pipeline Limited
Reliance Industrial Investments and Holdings Limited *
Reliance Industries (Middle East) DMCC
Reliance Jio Infocomm Limited
Reliance Marcellus LLC (Refer Note 41.1)
Associate
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Joint Venture
Joint Venture
Joint Venture
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
* Conversion of Debentures into Equity shares.
^ Relationships established during the year.
$ Refer Note 2.3 and 28.2
282
1
615
4
1,766
-
-
83
8
2
3
519
-
8
-
-
48,241
-
-
-
6
7,722
230
442
114
-
7,964
2
-
-
581
7
634
267
7
4
146
-
134
15
277
278
1,81,986
17,613
300
25
89
-
-
3,565
-
20,250
-
Particulars
Relationship
2020-21
2019-20
(` in crore)
3
4
5
6
7
Reliance Projects & Property Management Services Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
RISE Worldwide Limited (Formerly IMG Reliance Limited) **
Saavn Media Limited (Formerly Saavn Media Private Limited)
Sale / Redemption of Investments
Indiavidual Learning Limited (Formerly Indiavidual Learning
Private Limited)
Jio Platforms Limited (Refer Note 2.3)
Radysis Corporation
Reliance BP Mobility Limited
Reliance Content Distribution Limited
Reliance Eagleford Upstream LLC (Refer Note 31 (c))
Reliance Ethane Holding Pte Limited
Reliance Gas Pipelines Limited
Reliance Industrial Investments and Holdings Limited *
Reliance Industries (Middle East) DMCC
Reliance Industries Uruguay Petroquímica S.A. @
Reliance Jio Infocomm Limited
Reliance Marcellus LLC (Refer Note 31 (c))
Reliance Retail Ventures Limited
Saavn Media Limited (Formerly Saavn Media Private Limited)
Net Loans and Advances, Deposits Given / (Returned)
Gujarat Chemical Port Limited
Jio Platforms Limited
Reliance 4IR Realty Development Limited
Reliance Commercial Dealers Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Industrial Investments and Holdings Limited
Reliance Jio Infocomm Limited
Reliance O2C Limited
Reliance Projects & Property Management Services Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
Reliance Ventures Limited
Net Advance Received
Jio Platforms Limited
Transfer of Liabilities
Reliance Jio Infocomm Limited
Revenue from Operations
Alok Industries Limited^
E-Eighteen.Com Limited
Genesis La Mode Private Limited
Gujarat Chemical Port Limited
India Gas Solutions Private Limited
Jamnagar Utilities & Power Private Limited
Jamnaben Hirachand Ambani Foundation
Jio Payments Bank Limited
Jio Platforms Limited
Pipeline Management Services Private Limited
Recron (Malaysia) Sdn. Bhd.
Reliance Brands Limited
Reliance Brands Luxury Fashion Private Limited (Formerly known as
Genesis Luxury Fashion Private Limited)
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Joint Venture
Subsidiary
Subsidiary
Associate
Joint Venture
Associate
Other
Joint Venture
Subsidiary
Joint Venture
Subsidiary
Subsidiary
Subsidiary
* Conversion of Debentures into Equity shares.
** Became subsidiary during the year.
@ Ceased to be related party.
^ Relationships established during the year.
-
14,000
318
817
52
-
604
1,77,036
539
300
577
7,722
-
230
442
114
1
-
7,964
4,000
6,826
(23)
(11,002)
657
-
(1,470)
838
(250)
1,780
-
20
31,818
(110)
(20)
(2,420)
-
32
-
213
10,323
201
743
-
-
-
-
27
-
18
-
28,542
-
-
64,450
-
-
-
(41)
11,002
1,648
(80)
(1,360)
-
520
(4,444)
(9,194)
-
10,793
110
5,351
99
(2,312)
-
(7,969)
851
1,04,365
1,455
-
2
4
6
107
1
3
692
4
1,378
6
1
-
1
-
3
-
126
-
1
-
4
1,540
-
-
283
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Particulars
Relationship
2020-21
2019-20
Particulars
Relationship
2020-21
2019-20
(` in crore)
(` in crore)
8
Reliance BP Mobility Limited
Reliance Commercial Dealers Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Investments and Holdings Limited
Reliance Jio Infocomm Limited
Reliance Marcellus LLC
Reliance O2C Limited
Reliance Petro Marketing Limited
Reliance Projects & Property Management Services Limited
Reliance Retail Limited
Reliance Retail Finance Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Investments Limited
RIL USA, Inc.
Sikka Ports & Terminals Limited
TV18 Broadcast Limited
Other Income
E-Eighteen.Com Limited
Greycells18 Media Limited
Gujarat Chemical Port Limited
IBN Lokmat News Private Limited
India Gas Solutions Private Limited
Jamnagar Utilities & Power Private Limited
Jamnaben Hirachand Ambani Foundation
Jio Platforms Limited
Network18 Media & Investments Limited
Recron (Malaysia) Sdn. Bhd.
Reliance 4IR Realty Development Limited
Reliance Brands Limited
Reliance BP Mobility Limited
Reliance Commercial Dealers Limited
Reliance Corporate IT Park Limited
Reliance Ethane Holding Pte Limited
Reliance Ethane Pipeline Limited
Reliance Europe Limited
Reliance Exploration & Production DMCC
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Infrastructure Limited
Reliance Industrial Investments and Holdings Limited
Reliance Jio Infocomm Limited
Reliance Lifestyle Holdings Limited @
Reliance Projects & Property Management Services Limited
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
Reliance Ventures Limited
RIL USA, Inc.
RISE Worldwide Limited (Formerly IMG Reliance Limited) **
Saavn Media Limited (Formerly Saavn Media Private Limited)
Sikka Ports & Terminals Limited
Sir HN Hospital Trust
TV18 Broadcast Limited
** Became subsidiary during the year.
@ Ceased to be related party.
284
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Associate
Joint Venture
Joint Venture
Associate
Other
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Other
Subsidiary
27,414
10
3
188
50
14,164
729
89
3
112
3,092
273
62
26
619
120
1,758
1
-
5
-
12
2
-
2
3
280
1
6
149
-
199
1
1,215
-
70
1
-
38
11
2
-
15
-
1,702
38
26
11
417
-
-
6
6
1
1
8
-
16
291
-
353
8,478
584
39
-
-
13,981
567
38
-
379
63
450
19
1
3
1
10
-
1
2
3
49
1
6
124
3
-
1
823
297
-
16
3
26
4
2
974
368
1
486
8
-
4
196
9
2
-
-
1
-
4
9
Purchase of Goods / Services
Alok Industries Limited ^
Gujarat Chemical Port Limited
Jamnagar Utilities & Power Private Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Infrastructure Limited
Reliance Industries (Middle East) DMCC
Reliance Jio Infocomm Limited
Reliance O2C Limited
Reliance Petro Marketing Limited
Reliance Retail Limited
Reliance Sibur Elastomers Private Limited
RIL USA, Inc.
Sikka Ports & Terminals Limited
Sir HN Hospital Trust
10 Electric Power, Fuel and Water
Jamnagar Utilities & Power Private Limited
Reliance Industrial Infrastructure Limited
Reliance Sibur Elastomers Private Limited
11 Hire Charges
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
12 Employee Benefits Expense
IPCL Employees Provident fund Trust
Jio Platforms Limited
Reliance Employees Provident Fund Bombay
Reliance Industries Limited Vadodara Unit Employees
superannuation Fund
Reliance Industries Limited Employees Gratuity fund
Reliance Industries Limited Staff superannuation scheme
Reliance Corporate IT Park Limited
Reliance Projects & Property Management Services Limited
Reliance Retail Limited
Sir HN Hospital Trust
13 Payment To Key Managerial Personnel / Relative
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri PMS Prasad
Shri Pawan Kumar Kapil
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman
Smt. Savithri Parekh
Smt Nita M. Ambani
14 Sales and Distribution Expenses
Gujarat Chemical Port Limited
Reliance BP Mobility Limited
Reliance Payment Solutions Limited
Reliance Retail Limited
RISE Worldwide Limited (Formerly IMG Reliance Limited) **
Sikka Ports & Terminals Limited
15 Rent
Reliance Industrial Infrastructure Limited
* Also include employee contribution.
^ Relationships established during the year.
** Became subsidiary during the year.
Joint Venture
Associate
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Other
Associate
Associate
Subsidiary
Subsidiary
Subsidiary
Associate
Associate
Other *
Subsidiary
Other *
Other *
Other *
Other *
Subsidiary
Subsidiary
Subsidiary
Other
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
Relative of KMP
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Associate
51
175
5
1
151
45
406
23
1,085
1
221
-
9
12
4
1,375
1
4,767
15
11
294
191
4
42
132
47
286
2
-
18
394
145
31
13
-
24
24
12
4
11
17
3
2
2
62
2
-
3
1
1,961
15
-
162
-
-
-
91
92
21
1,195
-
-
2
17
1
1
1,395
-
4,898
-
-
-
539
22
97
124
-
320
1
100
11
947
428
38
10
15
24
24
11
4
12
14
3
2
1
65
-
1
-
1
2,118
11
285
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Particulars
16 Professional Fees
Jio Platforms Limited
Reliance Corporate IT Park Limited
Reliance Digital Health USA Inc. (Formerly Affinity Names Inc.)
Reliance Europe Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Infrastructure Limited
Reliance Industries (Middle East) DMCC
Reliance Industries Uruguay Petroquímica S.A. @
Reliance Payment Solutions Limited
Reliance Projects & Property Management Services Limited
RIL USA, Inc.
17 General Expenses
Alok Industries Limited ^
Jamnagar Utilities & Power Private Limited
Reliance BP Mobility Limited
Reliance Commercial Dealers Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industries Uruguay Petroquímica S.A. @
Reliance Jio Infocomm Limited
Reliance Projects & Property Management Services Limited
Reliance Retail Limited
Sikka Ports & Terminals Limited
Sir HN Hospital Trust
Vadodara Enviro Channel Limited
18 Donations
Hirachand Govardhandas Ambani Public Charitable Trust
Jamnaben Hirachand Ambani Foundation
Reliance Foundation
Reliance Foundation Institution of Education and Research
Reliance Foundation Youth Sports
19 Sale of Business (Through Slump Sale)
Reliance BP Mobility Limited
20 Rights Issue of Equity Shares
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri P. K. Kapil [` 11,10,245; (Previous Year ` Nil)]
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman [` 2,77,797; (Previous Year ` Nil)]
Smt. Nita M. Ambani
Reliance Industrial Infrastructure Limited
@ Ceased to be related party.
^ Relationships established during the year.
(IV) Balances as at 31st March, 2021
Relationship
2020-21
2019-20
(` in crore)
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Joint Venture
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Other
Associate
Other
Other
Other
Other
Other
21
140
2
22
5
4
3
1
-
28
2
1
1
4
405
-
1
40
1
163
5
6
2
3
49
349
382
20
Subsidiary
1,060
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
Relative of KMP
Associate
18
7
7
1
-
3
1
-
17
1
-
298
-
23
-
7
1
2
3
124
-
-
-
-
480
1
-
19
-
71
12
-
3
6
66
124
229
37
-
-
-
-
-
-
-
-
-
-
-
Particulars
1
Loans and Advances
Jio Platforms Limited
Reliance 4IR Realty Development Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Industrial Investments and Holdings Limited
Reliance Projects & Property Management Services Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
Reliance Sibur Elastomers Private Limited
Relationship
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
286
As at
31st March,
2021
(` in crore)
As at
31st March,
2020
-
2,305
13,281
838
420
12,277
30,611
5,331
-
-
11,002
1,648
14,751
-
670
10,497
10,793
5,351
2,420
110
Particulars
2
3
Deposits
Gujarat Chemical Port Limited
Jamnagar Utilities & Power Private Limited
Reliance Commercial Dealers Limited
Reliance O2C Limited
Reliance Projects & Property Management Services Limited
Sikka Ports & Terminals Limited
Financial Guarantees
Recron (Malaysia) Sdn. Bhd.
Reliance Europe Limited
Reliance Exploration & Production DMCC
Reliance Global Energy Services Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industries (Middle East) DMCC
Reliance Jio Infocomm Limited
Reliance Sibur Elastomers Private Limited
RIL USA, Inc.
Relationship
Associate
Associate
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
As at
31st March,
2021
(` in crore)
As at
31st March,
2020
48
118
160
20
12,000
353
683
110
-
7
-
560
3,442
2,358
17
71
118
160
-
-
353
659
1,447
378
6
160
580
731
2,497
-
33.1 Compensation of Key Managerial Personnel
The compensation of directors and other member of Key Managerial Personnel during the year was as follows:
Short-term benefits
i.
ii. Post employment benefits
2020-21
95
2
97
(` in crore)
2019-20
106
3
109
34.1 Disclosure of the Company’s Interest in Oil and Gas Joint Arrangements (Joint Operation):
Sr.
No.
Name of the Fields in
the Joint Ventures
Company’s % Interest
2020-21
2019-20
Partners and their
Participating Interest (PI)
1 Mid and South Tapti
30%
30% BG Exploration & Production India Limited - 30%;
Oil and Natural Gas Corporation Limited - 40%
2 NEC - OSN - 97/2
KG - DWN - 98/3
3
KG-UDWHP-2018/1
4
66.67%
66.67%
60.00%
66.67% BP Exploration (Alpha) Limited - 33.33%
66.67% BP Exploration (Alpha) Limited - 33.33%
60.00% BP Exploration (Alpha) Limited - 40%,
Country
India
India
India
India
34.2 Quantities of Company’s Interest (on gross basis) in Proved Reserves and Proved Developed Reserves:
Particulars
Oil:
Opening Balance
Revision of estimates
Production
Closing balance
Particulars
Gas:
Opening Balance
Revision of estimates
Production
Closing balance
Proved Reserves in India
(million MT*)
Proved Developed Reserves in
India (million MT*)
2020-21
2019-20
2020-21
2019-20
3.24
-
-
3.24
3.02
0.33
(0.11)
3.24
-
-
-
-
0.10
0.01
(0.11)
-
Proved Reserves in India
(million M3*)
Proved Developed Reserves in
India (million M3*)
2020-21
2019-20
2020-21
2019-20
58,526
1
(788)
57,739
55,239
4,274
(987)
58,526
9,225
15,840
(788)
24,277
9,961
251
(987)
9,225
*1 cubic meter (M3) = 35.315 cubic feet, 1 cubic feet = 1000 BTU and 1 MT = 7.5 bbl
The reserve estimates for producing fields are revised based on the performance of producing fields and with respect to
discovered fields, the revision are based on the revised geological and reservoir simulation studies.
287
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
34.3 The Government of India (GOI), by its letters dated 2nd May,
2012, 14th November, 2013, 10th July, 2014 and 3rd June,
2016 has disallowed certain costs which the Production
Sharing Contract (PSC), relating to Block KGDWN-98/3
entitles the Company to recover. The Company continues to
maintain that a Contractor is entitled to recover all of its costs
under the terms of the PSC and there are no provisions that
entitle the GOI to disallow the recovery of any Contract Cost
as defined in the PSC. The Company has already referred
the issue to arbitration and communicated the same to GOI
for resolution of disputes. The demand from the GOI of
$ 165 million (` 1,206 crore) being the Company’s share [total
demand $ 247 million; (` 1,805 crore)] towards additional
Profit Petroleum has been considered as contingent liability.
In supersession of Ministry’s Gazette Notification No.
22011/3/2012-ONG.D.V. dated 10th January, 2014, the GOI
notified the New Domestic Natural Gas Pricing Guidelines
2014, the GOI has directed the Company to instruct
customers to deposit differential revenue on gas sales from
D1D3 field on account of the prices determined under the
above guidelines converted to NCV basis and the prevailing
price prior to 1st November 2014 ($ 4.205 per MMBTU) to be
credited to the Gas Pool Account maintained by GAIL (India)
Limited. The amount so deposited by customer in Gas pool
Account is ` 295 crore (net) as at 31st March, 2021 is disclosed
under Other Non-Current Assets (Refer Note 4). Revenue
has been recognised at the GOI notified prices in respect
of gas quantities sold from D1D3 field from 1st November,
2014. This amount in the Gas Pool Account has also been
challenged under this arbitration and is pending adjudication.
The seventh procedural hearing was held in December 2020.
Next date of hearing is awaited.
34.4
(a)
The Government of India (GOI) sent a notice to the
KG D6 Contractor on 4th November, 2016 asking the
Contractor to deposit approximately USD 1.55 billion on
account of alleged gas migration from ONGC’s blocks.
RIL, as Operator, for and on behalf of all constituents of
the Contractor, initiated arbitration proceedings against
the GOI. The Arbitral Tribunal vide its Final Award dated
24th July, 2018 upheld Contractor’s claims. GOI filed
an Appeal on 15th November, 2018 before the Hon’ble
Delhi High Court, under Section 34 of the Arbitration
Act, against the Final Award of the Arbitral Tribunal and
the Appeal is currently pending adjudication before the
Hon’ble Delhi High Court. The matter is listed for hearing
on 20th July,2021.
(c)
(b)
An arbitration was initiated by BG Exploration and
Production India Limited and the Company (together
the Claimants) against the Government of India (GOI) on
16th December, 2010 under the PSCs for Panna – Mukta
and Tapti blocks due to difference in interpretation of
certain PSC provisions between Claimants and GOI. The
Arbitral Tribunal by majority issued a final partial award
(‘2016 FPA’), and separately, two dissenting opinions in
the matter on 12th October, 2016. Claimants challenged
certain parts of the 2016 FPA before the English Courts,
288
which delivered its judgement on 16th April, 2018 and
remitted one of the challenged issues back to the
Arbitral Tribunal for reconsideration. The Arbitral Tribunal
decided in favour of the Claimants in large part vide its
final partial award dated 1st October, 2018 (‘2018 FPA’).
GOI and Claimants filed an appeal before the English
Commercial Court against this 2018 FPA. The English
Commercial Court rejected GOI’s challenges to 2018
Final Partial Award and upheld Claimants’ challenge that
Arbitration Tribunal had jurisdiction over the limited issue
and remitted the issue back to the Arbitration Tribunal.
Tribunal gave favourable award on 29th January, 2021
(‘EPOD Agreements Case Award’). Both the parties filed
Clarification Applications before the Tribunal. On 9 April
2021, Tribunal issued its decision on the Clarification
Applications of both the parties. It granted the minor
correction requested by the Claimants and has rejected
all of the GOI’s clarification requests. GOI has challenged
the EPOD Agreements Case Award before the English
High Court. Claimants have filed an application before
the Arbitral Tribunal seeking increase in the PSC Cost
Recovery Limit (CRL) and the same is pending. The
Cost Recovery Limit arbitration hearings are scheduled
during various hearing tranches in 2021. The Arbitration
Tribunal is yet to schedule recomputation of accounts
and the quantification phase of the arbitration, which will
take place after determination of the Claimants’ request
for an increase in the cost recovery limit under the PSCs.
GOI has also filed an execution petition before the
Hon’ble Delhi High Court under Sections 47 and
49 of the Arbitration and Conciliation Act, 1996 and
Section 151 of the Civil Procedure Code, 1908 seeking
enforcement and execution of the 2016 FPA. The
Claimants contend that GOI’s Execution Petition is not
maintainable. GOI’s Execution Petition is currently sub
judice. Claimants have also filed Application for Recall/
Modification, challenging the Orders of Delhi High Court
wherein Directors were directed to file Affidavits of
Assets. The matter is listed on 13th July, 2021 for hearing.
NTPC had filed a suit for specific performance of a
contract for supply of natural gas by the Company
before the Hon’ble Bombay High Court. The main issue
in dispute is whether a valid, concluded and binding
contract exists between the parties for supply of Natural
Gas of 132 Trillion BTU annually for a period of 17 years.
The matter is presently sub judice and the Company is
of the view that NTPC’s claim lacks merit and no binding
contract for supply of gas was executed between NTPC
and the Company.
Considering the complexity of above issues,
the Company is of the view that any attempt for
quantification of possible exposure to the Company will
have an effect of prejudicing Company’s legal position
in the ongoing arbitration/litigations. Moreover, the
Company considers above demand/disputes as remote.
34.5 Exploration for and Evaluation of Oil and Gas Resources
The following financial information represents the amounts included in Intangible Assets under Development relating to
activity associated with the exploration for and evaluation of oil and gas resources.
Particulars
Exploration & Evaluation (E&E) Cost
Exploration Expenditure written off
Exploration Cost for the Year
35. Contingent Liabilities and Commitments
(I) Contingent Liabilities
(A) Claims against the Company / disputed liabilities not acknowledged as debts *
(i)
(ii)
In respect of Joint Ventures
In respect of Others
(B) Guarantees
(i)
Guarantees to Banks and Financial Institutions against credit facilities extended
to third parties and other Guarantees
–
In respect of Others
(ii) Performance Guarantees
In respect of Others
(iii)
–
Outstanding Guarantees furnished to Banks and Financial Institutions
including in respect of Letters of Credits
–
–
In respect of Joint Ventures
In respect of Others
(II) Commitments
(A) Estimated amount of contracts remaining to be executed on capital account
and not provided for:
(i)
(ii)
In respect of Joint Ventures
In respect of Others
(B) Uncalled liability on shares and other investments partly paid
(C) Other Commitments
(i) Other Commitments - Investments
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
1
1
4
4
2020-21
(` in crore)
2019-20
2,066
2,202
7,177
1,939
1,391
3,501
6,244
689
-
712
1,838
1,325
18,312
1,986
1,391
6,625
10,058
1,594
2,350
445
* The Company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered
necessary.
(III) On December 16, 2010, the Securities and Exchange Board of India (SEBI) issued a show cause notice (“SCN” ) inter alia to
the Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum
Limited, then a subsidiary of RIL. Hearings were held before the Whole Time Member (“WTM”) of SEBI in respect of the
SCN. By an order dated March 24, 2017, the WTM passed the directions: (i) prohibiting inter alia RIL from dealing in equity
derivatives in the ‘Futures & Options’ segment of stock exchanges, directly or indirectly, for a period of one year from the
date of the order; and (ii) to RIL to disgorge an amount of ` 447.27 crore along with interest at the rate of 12% per annum
from November 29, 2007 till the date of payment. In May 2017, RIL and the other noticees filed an appeal before the
Securities Appellate Tribunal (“SAT”) against this order. SAT, by a majority order (2:1), dismissed the appeal on November
5, 2020 and directed RIL to pay the disgorged amount within sixty days from the date of the order. The appeal of RIL and
other noticees has been admitted by the Hon’ble Supreme Court of India. By its order dated December 17, 2020, the
Hon’ble Supreme Court of India directed RIL to deposit ` 250 crore in the Investors’ Protection Fund, subject to the final
result of the appeal and stayed the recovery of the balance, inclusive of interest, pending the appeal. RIL has complied
with the order dated December 17, 2020 of the Hon’ble Supreme Court of India. In the very same matter, on November
21, 2017, SEBI issued show cause notice, inter alia, to RIL, asking RIL to show cause as to why inquiry should not be held in
terms of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 and penalty not
be imposed under the provisions of the Securities and Exchange Board of India Act, 1992. The Adjudicating Officer of SEBI
passed an order on January 1, 2021 imposing a penalty of ` 25 crore on RIL. RIL has paid the penalty under protest and has
filed an appeal before the SAT against this order.
289
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
36. Capital Management
A.1 Reconciliation of fair value measurement of the investment categorised at level 3:
The Company adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main
objectives are as follows:
a)
b)
c)
d)
Maintain AAA rating domestically and investment grade rating internationally.
Manage foreign exchange, interest rates and commodity price risk, and minimise the impact of market volatility on earnings.
Diversify sources of financing and spread the maturity across tenure buckets in order to manage liquidity risk.
Leverage optimally in order to maximise shareholder returns.
The Net Gearing Ratio at end of the reporting period was as follows:
Gross Debt
Cash and Marketable Securities
Net debt (A)
Total Equity (As per Balance Sheet) (B)
Net Gearing (A/B)
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,21,698
1,82,225
39,473
4,74,483
0.08
2,98,599
1,45,577
1,53,022
3,91,215
0.39
Cash & Marketable Securities include cash and equivalents of ` 5,573 crore (Previous year ` 8,485 crore), current investments of ` 94,665
crore (Previous Year ` 70,030 crore), other marketable securities of ` 42,144 crore (Previous year ` 67,062 crore) including investments in Jio
Digital Fibre Private Limited and Summit Digitel Infrastructure Private Limited (Formerly Reliance Jio Infratel Private Limited), Share Call money
receivable on rights issue ` 39,843 crore (Previous year ` Nil).
37. Financial Instruments
A. Fair Value Measurement Hierarchy
Particulars
Opening Balance
Addition during the year
Sale/Reduction during the year
Total Gain/(Loss)
Closing Balance
Line item in which gain/(loss) recognised
As at 31st March, 2021
As at 31st March, 2020
At FVTPL
At FVTOCI
At FVTPL
At FVTOCI
(` in crore)
965
-
715
-
250
77,910
84
-
278
78,272
Other
Comprehensive
Income- Items
that will not
be reclassified
to Profit or Loss
11,728
715
11,478
-
965
77,791
114
-
5
77,910
Other
Comprehensive
Income-Items
that will not be
reclassified to
Profit or Loss
A.2 Sensitivity of level 3 financial instrument’s fair value to changes in significant unobservable inputs
used in their fair valuation:
Particulars
Valuation Technique
Significant Unobservable
Input
Change
in %
Investment in OCPS (FVTOCI) Discounting Cash Flow Discounting rate - 13.12%
+0.10%
(Previous Year 12.30%)
-0.10%
(` in crore)
Sensitivity of the fair value to
change in input
31st March 2021
31st March 2020
(1,436)
1,463
(1,543)
1,571
(` in crore)
A.3 The below table summarises the fair value of borrowings which are carried at amortised cost:
As at 31st March, 2021
As at 31st March, 2020
Carrying
Amount
Level of input used in
Level 1
Level 2
Level 3
Carrying
Amount
Level of input used in
Level 1
Level 2
Level 3
Particulars
Non–current borrowings (including current maturities)
(` in crore)
As at
31st March 2021
As at
31st March 2020
1,11,025
82,180
3,796
1,03,741
1,33,486
5,104
Level
Level 1
Level 2
Level 3
38,222
4,159
5,573
66,691
57,308
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40,189
7,483
8,485
59,376
6,182
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31,810
27,235
2,245
-
4,325
2,245
250
-
30,059
9,933
3,359
-
25,735
9,933
965
-
For current borrowings, the carrying amounts approximates fair value due to the short maturity of these instruments.
The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements as
described below:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly; and
Level 3: Inputs based on unobservable market data.
Particulars
Financial Assets
At Amortised Cost
Investments *
Trade Receivables
Cash and Cash Equivalents
Loans
Other Financial Assets
At FVTPL
Investments
Other Financial Assets
At FVTOCI
Investments
1,45,484
64,944
2,268
78,272
1,45,852
66,455
1,487
77,910
Valuation Methodology
Other Financial Assets
7
-
7
-
-
-
Financial Liabilities
At Amortised Cost
Borrowings
Trade Payables
Other Financial Liabilities
At FVTPL
2,21,698
86,999
33,775
Other Financial Liabilities
3,463
At FVTOCI
Other Financial Liabilities
-
-
-
-
-
-
-
-
-
3,463
-
-
-
-
-
-
2,98,599
71,048
85,246
5,316
562
-
-
-
-
-
-
-
-
-
5,316
562
-
-
-
-
-
-
* Exclude Group Company investments ` 1,31,769 crore (Previous Year ` 2,75,723 crore) measured at cost (Refer Note 2.1).
All financial instruments are initially recognised and subsequently re-measured at fair value as described below:
a)
b)
c)
The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills, Certificate of Deposit and Mutual
Funds is measured at quoted price or NAV.
The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves.
The fair value of Forward Foreign Exchange contracts and Currency Swaps is determined using observable forward exchange rates
and yield curves at the balance sheet date.
d)
The fair value of over-the-counter Foreign Currency Option contracts is determined using the Black Scholes valuation model.
e)
f)
g)
h)
Commodity derivative contracts are valued using available information in markets and quotations from exchange, brokers and price
index developers.
The fair value for level 3 instruments is valued using inputs based on information about market participants assumptions and other
data that are available.
The fair value of the remaining financial instruments is determined using discounted cash flow analysis.
All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
290
291
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
B. Financial Risk Management
The Company’s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk. Within the
boundaries of approved Risk Management Policy framework The Company uses derivative instruments to manage the volatility of
financial markets and minimise the adverse impact on its financial performance.
i) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and
commodity risk.
a) Foreign Currency Risk
Foreign currency risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in
foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in currencies
other than Indian Rupee.
The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial instruments at the end of
the reporting period. The exposure to all other foreign currencies are not material.
Particulars
Borrowings
Trade and Other Payables
Trade and Other Receivables
Derivatives
-
-
-
Forwards & Futures
Currency Swap
Options
Exposure
Foreign Currency Exposure
(` in crore)
As at 31st March, 2021
As at 31st March, 2020
USD
EUR
JPY
USD
EUR
JPY
96,823
81,227
(3,692)
12,634
11,555
1,61,532
18,820
10,717
2,528
(110)
-
77,663
855
(13)
(11,499)
(1,738)
17
(7)
(55,461)
(13,970)
(11,528)
(52,219)
(16,558)
(10,704)
2,655
(19,347)
1,02,205
-
(472)
610
-
727
(3,712)
(3,620)
741
1,68,145
-
(1,929)
(550)
-
-
23
Sensitivity analysis of 1% change in exchange rate at the end of reporting period net of hedges *
Particulars
1% Depreciation in INR
Impact on Equity
Impact on P&L
Total
1% Appreciation in INR
Impact on Equity
Impact on P&L
Total
Foreign Currency Sensitivity
(` in crore)
As at 31st March, 2021
As at 31st March, 2020
USD
EUR
JPY
USD
EUR
JPY
(260)
(240)
(500)
260
240
500
(11)
11
-
11
(11)
-
(28)
28
-
28
(28)
-
(601)
(75)
(676)
601
75
676
(3)
(11)
(14)
3
11
14
-
-
-
-
-
-
* Includes natural hedges arising from foreign currency denominated earnings, for which hedge accounting may be implemented.
b)
Interest Rate Risk
The Company is also exposed to interest rate risk, changes in interest rates will affect future cash flows or the fair values of its
financial instruments, principally debt. The Company issues debt in a variety of currencies based on market opportunities and it
uses derivatives to hedge interest rate exposures.
The exposure of the Company’s borrowings and derivatives to interest rate changes at the end of the reporting period
are as follows:
Particulars
Interest Rate Exposure
Borrowings
Non–Current - Floating (includes Current Maturities) *
Non–Current - Fixed (includes Current Maturities) *
Current #
Total
Derivatives
Foreign Currency Interest Rate Swaps
-
-
Rupees Interest Rate Swaps
-
Receive Fix
Pay Fix
-
Currency Swaps
-
-
Bond Future – Short
INR to USD Swap ^
USD to INR Swap ^^
Receive Fix
Pay Fix
* Include ` 793 crore (Previous Year ` 1,901 crore) as Prepaid Finance Charges.
# Include ` 149 crore (Previous Year ` 515 crore) as Commercial Paper Discount.
^ Receive fix in INR and pay floating in USD.
^^ Pay fix in INR and receive floating in USD.
Sensitivity analysis of 1% change in Interest rate
Interest rate Sensitivity
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
88,618
1,00,721
33,301
2,22,640
1,30,929
1,09,672
60,414
3,01,015
2,924
29,606
7,975
11,475
2,655
-
-
-
51,452
3,925
6,125
2,608
6,320
400
(` in crore)
Particulars
Impact on Equity
Impact on P&L
Total Impact
As at 31st March, 2021
As at 31st March, 2020
Up Move Down Move
Up Move Down Move
(123)
(665)
(788)
123
665
788
(54)
(526)
(580)
54
526
580
ii) Commodity Price Risk
Commodity price risk arises due to fluctuation in prices of crude oil, other feed stock and products. The Company has
a risk management framework aimed at prudently managing the risk arising from the volatility in commodity prices
and freight costs.
The Company’s commodity risk is managed centrally through well-established trading operations and control
processes. In accordance with the risk management policy, the Company enters into various transactions using
derivatives and uses over-the-counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its
commodity and freight exposure.
iii) Credit Risk
Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due
causing financial loss to the Company. Credit risk arises from company’s activities in investments, dealing in derivatives
and receivables from customers. The Company ensure that sales of products are made to customers with appropriate
creditworthiness. Investment and other market exposures are managed against counterparty exposure limits. Credit
information is regularly shared between businesses and finance function, with a framework in place to quickly identify
and respond to cases of credit deterioration.
The Company has a prudent and conservative process for managing its credit risk arising in the course of its business
activities. Credit risk is actively managed through Letters of Credit, Bank Guarantees, Parent Company Guarantees,
advance payments and factoring & forfaiting without recourse to the Company to avoid concentration of risk. The
Company restricts its fixed income investments to liquid securities carrying high credit rating.
292
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Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
iv) Liquidity Risk
C. Reclassification
Liquidity risk arises from the Company’s inability to meet its cash flow commitments on the due date. The Company
maintains sufficient stock of cash, marketable securities and committed credit facilities. The Company accesses global
and local financial markets to meet its liquidity requirements. It uses a range of products and a mix of currencies to
ensure efficient funding from across well-diversified markets and investor pools. Treasury monitors rolling forecasts
of the Company’s cash flow position and ensures that the Company is able to meet its financial obligation at all times
including contingencies.
The Company’s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements.
Treasury pools the cash surpluses from across the different operating units and then arranges to either fund the net
deficit or invest the net surplus in a range of short-dated, secure and liquid instruments including short-term bank
deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified
to avoid concentration risk in any one instrument or counterparty.
Particulars ^
Borrowings
Non-Current *
Current #$
Total
Lease Liabilities (Gross)
Derivative Liabilities
Forwards
Options
Interest Rate Swaps
Total
Maturity Profile as at 31st March, 2021
Below 3
Months
3-6
Months
6-12
Months
1-3
Years
3-5
Years
Above 5
Years
Total
(` in crore)
3,048
30,638
33,686
88
4,606
2,663
7,269
88
20,447
65,641
61,593
34,004
1,89,339
-
-
-
-
33,301
20,447
65,641
61,593
34,004
2,22,640
175
587
552
4,853
6,343
1,476
349
178
10
-
1
1,664
350
176
33
22
231
1,097
-
45
1,142
-
-
76
76
-
-
-
-
3,098
211
154
3,463
^ Does not include Trade Payables (Current) ` 86,999 crore.
* Include ` 793 crore as Prepaid Financial Charges.
# Include ` 149 crore as Commercial Paper Discount.
$ Interest rate on current borrowings ranges from 3.4% to 8.6%.
Maturity Profile as at 31st March, 2020
Below 3
Months
3-6
Months
6-12
Months
1-3
Years
3-5
Years
Above 5
Years
Total
(` in crore)
16,602
3,094
17,709
9,823
71,031
67,580
57,357
2,40,601
-
-
-
60,414
19,696
27,532
71,031
67,580
57,357
3,01,015
122
-
240
1
363
119
-
415
342
876
75
-
-
47
122
-
-
-
122
122
-
-
-
-
-
3,795
31
975
515
5,316
Particulars ^
Borrowings
Non-Current *
Current #
Total
Lease Liabilities (Gross)
Derivative Liabilities
Forwards
Options
Currency Swaps
Interest Rate Swaps
Total
10,322
47,497
57,819
87
3,479
31
320
3
3,833
^ Does not include Trade Payables (Current) ` 71,048 crore.
* Include ` 1,901 crore as Prepaid Financial Charges.
# Include ` 515 crore of Commercial Paper Discount.
The Company has reclassified certain non-derivative financial assets on 1st day of July 2018 from Fair Value through Profit
and Loss (FVTPL) to Financial Assets at Fair Value through Other Comprehensive Income (FVTOCI) on account of its
business model change.
Cost and Fair value of reclassified assets as on reporting date is ` 5,910 crore (Previous Year ` 10,301 crore) and ` 7,383
crore (Previous Year ` 12,112 crore) respectively. Effective interest rate is 6.75% up to 30th September, 2020 & 5.25% from
1st October, 2020 per annum. Interest revenue recognised during the year ` 416 crore (Previous Year ` 814 crore).
Change in fair value gain /(loss) of ` 29 crore (Previous Year ` 225 crore) that would have been recognised in Statement of
Profit and Loss during the reporting period if the financial assets had not been reclassified.
Refer Note 2 and 6.
D. Hedge Accounting
The Company’s business objective includes safe-guarding its earnings against adverse price movements of crude oil
and other feedstock, refined products, freight costs as well as foreign exchange and interest rates. The Company has
adopted a structured risk management policy to hedge all these risks within an acceptable risk limit and an approved
hedge accounting framework which allows for Fair Value and Cash Flow hedges. Hedging instruments include exchange
traded futures and options, over-the-counter swaps, forwards and options as well as non-derivative instruments to achieve
this objective.
There is an economic relationship between the hedged items and the hedging instruments. The Company has established
a hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Company uses the hypothetical
derivative method and Dollar offset method.
The hedge ineffectiveness can arise from:
- Differences in the timing of the cash flows.
- Different indexes (and accordingly different curves).
-
The counterparties’ credit risk differently impacting the fair value movements.
The table below shows the position of hedging instruments and hedged items as on the balance sheet date:
Disclosure of effect of Hedge Accounting:
A. Fair Value Hedge
Hedging Instruments
Nominal
Value
Quantity
(Kbbl)
Carrying Amount
Assets Liabilities
Changes in
Fair Value
(` in crore)
Hedge
Maturity
Line Item in
Balance Sheet
Particulars
As on 31st March, 2021
Foreign Currency Risk
Derivative Contracts
2,557
-
-
86
(72)
April 2021 to
May 2021
Other
Financial Liabilities
April 2021 to
December 2023
Other Financial
Assets / Liabilities
As at 31st March, 2020
Foreign Currency Risk
Foreign Currency Risk
Component-Forwards
Commodity Price Risk
-
-
-
-
-
-
-
Derivative Contracts
38,468 5,65,932
5,708
3,214
1,213
April 2020 to
December 2023
Other Financial
Assets / Liabilities
87
165
592
552
5,129
6,612
Commodity Price Risk
Derivative Contracts
30,478 3,85,566
1,524
597
20
294
295
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Hedged Items
Particulars
As at 31st March, 2021
Foreign Currency Risk
Import Firm Commitments
Commodity Price Risk
Carrying Amount
Assets Liabilities
Changes in
Fair Value
(` in crore)
Line Item in Balance Sheet
86
-
72
Other Financial Assets
Firm Commitments for purchase of
feedstock and freight
Firm Commitments for sale of products
Inventories
-
-
2,136
306
(656)
Other Current Assets / Liabilities
1,218
-
(446)
1,082
Other Current Assets
Inventories
Hedged Items
Particulars
As at 31st March, 2021
Foreign Currency Risk
Nominal
Value
Changes in
Fair Value
Hedge
Reserve
(` in crore)
Line Item in Balance Sheet
Highly Probable Forecasted Exports
7,218
(256)
(3,059)
Interest Rate Risk
Borrowings
As at 31st March, 2020
Foreign Currency Risk
Highly Probable Forecasted Exports
Interest Rate Risk
33,590
(141)
(97)
67,184
5,165
(5,165)
Borrowings
49,931
405
(718)
Other Equity
Other Equity
Other Equity
Other Equity
(` in crore)
As at 31st March, 2020
Foreign Currency Risk
Import Firm Commitments
Commodity Price Risk
Firm Commitments for purchase of
feedstock and freight
Firm Commitments for sale of products
Inventories
B. Cash Flow Hedge
Hedging Instruments
Particulars
As at 31st March, 2021
Foreign Currency Risk
Foreign Currency Risk Component
– Trade Payables
Foreign Currency Risk
Component – Borrowings
Interest Rate Risk
Interest Rate Swaps
As at 31st March, 2020
Foreign Currency Risk
Foreign Currency Risk Component
– Trade Payables
Foreign Currency Risk
Component – Borrowings
Interest Rate Risk
Interest Rate Swaps
296
-
-
-
C. Movement in Cash Flow Hedge
3,214
116
3,069
Other Current Assets / Liabilities
-
3,141
6,706
-
(3,134)
(1,148)
Other Current Assets
Inventories
Nominal
Value
Carrying Amount
Assets Liabilities
Changes in
Fair Value
Hedge
Maturity
(` in crore)
Line Item in
Balance Sheet
-
7,218
-
-
-
-
-
-
7,311
256
June 2022
Non–Current
Liabilities – Financial
Liabilities – Borrowings
33,590
82
-
141
April 2021 to
March 2025
Other Financial Assets
48,694
18,491
-
-
52,966
(4,272)
19,384
(893)
April 2020 to
December 2021
April 2020 to
September
2022
Trade Payables
Non–Current
Liabilities-Financial
Liabilities-Borrowings
49,931
405
(405)
March 2021 to
March 2025
Other
Financial Liabilities
Sr.
No.
Particulars
1
2
3
4
At the beginning of the year
Gain/ (loss) recognised in other comprehensive
income during the year.
Amount reclassified to Profit and Loss
during the year
At the end of the year
2020-21
2019-20
Line Item in Balance Sheet/
Statement of Profit and Loss
(5,883)
12
914
(6,264)
Items that will be reclassified to Profit & Loss
1,813
369 Value of Sale
(3,156)
(5,883) Other Comprehensive Income
38. As per Ind AS 108– “Operating Segment”, segment information has been provided under the Notes to Consolidated
Financial Statements.
39. Details of Loans given, Investments made and guarantee given covered U/S 186 (4) of the Companies Act, 2013.
Loans given and Investments made are given under the respective heads.
Corporate Guarantees given by the Company in respect of loans as at 31st March, 2021 :
Sr.
No.
Particulars
1
2
3
4
5
6
Reliance Global Energy Services Limited
Reliance Industries (Middle East) DMCC
Reliance Sibur Elastomers Private Limited
Summit Digitel Infrastructure Private Limited (Formerly Reliance Jio Infratel
Private Limited)
Jio Digital Fibre Private limited
RIL USA, Inc.
All the above Corporate Guarantees have been given for business purpose.
40. Details of Research and Development Expenditure
Sr.
No.
Particulars
a) Capital
b) Revenue
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
7
1,199
2,418
-
-
640
7
1,372
2,497
9,094
3,260
662
(` in crore)
2020-21
2019-20
1,412
1,160
2,572
1,244
1,294
2,538
297
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
41. Significant Arrangements during the Year
42. Events after the Reporting Period
The Board of Directors have recommended dividend of ` 7 per fully paid up equity share of ` 10/- each for the financial
year 2020-21. Pro-rata dividend shall be paid in proportion to the paid-up value of the partly paid shares.
43. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make
them comparable.
44. Approval of Financial Statements
The financial statements were approved for issue by the Board of Directors on April 30, 2021.
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
41.1 Scheme of Amalgamation of Reliance Holding USA Inc., Reliance Energy Generation and Distribution
Limited with the Company
Pursuant to the Composite Scheme of Amalgamation and Plan of Merger (the Scheme) approved by the Hon’ble National
Company Law Tribunal (NCLT), Mumbai bench, vide order dated July 27, 2020, Reliance Holding USA Inc. (RHUSA) has
merged with Reliance Energy Generation and Distribution Limited (REGDL) and REGDL has merged with the Company.
REGDL is mainly engaged in the business of Wholesale Trading of Goods and Investment in shares & securities.
RHUSA is engaged in the business of exploration and production of natural resources, primarily oil and gas from mineral
properties, commercialisation of gasoline & blended gasoline products and related businesses through its investments.
The Company also has investments in other businesses, including domain names and biotechnology.
This being a common control business combination, the financial information of the wholly owned subsidiaries are
included in the financial statement of the Company and has been restated for comparative purpose from the appointed
date, which is the date as prescribed in the Scheme approved by the NCLT and is as per MCA General Circular dated
August 21, 2019, overriding the requirements of Appendix C of Ind AS 103, based on the accepted accounting practice.
41.2 Following initial agreements with BP Global Investments Limited (BP) in December 2019, the Company transferred its
Petro Retail Marketing business to Reliance BP Mobility Limited (RBML). BP has acquired 49% equity stake in RBML by
way of (i) subscribing to 7.42% equity shares of RBML and (ii) balance by purchase of 41.58% of equity shares in RBML
from the Company for an aggregate consideration of ` 7,629 crore.
41.3 The Company along with JM Financial Asset Reconstruction Company Limited (acting in its capacity as a Trustee of
‘JMFARC- March 2018 – Trust’- (JMFARC) acquired, in accordance with the approved- Resolution plan, joint control over
Alok Industries Limited and their shareholding in Alok Industries Limited is 40.01% and 34.99% respectively aggregating
to 75%.
41.4 Pursuant to the Scheme of Arrangement, between Reliance Gas Pipelines Limited (RGPL) and Reliance Ethane Pipeline
Limited (REPL) (both being the subsidiaries of the Company), approved by the National Company Law Tribunal (NCLT),
Mumbai on June 10, 2020 and by the NCLT, Ahmedabad on July 1, 2020, the downstream business undertaking of RGPL
has been demerged into REPL with effect from the appointed date i.e. October 1, 2019. The scheme is effective from July
1, 2020 and accordingly, the Company, being the shareholder of RGPL has received equity shares of REPL, subsequent
to which it has reallocated its cost of investments in RGPL and REPL.
41.5 Scheme of arrangement between the Company and Reliance O2C Limited (wholly–owned subsidiary)
The Board of Directors of the Company has approved a Scheme of Arrangement between (i) Reliance Industries Limited
(the Company) and its shareholders & creditors; and (ii) Reliance O2C Limited (the Wholly owned subsidiary) and its
shareholders & creditors (the Scheme), which inter alia provides for transfer of O2C undertaking of the Company to the
Wholly owned subsidiary as a going concern on a slump sale basis on terms and conditions as detailed in the Scheme.
The Scheme has been approved by the Shareholders and Creditors of the Company and is subject to approvals under
applicable laws including approval of the National Company Law Tribunal.
298
299
Notes to the Standalone Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21StandaloneNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Independent Auditors’ Report
To the Members of
Reliance Industries Limited
Report on the Audit of the Consolidated
Financial Statements
Opinion
We have audited the accompanying Consolidated Financial
Statements of Reliance Industries Limited which includes
joint operations (hereinafter referred to as “the Holding
Company”), its subsidiaries (the Holding Company and its
subsidiaries together referred to as “the Group”) its associates
and joint ventures comprising of the consolidated Balance
sheet as at March 31, 2021, the consolidated Statement of
Profit and Loss, including other comprehensive income, the
consolidated Cash Flow Statement and the consolidated
Statement of Changes in Equity for the year then ended, and
notes to the Consolidated Financial Statements, including
a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the
Consolidated Financial Statements”).
In our opinion and to the best of our information and
according to the explanations given to us and based on
the consideration of reports of other auditors on separate
financial statements and on the other financial information of
the subsidiaries, associates and joint ventures, the aforesaid
Consolidated Financial Statements give the information
required by the Companies Act, 2013, as amended (“the Act”)
in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted
in India, of the consolidated state of affairs of the Group, its
associates and joint ventures as at March 31, 2021, their
consolidated profit including other comprehensive income,
their consolidated cash flows and the consolidated statement
of changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the Consolidated Financial
Statements in accordance with the Standards on Auditing
(SAs), as specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further
described in the ‘Auditors’ Responsibilities for the Audit
of the Consolidated Financial Statements’ section of our
report. We are independent of the Group, its associates
and joint ventures in accordance with the ‘Code of Ethics’
issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the Consolidated
Financial Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Consolidated Financial Statements for the financial year
ended March 31, 2021. These matters were addressed in the
context of our audit of the Consolidated Financial Statements
as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. For each matter
below, our description of how our audit addressed the matter
is provided in that context.
We have determined the matters described below to be the
key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the Auditors’
responsibilities for the audit of the Consolidated Financial
Statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the Consolidated Financial
Statements. The results of audit procedures performed
by us and by other auditors of components not audited
by us, as reported by them in their audit reports furnished
to us by the management, including those procedures
performed to address the matters below, provide the basis
for our audit opinion on the accompanying Consolidated
Financial Statements.
Key audit matters
How our audit addressed the key audit matter
A. Capitalisation and useful life of property, plant and equipment
During the year ended March 31, 2021, the Holding Company
(a)
has incurred capital expenditure on various projects
included in capital work in progress and intangible assets
under development. Further, items of property, plant and
equipment that are ready for its intended use as determined
by the management have been capitalized in the current
year. Judgment is involved to determine that the aforesaid
capitalization meet the recognition requirement under Ind AS
specifically in relation to determination of whether the criteria
for intended use of the management has been met.
(a)
Further, in the current year, the Holding Company has
reassessed the useful life of its plant and machinery in the
refinery from 25-35 years to 50 years. Assessment of useful
life of plant and machinery involves management judgment,
technical assessment, consideration of historical experiences,
anticipated technological changes, etc.
Accordingly, the above has been determined as a
key audit matter.
Our audit procedures included and were not limited
to the following:
• Examined the management assessment of the assumptions
considered in estimation of useful life.
• Examined the useful economic lives with reference to the
Company’s historical experience and technical evaluation by
third party specialist appointed by management.
• Assessed the objectivity and competence of the Company’s
external specialists involved in the process.
• Assessed the nature of the additions made to property,
plant and equipment, intangible assets, capital work-
in-progress and intangible asset under development
on a test check basis to test whether they meet the
recognition criteria as set out in para 16 to 22 of Ind AS
16 – Property, Plant and Equipment, including intended
use of management.
• Assessed the impact recognized on account of the change
in the useful life and disclosure made in the consolidated
financial statements.
300
Key audit matters
How our audit addressed the key audit matter
(b)
The auditors of Reliance Jio Infocomm Limited (‘RJIL’), a
subsidiary of the Holding Company, have reported a key audit
matter on amortisation/depreciation of spectrum costs and
related tangible assets as it is a material item on the balance
sheet of the subsidiary in value terms. Spectrum costs and
the related tangible assets are amortised/depreciated to
appropriately reflect the expected pattern of consumption of
expected future economic benefits from continued use of the
said assets. (Refer Note B.3 (c) and B.3 (e) of the consolidated
financial statements). Determination of rate of amortisation/
depreciation in order to ensure compliance with the applicable
Accounting Standards involve significant estimates and
judgement and use of technology. Accordingly, it has been
considered as a key audit matter.
(c)
The auditors of Jio Platform Limited (‘JPL’), a subsidiary of
the Holding Company have reported capitalization under
Intangible Assets under Development as key audit matter as
significant judgement is involved in identification of expenses
that are directly attributable and reasonably allocable to
development of intangible assets and timing of capitalization.
Accordingly, it has been considered as a key audit matter.
(b)
In respect of the key audit matter reported by the auditors of
RJIL, we performed inquiry of the audit procedures performed
by them to address the key audit matter. As reported by
the subsidiary auditor, the following procedures have been
performed by them: -
•
• Testing controls over determination of expected economic
benefits from the use of relevant assets and monitoring
actual consumption thereof to true-up the expected pattern
of consumption during an accounting period;
Involved internal telecom and information technology
specialists to validate the expected pattern of consumption
of the economic benefits emanating from the use of
the relevant assets and the IT environment over the
relevant application systems used in monitoring of actual
consumption thereof;
• Substantive testing procedures including, verifying the
mathematical accuracy of computation of amortisation/
depreciation charge for the year.
(c)
In respect of the key audit matter reported to us by the
auditors of JPL, we performed inquiry of the audit procedures
performed by them to address the key audit matter. As
reported to us by the subsidiary auditor, the following
procedures have been performed by them:
• Obtained understanding and evaluated the design and
operating effectiveness of controls over identification of
such costs and criterion for capitalisation of such intangible
asset in compliance with Ind AS 38.
• For the samples selected, verified the appropriateness of
expenses capitalised.
• Tested the source documentation to determine whether
the expenditure is of capital nature and has been
appropriately approved and segregated into appropriate
categories. Reviewed operating expenses to determine
appropriateness of accounting and criterion for
capitalisation determined by the management including
monitoring thereof for timing of capitalization.
• Reviewed the reasonableness of management’s
assessment of the ability of intangible asset to generate
future economic benefits with respect to expenses
capitalised during the period.
B. Estimation of oil reserves, decommissioning liabilities, depletion charges and impairment evaluation of development rights
Refer to Note 32.2 on proved reserves and production on product
and geographical basis, Note C(A) on estimation of Oil and Gas
reserves, Note B.3(t) on Accounting for Oil and Gas activity, Note
C(B) on Decommissioning Liabilities, Note C(C) on Property Plant
and Equipment/Intangible Assets and Note B.3(k) on Provisions and
Note B.3(j) on impairment of non- financial assets and Note 18 of
the consolidated financial statements.
around the key drivers of the cash flow forecasts including future
oil and gas prices, estimated reserves, discount rates used, etc.
by engaging valuation experts.
Our work included and were not limited to the following procedures:
• Performed walk-through of the estimation process associated
• Assessed the valuation methodology, including assumptions
with the oil and gas reserves.
The determination of the Holding Company’s oil and natural
gas reserves requires significant judgements and estimates
to be applied. Factors such as the availability of geological and
engineering data, reservoir performance data, acquisition and
divestment activity, drilling of new wells and commodity prices all
impacts the determination of the Holding Company’s estimates of
oil and natural gas reserves.
Estimates of oil and gas reserves are used to calculate depletion
charges for the Holding Company’s oil and gas assets. The impact
of changes in estimated proved reserves is dealt with prospectively
by amortizing the remaining carrying value of the asset over the
expected future production. Oil and natural gas reserves also have
a direct impact on the assessment of the recoverability of asset’s
carrying values reported in the consolidated financial statements.
• Assessed the objectivity and competence of the Holding
Company’s specialists involved in the process and valuation
specialists engaged by us.
• Assessed whether the updated oil and gas reserve estimates
were included in the Holding Company’s, accounting for
amortization/depletion and disclosures of proved reserves
and proved developed reserves in the consolidated
financial statements.
• Tested the assumption used in determining the
decommissioning provisions. Also compared these
assumptions with the previous year and enquired for reasons for
any variations.
• Reviewed the disclosure made by the Holding Company in the
financial statements.
301
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Independent Auditors’ Report
Key audit matters
How our audit addressed the key audit matter
Key audit matters
How our audit addressed the key audit matter
•
In respect of the key audit matter reported by the auditors in the
Combined Financial Statements of Shale Gas Entities (USA) of
Reliance Industries Limited, we performed inquiry of the audit
procedures performed by them to address the key audit matter.
As reported by the subsidiary auditor, the following procedures
have been performed by them: -
o As reported to us by the auditor, they have performed
procedures in relation to the approach used; test of controls
performed with regard to data input into the system for
calculation of oil and gas reserves including the testing of IT
controls and information provided by the entity (IPE) on the IT
application used for reserve and well data management; audit
report issued by external experts appointed by the subsidiary
relating to the audit of the key data and assumptions used by
the management for estimating the oil and gas reserve and
the future net income as at the year-end; competence and
objectivity of the external experts; calculation of the depletion
charge and future net income using audited oil and gas reserves
and reasonableness of the discount rate used by the subsidiary
for calculating the future net income for impairment calculation.
o As reported to us by the auditor, they have performed
procedures in relation to the approach used; test of controls
performed with regard to data input into the system for
calculation of oil and gas reserves including the testing of IT
controls and information provided by the entity (IPE) on the IT
application used for reserve and well data management; audit
report issued by external experts appointed by the subsidiary
relating to the audit of the key data and assumptions used
by the management for estimating the oil and gas reserve
and the future net income as at the year-end; competence
and objectivity of the external experts; calculation of the
depletion charge and future net income using audited oil and
gas reserves and reasonableness of the discount rate used
by the subsidiary for calculating the future net income for
impairment calculation.
Our audit procedures included and were not limited to the following:
• Assessed the management’s position through discussions with
the in-house legal expert and external legal opinions obtained by
the Holding Company (where considered necessary) on both, the
probability of success in the aforesaid cases, and the magnitude
of any potential loss.
• Discussed with the management on the development in these
•
litigations during the year ended March 31, 2021.
Rolled out of enquiry letters to the Holding Company’s legal
counsel and noted the responses received.
• Assessed the responses received from Holding Company’s legal
counsel by engaging our internal legal experts.
• Assessed the objectivity and competence of the Holding
Company’s legal counsel involved in the process and legal
experts engaged by us.
• Reviewed the disclosures made by the Holding Company in the
financial statements in this regard.
• Obtained representation letter from the management on the
assessment of these matters.
For the purpose of impairment testing, value in use has been
determined by the management by considering estimates such
as discount rates, reserves and volumes, future oil and gas natural
prices etc, along with other macro-economic, business and
financing factors.
Further, the recognition and measurement of decommissioning
provisions involves use of estimates and assumptions relating to
timing of abandonment of well and related facilities which would
depend upon the ultimate life of the field, expected utilization of
assets by other fields, the scope of abandonment activity and pre-
tax rate applied for discounting.
Accordingly, the same is considered as a key audit matter.
The auditors in the Combined Financial Statements of Shale Gas
Entities (USA) of Reliance Industries Limited have also reported a
key audit matter on the aforesaid topic.
C. Litigation matters
The Holding Company has certain significant ongoing legal
proceedings for various complex matters with the Government
of India and other parties, continuing from earlier years,
which are as under:
1. Matters in relation to Oil and Gas:
(a)
(b)
(c)
Disallowance of certain costs under the production sharing
contract, relating to Block KG-DWN-98/3 and consequent
deposit of differential revenue on gas sales from D1D3 field
to the gas pool account maintained by Gail (India) Limited
(Refer Note 32.3).
Claim against the Company in respect of gas said to have
migrated from neighboring blocks (KGD6) (Refer Note 32.4(a)).
Claims relating to limits of cost recovery, profit sharing
and audit and accounting provisions of the public sector
corporations etc., arising under two production sharing
contracts entered into in 1994 (Refer Note 32.4(b)).
(d)
Suit for specific performance of a contract for supply
of natural gas before the Hon’ble Bombay High Court
(Refer Note 32.4(c)).
302
2.
(a)
Matter relating to trading in shares of Reliance Petroleum
Limited (‘RPL’):
Special Appellate Tribunal judgement dated November 5,
2020, dismissing Company’s appeal made in relation to order
passed by the Securities and Exchange Board of India (‘SEBI’)
under section 11B of the SEBI Act, 1992 (Refer Note 33(III)).
Due to complexity involved in these litigation matters,
management’s judgement regarding recognition and measurement
of provisions for these legal proceedings is inherently uncertain
and might change over time as the outcomes of the legal cases
are determined.
Accordingly, it has been considered as a key audit matter.
D. Fair Valuation of Investments
As at March 31, 2021, the Holding Company has investments of
` 78,234 crore in the Equity and Preference Shares of Jio Digital
Fiber Private Limited (‘JDFPL’) and Summit Digitel Infrastructure
Private Limited (‘SDIPL’) (Formerly Reliance Jio Infratel Private
Limited) which are measured at fair value as per Ind AS 109 read
with Ind AS 113.
These investments are Level 3 investments as per the fair value
hierarchy in Ind AS 113 and accordingly determination of fair value
is based on a high degree of judgement and input from data that
is not directly observable in the market. Further, the fair value is
significantly influenced by the expected pattern of future benefits of
the tangible assets of JDFPL (fiber assets) and SDIPL (tower assets).
Refer Note 2 and Note 35A in the financial statements.
Accordingly, the same has been considered as a key audit matter.
Our audit procedures included and were not limited to the following:
• Reviewed the fair valuation reports provided by the management
by involvement of internal specialist / external valuation experts.
• Assessed the assumptions around the cash flow forecasts
including discount rates, expected growth rates and its effect on
business and terminal growth rates used through involvement of
the internal experts.
• Also involved internal experts to assess the Holding Company’s
valuation methodology and assumptions around the key
drivers of the cash flow forecasts, applied in determining the
recoverable amount.
• Discussed potential changes in key drivers as compared to
previous year / actual performance with management to evaluate
the inputs and assumptions used in the cash flow forecasts;
• Assessed the objectivity and competence of our internal expert
and the Company’s internal / external specialists involved
in the process.
• Assessed the adequacy of disclosure in Note 2 and Note 35A in
the financial statements.
E. Impairment of assets of shale gas entities and recognition of deferred tax assets
(a)
(a)
The auditors in the Combined Financial Statements of Shale
Gas Entities (USA) of Reliance Industries Limited have reported
a key audit matter on impairment of assets. Based on the
adverse changes in market environment, reduction in activity
by operator and recent operational performance, the shale
gas entities have impaired its assets in accordance with the
requirements of Ind AS 36 – “Impairment of Assets”, as the
carrying amount of an asset exceeds its recoverable amount.
The shale gas entities have also evaluated certain
contracts involving unavoidable costs based on
contractual commitments.
The total impact in the consolidated statement of profit and
loss is ` 15,691 crore and the same has been disclosed as an
exceptional item in the consolidated statement of profit and
loss (Note 29(b)).
In respect of the key audit matter reported by the auditors
in the Combined Financial Statements of Shale Gas Entities
(USA) of Reliance Industries Limited, we performed inquiry
of the audit procedures performed by them to address the
key audit matter. As reported by the subsidiary auditor, the
following procedures have been performed by them: -
• Tested the reasonableness of the assumptions used in
calculating the future net income for impairment calculation
and obligations towards onerous contracts.
• Verified the reasonableness of hydrocarbon rates
used by the Company for calculating the future net
income, by comparing it with the forecast provided by
independent brokers.
• Verified the arithmetical accuracy of the calculations.
• Evaluated the reasonableness of the basis for recognition
of Impairment and obligations under certain contracts
involving unavoidable costs.
• Verified the underlying data used for calculation of
Impairment with the reserve report issued by the
external experts.
• Verified the underlying data used for calculation
of obligation towards onerous contracts with the
respective contracts.
• Evaluated the reasonableness of the reversal of deferred tax
assets, which is the resultant impact of the charge towards
Impairment and obligation towards onerous contracts.
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Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Independent Auditors’ Report
Key audit matters
How our audit addressed the key audit matter
Key audit matters
How our audit addressed the key audit matter
(b)
Consequent to recognition of impairment of assets as stated
in point (a), the Holding Company has recognised deferred tax
assets of ` 15,570 crore in respect of the difference between
the book base and tax base of the investment in shale gas
entities engaged in the business of exploration and production
of oil and gas, in accordance with Ind AS 12 – Income Taxes.
The same has been disclosed as an exceptional item in the
consolidated statement of profit and loss (Note 29(b)) and
recognition of the aforesaid deferred tax asset involves
management judgement and estimates to determine whether
there is a reasonable certainty to utilize the deferred tax assets
against future capital gains. Accordingly, the same has been
considered as a key audit matter.
(b)
Our audit procedures included and were not limited
to the following:
• Assessed the basis of recognition of deferred tax assets in
accordance with Ind AS.
• Obtained and assessed the management assumptions /
judgements and mathematical accuracy for calculating the
difference between the book base and tax base.
• Evaluated the management assessment on future
transactions including capital gain projections used in
assessing the recoverability of deferred tax assets.
• Assessed the adequacy of disclosure in Note 29(b) in the
financial statements
Further, Reliance BP Mobility Limited (‘RBML’), a subsidiary of the
Holding Company, engages in selling of transportation fuels and
lubricants from retail outlets. The Company recognises revenue on
transfer of control of traded goods to the customers and revenue
transactions which most of the times coincide with collection of
cash or cash equivalents from the customer. Each retail outlets
records and recognises revenue through the use of technology
which involves multiple IT platforms, especially related to cash sales.
Accordingly, this has been considered as key audit matter.
Our audit procedures included and were not limited to the following:
F. Impairment of assets of subsidiaries of Reliance Industrial Investments and Holding Limited
The auditor of Reliance Industrial Investments and Holdings
Limited, (‘RIIHL’), subsidiary of the Holding Company have reported
a key audit matter on impairment of investment and loans given to
subsidiaries as the recoverability assessment involves significant
management judgement and estimates (Refer Note B.3 (j) of the
consolidated financial statements). Though these investments and
loans are eliminated at the consolidated level, the assets of the RIIHL
subsidiaries are included on a line-by-line basis in the consolidated
financial statements. Accordingly, the impairment of these assets is
considered to be a key audit matter.
• Obtained and read the financial statements of RIIHL and its
subsidiaries to identify whether any impairment has been
recorded in the current year.
In respect of the key audit matter reported to us by the auditor of
RIIHL, we performed inquiry of the audit procedures performed
by them to address the key audit matter. As reported to us by
the subsidiary auditor, the following procedures have been
performed by them for material subsidiaries: -
o Assessment of the net worth of RIIHL subsidiaries/associates
•
G. Revenue recognition
The accounting policies of the Group for revenue recognition are set
out in Note B.3 (q) to the consolidated financial statements.
The auditors of Reliance Jio Infocomm Limited (‘RJIL’), subsidiary
of the Holding Company, have reported revenue recognition as a
key audit matter due to the high volume of the transactions, high
degree of IT systems involvement and considering that accounting
for certain revenue streams and tariff schemes involve exercise of
judgements and estimates regarding application of the revenue
recognition accounting standards.
The auditors of Consolidated Financial Statements of Reliance
Retail Ventures Limited (‘RRVL Group’), a subsidiary of the Holding
Company, have reported revenue recognition as a key audit matter.
RRVL Group trades in various consumption baskets on a principal
basis with high volume of transactions and recognises full value
of consideration on transfer of control of traded goods to the
customers which most of the time coincides with collection of
cash or cash equivalent from customers. Reconciliation of mode
of payments with revenue recognised is identified as a key audit
matter by their auditors. Further, RRVL Group renders various
services on principal basis and recognises revenue at a point in time
when the customer consumes the services rendered. Testing of
whether the performance obligation is satisfied for such services is
identified as a key audit matter by their auditors.
on the basis of latest available financial statements.
o Assessment of the methodologies applied to ascertain the fair
value or as the case may be, value in use of the assets of the
subsidiaries/associates, where the net worth was negative.
o Assessment of the input data and key assumptions
used to determine the fair value of ‘subsidiaries’ assets,
cash flow estimates including sensitivity analysis of key
assumptions used.
Our audit procedures included the following:
•
• Obtained and read the financial statements of RJIL and RRVL
Group to identify whether the revenue recognition policies are
included in the consolidated financial statements of the Group.
In respect of the key audit matter reported by the auditors of
RJIL, we performed inquiry of the audit procedures performed
by them to address the key audit matter. As reported by
the subsidiary auditor, the following procedures have been
performed by them:-
o Involvement of internal IT specialists and testing of the IT
environment inter alia for access controls, change management
and application specific controls over the subsidiary company’s
billing and other relevant support systems;
o Evaluation and testing of the design and operating
effectiveness of the relevant business process controls, inter-
alia controls over the capture, measurement and authorisation
of revenue transactions;
o Testing collections and, the reconciliation between revenue
per the billing system and the financial records and testing
supporting documentation for manual journal entries
posted in revenue;
o Validation of significant judgements and estimates
exercised by the management regarding the application of
revenue recognition accounting standard with respect to
certain revenue streams and tariff schemes, in accordance
with Ind AS 115.
H. Sale of investment in Reliance BP Mobility Limited (‘RBML’)
During the year, the Holding Company’s equity stake in Reliance
BP Mobility Limited (‘RBML’), erstwhile wholly owned subsidiary, is
reduced by 49% on account of sale of 44.91% equity stake in RBML
to BP Exploration (Alpha) Limited (‘BP’), a non-related party. Further,
BP has acquired additional 4.09% in RBML by way of subscribing
to equity shares of RBML at ` 1,155 crore. Post the above
transactions, the Holding Company continues to exercise control
over RBML as it is exposed to, or has rights to variable returns from
its involvement and can affect those returns through its control.
Accordingly, RBML continues to be accounted as subsidiary in
accordance with Ind AS 110 - Consolidated Financial Statements.
Further, a gain on sale of investment of ` 4,966 crore (net of tax)
is recorded and disclosed as an exceptional item in consolidated
statement of profit and loss (Refer Note 29(a)).
Significant level of judgement is involved in control evaluation over
RBML and also for accounting of changes in Holding Company’s
ownership in RBML in the consolidated statement of profit and loss
as per Ind AS 110 - Consolidated Financial Statements.
As a result, the aforesaid matter was determined to be a
key audit matter.
•
In respect of the key audit matter reported to us by the auditors
of RRVL Group, we performed inquiry of the audit procedure
performed by them to address the key audit matter. As reported
to us by the subsidiary auditor, the following procedure have
been performed by them: -
o Evaluation of the design and testing of the operating
effectiveness of internal controls (including test of details on
representative sampling basis) relating to reconciliation of
consideration with store sales by selection of samples from
different stores and dates throughout the period of audit and
reperformance of the reconciliation between store sales and
the mode of payment collection report.
o Evaluation of the design and testing of the operating
effectiveness of internal controls (including test of details
on representative sampling basis) relating to recognition
of revenue from rendering of services for ensuring
revenue recognition at a point in time by way of customer
acknowledgement of the consumption of such services and
receipt of consideration.
•
In respect of the key audit matter reported to us by the auditors of
RBML, we performed inquiry of the audit procedure performed
by them to address the key audit matter. As reported to us
by the subsidiary auditor, the following procedure have been
performed by them: -
o We evaluated the design and operating effectiveness of
controls over the capture and measurement of revenue
transactions, including evaluating the relevant IT systems;
o We examined the process and controls over the capture
and assessment of the timing of revenue recognition for the
products, as well as performed testing on a sample basis to
support evidence;
o We tested a selection of Information Technology General
Controls (ITGCs) supporting the integrity of the billing
and cash collection systems’ operation, including access,
operations and change management controls;
o We have also reviewed that the control on reconciliation was
operating effectively by selecting samples from different retail
outlets and dates throughout the period of audit.
o We observed physical cash count at retail outlets on a sample
basis and also tested the reconciliation with books.
o We examined the reconciliation between retail outlet sales and
Mode of Payment collection report.
Our audit procedures included and were not limited to the following:
• Obtained and read the various agreements including joint
venture agreement etc. and board resolution in respect of the
said transaction.
• Assessed management position and basis with respect to control
evaluation of RBML and accounting treatment for changes in
Holding Company’s ownership in RBML.
• Obtained and read the opinions obtained by the Holding
Company from independent experts with respect to accounting
for gain on sale of investment of RBML. Assessed the objectivity
and independence of these experts.
• Assessed the accounting treatment and reviewed the disclosure
made by the Company in the financial statements in this regard.
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Key audit matters
How our audit addressed the key audit matter
I. IT systems and controls over financial reporting
We identified IT systems and controls over financial reporting as
a key audit matter for the Holding Company because its financial
accounting and reporting systems are fundamentally reliant on IT
systems and IT controls to process significant transaction volumes,
specifically with respect to revenue and raw material consumption.
Also, due to such large transaction volumes and the increasing
challenge to protect the integrity of the Group’s systems and data,
cyber security has become more significant.
Automated accounting procedures and IT environment controls,
which include IT governance, IT general controls over program
development and changes, access to programs and data and
IT operations, IT application controls and interfaces between IT
applications are required to be designed and to operate effectively
to ensure accurate financial reporting.
J. Changes in presentation of segment information
Based on internal reorganization, the chief operating decision
maker revised its segment disclosure to combine the erstwhile
Refining and Petrochemicals business segments into O2C segment.
O2C segment comprises of entire oil-to-chemicals business of
the Company consisting of refining, petrochemicals, fuel retail &
aviation fuel (majority interest only) and bulk wholesale marketing
businesses together with its assets and liabilities.
Segment information is a significant disclosure and change
in segment presentation could be potential to influencing the
economic decisions of the users of the financial statements.
Accordingly, the same is considered as a key audit matter. Refer
Note 36 of the consolidated financial statements.
Our procedures included and were not limited to the following:
• Assessed the complexity of the IT environment by engaging IT
specialists and through discussion with the head of IT and internal
audit and identified IT applications that are relevant to our audit.
• Assessed the design and evaluation of the operating
effectiveness of IT general controls over program development
and changes, access to programs and data and IT operations by
engaging IT specialists.
• Performed inquiry procedures with the head of cybersecurity
at the Holding Company in respect of the overall security
architecture and any key threats addressed by the Company in
the current year
• Assessed the design and evaluation of the operating
effectiveness of IT application controls in the key processes
impacting financial reporting of the Company by engaging
IT specialists.
• Assessed the operating effectiveness of controls relating to data
transmission through the different IT systems to the financial
reporting systems by engaging IT specialists.
Our audit procedures included and were not limited to the following:
• Obtained and read the notes approved by the Executive
Committee (CODM) which records decisions made by the
EC in review of business performance and allocation of
resources to segments.
• Assessed the discrete financial information for the O2C segment.
• Assessed compliance with the disclosure requirements of Ind AS
108 including restatement of comparative segment information
in the consolidated financial statements.
306
Information Other than the Financial
Statements and Auditors’ Report Thereon”
The Holding Company’s Board of Directors is responsible
for the other information. The other information comprises
the information included in the Annual report, but does
not include the Consolidated Financial Statements and our
auditors’ report thereon.
Our opinion on the Consolidated Financial Statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial
Statements, our responsibility is to read the other information
and, in doing so, consider whether such other information
is materially inconsistent with the Consolidated Financial
Statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material
misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of Management for the
Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible
for the preparation and presentation of these Consolidated
Financial Statements in terms of the requirements of the Act
that give a true and fair view of the consolidated financial
position, consolidated financial performance including
other comprehensive income, consolidated cash flows and
consolidated statement of changes in equity of the Group
including its associates and joint ventures in accordance
with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended.
The respective Board of Directors of the companies included
in the Group and of its associates and joint ventures are
responsible for maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding
of the assets of the Group and of its associates and joint
ventures and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgements and estimates that
are reasonable and prudent; and the design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the Consolidated Financial
Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error,
which have been used for the purpose of preparation of the
Consolidated Financial Statements by the Directors of the
Holding Company, as aforesaid.
In preparing the Consolidated Financial Statements, the
respective Board of Directors of the companies included
in the Group and of its associates and joint ventures are
responsible for assessing the ability of the Group and of its
associates and joint ventures to continue as a going concern,
disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless
management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Those respective Board of Directors of the companies
included in the Group and of its associates and joint ventures
are also responsible for overseeing the financial reporting
process of the Group and of its associates and joint ventures.
Auditors’ Responsibilities for the Audit
of the Consolidated Ind AS Financial
Statements
Our objectives are to obtain reasonable assurance about
whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these Consolidated
Financial Statements.
As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
Consolidated Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of
the Act, we are also responsible for expressing our opinion
on whether the Holding Company has adequate internal
financial controls with reference to financial statements in
place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the ability of the Group and
its associates and joint ventures to continue as a going
concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors’ report
to the related disclosures in the Consolidated Financial
Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit
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Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Independent Auditors’ Report
(b)
evidence obtained up to the date of our auditors’ report.
However, future events or conditions may cause the Group
and its associates and joint ventures to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content
of the Consolidated Financial Statements, including the
disclosures, and whether the Consolidated Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group and its associates and joint ventures of
which we are the independent auditors and whose financial
information we have audited, to express an opinion on the
Consolidated Financial Statements. We are responsible
for the direction, supervision and performance of the audit
of the financial statements of such entities included in the
consolidated financial statements of which we are the
independent auditors. For the other entities included in
the Consolidated Financial Statements, which have been
audited by other auditors, such other auditors remain
responsible for the direction, supervision and performance
of the audits carried out by them. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance of
the Holding Company and such other entities included in
the Consolidated Financial Statements of which we are the
independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal
control that we identify during our audit.
(c)
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Consolidated Financial
Statements for the financial year ended March 31, 2021
and are therefore the key audit matters. We describe these
matters in our auditors’ report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the
adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of
such communication.
Other Matters
financial statements and other financial information
of an associate and 2 joint ventures which reflects
Group’s share of net loss after tax of ` 23 crore for the
year ended March 31, 2021, which have been audited
by one of the joint auditors, individually or together with
another auditor.
We did not audit the financial statements and other
financial information, in respect of 320 subsidiaries, a
whose Ind AS financial statements include total assets of
` 4,89,600 crore as at March 31, 2021, and total revenues
of ` 1,19,655 crore and net cash outflows of ` 4,414 crore
for the year ended on that date and financial statements
and other financial information of 99 associates and
30 joint ventures which reflects Group’s Share of net
profit after tax of ` 471 crore for the year ended March
31, 2021. These Ind AS financial statement and other
financial information have been audited by other auditors,
which financial statements, other financial information
and auditors’ reports have been furnished to us by the
management. Our opinion on the Consolidated Financial
Statements, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries,
joint ventures and associates, and our report in terms
of sub-sections (3) of Section 143 of the Act, in so far
as it relates to the aforesaid subsidiaries, joint ventures
and associates, is based solely on the report(s) of such
other auditors.
The accompanying Consolidated Financial Statements
include unaudited financial statements and other
unaudited financial information in respect of 7
subsidiaries, whose financial statements and other
financial information reflect total assets of ` 3,405 crore
as at March 31, 2021, and total revenues of ` 42 crore and
net cash outflows of ` 1 crore for the year ended on that
date and the unaudited financial statements and other
unaudited financial information in respect of 7 associates
and 21 joint ventures which reflects Group’s share of net
profit after tax of ` 73 crore for the year ended March 31,
2021. These unaudited financial statements and other
unaudited financial information have been furnished
to us by the management. Our opinion, in so far as it
relates amounts and disclosures included in respect of
these subsidiaries, joint ventures and associates, and
our report in terms of sub-section (3) of Section 143 of
the Act in so far as it relates to the aforesaid subsidiaries,
joint ventures and associates, is based solely on such
unaudited financial statements and other unaudited
financial information. In our opinion and according to
the information and explanations given to us by the
Management, these financial statements and other
financial information are not material to the Group
(a)
The accompanying Consolidated Financial Statements
include the financial statements and other financial
information in respect of 22 subsidiaries which reflect
total assets of ` 4,18,844 crore as at March 31, 2021, and
total revenues of ` 2,36,231 crore and net cash outflows
of ` 6,304 crore for the year ended on that date and the
Our opinion above on the Consolidated Financial Statements,
and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with
respect to our reliance on the work done and the reports of
the other auditors and the financial statements and other
financial information certified by the Management.
With respect to the other matters to be included in
the Auditors’ Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us and based on the consideration of the report of
the other auditors on separate financial statements as
also the other financial information of the subsidiaries,
associates and joint ventures, as noted in the ‘Other
Matters’ paragraph:
i.
ii.
The Consolidated Financial Statements disclose
the impact of pending litigations on its consolidated
financial position of the Group, its associates
and joint ventures in its Consolidated Financial
Statements – Refer Note 33 to the Consolidated
Financial Statements;
Provision has been made in the Consolidated
Financial Statements, as required under the
applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts
including derivative contracts.
There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Holding Company,
its subsidiaries, associates and joint ventures,
incorporated in India during the year ended March
31, 2021 except for an amount of ` 1.76 crore which
are held in abeyance due to pending legal cases.
For D T S & Associates LLP
For S R B C & CO LLP
Chartered Accountants
Chartered Accountants
ICAI Firm Reg. Number:
ICAI Firm Reg. Number:
142412W/W100595
324982E/E300003
per T P Ostwal
Partner
per Vikas Kumar Pansari
Partner
Membership No.: 030848
Membership No.: 093649
UDIN: 21030848AAAAAR7934 UDIN: 21093649AAAABK9194
Mumbai
Mumbai
Date: April 30, 2021
Date: April 30, 2021
Report on Other Legal and Regulatory
Requirements
(h)
As required by Section 143(3) of the Act, based on our audit
and on the consideration of report of the other auditors
on separate financial statements and the other financial
information of subsidiaries, associates and joint ventures, as
noted in the ‘other matters’ paragraph we report, to the extent
applicable, that:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
We / the other auditors whose report we have relied
upon have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the
aforesaid Consolidated Financial Statements;
In our opinion, proper books of account as required by
law relating to preparation of the aforesaid consolidation
of the financial statements have been kept so far as
it appears from our examination of those books and
reports of the other auditors;
The Consolidated Balance Sheet, the Consolidated
Statement of Profit and Loss including the Statement of
Other Comprehensive Income, the Consolidated Cash
Flow Statement and Consolidated Statement of Changes
in Equity dealt with by this Report are in agreement with
the books of account maintained for the purpose of
preparation of the Consolidated Financial Statements;
In our opinion, the aforesaid Consolidated Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
2015, as amended;
On the basis of the written representations received
from the directors of the Holding Company as on March
31, 2021 taken on record by the Board of Directors of
the Holding Company and the reports of the statutory
auditors who are appointed under Section 139 of the Act,
of its subsidiaries, associates and joint ventures, none of
the directors of the Group’s companies, its associates
and joint ventures, incorporated in India, is disqualified as
on March 31, 2021 from being appointed as a director in
terms of Section 164 (2) of the Act;
With respect to the adequacy and the operating
effectiveness of the internal financial controls with
reference to these Consolidated Financial Statements of
the Holding Company and its subsidiaries, associates and
joint ventures, incorporated in India, refer to our separate
Report in “Annexure 1” to this report;
In our opinion and based on the consideration of reports
of other statutory auditors of the subsidiaries, associates
and joint ventures incorporated in India, the managerial
remuneration for the year ended March 31, 2021 has
been paid / provided by the Holding Company, its
subsidiaries, associates and joint ventures incorporated in
India to their directors in accordance with the provisions
of Section 197 read with Schedule V to the Act;
308
309
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Independent Auditors’ Report
Annexure 1
To the Independent Auditors’ Report of even date on the Consolidated Financial Statements of Reliance Industries Limited
Report on the Internal Financial Controls
under Clause (i) of sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the Consolidated Financial
Statements of Reliance Industries Limited which includes
joint operations as of and for the year ended March 31, 2021,
we have audited the internal financial controls over financial
reporting of Reliance Industries Limited which includes joint
operations (hereinafter referred to as the “Holding Company”)
and its subsidiaries, its associates and joint ventures, which
are companies incorporated in India, as of that date.
Management’s Responsibility for Internal
Financial Controls
The respective Board of Directors of the Holding Company,
its subsidiaries, its associates and joint ventures, which
are companies incorporated in India, are responsible for
establishing and maintaining internal financial controls
based on the internal control over financial reporting
criteria established by the Holding Company considering
the essential components of internal control stated in
the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) issued
by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the respective
company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely
preparation of reliable financial information, as required
under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Holding
Company, its subsidiaries, its associates and joint ventures,
which are companies incorporated in India, internal financial
controls over financial reporting with reference to these
Consolidated Financial Statements based on our audit. We
conducted our audit in accordance with the Guidance Note
and the Standards on Auditing, both, issued by Institute of
Chartered Accountants of India, and deemed to be prescribed
under Section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls. Those Standards
and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal
financial controls over financial reporting with reference to
these Consolidated Financial Statements was established
and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
over financial reporting with reference to these Consolidated
310
Financial Statements and their operating effectiveness. Our
audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial
controls over financial reporting with reference to these
Consolidated Financial Statements, assessing the risk that
a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the
auditors’ judgement, including the assessment of the risks of
material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained and
the audit evidence obtained by the other auditors in terms
of their reports referred to in the Other Matters paragraph
below, is sufficient and appropriate to provide a basis for
our audit opinion on the internal financial controls over
financial reporting with reference to these Consolidated
Financial Statements.
Meaning of Internal Financial Controls Over
Financial Reporting With Reference to these
Consolidated Financial Statements
A company’s internal financial control over financial reporting
with reference to these Consolidated Financial Statements
is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A
company’s internal financial control over financial reporting
with reference to these Consolidated Financial Statements
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the company are being made only in accordance with
authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorised acquisition, use, or
disposition of the Company’s assets that could have a material
effect on the financial statements.
Inherent Limitations of Internal Financial
Controls over Financial Reporting with
reference to these Consolidated Financial
Statements
Because of the inherent limitations of internal financial
controls over financial reporting with reference to these
Consolidated Financial Statements, including the possibility
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of
the internal financial controls over financial reporting with
reference to these Consolidated Financial Statements to
future periods are subject to the risk that the internal financial
control over financial reporting with reference to these
Consolidated Financial Statements may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to
the explanations given to us and based on the consideration
of reports of other auditors, as referred to in Other Matters
paragraph below, the Holding Company, its subsidiaries,
its associates and joint ventures, which are companies
incorporated in India, have, maintained in all material respects,
adequate internal financial controls over financial reporting
with reference to these Consolidated Financial Statements
and such internal financial controls over financial reporting
with reference to these Consolidated Financial Statements
were operating effectively as at March 31, 2021, based on the
internal control over financial reporting criteria established by
the Holding Company considering the essential components
of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India.
Other Matters
Our report under Section 143(3)(i) of the Act on the adequacy
and operating effectiveness of the internal financial controls
over financial reporting with reference to these Consolidated
Financial Statements of the Holding Company, in so far as it
relates to separate financial statement of 219 subsidiaries,
48 associates and 15 joint ventures, which are companies
incorporated in India, is based on the corresponding reports
of the auditors of such subsidiaries, associates and joint
ventures incorporated in India.
For D T S & Associates LLP
For S R B C & CO LLP
Chartered Accountants
Chartered Accountants
ICAI Firm Reg. Number:
ICAI Firm Reg. Number:
142412W/W100595
324982E/E300003
per T P Ostwal
Partner
per Vikas Kumar Pansari
Partner
Membership No.: 030848
Membership No.: 093649
UDIN: 21030848AAAAAR7934 UDIN: 21093649AAAABK9194
Mumbai
Mumbai
Date: April 30, 2021
Date: April 30, 2021
311
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Balance Sheet
As at 31st March, 2021
Assets
Non-Current Assets
Property, Plant and Equipment
Capital Work-in-Progress
Goodwill
Other Intangible Assets
Intangible Assets Under Development
Financial Assets
Investments
Loans
Deferred Tax Assets (Net)
Other Non-Current Assets
Total Non-Current Assets
Current Assets
Inventories
Financial Assets
Investments
Trade Receivables
Cash and Cash Equivalents
Loans
Other Financial Assets
Other Current Assets
Total Current Assets
Total Assets
Equity and Liabilities
Equity
Equity Share Capital
Other Equity
Non-Controlling Interest
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings
Other Financial Liabilities
Deferred Payment Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-Current Liabilities
Total Non-Current Liabilities
Current Liabilities
Financial Liabilities
Borrowings
Trade Payables
Other Financial Liabilities
Other Current Liabilities
Provisions
Total Current Liabilities
Total Liabilities
Total Equity and Liabilities
Significant Accounting Policies
See accompanying Notes to the Financial Statements
Notes
As at
31st March, 2021
As at
31st March, 2020
(` in crore)
1
1
1
1
2
3
4
5
6
7
8
9
10
11
13
14
15
16
17
18
4
19
20
21
22
1 to 43
4,51,066
71,171
10,212
79,980
54,782
2,12,382
2,484
1,147
64,977
9,48,201
4,35,920
59,096
10,259
86,479
50,010
2,03,852
21,732
2,900
37,407
9,07,655
81,672
73,903
1,52,446
19,014
17,397
65
61,124
41,293
3,73,011
13,21,212
6,445
6,93,727
99,260
1,63,683
21,564
18,837
2,625
37,001
502
2,44,212
60,081
1,08,897
73,052
33,034
2,504
2,77,568
5,21,780
13,21,212
72,915
19,656
30,920
669
27,434
32,763
2,58,260
11,65,915
6,339
4,42,827
12,181
1,97,631
18,804
18,839
1,790
54,123
465
2,91,652
93,786
96,799
1,44,778
75,663
1,890
4,12,916
7,04,568
11,65,915
Statement of Profit and Loss
For the year ended 31st March, 2021
Notes
2020-21
Income
Value of Sales
Income from Services
Value of Sales & Services (Revenue)
Less: GST Recovered
Revenue from Operations
Other Income
Total Income
Expenses
Cost of Materials Consumed
Purchase of Stock-in-Trade
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
Excise Duty
Employee Benefits Expense
Finance Costs
Depreciation / Amortisation and Depletion Expense
Other Expenses
Total Expenses
Profit Before Share of Profit / (Loss) of Associates and Joint Ventures,
Exceptional Item and Tax
Share of Profit / (Loss) of Associates and Joint Ventures
Profit Before Exceptional Item and Tax
Exceptional Item (Net of Tax)
Profit Before Tax *
Tax Expenses *
Current Tax
Deferred Tax
Profit for the Year
Other Comprehensive Income:
i.
ii
iii.
iv.
Total Other Comprehensive Income for the Year [Net of Tax]
Total Comprehensive Income for the Year
Net Profit Attributable to:
a) Owners of the Company
b) Non-Controlling Interest
Other Comprehensive Income Attributable to:
a) Owners of the Company
b) Non-Controlling Interest
Total Comprehensive Income attributable to:
a) Owners of the Company
b) Non-Controlling Interest
Earnings Per Equity Share of Face Value of ` 10 each
Basic (in `) – After Exceptional Items
Basic (in `) – Before Exceptional Items
Diluted (in `) – After Exceptional Items
Diluted (in `) – Before Exceptional Items
Significant Accounting Policies
See accompanying Notes to the Financial Statements
Items that will not be reclassified to Profit or Loss
Income Tax relating to items that will not be reclassified to Profit or Loss
Items that will be reclassified to Profit or Loss
Income Tax relating to items that will be reclassified to Profit or Loss
23
24
25
26
27
1
28
29
12
12
24.1
24.2
30
30
30
30
1 to 43
4,67,669
71,569
5,39,238
52,912
4,86,326
16,327
5,02,653
1,99,915
1,01,850
(9,064)
19,402
14,817
21,189
26,572
78,669
4,53,350
49,303
516
49,819
5,642
55,461
2,205
(483)
53,739
37,517
(4,605)
1,264
(378)
33,798
87,537
49,128
4,611
33,849
(51)
82,977
4,560
76.37
67.60
75.21
66.57
(` in crore)
2019-20
5,91,778
68,219
6,59,997
47,560
6,12,437
13,164
6,25,601
2,60,621
1,49,667
(5,048)
14,902
14,075
22,027
22,203
89,211
5,67,658
57,943
107
58,050
(4,444)
53,606
8,630
5,096
39,880
22,286
(1,088)
(7,085)
1,180
15,293
55,173
39,354
526
15,311
(18)
54,665
508
63.07
70.19
63.06
70.18
As per our Report of even date
For and on behalf of the Board
* Profit before tax is after Exceptional Item and tax thereon. Tax expenses are excluding the Current Tax and Deferred Tax on Exceptional Item.
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
312
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
313
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Statement of Changes in Equity
For the year ended 31st March, 2021
A. Equity Share Capital
(` in crore)
Balance as at
1st April, 2019
Change during
the year 2019-20
Balance as at
31st March, 2020
Change during
the year 2020-21
Balance as at
31st March, 2021
5,926
413
6,339
106
6,445
Balance as
at 1st April,
2019
Total
Comprehensive
Income for the
Year
Dividend
Tax on
Dividend
Transfer
(to)/from
Retained
Earnings
On
Employee
Stock
Options
(` in crore)
Others
Balance as at
31st March, 2020
B. Other Equity
Balance
as at
1st April,
2020
Total
Comprehensive
Income for the
Year
Dividend
Transfer
(to)/from
Retained
Earnings
Transfer
(to)/from
General
Reserve
On Rights
Issue*
On Employee
Stock
Options
Others
(` in crore)
Balance as at
31st March,
2021
-
39,843
291
50
5,976
737
689
4,975
74,508
2,58,426
1,96,059
-
-
-
-
-
719
-
-
9
-
(1)
-
-
-
-
-
-
-
-
-
- 1,17,442 ^
As at 31st March, 2021
Share Application Money
Pending Allotment
Share Call Money Account
Reserves and Surplus
Capital Reserve
Capital Redemption Reserve
1
-
291
50
Debenture Redemption Reserve
9,427
Share Based Payments Reserve
Statutory Reserve
Special Economic Zone
Reinvestment Reserve
Securities Premium
General Reserve
Retained Earnings
18
561
5,500
61,395
2,55,016
32,972
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(41)
-
128
(525)$
-
-
(3,410)
-
-
-
-
3,410
49,128 (3,921)
438
-
39,843
-
-
-
-
-
-
13,104
-
-
-
-
-
-
Other Comprehensive Income
77,596
33,849 #
-
Total
4,42,827
82,977 (3,921)
-
-
-
728
1,12,173
52,947
728 1,18,169
6,93,727
* Refer Note 13.7
^ Mainly pursuant to fresh issue of equity by subsidiaries.
# Includes net movement in Foreign Currency Translation Reserve.
$ Net of Special Economic Zone Reinvestment Reserve created during the year of ` 3,303 crore.
As at 31st March, 2020
Share Application Money
Pending Allotment
Reserves and Surplus
Capital Reserve
Capital Redemption Reserve
Debenture Redemption Reserve
Share Based Payments Reserve
Statutory Reserve
Special Economic Zone
Reinvestment Reserve
Securities Premium
General Reserve
Retained Earnings
2
291
14
9,412
7
484
-
41,164
2,55,016
12,330
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40
15
-
77
5,500
-
-
39,354
(3,852)
(732)
(5,632)
-
(1)
-
1
-
-
-
11
-
-
-
(4)
-
-
-
-
24
20,207
-
(8,496)
-
-
-
291
50
9,427
18
561
5,500
61,395
2,55,016
32,972
Other Comprehensive Income
62,466
15,311 #
-
-
Total
3,81,186
54,665 (3,852)
(732)
-
-
(181)
77,596
34 11,526
4,42,827
# Includes net movement in Foreign Currency Translation Reserve.
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
314
315
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Cash Flow Statement
For the year ended 31st March, 2021
A. Cash Flow from Operating Activities
Net Profit Before Tax as per Statement of Profit and Loss
(After exceptional item and tax thereon)
Adjusted for:
Share of (Profit) / Loss of Associates and Joint Ventures
Premium on Buy back of Debentures
(Profit) / Loss on Sale / Discard of Property, Plant and Equipment and Other
Intangible Assets (Net)
Depreciation / Amortisation and Depletion Expense
Effect of Exchange Rate Change
(Profit) / Loss on Divestment of Stake
Net Gain on Financial Assets #
Exceptional Item / Tax on Exceptional Item
Dividend Income
Interest Income #
Finance Costs #
Operating Profit before Working Capital Changes
Adjusted for:
Trade and Other Receivables
Inventories
Trade and Other Payables
Cash Generated from Operations
Taxes Paid (Net)
Net Cash Flow from Operating Activities *
B.
Cash Flow from Investing Activities
Purchase of Property, Plant and Equipment and Other Intangible Assets
Proceeds from disposal of Property, Plant and Equipment and Other Intangible Assets
Purchase of Other Investments
Proceeds from Sale of Financial Assets (including advance received)
Upfront Fibre Payment
Net Cash Flow for Other Financial Assets
Interest Income
Dividend Income from Associates
Dividend Income from Others
Net Cash Flow used in Investing Activities
(` in crore)
2020-21
2019-20
55,461
53,606
(516)
194
47
26,572
(1,645)
-
(4,964)
(5,642)
(39)
(10,366)
21,027
80,129
186
(7,769)
(43,148)
29,398
(3,213)
26,185
(1,05,837)
2,319
(6,89,866)
6,42,551
-
773
8,400
26
-
(1,41,634)
(107)
60
247
22,203
107
11
(2,064)
(948)
(100)
(9,548)
21,880
85,347
(13,792)
(6,342)
38,050
1,03,263
(8,386)
94,877
(76,517)
964
(11,56,843)
11,73,329
(16,439)
1,467
1,441
18
60
(72,520)
# Other than Financial Services Segment.
* Includes amount spent in cash towards Corporate Social Responsibility is ` 1,140 crore (Previous Year ` 1,022 crore).
C.
Cash Flow from Financing Activities
Proceeds from Issue of Equity Share Capital
Proceeds from Issue of Share Capital to Non-Controlling Interest /
Compulsory Convertible Debentures (Net of Dividend Paid)
Net Proceeds from Right Issue
Share Application Money
Payment of Lease Liabilities
Proceeds from Borrowings – Non-Current
Repayment of Borrowings – Non-Current
Borrowings – Current (Net)
Deferred Payment Liabilities
Movement in Deposits
Dividend Paid (including Dividend Distribution Tax)
Interest Paid
Net Cash Flow from / (used in) Financing Activities
Net (Decrease) / Increase in Cash and Cash Equivalents
Opening Balance of Cash and Cash Equivalents
Add: Upon addition of Subsidiaries
Closing Balance of Cash and Cash Equivalents (Refer Note 9)
(` in crore)
2020-21
2019-20
5
2,00,382
13,210
-
(1,022)
33,211
(87,240)
(29,681)
(2)
(4,700)
(3,921)
(18,340)
1,01,902
(13,547)
30,920
24
17,397
18
111
-
1
(1,062)
28,665
(18,179)
25,095
(1,370)
(2,720)
(4,592)
(28,508)
(2,541)
19,816
11,081
23
30,920
Change in Liability arising from financing activities
(` in crore)
1st April, 2020
Cash Flow
Foreign exchange
movement / Others
31st March, 2021
Borrowing – Non-Current (Refer Note 15)
Borrowing – Current (Refer Note 19)
Total
2,42,508
93,786
3,36,294
(54,029)
(29,681)
(83,710)
3,251
(4,024)
(773)
1,91,730
60,081
2,51,811
1st April, 2019
Cash Flow
Foreign exchange
movement / Others
31st March, 2020
(` in crore)
Borrowing – Non-Current (Refer Note 15)
Borrowing – Current (Refer Note 19)
Total
2,23,069
64,436
2,87,505
10,486
25,095
35,581
8,953
4,255
13,208
2,42,508
93,786
3,36,294
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
316
317
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
A. Corporate Information
The Consolidated Financial Statements comprise
financial statements of “Reliance Industries Limited”
(“the Holding Company” or “The Company”) and its
subsidiaries (collectively referred to as “the Group”) for
the year ended 31st March, 2021.
The Holding Company is a listed entity incorporated in
India. The registered office of the Company is located
at 3rd Floor, Maker Chambers IV, 222, Nariman Point,
Mumbai - 400 021, India.
The principal activities of the Group, its joint ventures
and associates consist of activities spanning across Oil
to Chemicals (O2C), Oil and Gas, Retail, Digital Services
and Financial Services. Further details about the business
operations of the Group are provided in Note 36 –
Segment Information.
B. Significant Accounting Policies
B.1 Basis of Preparation and Presentation
The Consolidated Financial Statements have been
prepared on the historical cost basis except for the
following assets and liabilities which have been measured
at fair value:
i.
Certain financial assets and liabilities (including
derivative instruments),
ii. Defined Benefit Plan’s – Plan Assets and
iii. Equity settled Share Based Payments
The Consolidated Financial Statements of the Group have
been prepared to comply with the Indian Accounting
Standards (‘Ind AS’), including the rules notified under
the relevant provisions of the Companies Act, 2013,
amended from time to time.
The Consolidated Financial Statements comprises
of Reliance Industries Limited and all its subsidiaries,
being the entities that it controls. Control is assessed
in accordance with the requirement of Ind AS 110 –
Consolidated Financial Statements.
The Consolidated Financial Statements are presented
in Indian Rupees (`) and all values are rounded
to the nearest crore (` 00,00,000), except when
otherwise indicated.
B.2 Principles of Consolidation
(a)
The financial statements of the Holding
Company and its subsidiaries are combined on a
line-by-line basis by adding together like items of
assets, liabilities, equity, incomes, expenses and
cash flows, after fully eliminating intra-group
balances and intragroup transactions.
(b) Profits or losses resulting from intra-group
transactions that are recognised in assets, such
as Inventory and Property, Plant and Equipment,
are eliminated in full.
318
(c)
In case of foreign subsidiaries, revenue items
are consolidated at the average rate prevailing
during the year. All assets and liabilities are
converted at rates prevailing at the end of
the year. Any exchange difference arising on
consolidation is recognised in the Foreign
Currency Translation Reserve (FCTR).
(d) The audited/unaudited financial statements of
foreign subsidiaries/joint ventures/associates
have been prepared in accordance with the
Generally Accepted Accounting Principle of its
Country of Incorporation or Ind AS.
(e)
The differences in accounting policies of the
Holding Company and its subsidiaries/joint
ventures/ associates are not material and
there are no material transactions from
1st January, 2021 to 31st March, 2021 in respect
of subsidiaries/joint ventures/associates having
financial year ended 31st December, 2020.
(f)
The Consolidated Financial Statements have
been prepared using uniform accounting
policies for like transactions and other events in
similar circumstances.
(g) The carrying amount of the parent’s investment
in each subsidiary is offset (eliminated) against
the parent’s portion of equity in each subsidiary.
(h) The difference between the proceeds from
disposal of investment in subsidiaries and the
carrying amount of its assets less liabilities as
on the date of disposal is recognised in the
Consolidated Statement of Profit and Loss
being the profit or loss on disposal of investment
in subsidiary.
Investment in Associates and Joint Ventures has
been accounted under the Equity Method as
per Ind AS 28 – Investments in Associates and
Joint Ventures. Investments in joint operations
are accounted using the Proportionate
Consolidation Method as per Ind AS 111 –
Joint Arrangements.
The Group accounts for its share of post-
acquisition changes in net assets of associates
and joint ventures, after eliminating unrealised
profits and losses resulting from transactions
between the Group and its associates and
joint ventures.
(i)
(j)
(k) Non-Controlling Interest’s share of profit/loss
of consolidated subsidiaries for the year is
identified and adjusted against the income of
the Group in order to arrive at the net income
attributable to shareholders of the Company.
(l)
Non-Controlling Interest’s share of net assets
of consolidated subsidiaries is identified and
presented in the Consolidated Balance Sheet.
B.3 Summary of Significant
Accounting Policies
(a) Current and Non-Current Classification
The Group presents assets and liabilities in the
Balance Sheet based on Current/Non-Current
classification.
An asset is treated as Current when it is –
-
-
-
-
Expected to be realised or intended
to be sold or consumed in normal
operating cycle;
Held primarily for the purpose of trading;
Expected to be realised within twelve
months after the reporting period, or
Cash or cash equivalent unless restricted
from being exchanged or used to settle a
liability for at least twelve months after the
reporting period.
All other assets are classified as Non-Current.
A liability is treated as Current when –
-
-
-
-
It is expected to be settled in normal
operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months
after the reporting period, or
There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period.
The Group classifies all other liabilities
as Non-Current.
Deferred Tax Assets and Liabilities are classified
as Non-Current Assets and Liabilities.
(b) Business Combination
Business Combinations are accounted for using
the acquisition method of accounting, except
for common control transactions which are
accounted using the pooling of interest method
that is accounted at carrying values.
The cost of an acquisition is measured at the
fair value of the assets transferred, equity
instruments issued and liabilities assumed at
their acquisition date i.e. the date on which
control is acquired. Contingent consideration
to be transferred is recognised at fair value
and included as part of cost of acquisition.
Transaction related costs are expensed in the
period in which the costs are incurred.
For each business combination, the Group
elects whether to measure the non-controlling
interests in the acquiree at fair value or at
the proportionate share of the acquiree’s
identifiable net assets.
Goodwill arising on business combination is
initially measured at cost, being the excess of
the aggregate of the consideration transferred
and the amount recognised for non-controlling
interests, and any previous interest held, over
the fair value of net identifiable assets acquired
and liabilities assumed. After initial recognition,
Goodwill is tested for impairment annually
and measured at cost less any accumulated
impairment losses if any.
Common control business combination:
Business combinations involving entities or
businesses that are controlled by the group are
accounted using the pooling of interest method.
(c) Property, Plant and Equipment
Property, Plant and Equipment are stated at
cost, net of recoverable taxes, trade discount
and rebates less accumulated depreciation and
impairment losses, if any. Such cost includes
purchase price, borrowing cost and any cost
directly attributable to bringing the assets
to its working condition for its intended use,
net charges on foreign exchange contracts
and adjustments arising from exchange rate
variations attributable to the assets. In case of
land the Group has availed fair value as deemed
cost on the date of transition to Ind AS.
Subsequent costs are included in the asset’s
carrying amount or recognised as a separate
asset, as appropriate, only when it is probable
that future economic benefits associated with
the item will flow to the entity and the cost
can be measured reliably. Property, Plant and
Equipment which are significant to the total cost
of that item of Property, Plant and Equipment
and having different useful life are accounted
separately. Other Indirect Expenses incurred
relating to project, net of income earned during
the project development stage prior
to its intended use, are considered as
pre-operative expenses and disclosed under
Capital Work-in-Progress.
Depreciation on Property, Plant and Equipment
is provided using straight-line method except
in case of certain assets from Oil to Chemical
Segment which are depreciated using
written down value method. Depreciation
on wireless telecommunications equipment
and components is determined based on
the expected pattern of consumption of
the expected future economic benefits.
Depreciation is provided based on useful life
of the assets as prescribed in Schedule II to the
Companies Act, 2013 except in respect of the
following assets, where useful life is different
than those prescribed in Schedule II.
319
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited The Group, as a lessor, classifies a lease either as
an operating lease or a finance lease. Leases are
classified as finance lease whenever the terms
of the lease transfer substantially all the risks
and rewards of ownership to the lessee. All other
leases are classified as operating leases.
(e) Other Intangible Assets
Other Intangible Assets are stated at cost of
acquisition net of recoverable taxes, trade
discount and rebates less accumulated
amortisation/depletion and impairment
loss, if any. Such cost includes purchase
price, borrowing costs, and any cost directly
attributable for preparing the asset for its
intended use, net charges on foreign exchange
contracts and adjustments arising from
exchange rate variations attributable to the
Other Intangible Assets. In case of certain
Other Intangible Assets, the Group has availed
fair value as deemed cost on the date of
transition to Ind AS.
Subsequent costs are included in the asset’s
carrying amount or recognised as a separate
asset, as appropriate, only when it is probable
that future economic benefits associated with
the item will flow to the entity and the cost can
be measured reliably.
Other Indirect Expenses incurred relating to
project, net of income earned during the project
development stage prior to its intended use,
are considered as pre-operative expenses
and disclosed under Intangible Assets
under Development.
Gains or losses arising from derecognition of
an Other Intangible Asset are measured as the
difference between the net disposal proceeds
and the carrying amount of the asset and are
recognised in the Consolidated Statement of
Profit and Loss when the asset is derecognised.
The Group’s Other Intangible Assets include
assets with finite and indefinite useful life.
Assets with finite useful life are amortised on
a straight-line basis over their expected useful
life and assets with indefinite useful lives are
not amortised but are tested for impairment
annually at the cash generating unit level.
A summary of the amortisation/depletion
policies applied to the Group’s Other
Intangible Assets to the extent of depreciable
amount is as follows.
Particular
Depreciation
Fixed Bed Catalyst (useful
life: 2 years or more)
Over its useful life as
technically assessed.
Fixed Bed Catalyst (useful
life: up to 2 years)
100% depreciated in
the year of addition.
Premium on Leasehold
Land (range upto 99 years)
Over the
period of lease term.
Plant and Machinery (useful
life: 25 to 50 years)
Over its useful life as
technically assessed.
The residual values, useful lives and methods of
depreciation of Property, Plant and Equipment
are reviewed at each financial year end and
adjusted prospectively, if appropriate. Gains or
losses arising from derecognition of a Property,
Plant and Equipment are measured as the
difference between the net disposal proceeds
and the carrying amount of the asset and are
recognised in the Consolidated Statement of
Profit and Loss when the asset is derecognised.
(d) Leases
The Group, as a lessee, recognises a right-of-
use asset and a lease liability for its leasing
arrangements, if the contract conveys the right
to control the use of an identified asset.
The contract conveys the right to control the
use of an identified asset, if it involves the
use of an identified asset and the Group has
substantially all of the economic benefits from
use of the asset and has right to direct the use
of the identified asset. The cost of the right-of-
use asset shall comprise of the amount of the
initial measurement of the lease liability adjusted
for any lease payments made at or before the
commencement date plus any initial direct costs
incurred. The right-of-use assets is subsequently
measured at cost less any accumulated
depreciation, accumulated impairment losses,
if any and adjusted for any remeasurement
of the lease liability. The right-of-use asset is
depreciated using the straight-line method from
the commencement date over the shorter of
lease term or useful life of right-of-use asset.
The Group measures the lease liability at the
present value of the lease payments that are not
paid at the commencement date of the lease.
The lease payments are discounted using the
interest rate implicit in the lease, if that rate can
be readily determined. If that rate cannot be
readily determined, the Group uses incremental
borrowing rate.
For short-term and low value leases, the
Group recognises the lease payments as an
operating expense on a straight-line basis over
the lease term.
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Particular
Depreciation
Technical Know-How Over the useful life of the underlying assets ranging from 5 years to 35 years.
Computer Software Over a period of 5 to 10 years.
Development Rights Depleted using the unit of production method. The cost of producing wells along with its related facilities
including decommissioning costs are depleted in proportion of oil and gas production achieved vis-à-vis
Proved Developed Reserves. The cost for common facilities including its decommissioning costs are
depleted using Proved Reserves.
License Fee
Spectrum Fees
Amortised over the remainder of the License period from the date of commencement of the
commercial operation.
Amortised from the date of commencement of commercial operation over the balance validity period,
based on the expected pattern of consumption of the expected future economic benefits, in accordance
with the applicable Accounting Standards.
Others
In case of Jetty, the aggregate amount amortised to date is not less than the aggregate rebate
availed by the Group.
The amortisation period and the amortisation
method for Other Intangible Assets with a finite
useful life are reviewed at each reporting date.
(i)
(j)
(f) Research and Development Expenditure
Revenue expenditure pertaining to research is
charged to the Consolidated Statement of Profit
and Loss as and when incurred. Development
costs are capitalised as an intangible asset
if it can be demonstrated that the project is
expected to generate future economic benefits,
it is probable that those future economic
benefits will flow to the entity and the costs
of the asset can be measured reliably, else it
is charged to the Consolidated Statement of
Profit and Loss.
(g) Cash and Cash Equivalents
Cash and Cash Equivalents comprise of cash on
hand, cash at bank, short-term deposits and
short-term highly liquid investments that are
readily convertible to known amounts of cash
and which are subject to an insignificant risk of
changes in value.
(h) Finance Costs
Borrowing costs include exchange differences
arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the
interest cost. Borrowing costs that are directly
attributable to the acquisition or construction
of qualifying assets are capitalised as part of
the cost of such assets. A qualifying asset is
one that necessarily takes substantial period of
time to get ready for its intended use. Interest
income earned on the temporary investment of
specific borrowings pending their expenditure
on qualifying assets is deducted from the
borrowing costs eligible for capitalisation.
All other borrowing costs are charged to the
Consolidated Statement of Profit and Loss for
the period for which they are incurred.
Inventories
IItems of inventories are measured at lower of
cost and net realisable value after providing
for obsolescence, if any, except in case of
by-products which are valued at net realisable
value. Cost of inventories comprises of cost of
purchase, cost of conversion and other costs
including manufacturing overheads net of
recoverable taxes incurred in bringing them to
their respective present location and condition.
Cost of finished goods, work-in-progress, raw
materials, chemicals, stores and spares, packing
materials, trading and other products are
determined on weighted average basis.
Impairment of Non-Financial Assets —
Property, Plant and Equipment, Goodwill
and Other Intangible Assets
The Group assesses at each reporting date
as to whether there is any indication that any
Property, Plant and Equipment, Goodwill
and Other Intangible Assets or group of
assets, called Cash Generating Units (CGU)
may be impaired. If any such indication
exists, the recoverable amount of an asset
or CGU is estimated to determine the extent
of impairment, if any. When it is not possible
to estimate the recoverable amount of an
individual asset, the Group estimates the
recoverable amount of the CGU to which
the asset belongs.
An impairment loss is recognised in the
Consolidated Statement of Profit and Loss to
the extent, asset’s carrying amount exceeds its
recoverable amount. The recoverable amount
is higher of an asset’s fair value less cost of
disposal and value in use. Value in use is based
on the estimated future cash flows, discounted
to their present value using pre-tax discount
rate that reflects current market assessments of
the time value of money and risk specific to the
assets. The impairment loss recognised in prior
accounting period is reversed if there has been a
change in the estimate of recoverable amount.
321
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited (k) Provisions
Provisions are recognised when the Group has
a present obligation (legal or constructive) as
a result of a past event, it is probable that an
outflow of resources embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation. If the effect of the
time value of money is material, provisions are
discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific
to the liability. When discounting is used, the
increase in the provision due to the passage of
time is recognised as a finance cost.
Provision for Decommissioning
Liability
The Group records a provision for
decommissioning costs towards site restoration
activity. Decommissioning costs are provided
at the present value of future expenditure using
a current pre-tax rate expected to be incurred
to fulfill decommissioning obligations and are
recognised as part of the cost of the underlying
assets. Any change in the present value of the
expenditure, other than unwinding of discount
on the provision, is reflected as adjustment to
the provision and the corresponding asset. The
change in the provision due to the unwinding
of discount is recognised in the Consolidated
Statement of Profit and Loss.
(l) Contingent Liability
Disclosure of contingent liability is made when
there is a possible obligation arising from past
events, the existence of which will be confirmed
only by the occurrence or non-occurrence of
one or more uncertain future events not wholly
within the control of the Group or a present
obligation that arises from past events where
it is either not probable that an outflow of
resources embodying economic benefits will
be required to settle or a reliable estimate of
amount cannot be made.
exceeds the contribution already paid, the
deficit payable to the scheme is recognised
as a liability. If the contribution already paid
exceeds the contribution due for services
received before the balance sheet date, then
excess is recognised as an asset to the extent
that the pre-payment will lead to, for example, a
reduction in future payment or refund.
Defined Benefit Plans
The Group pays gratuity to the employees
who have completed five years of service at
the time of resignation/superannuation. The
gratuity is paid @15 days basic salary for every
completed year of service as per the Payment
of Gratuity Act, 1972. The gratuity liability
amount is contributed to the approved gratuity
fund formed exclusively for gratuity payment
to the employees. The gratuity fund has been
approved by respective Income Tax authorities.
The liability in respect of gratuity and other post-
employment benefits is calculated using the
Projected Unit Credit Method and spread over
the period during which the benefit is expected
to be derived from employees’ services.
Remeasurement gains and losses
arising from adjustments and changes in
actuarial assumptions are recognised in
the period in which they occur, in Other
Comprehensive Income.
Employee Separation Costs
The Group recognises the employee separation
cost when the scheme is announced and the
Group is demonstrably committed to it.
(n) Tax Expenses
The tax expenses for the period comprises of
Current Tax and Deferred Income Tax. Tax is
recognised in Consolidated Statement of Profit
and Loss, except to the extent that it relates to
items recognised in the Other Comprehensive
Income. In which case, the tax is also recognised
in Other Comprehensive Income.
(m) Employee Benefits Expense
i. Current Tax
Short-Term Employee Benefits
The undiscounted amount of short-term
employee benefits expected to be paid
in exchange for the services rendered by
employees are recognised as an expense
during the period when the employees
render the services.
Post-Employment Benefits
Defined Contribution Plans
The Group recognises contribution payable
to the provident fund scheme as an expense,
when an employee renders the related service.
If the contribution payable to the scheme for
service received before the balance sheet date
Current tax assets and liabilities are
measured at the amount expected to be
recovered from or paid to the taxation
authorities, based on tax rates and laws that
are enacted at the Balance sheet date.
ii. Deferred Tax
Deferred Tax is recognised on temporary
differences between the carrying amounts
of assets and liabilities in the financial
statements and the corresponding tax
bases used in the computation of taxable
profit. Deferred Tax Assets are recognised
to the extent it is probable that taxable
profit will be available against which the
322
deductible temporary differences, and
the carry forward of unused tax losses can
be utilised. Deferred Tax Liabilities and
Assets are measured at the tax rates that
are expected to apply in the period in which
the liability is settled or the asset realised,
based on tax rates (and tax laws) that have
been enacted or substantively enacted
by the end of the reporting period. The
carrying amount of deferred tax liabilities
and assets are reviewed at the end of each
reporting period.
(o) Share Based Payments
Equity-settled share based payments to
employees and others providing similar services
are measured at the fair value of the equity
instruments at the grant date. Details regarding
the determination of the fair value of equity-
settled share based payments transactions are
set out in Note 26.2. The fair value determined
at the grant date of the equity-settled share
based payments is expensed on a straight-line
basis over the vesting period, based on the
Group’s estimate of equity instruments that will
eventually vest, with a corresponding increase
in equity. At the end of each reporting period,
the Group revises its estimate of the number
of equity instruments expected to vest. The
impact of the revision of the original estimates,
if any, is recognised in Consolidated Statement
of Profit and Loss such that the cumulative
expenses reflects the revised estimate, with a
corresponding adjustment to the Share Based
Payments Reserve. The dilutive effect of
outstanding options is reflected as additional
share dilution in the computation of diluted
earnings per share.
(p) Foreign Currencies Transactions
and Translation
Transactions in foreign currencies are recorded
at the exchange rate prevailing on the date of
transaction. Monetary assets and liabilities
denominated in foreign currencies are translated
at the functional currency’s closing rates of
exchange at the reporting date.
Exchange differences arising on settlement or
translation of monetary items are recognised
in Consolidated Statement of Profit and Loss
except to the extent of exchange differences
which are regarded as an adjustment to interest
costs on foreign currency borrowings that
are directly attributable to the acquisition or
construction of qualifying assets, are capitalised
as cost of assets. Additionally, exchange gains
or losses on foreign currency borrowings taken
prior to April 1, 2016, which are related to the
acquisition or construction of qualifying assets
are adjusted in the carrying cost of such assets.
Non-monetary items that are measured in
terms of historical cost in a foreign currency are
recorded using the exchange rates at the date of
the transaction. Non-monetary items measured
at fair value in a foreign currency are translated
using the exchange rates at the date when the
fair value was measured. The gain or loss arising
on translation of non-monetary items measured
at fair value is treated in line with the recognition
of the gain or loss on the change in fair value of
the item (i.e. translation differences on items
whose fair value gain or loss is recognised in
Other Comprehensive Income or Statement
of Profit and Loss are also recognised in Other
Comprehensive Income or Statement of Profit
and Loss, respectively).
In case of an asset, expense or income where
a non-monetary advance is paid/received,
the date of transaction is the date on which
the advance was initially recognised. If
there were multiple payments or receipts in
advance, multiple dates of transactions are
determined for each payment or receipt of
advance consideration.
(q) Revenue Recognition
Revenue from contracts with customers is
recognised when control of the goods or
services are transferred to the customer at an
amount that reflects the consideration entitled
in exchange for those goods or services.
The Group is generally the principal as it
typically controls the goods or services before
transferring them to the customer.
Generally, control is transferred upon shipment
of goods to the customer or when the goods
is made available to the customer, provided
transfer of title to the customer occurs and the
Group has not retained any significant risks of
ownership or future obligations with respect to
the goods shipped.
Revenue from rendering of services is
recognised over time by measuring the progress
towards complete satisfaction of performance
obligations at the reporting period.
Revenue is measured at the amount of
consideration which the group expects to be
entitled to in exchange for transferring distinct
goods or services to a customer as specified in
the contract, excluding amounts collected on
behalf of third parties (for example taxes and
duties collected on behalf of the government).
Consideration is generally due upon satisfaction
of performance obligations and a receivable
is recognised when it becomes unconditional.
Generally, the credit period varies between 0-60
days from the shipment or delivery of goods or
services as the case may be.
323
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
The Group provides volume rebates to certain
customers once the quantity of products
purchased during the period exceeds a
threshold specified and also accrues discounts
to certain customers based on customary
business practices which is derived on the basis
of crude price volatility and various market
demand – supply situations. Consideration are
determined based on its most likely amount.
Generally, sales of petroleum products contain
provisional pricing features where revenue is
initially recognised based on provisional price.
Difference between final settlement price and
provisional price is recognised subsequently.
The Group does not adjust short-term advances
received from the customer for the effects of
significant financing component if it is expected
at the contract inception that the promised good
or service will be transferred to the customer
within a period of one year.
Contract Balances
Trade Receivables
A receivable represents the Group’s right to an
amount of consideration that is unconditional.
Contract Liabilities
A contract liability is the obligation to transfer
goods or services to a customer for which
the Group has received consideration (or
an amount of consideration is due) from the
customer. If a customer pays consideration
before the Group transfers goods or services to
the customer, a contract liability is recognised
when the payment is made or the payment is
due (whichever is earlier). Contract liabilities
are recognised as revenue when the Group
performs under the contract.
Interest Income
Interest Income from a financial
asset is recognised using Effective
Interest Rate Method.
Dividend Income
Dividend Income is recognised when the
Group’s right to receive the amount has
been established.
(r) Financial Instruments
i. Financial Assets
A.
Initial Recognition and Measurement
All financial assets are initially recognised at
fair value. Transaction costs that are directly
attributable to the acquisition or issue of
financial assets, which are not at Fair Value
Through Profit or Loss, are adjusted to the
fair value on initial recognition. Purchase
and sale of financial assets are recognised
using trade date accounting. .
324
B. Subsequent Measurement
a)
Financial assets measured at
Amortised Cost (AC)
A financial asset is measured at Amortised
Cost if it is held within a business model
whose objective is to hold the asset in
order to collect contractual cash flows
and the contractual terms of the financial
asset give rise to cash flows on specified
dates that represent solely payments
of principal and interest on the principal
amount outstanding.
b)
Financial Assets measured at Fair
Value Through Other Comprehensive
Income (FVTOCI)
A financial asset is measured at FVTOCI if
it is held within a business model whose
objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the
financial asset give rise on specified
dates to cash flows that represent solely
payments of principal and interest on the
principal amount outstanding.
c)
Financial Assets measured at Fair
Value Through Profit or Loss (FVTPL)
A financial asset which is not classified
in any of the above categories are
measured at FVTPL.
Financial assets are reclassified subsequent
to their recognition, if the Group changes
its business model for managing those
financial assets. Changes in business model
are made and applied prospectively from
the reclassification date which is the first
day of immediately next reporting period
following the changes in business model in
accordance with principles laid down under
Ind AS 109 – Financial Instruments.
C. Other Equity Investments
All other equity investments are measured
at fair value, with value changes recognised
in Consolidated Statement of Profit and
Loss, except for those equity investments
for which the Group has elected to
present the value changes in ‘Other
Comprehensive Income’.
However, dividend on such equity
investments is recognised in Statement of
Profit and Loss when the Company’s right
to receive payment is established.
D.
Impairment of Financial Assets
In accordance with Ind AS 109, the Group
uses ‘Expected Credit Loss’ (ECL) model,
for evaluating impairment of financial assets
other than those measured at Fair Value
Through Profit and Loss (FVTPL). Expected
Credit Losses are measured through a loss
allowance at an amount equal to:
• The 12-months expected credit losses
(expected credit losses that result from
those default events on the financial
instrument that are possible within 12
months after the reporting date); or
• Full lifetime expected credit losses
(expected credit losses that result from all
possible default events over the life of the
financial instrument).
For trade receivables, the Group applies
‘simplified approach’ which requires
expected lifetime losses to be recognised
from initial recognition of the receivables.
The Group uses historical default rates to
determine impairment loss on the portfolio
of trade receivables. At every reporting date
these historical default rates are reviewed
and changes in the forward-looking
estimates are analysed.
For other assets, the Group uses 12
month Expected Credit Loss to provide
for impairment loss where there is no
significant increase in credit risk. If there is
significant increase in credit risk full lifetime
Expected Credit Loss is used.
ii. Financial Liabilities
A.
Initial Recognition and Measurement
All financial liabilities are recognised at fair
value and in case of borrowings, net of
directly attributable cost. Fees of recurring
nature are directly recognised in the
Consolidated Statement of Profit and Loss
as finance cost.
B. Subsequent Measurement
Financial Liabilities are carried at amortised
cost using the effective interest method.
For trade and other payables maturing
within one year from the balance sheet
date, the carrying amounts approximate
fair value due to the short maturity of
these instruments.
iii. Derivative Financial
Instruments and Hedge
Accounting
The Group uses various derivative financial
instruments such as interest rate swaps,
currency swaps, forwards and options and
commodity contracts to mitigate the risk of
changes in interest rates, exchange rates
and commodity prices. At the inception of
a hedge relationship, the Group formally
designates and documents the hedge
relationship to which the Group wishes
to apply hedge accounting and the risk
management objective and strategy for
undertaking the hedge. Such derivative
financial instruments are initially recognised
at fair value on the date on which a
derivative contract is entered into and
are also subsequently measured at fair
value. Derivatives are carried as financial
assets when the fair value is positive
and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes
in the fair value of derivatives are taken
directly to Consolidated Statement of Profit
and Loss, except for the effective portion
of cash flow hedge which is recognised in
Other Comprehensive Income and later to
Consolidated Statement of Profit and Loss,
when the hedged item affects profit or loss
or is treated as basis adjustment if a hedged
forecast transaction subsequently results
in the recognition of a non-financial asset or
non-financial liability.
Hedges that meet the criteria for hedge
accounting are accounted for as follows:
A. Cash Flow Hedge
The Group designates derivative contracts
or non-derivative financial assets/liabilities
as hedging instruments to mitigate the risk
of movement in interest rates and foreign
exchange rates for foreign exchange
exposure on highly probable future cash
flows attributable to a recognised asset
or liability or forecast cash transactions.
When a derivative is designated as a cash
flow hedging instrument, the effective
portion of changes in the fair value of the
derivative is of Profit and Loss as finance
cost, recognised in the cash flow hedging
reserve being part of Other Comprehensive
Income. Any ineffective portion of
changes in the fair value of the derivative is
recognised immediately in the Consolidated
Statement of Profit and Loss. If the hedging
relationship no longer meets the criteria for
hedge accounting, then hedge accounting
is discontinued prospectively. If the hedging
instrument expires or is sold/terminated
or exercised, the cumulative gain or loss
on the hedging instrument recognised in
cash flow hedging reserve till the period
the hedge was effective remains in cash
flow hedging reserve until the underlying
transaction occurs. The cumulative gain
or loss previously recognised in the cash
flow hedging reserve is transferred to the
Consolidated Statement of Profit and Loss
upon the occurrence of the underlying
325
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
transaction. If the forecasted transaction
is no longer expected to occur, then the
amount accumulated in cash flow hedging
reserve is reclassified in the Consolidated
Statement of Profit and Loss..
B. Fair Value Hedge
The Group designates derivative contracts
or non-derivative financial assets/liabilities
as hedging instruments to mitigate the
risk of change in fair value of hedged item
due to movement in interest rates, foreign
exchange rates and commodity prices.
Changes in the fair value of hedging
instruments and hedged items that
are designated and qualify as fair value
hedges are recorded in the Consolidated
Statement of Profit and Loss. If the hedging
relationship no longer meets the criteria
for hedge accounting, the adjustment to
the carrying amount of a hedged item for
which the effective interest method is used
is amortised to Consolidated Statement of
Profit and Loss over the period of maturity.
iv. Derecognition of Financial
Instruments
The Group derecognises a financial asset when
the contractual rights to the cash flows from the
financial asset expire or it transfers the financial
asset and the transfer qualifies for derecognition
under Ind AS 109 – Financial Instruments. A
financial liability (or a part of a financial liability) is
derecognised from the Group’s Balance Sheet
when the obligation specified in the contract is
discharged or cancelled or expires.
v. Offsetting
Financial assets and financial liabilities are offset
and the net amount is presented in the Balance
Sheet when, and only when, the Group has a
legally enforceable right to set off the amount
and it intends, either to settle them on a net
basis or to realise the asset and settle the liability
simultaneously.
their carrying amount and fair value less cost
of sell and are presented separately in the
Consolidated Balance Sheet.
(t) Accounting for Oil and Gas Activity
The Group has adopted Successful Efforts
Method (SEM) of accounting for its Oil and
Gas activities. The policy of recognition of
exploration and evaluation expenditure is
considered in line with the principle of SEM.
Seismic costs, geological and geophysical
studies, petroleum exploration license fees
and general and administration costs directly
attributable to exploration and evaluation
activities are expensed off. The costs incurred
on acquisition of interest in oil and gas blocks
and on exploration and evaluation other than
those which are expensed off are accounted
for as Intangible Assets under Development.
All development costs incurred in respect of
Proved Reserves are also capitalised under
Intangible Assets under Development. Once
a well is ready to commence commercial
production, the costs accumulated in Intangible
Assets under Development are classified as
Other Intangible Assets corresponding to
proved developed oil and gas reserves. The
exploration and evaluation expenditure which
does not result in discovery of proved oil and gas
reserves and all cost pertaining to production
are charged to the Consolidated Statement of
Profit and Loss.
The Group uses technical estimation of reserves
as per the Petroleum Resources Management
System guidelines 2011 and standard
geological and reservoir engineering methods.
The reserve review and evaluation is carried out
annually. Oil and Gas Joint Ventures are in the
nature of Joint Operations. Accordingly, assets
and liabilities as well as income and expenditure
are accounted on the basis of available
information on a line-by-line basis with similar
items in the financial statements, according to
the participating interest of the Group.
(s) Non-Current Assets held for Sale
(u) Earnings Per Share
Non-Current Assets are classified as Held for
Sale if their carrying amount will be recovered
principally through a sale transaction rather than
through continuing use and sale is considered
highly probable. A sale is considered as highly
probable when decision has been made to
sell, assets are available for immediate sale in
its present condition, assets are being actively
marketed and sale has been agreed or is
expected to be concluded within 12 months
of the date of classification. Non-current
assets held for sale are neither depreciated
nor amortised. Assets and liabilities classified
as Held for Sale are measured at the lower of
326
Basic Earnings Per Share is calculated by
dividing the net profit after tax by the weighted
average number of equity shares outstanding
during the year adjusted for bonus element
in equity share. Diluted Earnings Per Share
adjusts the figures used in determination of
basic earnings per share to take into account the
conversion of all dilutive potential equity shares.
Dilutive potential equity shares are deemed
converted as at the beginning of the period
unless issued at a later date.
C. Critical Accounting Judgements and Key
Sources of Estimation Uncertainty
The preparation of the Group’s financial statements
requires management to make judgement, estimates and
assumptions that affect the reported amount of revenue,
expenses, assets and liabilities and the accompanying
disclosures. Uncertainty about these assumptions and
estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities
affected in future periods.
(A) Estimation of Oil and Gas Reserves
The determination of the Group’s estimated oil
and natural gas reserves requires significant
judgements and estimates to be applied and these
are regularly reviewed and updated. Factors such
as the availability of geological and engineering
data, reservoir performance data, acquisition
and divestment activity, drilling of new wells, and
commodity prices all impact on the determination
of the Group’s estimates of its oil and natural gas
reserves. The Group bases it’s proved reserves
estimates on the requirement of reasonable certainty
with rigorous technical and commercial assessments
based on conventional industry practice and
regulatory requirements.
Estimates of oil and natural gas reserves are used to
calculate depletion charges for the Group’s oil and
gas properties. The impact of changes in estimated
proved reserves is dealt with prospectively by
amortising the remaining carrying value of the
asset over the expected future production. Oil and
natural gas reserves also have a direct impact on the
assessment of the recoverability of asset carrying
values reported in the financial statements. Details
on proved reserves and production both on product
and geographical basis are provided in Note 32.
(B) Decommissioning Liabilities
The liability for decommissioning costs are
recognised when the Group has an obligation to
perform site restoration activity. The recognition
and measurement of decommissioning provisions
involves the use of estimates and assumptions.
These include the timing of abandonment of well
and related facilities which would depend upon the
ultimate life of the field, expected utilisation of assets
by other fields, the scope of abandonment activity
and pre-tax rate applied for discounting.
(C) Property Plant and Equipment/Other
Intangible Assets
Estimates are involved in determining the cost
attributable to bringing the assets to the location
and condition necessary for it to be capable
of operating in the manner intended by the
management. Property, Plant and Equipment/
Other Intangible Assets are depreciated/ amortised
over their estimated useful life, after taking into
account estimated residual value. Spectrum Cost
is amortised over its balance validity period, based
on the expected pattern of consumption of the
expected future economic benefits.
Management reviews the estimated useful life and
residual values of the assets annually in order to
determine the amount of depreciation/amortisation
to be recorded during any reporting period. The
useful life and residual values are based on the
Group’s historical experience with similar assets and
take into account anticipated technological changes.
The depreciation/ amortisation for future periods
is revised if there are significant changes from
previous estimates.
(D) Recoverability of Trade Receivables
Judgements are required in assessing the
recoverability of overdue trade receivables and
determining whether a provision against those
receivables is required. Factors considered include
the credit rating of the counterparty, the amount
and timing of anticipated future payments and any
possible actions that can be taken to mitigate the risk
of non-payment.
(E) Provisions
The timing of recognition and quantification of
the liability requires the application of judgement
to existing facts and circumstances, which can
be subject to change. The carrying amounts of
provisions and liabilities are reviewed regularly
and revised to take account of changing facts
and circumstances.
(F) Impairment of Financial and
Non-Financial Assets
The impairment provisions for Financial Assets
are based on assumptions about risk of default
and expected cash loss rates. The Group uses
judgement in making these assumptions and
selecting the inputs to the impairment calculation,
based on Group’s past history, existing market
conditions as well as forward-looking estimates at
the end of each reporting period.
In case of non-financial assets the Group estimates
asset’s recoverable amount, which is higher of an
asset’s or Cash Generating Units (CGU’s) fair value
less costs of disposal and its value in use.
In assessing value in use, the estimated future cash
flows are discounted to their present value using
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are
taken into account, if no such transactions can be
identified, an appropriate valuation model is used.
327
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Goodwill and intangible assets with indefinite lives
have been allocated to the respective CGUs which
are determined at the entity level. During the year
ended March 31, 2021, the Group has determined
that there is no impairment towards these assets.
(G) Recognition of Deferred Tax Assets
and Liabilities
Deferred tax assets and liabilities are recognised
for deductible temporary differences and unused
tax losses for which there is probability of utilisation
against the future taxable profit. The Group uses
judgement to determine the amount of deferred
tax that can be recognised, based upon the likely
timing and the level of future taxable profits and
business developments.
(H) Fair Value Measurement
For estimates relating to fair value of financial
instruments refer note 35 of financial statements.
(I) Revenue
The application of Accounting Standard on
Revenue Recognition for digital segment involves
complexity and use of key judgements with respect
to multiple elements deliverables, timing of revenue
recognition, accounting of discounts, incentives, etc.
The Management has reviewed such accounting
treatment and is satisfied about its appropriateness
in terms of the relevant Ind AS.
(J) Global Health Pandemic on COVID-19 and
Fall in Crude Price
The outbreak of corona virus (COVID-19) pandemic
globally and in India is causing significant
disturbance and slowdown of economic activity. The
Group’s operations and revenue during the period
were impacted due to COVID-19. The Group has
taken into account the possible impact of COVID-19
in preparation of financial statements, including its
assessment of recoverable value of its assets based
on internal and external information upto the date of
approval of these financial statements and current
indicators of future economic conditions.
(K) Leases
The Group evaluates if an arrangement qualifies to
be a lease as per the requirements of
Ind AS 116. Identification of a lease requires
significant judgement. The Group uses judgement
in assessing whether a contract (or part of contract)
include a lease, the lease term (including anticipated
renewals), the applicable discount rate, variable
lease payments whether are in-substance fixed. The
judgement involves assessment of whether the asset
included in the contract is a fully or partly identified
asset based on the facts and circumstances,
whether the contract include a lease and non-
lease component and if so, separation thereof for
the purpose of recognition and measurement,
determination of lease term basis, inter alia the
non-cancellable period of lease and whether the
lessee intends to opt for continuing with the use
of the asset upon the expiry thereof, and whether
the lease payments are fixed are variable or a
combination of both.
1. Property, Plant and Equipment, Other Intangible Assets, Capital Work-in-Progress and
Intangible Assets under Development
Description
Property,
Plant And Equipment
Own Assets:
Land
Buildings
Plant & Machinery
Electrical Installations
Equipments $
Furniture & Fixtures
Vehicles
Ships
Aircrafts and Helicopters
Sub-Total
Right-of-Use Assets:
Land
Buildings
Plant & Machinery
Vehicles
Ships
Sub-Total
Total (A)
Other Intangible Assets *
Technical Knowhow Fees
Spectrum Cost
Software
Development Rights
Others
Total (B)
Total (A+B)
Previous Year
Capital Work-Inprogress
Intangible Assets
Under Development
Gross Block
Depreciation/Amortisation and Depletion
Net Block
As at
01-04-2020
Additions/
Adjustments^
Deductions/
Adjustments
As at
31-03-2021
As at
01-04-2020
For the
Year #
Deductions/
Adjustments@
As at
31-03-2021
As at
31-03-2021
As at
31-03-2020
(` in crore)
49,850
32,172
4,42,006
14,708
13,143
3,360
719
502
633
5,57,093
18,893
2,208
7,764
59
10
28,934
5,86,027
5,961
60,907
9,481
65,242
5,911
1,47,502
7,33,529
95
1,684
23,614
997
5,402
859
106
3
848
33,608
165
652
424
2
-
1,243
34,851
55
-
3,889
7,559
647
12,150
47,001
7
17
2,545
371
-
37
31
-
-
3,008
-
146
84
-
-
230
3,238
49,938
33,839
4,63,075
15,334
18,545
4,182
794
505
1,481
5,87,693
-
9,335
1,23,740
5,283
5,011
1,351
541
329
426
1,46,016
19,058
2,714
8,104
61
10
29,947
6,17,640
2,280
299
1,488
14
10
4,091
1,50,107
27
-
8
11,649
8
4,021
5,989
5,404
60,907
3,426
13,362
46,433
61,152
1,739
6,550
11,692 1,47,960
61,023
14,930 7,65,600 2,11,130
-
1,418
12,845
1,137
1,306
312
66
16
49
17,149
308
392
1,248
16
-
1,964
19,113
173
4,214
1,368
1,664
261
7,680
26,793
-
9
2,093
362
-
17
29
-
-
2,510
-
10,744
1,34,492
6,058
6,317
1,646
578
345
475
1,60,655
49,938
23,095
3,28,583
9,276
12,228
2,536
216
160
1,006
4,27,038
49,850
22,837
3,18,266
9,425
8,132
2,009
178
173
207
4,11,077
-
55
81
-
-
136
2,646
2,588
636
2,655
30
10
5,919
16,470
2,078
5,449
31
-
24,028
1,66,574 4,51,066
16,613
1,909
6,276
45
-
24,843
4,35,920
27
-
4
684
8
723
1,940
55,503
6,055
18,809
4,172
86,479
3,369 2,34,554 5,31,046 5,22,399
1,822
51,289
8,572
13,739
4,558
79,980
4,167
9,618
4,790
47,413
1,992
67,980
5,84,525
1,59,861
10,857
7,33,529 1,98,148
22,669
9,687
2,11,130 5,22,399
71,171
3,86,377
59,096
54,782
50,010
$ Includes Office Equipments.
* Other than internally generated.
# Depreciation / Amortisation and Depletion for the year includes depreciation of ` 99 crore capitalised during the year and ` 122 crore on account of
entities acquired during the year 2020-21. Thus, ` 26,572 crore has been considered in the Statement of Profit and Loss.
^ Additions / Adjustments in gross block for the year include ` 1,514 crore on account of entities acquired during the year 2020-21.
@ Deductions / Adjustments in Development Rights is net off impairment amounting to ` 3,793 crore relating to Shale Gas Entities.
1.1 Right-of-Use (Land) includes ` 83 crore (Previous Year ` 83 crore) in respect of which the letters of allotment are received
and supplementary agreements entered, however, lease deeds are pending execution.
1.2 Buildings includes:
i) Cost of shares in Co-operative Societies ` 2,03,700 (Previous Year ` 2,03,700).
ii)
` 135 crore (Previous Year ` 135 crore) in shares of Companies / Societies with right to hold and use certain
area of Buildings.
1.3 Other Intangible Assets – Others includes:
i)
Jetties amounting to ` 812 crore (Previous Year ` 812 crore), the Ownership of which vests with Gujarat Maritime Board.
ii)
` 7 crore (Previous Year ` 7 crore) in shares of companies with Right to hold and use Land and Buildings.
328
329
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
1.4 Capital Work-in-Progress and Intangible Assets Under Development includes:
i)
` 13,697 crore (Previous Year ` 15,684 crore) on account of Project Development Expenditure.
Particulars
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
ii)
` 10,100 crore (Previous Year ` 9,168 crore) on account of cost of construction materials at site.
1.5 Additions in Property, Plant & Equipment, Capital work-in-progress, Other Intangible Assets and Intangible assets under
Development includes ` 279 crore (net gain) [Previous Year ` 6,255 crore (net loss)] on account of exchange difference
during the year.
1.6 For Assets pledged as security – Refer Note 15.1, 15.2 and 15.3.
1.7 The Company based on internal and external technical evaluation, reassessed the estimates relating to the life of Plant &
Machinery of O2C Business. Basis this technical evaluation, the Company has revised the useful life of these O2C assets to
50 years from the respective dates of commissioning, with effect from April 01, 2020.
In Preference shares – Unquoted, Partly paid up
NW18 HSN Holdings PLC – Class O Preference Shares of USD 0.2
each, paid up USD 0.05 each
12,75,367
12,75,367
-
-
In Debentures – Unquoted, Fully paid up
Ashwani Commercials Private Limited - Zero Coupon Unsecured
Optionally Fully Convertible Debentures of ` 10 each
Reliance Services and Holdings Limited- Zero Coupon Unsecured
Optionally Fully Convertible Debentures of ` 10 each
13,55,90,000
136
13,55,90,000
-
-
9,97,50,000
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
In Share Warrant – Unquoted, Partly paid up
NW18 HSN Holdings PLC – Share Warrant of USD 10 each, paid
up USD 0.01 each
24,18,393
Particulars
2.
A.
Investments – Non-Current
Investment in Associates
Investments measured at Cost (accounted
using Equity Method)
In Equity Shares – Quoted, Fully paid up
Reliance Industrial Infrastructure Limited of ` 10 each
GTPL Hathway Limited of ` 10 each
In Equity Shares – Unquoted, Fully paid up
Big Tree Entertainment Private Limited of ` 10 each
CCN DEN Network Private Limited of ` 10 each
Clayfin Technologies Private Limited of ` 10 each
DEN ADN Network Private Limited of ` 10 each
Den Satellite Network Private Limited of ` 10 each
Eenadu Television Private Limited of ` 10 each
Gaurav Overseas Private Limited of ` 10 each [` 27,38,845;
(Previous Year ` 27,97,720)]
Gujarat Chemical Port Limited of ` 1 each (Formerly known as
Gujarat Chemical Port Terminal Company Limited)
Hathway VCN Cablenet Private Limited of ` 10 each [` 27,91,952]
Indian Vaccines Corporation Limited of ` 10 each [` 12,36,383;
(Previous Year ` 18,50,655)]
NW18 HSN Holdings Plc. of USD 0.2 each
Pan Cable Services Private Limited of ` 10 each
Reliance Europe Limited of Sterling Pound 1 each
Reliance Services and Holdings Limited of ` 10 each
Jamnagar Utilities and Power Private Limited Class A
shares of ` 1 each [` 40,72,000; (Previous Year ` 40,72,000)]
Vadodra Enviro Channel Limited of ` 10 Each [` 1,43,020;
(Previous Year ` 1,43,020)]
Vay Network Services Private Limited of ` 2 each [` 39,14,826;
(Previous Year ` 39,14,826)]
In Preference Shares – Unquoted, Fully paid up
Big Tree Entertainment Private Limited - Compulsorily Convertible
Preference Shares Series B of ` 1,000 each
Reliance Services and Holdings Limited - 6% Non-Cumulative
Redeemable Preference Shares of `1000 each
Big Tree Entertainment Private Limited – Compulsorily Convertible
Preference Shares Series B1 of ` 10 each
Big Tree Entertainment Private Limited - Compulsorily Convertible
Preference Shares Series C of ` 1,000 each
Big Tree Entertainment Private Limited – Compulsorily Convertible
Preference Shares Series C1 of ` 10 each
Big Tree Entertainment Private Limited - Compulsorily Convertible
Preference Shares Series D of ` 10 each
330
68,60,064
4,26,97,825
17,04,279
20,40,000
35,93,552
19,38,000
50,295
60,94,190
3,23,000
210
436
646
-
-
25
3
58
437
-
68,60,064
4,26,97,825
17,04,279
20,40,000
35,93,552
19,38,000
50,295
60,94,190
3,23,000
190
380
570
-
-
23
3
66
375
-
64,29,20,000
538
64,29,20,000
430
12,520
62,63,125
92,62,233
10
11,08,500
50,000
52,32,000
14,302
19,57,413
-
-
-
-
41
11,854
-
-
-
12,956
12,520
62,63,125
92,62,233
10
11,08,500
50,000
52,32,000
14,302
19,57,413
-
-
-
-
39
-
-
-
-
936
1,156
-
1,156
-
17,64,66,916
17,647
17,64,66,916
16,175
2,31,200
1,807
3,61,400
-
-
-
2,31,200
1,807
3,61,400
-
17
-
3,41,857
212
3,41,857
278
17,859
16,470
In Limited Liability Partnership
GenNext Ventures Investment Advisers LLP [` 31,17,337;
(Previous Year ` 25,60,426)]
In Corpus of Trust
Unquoted
Investment in Corpus of Petroleum Trust
A.
B.
Total Investments in Associates
Investment in Joint Ventures
Investment measured at Cost (accounted
using Equity Method)
In Equity Shares – Quoted, Fully paid up
Alok Industries Limited of ` 1 each (Refer Note 40.2)
In Equity Shares – Unquoted, Fully paid up
Brooks Brothers India Private Limited of ` 10 each
Burberry India Private Limited of ` 10 each
Canali India Private Limited of ` 10 each
Dadri Toe Warehousing Private Limited of ` 10 each
Diesel Fashion India Reliance Private Limited of ` 10 each
D.E. Shaw India Securities Private Limited of ` 10 each
Football Sports Development Limited of ` 10 each
Hathway Bhaskar CCN Multi Entertainment Private
Limited of ` 10 each
Hathway Bhawani NDS Network Limited of ` 500 each
[` 32,97,641; (Previous Year ` 33,14,237)]
Hathway Cable MCN Nanded Private Limited of ` 10 each
(Previous Year ` 45,86,231)
Hathway CBN Multinet Private Limited of ` 10 each
Hathway CCN Entertainment (India) Private Limited of ` 10 each
Hathway CCN Multinet Private Limited of ` 10 each
Hathway Channel 5 Cable and Datacom Private
Limited of ` 10 each
Hathway Dattatray Cable Network Private Limited of ` 10 each
Hathway Digital Saharanpur Cable & Datacom Private
Limited of ` 10 each
Hathway ICE Television Private Limited of ` 10 each
Hathway Latur MCN Cable & Datacom Private Limited of ` 10
each [` 12,11,163]
Hathway MCN Private Limited of ` 10 each
Hathway Sai Star Cable & Datacom Private Limited of ` 10 each
Hathway Sonali OM Crystal Cable Private Limited of ` 10 each
Hathway Palampur Cable Network Private Limited of ` 10 each
-
-
136
100
236
-
-
-
-
27,119
27,119
45,331
24,18,393
136
-
-
-
-
46,195
46,195
77,792
1,98,65,33,333
263
-
-
2,45,00,000
2,23,22,952
1,22,50,000
1,00,000
5,65,95,000
1,07,00,000
14,85,711
7,000
15,810
13,05,717
25,500
2,55,000
2,42,250
2,49,000
20,400
10,200
1,02,000
51,000
9,63,000
68,850
68,000
15,300
15
38
16
24
15
1
131
-
-
1
2
4
7
-
-
-
-
-
7
9
1
-
2,45,00,000
2,23,22,952
1,22,50,000
-
5,65,95,000
1,07,00,000
10,80,141
7,000
15,810
13,05,717
25,500
2,55,000
2,42,250
2,49,000
20,400
10,200
1,02,000
51,000
9,63,000
68,850
68,000
15,300
15
33
15
-
17
1
41
-
-
-
1
4
7
-
-
-
-
-
5
11
1
-
331
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
2,29,500
86,25,000
25,05,000
-
2,25,00,000
16,24,00,000
81,42,722
-
-
39
-
9
88
40
2,29,500
86,25,000
25,05,000
5,33,60,074
1,50,00,000
16,24,00,000
81,42,722
-
-
39
157
6
152
49
9,51,16,546
160
9,51,16,546
194
5,000
48,50,000
1,21,00,000
1,35,00,000
9,70,00,000
5,00,000
2,48,92,000
1,37,20,000
10,821
87,45,000
5,000
2,98,44,272
84,933
80,046
79,914
85,280
79,914
79,914
1,97,48,739
1,86,12,443
1,85,81,663
1,98,29,430
1,85,81,663
1,85,81,663
2,20,000
2,49,999
1
20,35,250
-
-
5
5
5
7
4
16
13
5
-
-
4
1
1
1
1
1
1
207
200
189
199
187
188
1,847
-
5
-
7
250
262
-
2,372
3
4
5
5
6
2
17
14
5
7
-
5
1
1
1
1
1
1
196
188
177
187
175
176
1,926
-
5
-
9
-
14
-
1,940
Particulars
Hathway Prime Cable & Datacom Private Limited of ` 10 each
IBN Lokmat News Private Limited of ` 10 each
Iconix Lifestyle India Private Limited of ` 10 each
RISE Worldwide Limited ( Formerly IMG Reliance
Limited) of ` 10 each
India Gas Solutions Private Limited of ` 10 each
Jio Payments Bank Limited of ` 10 each
Marks and Spencer Reliance India Private Limited (Class A
Shares of ` 10 each)
Marks and Spencer Reliance India Private Limited (Class C
Shares of ` 5 each)
Net 9 Online Hathway Private Limited of ` 10 each
Reliance Bally India Private Limited of ` 10 each
Reliance Paul & Shark Fashions Private Limited of ` 10 each
Reliance-GrandVision India Supply Private Limited of ` 10 each
Reliance-Vision Express Private Limited of ` 10 each
Pipeline Management Services Private Limited of ` 10 each
Ryohin-Keikaku Reliance India Private Limited of ` 10 each
TCO Reliance India Private Limited of ` 10 each
Ubona Technologies Private Limited of ` 10 each
V&B Lifestyle India Private Limited of ` 10 each
Reliance Sideways Private Limited of ` 10 each
Zegna South Asia Private Limited of ` 10 each
Ethane Crystal LLC Class A Share of $1 each
Ethane Emerald LLC Class A Share of $1 each
Ethane Opal LLC Class A Share of $1 each
Ethane Pearl LLC Class A Share of $1 each
Ethane Sapphire LLC Class A Share of $1 each
Ethane Topaz LLC Class A Share of $1 each
Ethane Crystal LLC Class C Share of $1 each
Ethane Emerald LLC Class C Share of $1 each
Ethane Opal LLC Class C Share of $1 each
Ethane Pearl LLC Class C Share of $1 each
Ethane Sapphire LLC Class C Share of $1 each
Ethane Topaz LLC Class C Share of $1 each
5,000
48,50,000
1,31,00,000
1,35,00,000
10,20,00,000
5,00,000
2,48,92,000
1,37,20,000
10,821
-
5,000
2,98,44,272
84,933
80,046
79,914
85,280
79,914
79,914
1,97,48,739
1,86,12,443
1,85,81,663
1,98,29,430
1,85,81,663
1,85,81,663
In Preference Shares – Unquoted, Fully paid up
IBN Lokmat News Private Limited – 0.10% Non-Cumulative
Redeemable Preference Shares Series “I” of ` 100 each
IBN Lokmat News Private Limited – 0.10% Non-Cumulative
Redeemable Preference Shares Series “II” of ` 100 each
IBN Lokmat News Private Limited – 0.01% Optionally Convertible
Non- Cumulative Redeemable Preference Share Series
“II” of ` 100 each
IBN Lokmat News Private Limited – 0.10% Non-Cumulative
Redeemable Preference Shares Series “III” of ` 100 each
Alok Industries Limited of ` 1 each – Preference Share
(Refer Note 40.2)
2,20,000
2,49,999
1
20,35,250
2,50,00,00,000
In Limited Liability Partnership
Hathway SS Cable & Datacom LLP [` 11,52,820]
Total Investments in Joint Ventures
332
Particulars
C.
Other Investments
Investment measured at Amortised Cost
In Government Securities – Unquoted
6 Years National Savings Certificate (Deposited with Sales Tax
Department and Other Government Authorities) [` 45,08,847;
(Previous Year ` 45,08,847)]
In Debentures or Bonds – Quoted, Fully paid up
Summit Digitel Infrastructure Private Limited (Earlier Reliance Jio
Infratel Private Limited) – Secured Redeemable Non-Convertible
Debentures of ` 10,00,000 each (Series 5)
In Debentures or Bonds – Unquoted, Fully paid up
Jio Digital Fibre Private Limited – 9%
Non-convertible Debentures of ` 10,00,000 each
Summit Digitel Infrastructure Private Limited
(Earlier Reliance Jio Infratel Private Limited) – 9%
Non-convertible Debentures of ` 10,00,000 each
Jio Digital Fibre Private Limited – Secured Redeemable
Non-Convertible Debentures of ` 10,00,000 each (Series PPD1)
Jio Digital Fibre Private Limited – Secured Redeemable Non-
Convertible Debentures of ` 10,00,000 each (Series PPD2)
Jio Digital Fibre Private Limited – Secured Redeemable Non-
Convertible Debentures of ` 10,00,000 each (Series PPD3)
Yes Bank Limited – Unsecured Redeemable Non-Convertible,
Upper Tier II Bonds of ` 10,00,000 each
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
-
-
1,18,360
11,880
-
11,880
-
-
-
-
-
-
-
-
2,53,420
27,394
1,18,360
12,795
60,000
6,000
1,00,000
10,000
93,420
9,342
-
-
-
-
-
30
-
-
-
3
25,342
40,192
In Units
PTC – Master Trust 2019 Series I
Marigold Trust
First Business Receivables Trust
Digital Fibre Infrastructure Trust
Tower Infrastructure Trust
Investment measured at Fair Value through Other
Comprehensive Income (FVTOCI)
In Membership Interest of LLP – Unquoted
Labs 02 Limited Partnership
Breakthrough Energy Ventures II L.P.
In Membership Interest of LLC – Unquoted
BreakThrough Energy Ventures LLC
In Preferred Shares – Unquoted, Fully paid up
EdCast Inc. – Series B
Krikey Inc. – Series A
KaiOS Technologies Inc (KTI) – Series A
Netradyne Inc. – Series A
Skytran Inc.
405
251
875
-
56
1,587
29
21
50
199
199
5
75
36
276
-
392
2,34,302
-
6,25,000
1,91,34,355
48,29,651
2,34,302
27,16,948
6,25,000
1,91,34,355
-
3,126
-
-
26
12
3,164
16
-
16
103
103
5
-
36
276
39
356
333
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Particulars
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
Particulars
As at 31st March, 2021
As at 31st March, 2020
Units
Amount
Units
Amount
(` in crore)
In Debentures or Bonds – Unquoted, Fully paid up
VT Media Private Limited – Unsecured Zero Coupon Optionally
Redeemable/Convertible Debentures of ` 1,000 each
-
In Equity Shares – Quoted, Fully paid up
Affinity Energy and Health Limited of AUD 0.1636 each
Balaji Telefilms Limited of ` 2 each
EIH Limited of ` 2 each
Eros International Plc of GBP 0.30 each
Himachal Futuristic Communications Limited of ` 1 each
KSL and Industries Limited of ` 4 each [` 12,80,632; (Previous
Year ` 8,06,324)]
Refex Industries Limited of ` 10 each
SMC Global Securities Limited of ` 2 each
Yatra Online Inc. of $ 0.0001 each
In Equity Shares – Unquoted, Fully paid up
Ahmedabad Mega Clean Association of ` 10 each [` 1,00,000;
(Previous Year ` 1,00,000)]
Aeon Learning Private Limited of ` 1 each [` 1,00,000;
(Previous Year ` 1,00,000)]
24x7 Learning Private Limited of ` 10 each
DSE Estates Limited of ` 1 each
Enercent Technologies Private Limited
Eshwar Land Private Limited of ` 10 each
Future 101 Design Private Limited of ` 10 each
Hathway Patiala Cable Private Limited of ` 10 each
Homodeus Inc
KaiOS Technologies Inc (KTI) of USD 3.675 each
Eliph Nutrition Private Limited of ` 10 each [` 6,40,000;
(Previous Year ` Nil)]
MobileNXT Teleservices Private Limited of ` 10 each
Petronet India Limited of ` 0.10 each [` 10,00,000;
(Previous Year ` 10,00,000)]
Petronet VK Limited of ` 10 each [` 20,000;
(Previous Year ` 20,000)]
Ushodaya Enterprises Private Limited of ` 100 each
(Previous Year ` 27,50,000)
VAKT Holdings Limited of USD 0.001 each
Yatra Online Private Limited of ` 10 each
In Preference Shares – Unquoted, Fully paid up
Aeon Learning Private Limited – Series B compulsorily convertible
Preference Shares of ` 1 each
Jio Digital Fibre Private Limited – 10% Optionally Convertible
Preference Shares of ` 10 each
Jio Digital Fibre Private Limited – 10% Cumulative Redeemable
Preference Shares of ` 10 each
Summit Digitel Infrastructure Private limited (Formerly Reliance Jio
Infratel Private Limited) – 0% Redeemable, Non-Participating, Non-
Cumulative and Non-Convertible Preference Shares of ` 10 each
Summit Digitel Infrastructure Private limited (Formerly Reliance Jio
Infratel Private Limited) – 10% Optionally Convertible Preference
Shares of ` 10 each
Karexpert Technologies Private Limited – Series A Preference
Shares of ` 20 each
Karexpert Technologies Private Limited – Series B Preference
Shares of ` 20 each
Pipeline Infrastructure Private Limited – 0.1% Compulsory
Convertible Preference Shares of ` 10 each
Pipeline Infrastructure Private Limited – 0.1% Redeemable
Preference Shares of ` 10 each
Eliph Nutrition Private Limited of ` 10 each
Teesta Retail Private Limited – 6% Non-Cumulative Optionally
Convertible Preference Shares of ` 10 each
1,58,350
2,52,00,000
11,77,60,869
31,11,088
4,85,32,764
4,74,308
2,75,000
11,35,670
19,26,397
10,000
1,00,000
6,45,558
8,98,500
21,000
400
2,019
71,175
2,94,118
19,04,781
100
3,01,876
1,00,00,000
1,49,99,900
27,500
39,894
1,09,348
2
-
144
1,095
41
122
-
3
8
28
1,441
-
-
-
-
3
-
14
3
2
46
-
-
-
-
-
39
8
115
-
4,52,88,158
2,52,00,000
10,59,07,273
31,11,088
4,85,32,764
4,74,308
2,75,000
5,87,158
19,26,397
10,000
1,00,000
6,45,558
8,98,500
-
400
2,019
71,175
-
19,04,781
-
3,01,876
1,00,00,000
1,49,99,900
27,500
39,894
1,09,348
2
2
95
697
39
44
-
1
7
13
898
-
-
-
-
-
-
14
3
-
46
-
-
-
-
-
39
4
106
-
77,70,11,98,375
77,889
77,70,11,98,375
77,701
12,50,000
5,00,00,000
1
94
12,50,000
-
-
-
5,00,00,000
22,222
44,443
10
20
22,222
33,332
1
-
50
10
15
4,00,00,00,000
4,000
4,00,00,00,000
4,000
5,00,00,000
50
5,00,00,000
9,269
2,025
6
466
-
2,025
50
-
466
82,536
82,293
In Debentures or Bonds – Quoted, Fully paid up *
In Fixed Maturity Plan – Quoted, Fully paid up #
In Government Securities – Quoted *
In Units - Unquoted, fully paid up
Investments measured at Fair Value Through Profit
and Loss (FVTPL)
In Equity Shares – Quoted, Fully paid up
In Equity Shares – Unquoted, Fully paid up
In Preference Shares – Unquoted, Fully paid up
In Debentures or Bonds – Quoted
In Others
Faering Capital India Evolving Fund of ` 1,000 each
GenNext Ventures Fund - Class A units of ` 10 each
HDFC India Real Estate Fund of ` 1,000 each
IIFL Special Opportunities Fund Class A 5.1 of ` 10 each
JM Financial Property Fund – I of ` 3,721 each (Previous
Year ` 3,721 each)
JMFRAC - Securities Receipt
KKR India Debt Fund I of ` 1,000 each
LICHFL Housing and Infrastructure Fund of ` 100 each
LICHFL Urban Development Fund of ` 10,000 each ` 3,762 paid up
(Previous Year ` 3,762 paid up)
Multiples Private Equity Fund - Scheme 1 of ` 1,00,000 each,
` 16,971 paid up (Previous Year ` 22,437 paid up)
Multiples Private Equity Fund II LLP of ` 1,000 each
Paragon Partners Growth Fund – I of ` 100 each
Urban Infrastructure Opportunities Fund of ` 27,430 each
(Previous Year ` 27,930 each)
3one4 Capital Fund Scheme II of ` 1,00,000 each, ` 85,000 paid up
(Previous Year ` 85,000 paid up)
Kalaari Capital Partners India IV of ` 1,000 each
JMFARC – MARCH 2018 – Trust – Series I of ` 1,000 each
C.
Total Other Investments
Total Non-Current Investments (A+B+C)
-
-
3,552
1,372
-
2,206
-
491
375
-
160
78
-
57
4
26
2
5
7
13
125
62
24
2,50,000
15,02,630
1,98,38,351
88,880
4,95,06,919
50,000
3,40,000
2,53,314
1,16,000
25,000
5,000
9,45,361
44,27,780
21,600
11,66,581
1,98,58,351
-
4,95,06,919
50,000
3,40,000
2,53,314
5,16,000
25,000
5,000
9,66,872
45,43,052
21,600
2,000
30
2,000
-
8,00,000
2,78,978
8,00,000
24
63
680
1,32,218
2,12,382
25
25
1,539
11,070
14,263
-
250
606
250
814
103
76
-
44
4
34
2
1
10
31
137
63
26
25
-
80
636
1,56,581
2,03,852
(` in crore)
* Includes ` Nil (Previous Year ` 11,448 crore) given as collateral security (Refer Note 19).
# Refer Note 35 C
2.1 Category-Wise Investment-Non-Current
Financial Assets measured at Cost
Financial Assets measured at Amortised Cost
Financial Assets measured at Fair Value through Other Comprehensive Income (FVTOCI)
Financial Assets measured at Fair value through Profit & Loss (FVTPL)
Total Non-Current Investments (A+B+C)
As at
31st March, 2021
As at
31st March, 2020
80,164
38,809
91,863
1,546
2,12,382
47,271
43,356
1,10,669
2,556
2,03,852
334
335
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited 3. Loans – Non-Current (Unsecured and Considered Good)
Deposits with Related Parties (Refer Note 31)
Other Loans and Advances *
Total
* Includes primarily fair valuation of interest free deposits and consumer device financing.
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
519
1,965
2,484
542
21,190
21,732
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
1,147
37,001
(35,854)
2,900
54,123
(51,223)
As at
31st March,
2020
(Charge)/Credit
to Statement
of Profit and
Loss ^
(Charge)/
Credit to Other
Comprehensive
Income
Others
(Including
Exchange
Difference)
(` in crore)
As at
31st March,
2021
(13,514)
12,653
1,650
1
232
60
23,892
(9,421)
2,900
(1,582)
-
24
47
(22,556)
9,633
(1,781)
38,278
19,019
16,424
(28)
(412)
(10)
(33)
(96)
54,123
(24,033)
(2)
(37)
184
(12,572)
(132)
(17,573)
-
2
-
2
-
-
(1)
3
-
520
-
-
(70)
-
-
450
(45)
(906)
1
-
(10)
-
426
(347)
25
4
-
-
(1)
-
(2)
-
1
71
1
248
107
1,762
(136)
1,147
57,301
(7,089)
(30)
(450)
104
(12,607)
(228)
37,001
4. Deferred Tax
Component of Deferred Tax
Deferred Tax Assets (Net)
Deferred Tax Liabilities (Net)
Net Deferred Tax Assets/(Liabilities)
Deferred Tax Assets (Net) in Relation to:
Property, Plant and Equipment and Other
Intangible Asset
Financial Assets
Loan and Advances
Provisions
Disallowances
Carried Forward Loss
Others
Deferred Tax Assets (Net)
Deferred Tax Liabilities (Net) in Relation to:
Property, Plant and Equipment and Other
Intangible Asset
Financial Assets and Others
Loan and Advances
Provisions
Disallowances
Carried Forward Losses
Others
Deferred Tax Liabilities (Net)
Net Deferred Tax Assets/(Liabilities)
(51,223)
15,792
(447)
24
(35,854)
^ Refer Note 12 and 29 (b)
5. Other Non-Current Assets (Unsecured and Considered Good)
Capital Advances @
Security Deposits *
Advance Income Tax (Net of Provision) #
Upfront Fibre payment
Others ^
Total
* Includes Deposits of ` 473 crore (Previous Year ` 468 crore) given to Related Parties (Refer Note 31(IV)).
# Refer Note 12
@ Refer Note 33 (V)
^ Includes primarily prepaid rent and device rights.
336
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
20,787
3,194
5,104
15,500
20,392
64,977
5,724
3,234
5,612
15,570
7,267
37,407
6.
Inventories
Raw Materials (Including Material in Transit)
Work-in-Progress *
Finished Goods
Stores and Spares
Stock-in-Trade
Others ^
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
15,200
27,781
11,836
11,600
13,285
1,970
81,672
15,312
21,617
12,890
11,723
10,261
2,100
73,903
* Includes Land, Development Cost and on transfer on completion of Projects of ` 11,649 crore (Previous Year ` 12,362 crore).
^ Primarily includes Programming and Film Rights.
7.
Investments – Current
Investment Measured at Amortised Cost
In Collateral Borrowing and Lending Obligation - Unquoted
Investment Measured at Fair Value through Other Comprehensive
Income (FVTOCI)
In Fixed Maturity Plan – Quoted, Fully paid up #
In Mutual Fund – Quoted #
In Mutual Fund – Unquoted #
Investment Measured at Fair Value Through Profit and Loss (FVTPL)
In Debentures or Bonds – Quoted, Fully Paid Up ^
In Government Securities – Quoted ^
In Mutual Fund – Quoted
In Treasury Bills – Quoted
In Mutual Fund – Unquoted #
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
1,000
1,000
-
-
10,446
2,768
95,006
1,08,220
1,961
4,774
3,238
13,161
20,092
43,226
-
2,720
38,450
41,170
3,442
14,809
82
10,869
2,543
31,745
Total Investments – Current
1,52,446
72,915
# Refer Note 35 C
^ Includes ` Nil (Previous Year ` 11,690 crore) given as collateral security (Refer Note 19).
7.1 Category-Wise Investments – Current
Financial Assets measured at Amortised Cost
Financial Assets measured at Fair Value Through Other Comprehensive Income
Financial Assets measured at Fair Value Through Profit and Loss
Total Investments – Current
8. Trade Receivables (Unsecured and Considered Good)
Trade Receivables
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
1,000
1,08,220
43,226
1,52,446
-
41,170
31,745
72,915
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
19,014
19,014
19,656
19,656
337
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
9. Cash and Cash Equivalents
Cash on Hand
Balances with Banks *
Others – Deposits/Advances
Cash and Cash Equivalents as per Balance Sheet
Cash and Cash Equivalents as per Cash Flow Statement
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
91
11,859
5,447
17,397
17,397
77
19,685
11,158
30,920
30,920
* Includes Unclaimed Dividend of ` 208 crore (Previous Year ` 220 crore), Fixed Deposits of ` 169 crore (Previous Year ` 529 crore) with maturity of
more than 12 months and Fixed Deposits of ` 2,683 crore (Previous Year ` 4,897 crore) are given as collateral securities. These deposits can be
withdrawn by the Company at any point of time without prior notice or penalty on the principal.
Incremental Deferred Tax Liability on account of Property, Plant and Equipment and
Other Intangible Assets
Incremental Deferred Tax (Asset) / Liability on account of Financial Assets
and Other Items
Deferred Tax Provision (B)
Tax Expenses recognised in Statement of Profit and Loss (A+B)
Effective Tax Rate
Tax on Exceptional Item ^
(` in crore)
^ Refer Note 29
10. Other Financial Assets – Current
Deposits #
Call Money Receivable
Others ^
Total
# Includes Deposits of ` 17 crore (Previous Year ` 17 crore) given to Related Parties (Refer Note 31(IV)).
^ Mainly includes fair valuation of derivatives.
11. Other Current Assets (Unsecured and Considered Good)
Balance with Customs, Central Excise, GST and State Authorities
Others **
Total
** Includes prepaid expenses, deposits, advance to vendor and claims receivable.
12. Taxation
Income Tax Recognised in Statement of Profit and Loss
Current Tax
Deferred Tax
Total Income Tax Expenses
The income tax expenses for the year can be reconciled to the accounting profit as follows:
Profit Before Tax (Before Exceptional Item)
Applicable Tax Rate
Computed Tax Expense
Tax Effect of:
Exempted Income
Expenses Disallowed
Additional Allowances net of MAT Credit
Non-Taxable Subsidiaries and effect of Differential Tax Rate under various jurisdiction
Carried Forward Losses Utilised
Others
Current Tax Provision (A)
338
As at
31st March, 2021
As at
31st March, 2020
13,491
39,843
7,790
61,124
8,428
-
19,006
27,434
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
26,638
14,655
41,293
24,856
7,907
32,763
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,205
(483)
1,722
8,630
5,096
13,726
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
49,819
34.944%
17,409
(157)
6,417
(14,882)
(2,184)
(4,261)
(137)
2,205
58,050
34.944%
20,285
(3,118)
4,362
(10,455)
(516)
(1,984)
56
8,630
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
8,034
(8,517)
(483)
1,722
3.45%
(13,801)
5,699
(603)
5,096
13,726
23.65%
(948)
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
5,576
(2,205)
(1,517)
3,213
5,067
3,346
(8,630)
2,474
8,386
5,576
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
14,000
1,000
15,000
6,339
423
6,762
6,339
106
6,445
14,000
1,000
15,000
6,339
-
6,339
6,339
-
6,339
339
Advance Income Tax (Net of Provision)
At start of the year
Charge for the year
Others *
Tax paid during the year
At end of the year #
* Mainly pertain to Provision for Tax on Other Comprehensive Income and Exceptional Item.
# Refer Note 5 and Note 22
13. Share Capital
Equity Shares of ` 10 each
Preference Shares of ` 10 each
Authorised Share Capital:
14,00,00,00,000
(14,00,00,00,000)
1,00,00,00,000
(1,00,00,00,000)
Total
Issued Capital:
6,33,94,41,920
(6,33,92,67,510)
42,26,26,894
( - )
Total
Subscribed and Paid Up Capital:
6,33,94,41,920
(6,33,92,67,510)
42,26,26,894
( - )
Total
Equity Shares of ` 10 each fully paid up
Equity Shares of ` 10 each, (` 2.5 paid up) (Refer Note 13.7)
Equity Shares of ` 10 each fully paid up
Equity Shares of ` 10 each, (` 2.5 paid up) (Refer Note 13.7)
13.1
13.2
13.3
2,95,98,63,235
(2,95,98,63,235)
42,26,26,894
( - )
41,31,91,759
(41,31,68,826)
Shares were allotted as fully paid Bonus Shares in the last five years by capitalisation of Securities
Premium and Capital Redemption Reserve.
Issued as partly paid shares under Right Issue (Refer Note 13.7)
Shares held by Associates
Figures in brackets represent Previous Year figures.
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
13.4
The Reconciliation of the Number of Shares Outstanding is set out below
Equity Shares at the beginning of the year
Add: Shares issued on exercise of employee stock options
Add: Pursuant to Scheme of Arrangement
Add: Shares Issued on Rights Basis (Refer Note 13.7)
Equity Shares at the end of the year
As at
31st March, 2021
As at
31st March, 2020
No. of Shares
No. of Shares
6,33,92,67,510
1,74,410
-
42,26,26,894
6,76,20,68,814
5,92,58,68,997
5,73,687
41,28,24,826
-
6,33,92,67,510
13.5
Options granted under ESOS-2006 prior to withdrawal of scheme, continue to be governed by ESOS-2006. The Members
approved a new scheme viz. ‘Reliance Industries Limited Employees’ Stock Option Scheme 2017’ (ESOS-2017) with a limit to
grant 6,33,19,568 options. Pursuant to ESOS-2017, 42,00,000 options have been granted to the eligible employees.
13.6 Rights, preferences and restrictions attached to shares:
The Company has only one class of equity shares having face value of ` 10 each. The holder of the equity share is
entitled to dividend right and voting right in the same proportion as the capital paid-up on such equity share bears
to the total paid-up equity share capital of the Company. The dividend proposed by Board of Directors is subject to
approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event
of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the
Company in the same proportion as the capital paid-up on the equity shares held by them bears to the total paid-up
equity share capital of the Company.
13.7
Issue of shares under rights issue:
The Company had, issued 42,26,26,894 equity shares of face value of ` 10/- each on right basis (‘Rights Equity Shares’) to the
Eligible Equity Shareholders at an issue price of ` 1,257 per Rights Equity Share (including premium of ` 1,247 per Rights Equity
Share). In accordance with the terms of issue, ` 314.25 i.e. 25% of the Issue Price per Rights Equity Share, was received from the
concerned allottees on application and shares were allotted. The Board has made two call(s) i.e. First call of ` 314.25 per Rights
Equity Share (including a premium of ` 311.75 per share) and Second & final call of ` 628.50 per Rights Equity Share (including a
premium of ` 623.50 per share) on shareholders.
Name of the Company
14. Other Equity
Share Application Money Pending Allotment
As per last Balance Sheet
Add: Application Money Received / Issue of Shares
Capital Reserve
As per last Balance Sheet
Capital Redemption Reserve
As per last Balance Sheet
Add: Transferred from Retained Earnings
Less: Pursuant to Scheme of Arrangement
Debenture Redemption Reserve
As per last Balance Sheet
Add: Transferred from Retained Earnings
Less: Transferred to Retained Earnings
Less: Transfer to General Reserve
As at 31st March, 2021
As at 31st March, 2020
(` in crore)
1
(1)
50
-
50
-
9,427
-
41
3,410
-
291
1
291
2
(1)
14
40
54
4
50
50
9,412
15
-
-
Name of the Company
As at 31st March, 2021
As at 31st March, 2020
(` in crore)
Share Based Payments Reserve
As per last Balance Sheet
Add: On Employee Stock Options
Statutory Reserve
As per last Balance Sheet
Add: Transferred from Retained Earnings
Securities Premium
As per last Balance Sheet
Add: Pursuant to Scheme of Arrangement
Add: Premium on Shares issued under Rights Issue
(Refer Note 13.7)
Add: On Employee Stock Options
Special Economic Zone Reinvestment Reserve
As per last Balance Sheet
Add: Transferred from / (to) Retained Earnings
General Reserve
As per last Balance Sheet
Add: Transferred from Debenture Redemption Reserve
Share Call Money Account
As per last Balance Sheet
Addition during the year (Refer Note 13.7)
Retained Earnings
As per last Balance Sheet
Add: Profit for the year
Add: Proceeds from fresh issue of equity by Subsidiaries
Less: Pursuant to Scheme of Arrangement
Less: Transfer of Foreign Currency Translation Reserve from OCI
on account of merger
Less: Appropriations
Statutory Reserve
Capital Redemption Reserve
Transferred (from) / to Debentures Redemption Reserve
Transferred (from) / to Special Economic Zone
Reinvestment Reserve
Dividend on equity shares
Tax on dividend
Other Comprehensive Income (OCI) *
As per last Balance Sheet
Add: Movement During the year
Add: Transfer of Foreign Currency Translation Reserve to Retained
Earnings on account of Merger
Less: Pursuant to Scheme of Arrangement
18
719
561
128
61,395
-
13,104
9
5,500
(525) $
2,55,016
3,410
-
39,843
32,972
49,128
1,18,170
-
728
1,99,542
128
-
(41)
(525)
3,921
-
3,483
77,596
33,849
728
-
18
561
737
689
7
11
484
77
41,164
20,207
-
24
74,508
61,395
-
5,500
4,975
5,500
2,55,016
-
2,58,426
2,55,016
-
-
39,843
-
12,330
39,354
-
8,496
-
43,188
77
40
15
5,500
3,852
732
10,216
1,96,059
32,972
62,466
15,311
-
181
5,976
9,427
1,12,173
77,596
Total
6,93,727
4,42,827
* Includes net movement in Foreign Currency Translation Reserve.
$ Net of Special Economic Zone Reinvestment Reserve created during the year of ` 3,303 crore.
14.1 Share Application Money Pending Allotment represents application money received on account of Employees Stock Option Scheme.
340
341
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
15. Borrowings
Secured – At Amortised Cost
Non-Convertible Debentures
Term Loans – from Banks
Term Loans – from Others
Unsecured – At Amortised Cost
Non-Convertible Debentures
Bonds
Term Loans – from Banks
Term Loans – from Others
Total
As at 31st March, 2021
As at 31st March, 2020
Non-Current
Current
Non-Current
Current
7,851
2,419
-
10,270
46,279
25,256
80,573
1,305
1,53,413
1,63,683
5,500
1
-
5,501
6,985
11,560
3,223
778
22,546
28,047
13,382
2,798
44
16,224
29,679
38,754
1,11,312
1,662
1,81,407
1,97,631
498
483
18
999
11,990
7,746
23,246
896
43,878
44,877
15.1 Secured Non-Convertible Debentures Referred Above to the Extent of:
a)
` Nil (Previous Year ` 500 crore) are secured by way of first mortgage / charge on the immovable properties situated at
Jamnagar Complex (SEZ unit) of the Company.
b)
` 13,351 crore are secured by hypothecation of all the movable plant and machinery, both present and future, located at
Hazira and Dahej Manufacturing Divisions of the Company. (Previous Year ` 13,386 crore were secured by hypothecation
of the movable properties, both present and future, including movable plant and machinery, spares, tools and accessories,
furniture, fixtures and vehicles of Reliance Jio Infocomm Limited, subsidiary of the Company, save and except the telecom
licenses, spectrum, brand name, goodwill and any intellectual property rights and such of the assets that are procured
through financing from Cisco Systems Capital India Private Limited).
15.2 Secured Term Loans from Banks Referred above to the Extent of:
a)
` 2,340 crore (Previous Year Nil) are secured by way of a first ranking pari passu charge on all the Property, Plant and
Equipment (excluding land and/or any interest in the land) relating to the Project located at Jamnagar.
b)
` 80 crore (Previous Year Nil) are secured on freehold property.
c)
d)
Previous Year ` 3,278 crore were secured by way of mortgage/hypothecation of movable, immovable properties and
current assets.
Previous Year ` 3 crore were secured by way of hypothecation of vehicles and are repayable over a period of one to
five years.
15.3 Secured Term Loans from Others Referred above to the Extent of:
a)
Previous Year ` 62 crore were secured by way of mortgage/ hypothecation of movable, immovable properties and
current assets.
15.4 Maturity Profile and Rate of Interest of Non-Convertible Debentures are as set out below:
a)
Secured:
Non-Current
(` in crore)
Current
2025-26
2024-25
2023-24
2022-23
Total
2021-22
-
-
1,000
-
-
1,000
-
-
1,000
-
-
1,000
-
3,851
1,000
-
-
4,851
1,000
-
-
-
-
1,000
1,000
3,851
3,000
-
-
7,851
-
-
-
2,000
3,500
5,500
Rate of Interest
7.97%
8.00%
8.25%
8.32%
8.70%
342
(` in crore)
b) Unsecured:
Rate of Interest
Year of Maturity
Non-Current*
(` in crore)
Current*
2028-29
2025-26
2024-25
2023-24
2022-23
Total
2021-22
MIBOR+2.90%
REPO+2.80%
6.95%
7.00%
7.05%
7.17%
7.20%
7.40%
8.30%
8.65%
8.70%
8.95%
9.00%
9.05%
9.25%
-
-
-
-
-
-
-
-
-
2,190
1,320
2,040
-
2,409
-
7,959
-
-
-
-
-
-
-
2,795
-
-
-
-
-
-
-
2,795
-
-
-
-
-
-
-
-
-
-
-
-
1,000
-
2,500
3,500
3,600
4,500
825
-
4,235
-
4,000
-
-
-
-
-
-
-
-
17,160
-
-
5,000
5,000
-
4,900
-
-
-
-
-
-
-
-
-
14,900
3,600
4,500
5,825
5,000
4,235
4,900
4,000
2,795
-
2,190
1,320
2,040
1,000
2,409
2,500
46,314
* Includes ` 50 crore (Non-Current ` 35 crore and Current ` 15 crore) as prepaid finance charges.
15.5 Maturity Profile and Rate of Interest of Bonds are as set out below:
Unsecured:
-
-
-
-
-
-
-
-
7,000
-
-
-
-
-
-
7,000
(` in crore)
Current*
Rate of
Interest
1.87%
2.06%
2.44%
2.51%
3.67%
4.13%
4.88%
5.40%
6.25%
7.63%
8.25%
9.38%
10.25%
10.50%
Non-Current*
Year of Maturity
2096-97
2046-47
2044-45
2040-41
2027-28
2026-27
2025-26
2024-25
2023-24
2022-23
Total
2021-22
-
-
-
-
-
-
-
-
-
-
-
-
91
-
91
-
-
-
-
-
-
-
-
-
-
-
-
-
70
70
-
-
-
-
-
-
5,483
-
-
-
-
-
-
-
5,483
-
-
-
-
-
-
-
-
3,656
-
-
-
-
-
3,656
-
-
-
-
5,849
-
-
-
-
37
-
-
-
-
5,886
-
-
-
-
-
-
-
-
-
-
248
162
-
-
410
142
139
158
164
-
-
-
-
-
-
-
-
-
-
603
142
139
158
164
-
7,311
-
-
-
-
-
-
-
-
7,914
142
139
158
164
-
-
-
-
-
-
-
-
-
-
603
142
139
158
164
-
-
-
-
-
-
-
-
-
-
603
568
556
632
656
5,849
7,311
5,483
-
3,656
37
248
162
91
70
25,319
142
139
158
164
10,967
-
-
-
-
-
-
11,570
* Includes ` 73 crore (Non-Current ` 63 crore and Current ` 10 crore) as prepaid finance charges.
15.6 Maturity Profile of Secured Term Loans are as set out below:
Rate of Interest
Term Loans – from Banks*
* Includes ` 19 crore as prepaid finance charges.
Non-Current
Above 5 years
1-5 years
664
1,774
Total
2,438
(` in crore)
Current
1 year
1
343
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
15.7 Maturity Profile of Unsecured Term Loans are as set out below:
Rate of Interest
Term Loans – from Banks*
Term Loans – from Others
(` in crore)
Non-Current
Current
Above 5 years
1-5 years
10,450
-
70,665
1,305
Total
81,115
1,305
1 year
3,351
778
* Includes ` 670 crore (Non-Current ` 542 crore and Current ` 128 crore) as prepaid finance charges.
Interest rates on term loans are in range of 0.31% to 8.34%.
15.8 The Group has satisfied all the covenants prescribed in terms of borrowings.
16. Other Financial Liabilities - Non-Current
Lease Liabilities
Others ^
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
6,948
14,616
21,564
7,516
11,288
18,804
19. Borrowings – Current
Secured – At Amortised Cost
Working Capital Loans
From Banks
Foreign Currency Loans
Rupee Loans
From Others
Rupee Loans
Unsecured – At Amortised Cost
Other Loans and Advances
From Banks
Foreign Currency Loans
Rupee Loans
^ Includes primarily Interest Accrued but not due on Deferred Payment Liabilities, Deposits and Creditors for Capital Expenditure.
17. Deferred Payment Liabilities
Unsecured
As at 31st March, 2021
As at 31st March, 2020
Non-Current
Current
Non-Current
Current
Loans from Related Parties (Refer Note 31(II))
Total
(` in crore)
Commercial Paper ^
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
30
3,246
3,276
23
8,984
9,007
-
18,847
4,604
5,616
10,220
9,187
3,015
12,202
46,505
53,655
80
75
60,081
93,786
Payable to Department of Telecommunication (“DoT”)
Total
18,837
18,837
-
-
18,839
18,839
-
-
^ Maximum amount outstanding at any time during the year was ` 79,032 crore (Previous Year ` 83,642 crore).
During the year ended 31st March, 2017, 2015 and 2014, Reliance Jio Infocomm Limited (RJIL) had won the auction for
spectrum aggregating to 580.3 MHz (DL+UL). RJIL had opted for deferred payment for a specified portion of the auction price.
The deferred payment liability recognised in the financial statements was payable in 16 annual instalments after a moratorium
of two years. During the year, RJIL opted for deferment of instalments due for FY 2020-21 and FY 2021-22, in response to such
one-time option provided by DoT, whereby, the revised instalments are payable only from FY 2022-2023, without any increase
in the existing time period specified for making the instalment payments.
18. Provisions – Non-Current
Provision for Annuities
Provision for Decommissioning of Assets #
Others
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
36
2,585
4
2,625
17
1,771
2
1,790
# The movement in the provision is primarily towards (i) Utilisation for Tapti facilities, (ii) changes in the exchange rates (iii) Unwinding of discount and
(iv) change in estimate. Provision for Decommissioning of Assets is for Tapti, KGD6 and CBM Block.
19.1
a)
Working Capital Loans from Banks of ` 2,981 crore (Previous Year ` 5,580 crore) are secured by hypothecation
of present and future stock of raw materials, work-in-progress, finished goods, stores and spares (not relating to
plant and machinery), book debts, outstanding monies, receivables, claims, bills, materials in transit, etc. save and
except receivables of Oil & Gas segment. (Was also secured by Government Securities in Previous Year).
b)
c)
d)
Working Capital Loans from Banks of ` 230 crore (Previous Year ` 3,427 crore) are secured by way of first charge
on all the Current Assets.
Working Capital Loan repayable on demand from Banks of ` 65 crore (Previous Year ` Nil) are secured by a first
pari passu charge over Property, Plant and Equipment and Current Assets.
Working Capital Loans from Others of ` 18,847 crore in Previous Year were secured by Government Securities
and Corporate Bonds (Refer Note 2 and 7).
e) Refer note 35 B (iv) for maturity profile.
f) The Group has satisfied all the covenants prescribed in terms of borrowings.
20. Other Financial Liabilities – Current
Current maturities of Borrowings – Non-Current (Refer Note 15)
Interest accrued but not due on Borrowings
Unclaimed Dividend *
Unclaimed/ Unpaid matured deposits and interest accrued thereon
Lease Liabilities – Current
Other Payables #
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
28,047
3,255
208
2
1,366
40,174
73,052
44,877
3,261
219
3
1,181
95,237
1,44,778
* Does not include any amount due and outstanding, to be credited to Investor Education and Protection Fund except ` 2 crore
(Previous Year ` 2 crore) which is held in abeyance due to legal cases pending.
# Includes Creditors for Capital Expenditure, Security Deposit and Financial Liability at Fair Value.
344
345
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
21. Other Current Liabilities
Contract Liabilities
Other Payables ^
Total
^ Includes primarily statutory dues.
22. Provisions – Current
Provision for Employee Benefits (Refer Note 26.1) **
Provision for Income Tax (Net of Advance Tax)
Other Provisions@
Total
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
16,023
17,011
33,034
64,690
10,973
75,663
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
874
37
1,593
2,504
968
36
886
1,890
** Includes gratuity, annual leave and vested long service leave entitlement accrued.
@ Includes primarily Provision for Customs Duty, Excise Duty on Finished Goods and Other Duties and Taxes.
23. Revenue from Operations
Disaggregated Revenue
Oil to Chemicals
Oil and Gas
Retail
Digital Services
Financial Services
Others
Total * ^
2020-21
3,01,587
1,596
1,33,935
13,691
1,077
34,440
4,86,326
(` in crore)
2019-20
4,23,222
2,666
1,41,237
11,994
1,550
31,768
6,12,437
* Net of GST.
^ Includes Income from Services.
Revenue from contract with customers differ from the revenue as per contracted price due to factors such as taxes recovered, volume rebate,
discounts, hedge etc.
24. Other Income
Interest
Bank Deposits
Debt instruments
Other Financial Assets measured at Amortised Cost
Others
Dividend Income
Other Non-Operating Income
Gain On Financial Assets
Realised Gain
Unrealised Gain / (Loss)
Profit / (Loss) on Divestment
Total
2020-21
2019-20
(` in crore)
213
9,408
589
156
10,366
39
958
5,066
(102)
4,964
-
473
8,341
385
349
9,548
100
1,463
2,168
(104)
2,064
(11)
16,327
13,164
Above includes income from assets measured at Cost / Amortised cost ` 5,913 crore (Previous Year ` 8,099 crore), income
from assets measured at Fair value through Profit and Loss ` 3,540 crore (Previous Year ` 377 crore) and income from assets
measured at Fair Value Through Other Comprehensive Income ` 5,505 crore (Previous Year ` 4,016 crore).
346
24.1 Other Comprehensive Income – Items that will not be reclassified to
Profit and Loss
Remeasurement of Defined Benefit Plan
Equity Instruments through OCI
Total
24.2 Other Comprehensive Income – Items that will be reclassified to Profit and Loss
Debentures or Bonds
Debt Income Fund
Fixed Maturity Plan
Commodity Hedge
Cash Flow Hedge
Government Securities
Foreign Currency Translation
Total
25. Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade
Inventories (At Close)
Finished Goods / Stock-in-Trade
Work-in-Progress *
Inventories (At Commencement)
Finished Goods / Stock-in-Trade
Work-in-Progress
Less: Capitalised during the year
Less: Exceptional Item (Refer Note 29 (d))
Add: Opening Stock of Subsidiaries acquired during the year
Total
* Excludes on transfer on completion of Projects.
26. Employee Benefits Expense
Salaries and Wages
Contribution to Provident and Other Funds
Staff Welfare Expenses
Total
2020-21
80
37,437
37,517
2020-21
(203)
(574)
81
504
2,727
(152)
(1,119)
1,264
(` in crore)
2019-20
(176)
22,462
22,286
(` in crore)
2019-20
(55)
256
166
(1,491)
(5,929)
152
(184)
(7,085)
(` in crore)
2020-21
2019-20
25,121
24,079
49,200
23,151
16,984
40,135
50
-
51
40,136
(9,064)
2020-21
12,556
884
1,377
14,817
23,151
16,984
40,135
27,229
13,312
40,541
448
5,138
132
35,087
(5,048)
(` in crore)
2019-20
12,160
794
1,121
14,075
347
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
26.1 As per Indian Accounting Standard 19 – “Employee Benefits”, the Disclosures as Defined are
IV) Expenses recognised during the year
given below:
Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised as expense for the year is as under:
Employer’s Contribution to Provident Fund
Employer’s Contribution to Superannuation Fund
Employer’s Contribution to Pension Scheme
Defined Benefit Plan
I) Reconciliation of opening and closing balances of Defined Benefit Obligation
2020-21
370
32
225
(` in crore)
2019-20
355
25
181
(` in crore)
Defined Benefit Obligation at beginning of the year
Add: On Acquisition/ Transfers/ Others
Current Service Cost
Interest Cost
Actuarial (Gain) / Loss
Benefits Paid *
Liability Transferred Out
Defined Benefit Obligation at end of the year
Gratuity (Funded)
Gratuity (Unfunded)
2020-21
2019-20
2020-21
2019-20
1,219
(2)
103
83
(28)
(104)
(23)
1,248
1,161
(160)
99
85
134
(100)
-
1,219
348
32
80
24
(45)
(16)
-
423
85
172
57
13
34
(13)
-
348
* Includes benefits of ` 93 crore (Previous Year ` 84 crore) paid directly by Employer Entities.
II) Reconciliation of opening and closing balances of Fair Value of Plan Assets
In Income Statement
Current Service Cost
Interest Cost
Return on Plan Assets
Net Cost
In Other Comprehensive Income
Actuarial (Gain) / Loss
Return on Plan Assets
Net (Income) / Expense for the year recognised in Other
Comprehensive Income
V)
Investment Details
Government of India Securities
Insurance Policies
Total
VI) Actuarial Assumptions
Gratuity (Funded)
Gratuity (Unfunded)
2020-21
2019-20
2020-21
2019-20
(` in crore)
103
83
(79)
107
(28)
(4)
(32)
99
85
(86)
98
131
11
142
80
24
-
104
(45)
-
(45)
57
13
-
70
34
-
34
As at 31st March, 2021
As at 31st March, 2020
` in crore
% Invested
` in crore
% Invested
7
1,234
1,241
0.56%
99.44%
100.00%
9
1,157
1,166
0.77
99.23
100.00
Fair Value of Plan Assets at beginning of the year
Add : On Acquisition/ Transfers/ Others
Expected Return on Plan Assets
Actuarial Gain / (Loss)
Employer Contribution
Benefits Paid
Asset Transferred Out
Fair Value of Plan Assets at end of the year
III) Reconciliation of Fair Value of Assets and Obligations
1,166
(1)
83
-
27
(11)
(23)
1,241
1,109
(155)
75
3
150
(16)
-
1,166
Fair Value of Plan Assets
Present Value of Obligation
Amount recognised in Balance Sheet Surplus / (Deficit)
(` in crore)
Gratuity (Funded)
Gratuity (Unfunded)
As at 31st
March, 2021
As at 31st
March, 2020
As at 31st
March, 2021
As at 31st
March, 2020
1,241
1,248
(7)
1,166
1,219
(53)
-
423
(423)
-
348
(348)
(` in crore)
Gratuity (Funded)
2020-21
2019-20
Mortality Table (IALM)
Discount Rate (per annum)
Expected Rate of Return on Plan Assets (per annum)
Rate of Escalation in Salary (per annum)
Gratuity (Funded)
Gratuity (Unfunded)
2020-21
2019-20
2020-21
2019-20
2006-08
2006-08
2006-08
2006-08
(Ultimate)
(Ultimate)
(Ultimate)
(Ultimate)
6.95%
6.95%
4.00%
p.a. for the next
1 year, 6.00%
p.a. thereafter
6.84%
6.84%
4.00%
p.a. for the next
2 years, 6.00%
p.a. thereafter
6.95%
6.95%
4.00%
p.a. for the next
1 year, 6.00%
p.a. thereafter
6.84%
6.84%
4.00%
p.a. for the next
2 years, 6.00%
p.a. thereafter
The estimates of Rate of Escalation in salary considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market. The above information is
certified by the actuary.
The Expected Rate of Return on Plan Assets is determined considering several applicable factors, mainly the
composition of Plan Assets held, assessed risks, historical results of return on Plan Assets and the Group’s policy for Plan
Assets Management.
VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with financial year 2020-21.
348
349
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
VIII) These plan’s typically expose the Group to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk
c) Fair Value on the grant date
and Salary Risk.
Investment Risk
Interest Risk
Longevity Risk
Salary Risk
The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds.
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by
an increase in the return on the plan debt investments.
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan’s liability.
The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
26.2 Share Based Payments
1)
a)
Reliance Industries Limited
Scheme Details
The Company has Employee Stock Option Schemes i.e. ESOS-2006 and ESOS-2017 under which options have been
granted at the various exercise prices to be vested from time to time on the basis of performance and other eligibility
criteria. Details of number of options outstanding have been tabulated below:
Financial Year (Year of Grant)
Number of Options Outstanding
As at
31st March, 2021
As at
31st March, 2020
Financial
Year of Vesting
Range of
Exercise
price (`)
Range of
Fair value
at Grant Date (`)
The fair value at grant date is determined using “Black Scholes Model” which takes into account the exercise price, term of
the option, share price at grant date and expected price volatility of the underlying shares, expected dividend yield and the
risk free interest rate for the term of the option.
During the year : (1) No stock options were granted under ESOS-2006 and (2) 42,00,000 options were granted under
ESOS-2017 to the eligible employees. The model inputs for options granted during the year ended 31st March 2017 and
31st March, 2021 included as mentioned below.
Weighted average exercise price
Grant date:
Vesting year:
Share Price at grant date:
ESOS - 2006
` 1,096
05.10.2016 & 10.10.2016
ESOS - 2017
` 10
05.10.2020
2017-18 to 2020-21
2021-22 to 2024-25
` 1,089 at 05.10.2016 ;
` 1,096 at 10.10.2016
` 2,212 at 05.10.2020
Expected price volatility of Company's share:
25.1% to 26.5%
30.2% to 31.9%
Expected dividend yield:
Risk free interest rate:
1.07%
7.00%
0.60%
5.1% to 5.6%
a)
b)
c)
d)
e)
f)
g)
The expected price volatility is based on the historic volatility (based on remaining life of the options).
d) Movement in share options during the year
1) ESOS - 2006
i)
Details of Employee Stock Options granted upto 31st March, 2015 but not vested as on 1st April, 2015
2006-07
2008-09
Sub-Total
Details of Employee Stock Options granted from 1st April, 2015 to 31st March, 2021
2016-17
Sub-Total
2) ESOS - 2017
60,224 2017-18 to 2020-21
60,224
2015-16
2015-16 & 2016-17
1,63,136
6,180
1,69,316
-
1,200
1,200
24,000
24,000
ii)
Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2021
2020-21
Sub-Total
Total (1(i)+1(ii)+2)
42,00,000
42,00,000
42,25,200
- 2021-22 to 2024-25
-
2,29,540
321.00
322.30
154.90
156.20 - 164.90
Particulars
548.00
149.80-204.50
Balance at the beginning of the year
Granted during the year
Exercised during the year
Expired / Lapsed during the year
Balance at the end of the year
As at 31st March, 2021
As at 31st March, 2020
Number of share
options
Weighted average
exercise price
Number of share
options
Weighted average
exercise price
2,29,540
42,00,000
(1,74,410)
(29,930)
42,25,200
380.59
10.00
368.18
321.00
13.14
4,98,239
-
(2,67,439)
(1,260)
2,29,540
366.82
-
355.21
321.00
380.59
10.00 2,133.40 - 2,151.90
Weighted average remaining contractual life of the share option outstanding at the end of year is 2,370 days (Previous Year 468 days).
ESOS – 2006: Exercise Period will expire not later than five years from the date of vesting of options or such other period as may
be decided by the Human Resources, Nomination and Remuneration Committee of the Board.
ESOS – 2017: Exercise Period would commence from the date of Vesting and would expire not later than seven years
from the Grant Date or such other period as may be decided by the Human Resources, Nomination and Remuneration
Committee of the Board.
b)
Compensation expenses arising on account of the Share Based Payments
(` in crore)
Year ended
31st March, 2021
Year ended
31st March, 2020
Expenses arising from equity – settled share-based payment transactions
0.02
0.28
2) Jio Platforms Limited
a)
Scheme Details
Jio Platforms Limited has introduced Employee Stock Option Scheme ESOS 2020 under which options have been granted
at the exercise price of ` 10 per share to be vested over a period of five years from the date of grant based on performance
and other eligibility criteria. Details of number of options outstanding have been tabulated below:
Financial Year (Year of Grant)
Number of Options Outstanding
As at
31st March, 2021
As at
31st March, 2020
Financial
Year of Vesting
Range of
Exercise
price (`)
Range of
Fair value
at Grant Date (`)
1) ESOS – 2020
i)
Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2021
2020-21
Sub-Total
2,07,00,000
2,07,00,000
- 2021-22 to 2025-26
-
10.00
541.20 - 542.30
Exercise Period would commence from the date of Vesting and would expire not later than seven years from the Grant Date
or such other period as may be decided by the Nomination and Remuneration Committee.
350
351
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
b)
Fair Value on the grant date
The fair value at grant date is determined using “Black Scholes Model” which takes into account the exercise price, term of
the option, share price at grant date and expected price volatility of the underlying shares, expected dividend yield and the
risk free interest rate for the term of the option.
During the year 2,07,00,000 options were granted under ESOS 2020. The model inputs for options granted during the year
ended 31st March, 2021 included as mentioned below.
a)
b)
c)
d)
e)
f)
Weighted average exercise price
Grant date:
Vesting year:
Share Price at grant date:
Expected price volatility of Company's share:
Risk free interest rate:
ESOS-2020
` 10
05.10.2020
2021-22 to 2025-26
` 549.31 at 05.10.2020
33.79% to 36.25%
5.1% to 6.0%
The expected price volatility is based on the historic volatility (based on remaining life of the options).
c) Movement in share options during the year:
Particulars
Granted during the year
Balance at the end of the year
As at 31st March, 2021
As at 31st March, 2020
Number of share
options
Weighted average
exercise price
Number of share
options
Weighted average
exercise price
2,07,00,000
2,07,00,000
10.00
10.00
-
-
-
-
Establishment Expenses
Professional Fees
Network Operating Expenses
Access Charges (Net)
Regulatory Charges
General Expenses
Programming and Telecast Related Expenses
Rent
Insurance
Rates and Taxes
Other Repairs
Travelling Expenses
Payment to Auditors
Loss on Sale / Discard of Property, Plant and Equipment and Other Intangible Assets
Charity and Donations
2020-21
1,486
21,319
4,543
7,848
4,829
1,782
599
613
680
923
236
64
53
1,410
46,385
(` in crore)
2019-20
1,154
16,919
5,616
5,784
9,801
2,418
5,793
1,142
1,208
2,377
788
55
257
1,181
54,493
Less: Transferred to Project Development Expenditure
989
2,403
Total
78,669
89,211
Weighted average remaining contractual life of the share option outstanding at the end of year is 2,370 days (Previous Year Nil days).
28.1 Payment to Auditors As :
27. Finance Costs
Interest Expenses *
Interest on Lease Liabilities
Other Borrowing Costs
Applicable loss on foreign currency transactions and translation
Total
* Net of Interest Capitalised of ` 4,588 crore (Previous Year ` 8,253 crore).
28. Other Expenses
Manufacturing Expenses
Stores, Chemicals and Packing Materials
Electric Power, Fuel and Water
Labour Processing, Production Royalty and Machinery Hire Charges
Repairs to Building
Repairs to Machinery
Exchange Difference (Net)
Excise Duty *
Lease Rent
Land Development and Construction Expenditure
Selling and Distribution Expenses
Warehousing and Distribution Expenses
Sales Tax / VAT
Other Selling and Distribution Expenses
2020-21
17,135
772
65
3,217
21,189
2020-21
5,422
13,214
436
147
862
(713)
241
179
19,788
190
8,503
617
4,175
13,295
(` in crore)
2019-20
19,087
774
74
2,092
22,027
(` in crore)
2019-20
5,680
15,098
688
463
1,446
253
189
176
23,993
162
7,516
856
4,594
12,966
Particulars
(a) Fees as Auditors *
(b) Tax Audit Fees
(c) Fees for Other Services
(d) Cost Audit Fees
Total
2020-21
54
2
9
1
66
(` in crore)
2019-20
39
2
12
2
55
* Includes ` 2 crore, in the nature of rights issue expenses accounted in Securities Premium Account.
Fees for Other Services primarily includes certification fees paid to auditors, Statute and Regulation permit auditors to certify export / import
documentation and transfer pricing among others.
28.2 Corporate Social Responsibility (CSR)
(a)
CSR amount required to be spent by the Companies within the Group as per Section 135 of the Companies Act, 2013 read
with Schedule VII thereof during the year is ` 1,102 crore (Previous Year ` 987 crore).
(b) Expenditure related to Corporate Social Responsibility is ` 1,140 crore (Previous Year ` 1,022 crore).
Particulars
Rural Transformation
Health (including COVID-19)
Education
Sports For Development
Disaster Response (including COVID-19)
Arts, Culture, Heritage and Urban Renewal
Total
2020-21
122
361
532
50
72
3
1,140
(` in crore)
2019-20
86
55
277
64
531
9
1,022
(c)
Out of note (b) above, ` 552 crore (Previous Year ` 222 crore) is contributed to Reliance Foundation, ` 20 crore (Previous
Year ` 47 crore) to Reliance Foundation Youth Sports and ` 375 crore (Previous Year ` 229 crore) to Reliance Foundation
Institution of Education and Research which are related parties.
* Excise Duty shown under manufacturing expenditure represents the aggregate of excise duty borne by the Company and difference between
excise duty on opening and closing stock of finished goods.
352
353
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Particulars
29. Exceptional Items (Net of Tax)
a) Net gain on sale of investments (net of tax)
b)
Impairment of Assets of Shale Gas Entities
Recognition of Deferred tax Asset relating to Shale Gas Investments
Sub-Total (b)
Sale of Marcellus Assets - Chevron JV
Loss due to substantial fall in oil prices and demand destruction (net of tax)
c)
d)
e) Adjusted Gross Revenue dues of Reliance Jio Infocomm Limited
f)
Total
Provisions for liabilities pertaining to erstwhile subsidiary - GAPCO
2020-21
(` in crore)
2019-20
Amount
Amount
Amount
(15,691)
15,570
4,966
-
(121)
850
-
-
(53)
5,642
-
-
(4,245)
(146)
(53)
(4,444)
For the year ended 31st March, 2021
a) Net gain on sale of investments with respect to Reliance BP Mobility Limited (Part of O2C segment) of ` 4,966 crore (net of
taxes of ` 1,508 crore).
b) Due to the adverse changes in market environment, reduction in activity by operator and recent operational performance,
the Shale Gas subsidiaries (Part of Oil & Gas segment) have impaired their assets including unavoidable costs based on
contractual commitments, totaling to ` 15,691 crore. This is in accordance with the requirements of Ind AS 36 –Impairment
of Assets, as the carrying amount of investments exceeds its recoverable amount. Further, the Company has also
recognised Deferred Tax Assets of ` 15,570 crore in respect of the difference between the book base and tax base of the
Shale Gas Investments, in accordance with Ind AS 12 – Income Tax.
c) On February 3, 2021 Reliance Marcellus LLC (RMLLC, Part of Oil & Gas segment) divested its interest in upstream assets
(Chevron JV / EQT JV) in the Marcellus shale play of south-western Pennsylvania by signing a definitive agreement with
Northern Oil and Gas Inc. (NOG). The sale is for a cash consideration of $ 250 million (with net adjustment of $ 13 million
pertaining to revenues and expenses subsequent to the effective date of July 1, 2020) and warrants that give entitlement to
purchase 3.25 million shares of NOG, valued at $ 17.6 million. This transaction has resulted into a net gain of ` 850 crore.
For the year ended 31st March, 2020
d) During FY 2019-20, there was an exceptional loss of ` 4,245 crore (net of tax of ` 899 crore) (relating to O2C segment) due
to substantial drop in oil prices accompanied with unprecedented demand destruction.
30. Earnings Per Share (EPS)
Face Value per Equity Share (`)
Basic Earnings Per Share (`) – After Exceptional Item
Basic Earnings per Share (`) – Before Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders
(After adjusting Non-Controlling Interest) (` in crore) - After Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders
(After adjusting Non-Controlling Interest) (` in crore) - Before Exceptional Item
Weighted Average number of Equity Shares used as denominator for
calculating Basic EPS
Diluted Earnings per Share (`) – After Exceptional Item
Diluted Earnings per Share (`) – Before Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders
(After adjusting Non-Controlling Interest) (` in crore) - After Exceptional Item
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders
(After adjusting Non-Controlling Interest) (` in crore) - Before Exceptional Item
Weighted Average number of Equity Shares used as denominator for
calculating Diluted EPS
Reconciliation of Weighted Average Number of Shares Outstanding
Weighted Average number of Equity Shares used as denominator for
calculating Basic EPS ^
Total Weighted Average Potential Equity Shares*
Weighted Average number of Equity Shares used as denominator for
calculating Diluted EPS
* Dilutive impact of Employee Stock Option Scheme and Partly paid Rights Issue Shares.
^ Refer Note 13.7
354
2020-21
2019-20
10
76.37
67.60
49,128
43,486
10
63.07
70.19
39,354
43,798
6,43,28,74,848
6,24,01,86,511
75.21
66.57
49,128
43,486
63.06
70.18
39,354
43,798
6,53,21,38,901
6,24,04,69,939
6,43,28,74,848
6,24,01,86,511
9,92,64,053
2,83,428
6,53,21,38,901
6,24,04,69,939
31. Related Parties Disclosures
(i) List of Related Parties with relationships
Sr.
No.
Name of the Related Party
Relationship
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Actoserba Active Wholesale Private Limited ^@
Ashwani Commercials Private Limited
Atri Exports Private Limited
Big Tree Entertainment DMCC
Big Tree Entertainment Lanka Private Limited
Big Tree Entertainment Private Limited
Big Tree Entertainment Singapore PTE. Limited
Big Tree Sport & Recreational Events Tickets Selling L.L.C
BookmyShow Live Private Limited
Bookmyshow SDN. BHD.
BookmyShow Venues Management Private Limited
Carin Commercials Private Limited
CCN DEN Network Private Limited
Centura Agro Private Limited
Chander Commercials Private Limited
Clayfin Technologies Private Limited
Creative Agrotech Private Limited
DEN ABC Cable Network Ambarnath Private Limited
DEN ADN Network Private Limited
DEN New Broad Communication Private Limited
Den Satellite Network Private Limited
DL GTPL Broadband Private Limited
DL GTPL Cabnet Private Limited
Dyulok Technologies Private Limited
East West Pipeline Private Limited
Eenadu Television Private Limited
Einsten Commercials Private Limited
Fame Agro Private Limited
Fantain Sports Private Limited
Foodfesta Wellcare Private Limited
Gaurav Overseas Private Limited
GenNext Ventures Investment Advisers LLP
GTPL Abhilash Communication Private Limited
GTPL Ahmedabad Cable Network Private Limited
GTPL Anjali Cable Network Private Limited
GTPL Bansidhar Telelink Private Limited
GTPL Bariya Television Network
GTPL Bawa Cable
GTPL Blue Bell Network Private Limited
GTPL Broadband Private Limited
GTPL City Channel Private Limited #
GTPL Crazy Network
GTPL Dahod Television Network Private Limited
GTPL DCPL Private Limited
GTPL Deesha Cable Net Private Limited
GTPL Hathway Limited
GTPL Henish Cable Vision #
GTPL Insight Channel Network Private Limited
GTPL Jay Santoshima Network Private Limited
GTPL Jaydeep Cable
GTPL Junagadh Network Private Limited
GTPL Jyoti Cable
GTPL Kaizen Infonet Private Limited
GTPL KCBPL Broad Band Private Limited
# Ceased to be related party during the year.
@ Relationships established during the year.
^ Entities converted to subsidiaries during the year.
Associates
355
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Sr.
No.
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
Name of the Related Party
Relationship
GTPL Khambhat Cable Network
GTPL Khusboo Video Channel
GTPL Kolkata Cable & Broad Band Pariseva Limited
GTPL Leo Vision
GTPL Link Network Private Limited
GTPL Lucky Video Cable
GTPL Ma Bhagawati Entertainment Services
GTPL Media Entertainment
GTPL Meghana Distributors Private Limited
GTPL Narmada Cable Services
GTPL Narmada Cyberzone Private Limited
GTPL Parshwa Cable Network Private Limited
GTPL Parth World Vision
GTPL Sai Vision
GTPL Sai World Channel
GTPL Sharda Cable Network Private Limited
GTPL Shiv Cable
GTPL Shiv Cable #
GTPL Shiv Cable Network
GTPL Shiv Network Private Limited #
GTPL Shivshakti Network Private Limited #
GTPL Shree Shani Cable #
GTPL Shreenathji Communication
GTPL SK Network Private Limited
GTPL SK Vision
GTPL SMC Network Private Limited
GTPL Solanki Cable Network Private Limited
GTPL Sorath Telelink Private Limited
GTPL Space City Private Limited #
GTPL Surat Telelink Private Limited
GTPL Swastik Communication
GTPL Tridev Cable Network
GTPL TV Tiger Private Limited
GTPL V & S Cable Private Limited
GTPL Vidarbha Tele Link Private Limited
GTPL Video Badshah Private Limited
GTPL Video Vision Private Limited
GTPL Vision Services Private Limited
GTPL Vraj Cable
GTPL VVC Network Private Limited
GTPL World View Cable
GTPL World Vision
GTPL Zigma Vision Private Limited
Gujarat Chemical Port Limited
Hathway VCN Cablenet Private Limited
Honeywell Properties Private Limited
Indian Vaccines Corporation Limited
Jaipur Enclave Private Limited
Jamnagar Utilities & Power Private Limited
Kaniska Commercials Private Limited
KCIPI Trading Company Private Limited
Konark IP Dossiers Private Limited
Marugandha Land Developers Private Limited
N.C. Trading Company Private Limited
Netravati Commercials Private Limited
Noveltech Agro Private Limited
NW18 HSN Holdings PLC
Pan Cable Services Private Limited
Associates
# Ceased to be related party during the year.
356
Sr.
No.
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
Name of the Related Party
Relationship
Parinita Commercials Private Limited
Pepino Farms Private Limited
Petroleum Trust
Prakhar Commercials Private Limited
PT Big Tree Entertainment Indonesia
Rakshita Commercials Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
Reliance Services and Holdings Limited
Rocky Farms Private Limited
Scod18 Networking Private Limited
Shree Salasar Bricks Private Limited
Sikka Ports & Terminals Limited
SpaceBound Web Labs Private Limited
Townscript PTE. Ltd, Singapore
Townscript USA, Inc.
TribeVibe Entertainment Private Limited
Vadodara Enviro Channel Limited
Vaji Communications Private Limited #
Vay Network Services Private Limited
Vishnumaya Commercials Private Limited
Vizianagar Citi Communications Private Limited #
Alok Industries International Limited @
Alok Industries Limited @
Alok Infrastructure Limited @
Alok International (Middle East) FZE @
Alok International Inc. @
Alok Singapore PTE Limited @
Alok Worldwide Limited @
Brooks Brothers India Private Limited
Burberry India Private Limited
Canali India Private Limited
D. E. Shaw India Securities Private Limited
Dadri Toe Warehousing Private Limited ^@
Diesel Fashion India Reliance Private Limited
Ethane Crystal LLC
Ethane Emerald LLC
Ethane Opal LLC
Ethane Pearl LLC
Ethane Sapphire LLC
Ethane Topaz LLC
Football Sports Development Limited
Grabal Alok International Limited @
Hathway Bhaskar CCN Multi Entertainment Private Limited
Hathway Bhawani NDS Network Limited
(Formerly known as Hathway Bhawani NDS Network Private Limited)
Hathway Cable MCN Nanded Private Limited
Hathway CBN Multinet Private Limited
Hathway CCN Entertainment (India) Private Limited
Hathway CCN Multinet Private Limited
Hathway Channel 5 Cable and Datacom Private Limited
Hathway Dattatray Cable Network Private Limited
Hathway Digital Saharanpur Cable & Datacom Limited
(Formerly known as Hathway Digital Saharanpur Cable & Datacom Private Limited) ^
Hathway ICE Television Private Limited
Hathway Latur MCN Cable & Datacom Private Limited
Hathway MCN Private Limited
Associates
Joint Ventures
# Ceased to be related party during the year.
@ Relationships established during the year.
^ Entities converted to subsidiaries during the year.
357
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Related Party
Relationship
(ii) Transactions during the year ended March 31, 2021 with Related Parties:
Sr.
No.
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
Hathway Palampur Cable Network Private Limited #
Hathway Prime Cable & Datacom Private Limited
Hathway Sai Star Cable & Datacom Private Limited
Hathway Sonali OM Crystal Cable Private Limited
Hathway SS Cable & Datacom LLP
IBN Lokmat News Private Limited
Iconix Lifestyle India Private Limited
India Gas Solutions Private Limited
Jio Payments Bank Limited
Marks and Spencer Reliance India Private Limited
Mileta a.s. @
Net 9 Online Hathway Private Limited #
Pipeline Management Services Private Limited
Reliance Bally India Private Limited
Reliance Lifestyle Products Private Limited (Formerly known as V&B Lifestyle India Private Limited) ^
Reliance Paul & Shark Fashions Private Limited
Reliance Sideways Private Limited
Reliance-GrandVision India Supply Private Limited
Reliance-Vision Express Private Limited
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
Ryohin-Keikaku Reliance India Private Limited
TCO Reliance India Private Limited
Ubona Technologies Private Limited
Zegna South Asia Private Limited
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri P. K. Kapil
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman
Smt. Savithri Parekh
Smt. Nita M. Ambani
Dhirubhai Ambani Foundation
Hirachand Govardhandas Ambani Public Charitable Trust
Sir Hurkisondas Nurrotamdas Hospital and Research Centre
Sir HN Hospital Trust
Jamnaben Hirachand Ambani Foundation
Reliance Foundation
Reliance Foundation Institution of Education and Research
Reliance Foundations Youth Sports
IPCL Employees Gratuity Fund - Baulpur Unit
IPCL Employees Provident Fund Trust
Reliance Employees Provident Fund Bombay
Reliance Industries Limited Employees Gratuity Fund
Reliance Industries Limited Staff Superannuation Scheme
Reliance Industries Limited Vadodara Units Employees Superannuation Fund
Reliance Jio Infocomm Limited Employees Gratuity Fund
Reliance Retail Limited Employees Gratuity Fund
Reliance Retail Limited Employees Provident Fund
RIL Vadodara Unit Employees Gratuity Fund
Sr.
No.
Nature of Transaction (Excluding Reimbursements)
1
Purchase of Property, Plant and Equipment and Other Intangible Assets
2
Purchase / Subscription of Investments
3
Sale / Redemption of Investments
Joint Ventures
4
Rights Issue of Equity Shares
5 Net Loans and Advances, Deposits Given / (Returned)
Key
Managerial Personnel
Relative
of Key Managerial
Personnel
Enterprises over
which Key Managerial
Personnel are
able to exercise
significant influence
Post
Employment
Benefits Plan
6
Revenue from Operations
7 Other Income
8
Purchases / Material Consumed
9
Electric Power, Fuel and Water
10 Hire Charges
11 Employee Benefits Expense
12 Payment to Key Managerial Personnel / Relative
13 Selling and Distribution Expenses
14 Rent
15 Professional Fees
16 Programming and Telecast Related Expenses
17 General Expenses *
18 Donations
19 Finance Cost
Figures in italic represent Previous Year’s amounts.
* Does not include sitting fees of Non-Executive Directors.
Associates
/ Joint
Ventures
Key
Managerial
Personnel /
Relative
(` in crore)
Others
Total
47
209
146
87
339
-
1
-
(28)
(82)
1,931
406
45
57
1,655
1,587
4,782
4,898
46
119
-
-
-
-
2,114
2,253
15
13
36
48
39
55
13
29
-
-
3
2
-
-
-
-
-
-
54
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
99
110
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
11
4
3
1
-
-
-
-
-
583
703
-
-
-
-
-
-
-
-
-
-
6
-
47
209
146
87
339
-
55
-
(28)
(82)
1,940
417
49
60
1,656
1,587
4,782
4,898
46
119
583
703
99
110
2,114
2,253
15
13
36
48
39
55
19
29
1,021
1,021
573
573
-
-
3
2
359
# Ceased to be related party during the year.
@ Relationships established during the year.
^ Entities converted to subsidiaries during the year.
358
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
(ii) Balances as on March 31, 2021 with Related Parties:
(` in crore)
Particulars
Relationship
2020-21
2019-20
(` in crore)
Sr.
No.
1
2
3
Nature of Transaction (Excluding Reimbursements)
Investments
Trade Receivables #
Loans and Advances
4 Deposits
5 Unsecured Loans
6
Trade and Other Payables #
7 Other Financial Assets
8 Other Current Assets
9
Financial Guarantees
Associates
/ Joint
Ventures
80,164
47,271
634
123
23
33
1,009
1,027
80
75
997
1,179
14
12
-
-
110
1,447
Key
Managerial
Personnel /
Relative
Others
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
-
-
-
-
-
4
-
-
-
134
-
-
80,164
47,271
636
123
23
33
1,009
1,027
80
75
997
1,183
14
12
-
134
110
1,447
Figures in italic represent Previous Year’s amounts.
# Includes reimbursements.
(iii) Disclosure in respect of Major Related Party Transactions during the year ended 31st March, 2021
(` in crore)
Particulars
Relationship
2020-21
2019-20
1 Purchase of Property, Plant & Equipment and Intangible Assets
Jamnagar Utilities & Power Private Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
2 Purchase / Subscription of Investments
Actoserba Active Wholesale Private Limited ^
Diesel Fashion India Reliance Private Limited
Football Sports Development Limited
India Gas Solutions Private Limited
Reliance Paul & Shark Fashions Private Limited
Reliance-Vision Express Private Limited
Ryohin-Keikaku Reliance India Private Limited
TCO Reliance India Private Limited
Zegna South Asia Private Limited
3
Sale / Redemption of Investments
Petroleum Trust
Reliance Services and Holdings Limited
4 Rights Issue of Equity Shares
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri P. K. Kapil [` 11,10,245; (Previous Year ` Nil)]
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman [` 2,77,797; (Previous Year ` Nil)]
Smt. Nita M. Ambani
Reliance Industrial Infrastructure Limited
^ Entities converted to subsidiaries during the year.
360
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
Relative of KMP
Associate
42
1
4
128
-
-
8
1
8
1
-
-
239
100
18
7
7
1
-
3
1
-
17
1
38
8
163
-
5
51
-
1
5
8
14
3
-
-
-
-
-
-
-
-
-
-
-
-
5 Net Loans and Advances, Deposits Given / (Returned)
Ashwani Commercials Private Limited
DEN ADN Network Private Limited
Einsten Commercials Private Limited
Football Sports Development Limited
Hathway Sai Star Cable & Datacom Private Limited
Gujarat Chemical Port Limited
Kaniska Commercials Private Limited
Reliance Services and Holdings Limited
6 Revenue from Operations
Alok Industries Limited
Brooks Brothers India Private Limited
Burberry India Private Limited
Canali India Private Limited
CCN DEN Network Private Limited
DEN ADN Network Private Limited
DEN New Broad Communication Private Limited
Den Satellite Network Private Limited
Diesel Fashion India Reliance Private Limited
DL GTPL Cabnet Private Limited
Eenadu Television Private Limited
Football Sports Development Limited
GTPL Hathway Limited
GTPL Kolkata Cable & Broad Band Pariseva Limited
Gujarat Chemical Port Limited
Hathway Bhawani NDS Network Limited
(Formerly known as Hathway Bhawani NDS Network Private Limited)
Hathway Cable MCN Nanded Private Limited
Hathway CCN Entertainment (India) Private Limited
Hathway CCN Multinet Private Limited
Hathway Dattatray Cable Network Private Limited
Hathway Latur MCN Cable & Datacom Private Limited
Hathway MCN Private Limited
Hathway Sai Star Cable & Datacom Private Limited
Sir HN Hospital Trust
IBN Lokmat News Private Limited
Iconix Lifestyle India Private Limited
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
India Gas Solutions Private Limited
Jamnaben Hirachand Ambani Foundation
Jamnagar Utilities & Power Private Limited
Jio Payments Bank Limited
Marks and Spencer Reliance India Private Limited
Net 9 Online Hathway Private Limited
Pipeline Management Services Private Limited
Reliance Bally India Private Limited
Reliance Foundation
Reliance Industrial Infrastructure Limited
Reliance Paul & Shark Fashions Private Limited
Reliance-Vision Express Private Limited
Ryohin-Keikaku Reliance India Private Limited
Sikka Ports & Terminals Limited
TCO Reliance India Private Limited
Zegna South Asia Private Limited
^ Entities converted to subsidiaries during the year.
Associate
Associate
Associate
Joint Venture
Joint Venture
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
Associate
Associate
Joint Venture
Associate
Associate
Joint Venture
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Others
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Others
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Others
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Joint Venture
(2)
(2)
-
-
(1)
(23)
7
(7)
1,455
5
2
2
3
1
1
21
5
7
4
1
107
25
4
1
7
1
-
1
5
15
8
1
1
3
9
7
1
107
16
39
1
4
1
7
1
1
2
3
51
2
2
-
-
(1)
(42)
-
(41)
3
(2)
-
4
1
-
3
3
-
19
6
5
10
3
92
19
4
-
5
1
1
-
4
10
4
-
1
3
18
1
-
126
5
20
1
4
2
11
-
1
3
2
19
-
2
361
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Relationship
2020-21
2019-20
Particulars
Relationship
2020-21
2019-20
(` in crore)
(` in crore)
12 Payment to Key Managerial Personnel / Relative
Particulars
7 Other Income
CCN DEN Network Private Limited
DEN ADN Network Private Limited
GTPL Hathway Limited
Gujarat Chemical Port Limited
Sir HN Hospital Trust
IBN Lokmat News Private Limited
Iconix Lifestyle India Private Limited
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
India Gas Solutions Private Limited
Jamnaben Hirachand Ambani Foundation
Jamnagar Utilities & Power Private Limited
Pipeline Management Services Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
8 Purchases / Material Consumed
Alok Industries Limited
Brooks Brothers India Private Limited
Canali India Private Limited
Diesel Fashion India Reliance Private Limited
Gujarat Chemical Port Limited
Sir HN Hospital Trust
Jamnagar Utilities & Power Private Limited
Marks and Spencer Reliance India Private Limited
Reliance Bally India Private Limited
Reliance Industrial Infrastructure Limited
Reliance Paul & Shark Fashions Private Limited
Ryohin-Keikaku Reliance India Private Limited
Sikka Ports & Terminals Limited
Zegna South Asia Private Limited
9
Electric Power, Fuel and Water
Jamnagar Utilities & Power Private Limited
Reliance Industrial Infrastructure Limited
10 Hire Charges
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
11 Employee Benefits Expense
Associate
Associate
Associate
Associate
Others
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Others
Associate
Joint Venture
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Others
Associate
Joint Venture
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
Associate
Associate
Others
Sir HN Hospital Trust
Others *
IPCL employees Provident fund Trust
Others *
Reliance Employees Provident Fund Bombay
Others *
Reliance Industries Limited Employees Gratuity Fund
Reliance Industries Limited Staff Superannuation Scheme
Others *
Reliance Industries Limited Vadodara Units Employees Superannuation Fund Others *
Others *
Reliance Retail Limited Employees Gratuity Fund
Others *
Reliance Retail Limited Employees Provident Fund
Others *
Reliance Jio Infocomm Limited Employees Gratuity Fund
* Also includes employee contribution.
^ Entities converted to subsidiaries during the year.
362
-
1
13
12
1
2
-
5
-
3
2
6
1
2
1
51
5
2
4
175
1
5
10
1
23
2
1
1,375
1
4,767
15
4
42
13
132
286
-
18
2
14
105
13
3
1
1
10
-
1
11
-
1
3
2
6
16
2
-
-
1
1
-
162
-
5
-
21
-
-
1,395
-
4,898
-
22
97
10
124
320
100
11
1
25
92
20
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri P. K. Kapil
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman
Smt. Savithri Parekh
Smt. Nita M. Ambani
13 Selling and Distribution Expenses
CCN DEN Network Private Limited
DEN ADN Network Private Limited
Den Satellite Network Private Limited
DL GTPL Cabnet Private Limited
Eenadu Television Private Limited
GTPL Hathway Limited
GTPL Kolkata Cable & Broad Band Pariseva Limited
Gujarat Chemical Port Limited
Hathway Sai Star Cable & Datacom Private Limited
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
Jio Payments Bank Limited
Sikka Ports & Terminals Limited
14 Rent
Ashwani Commercials Private Limited
Reliance Industrial Infrastructure Limited
15 Professional Fees
Big Tree Entertainment Private Limited
GenNext Ventures Investment Advisers LLP
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
Pipeline Management Services Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
16 Programming and Telecast Related Expenses
Big Tree Entertainment Private Limited
Eenadu Television Private Limited
Hathway Cable MCN Nanded Private Limited
Hathway Dattatray Cable Network Private Limited
Hathway Latur MCN Cable & Datacom Private Limited
Hathway MCN Private Limited
Hathway Sai Star Cable & Datacom Private Limited
IBN Lokmat News Private Limited
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
17 General Expenses
Alok Industries Limited
Ashwani Commercials Private Limited
CCN DEN Network Private Limited
DEN ADN Network Private Limited
Den Satellite Network Private Limited
Eenadu Television Private Limited
Sir HN Hospital Trust
RISE Worldwide Limited (Formerly known as IMG Reliance Limited) ^
Jamnagar Utilities & Power Private Limited
Jio Payments Bank Limited
Reliance Europe Limited
^ Entities converted to subsidiaries during the year.
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
Relative of KMP
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
Associate
Associate
Associate
Others
Joint Venture
Associate
Joint Venture
Associate
-
24
24
12
4
11
17
3
2
2
3
2
9
4
1
58
11
62
1
1
1
1,961
-
15
-
1
-
-
26
9
2
12
2
1
2
7
2
2
9
1
2
-
-
-
-
6
-
1
-
-
15
24
24
11
4
12
14
3
2
1
2
1
5
3
-
49
6
65
2
1
-
2,118
2
11
1
-
2
4
23
17
1
26
1
1
1
3
2
2
18
-
-
1
1
5
1
-
1
-
1
3
363
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited (` in crore)
31.1 Compensation of Key Managerial Personnel
2020-21
2019-20
The compensation of directors and other member of Key Managerial Personnel during the year was as follows:
(iv) Disclosure in respect of Major Related Party Balances as on 31st March, 2021
Associate
3
2
1 Mid and South Tapti
30%
30% BG Exploration & Production India Limited – 30% ;
Particulars
Sikka Ports & Terminals Limited
Vadodara Enviro Channel Limited
Zegna South Asia Private Limited
18 Donations
Hirachand Govardhandas Ambani Public Charitable Trust
Jamnaben Hirachand Ambani Foundation
Reliance Foundation
Reliance Foundation Institution of Education and Research
Reliance Foundations Youth Sports
19 Finance Cost
Reliance Europe Limited
Particulars
1
Loans and Advances
CCN DEN Network Private Limited
DEN ADN Network Private Limited
Hathway ICE Television Private Limited
Hathway Sai Star Cable & Datacom Private Limited
Reliance Services and Holdings Limited
2 Deposits
Ashwani Commercials Private Limited
Atri Exports Private Limited
Carin Commercials Private Limited
Centura Agro Private Limited
Chander Commercials Private Limited
Creative Agrotech Private Limited
Einsten Commercials Private Limited
Fame Agro Private Limited
Gaurav Overseas Private Limited
Gujarat Chemical Port Limited
Honeywell Properties Private Limited
Jaipur Enclave Private Limited
Jamnagar Utilities & Power Private Limited
Kaniska Commercials Private Limited
Marugandha Land Developers Private Limited
Netravati Commercials Private Limited
Noveltech Agro Private Limited
Parinita Commercials Private Limited
Pepino Farms Private Limited
Prakhar Commercials Private Limited
Rakshita Commercials Private Limited
Rocky Farms Private Limited
Shree Salasar Bricks Private Limited
Sikka Ports & Terminals Limited
Vishnumaya Commercials Private Limited
3
Financial Guarantees
Reliance Europe Limited
Relationship
Associate
Associate
Joint Venture
Others
Others
Others
Others
Others
5
2
2
3
49
567
382
20
12
3
1
6
66
225
229
47
Relationship
2020-21
2019-20
(` in crore)
Associate
Associate
Joint Venture
Joint Venture
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
18
4
1
-
-
61
19
77
10
35
15
36
3
17
48
50
4
118
37
5
6
3
6
1
30
6
29
33
353
7
18
6
1
1
7
63
19
77
10
35
15
36
3
17
71
50
4
118
30
5
6
3
6
1
30
6
29
33
353
7
Short-Term Benefits
Post Employment Benefits
I
II
Total
2020-21
95
2
97
(` in crore)
2019-20
106
3
109
32.1 Disclosure of Group’s interest in Oil and Gas Joint Arrangements (Joint Operations):
Sr.
No.
Name of the Fields in the Joint
Arrangement (Joint Operations)
Company’s % Interest
2020-21
2019-20
Partners and their
Participating Interest (PI)
2 NEC - OSN - 97/2
KG - DWN - 98/3
3
KG-UDWHP-2018/1
4
EFS JDA Partnership
5
Oil and Natural Gas Corporation Limited – 40%
66.67%
66.67%
60%
49.26%
66.67% BP Exploration (Alpha) Limited – 33.33%
66.67% BP Exploration (Alpha) Limited – 33.33%
60% BP Exploration (Alpha) Limited – 40%,
45% Ensign Operating LLC – 50.74%;
(Previous Year Pioneer Natural Resources USA
Inc. – 46.354%)
(Previous Year Newpek LLC – 8.646%)
6
Atlas Reliance Marcellus Joint
Venture Partnership
* Sold during the Year.
-*
40%
Country
India
India
India
India
USA
USA
32.2 Quantities of Group’s Interest (on Gross Basis) in Proved Reserves and Proved Developed Reserves:
Reserves in India
Reserves outside India (North America)
Proved Reserves
(million MT**)
Proved Developed
Reserves (million MT**)
Proved Reserves
(million MT**)
Proved Developed
Reserves (million MT**)
2020-21
2019-20
2020-21
2019-20
2020
2019
2020
2019
3.24
-
-
3.24
3.02
0.33
(0.11)
3.24
-
-
-
-
0.10
0.01
(0.11)
-
10.00
(4.28)
(0.43)
5.29
8.92
1.48
(0.40)
10.00
2.45
(0.33)
(0.43)
1.69
2.40
0.45
(0.40)
2.45
Reserves in India
Reserves outside India (North America)
Proved Reserves
(million M3$)
Proved Developed
Reserves (million M3$)
Proved Reserves
(million M3$)
Proved Developed
Reserves (million M3$)
2020-21
2019-20
2020-21
2019-20
2020
2019
2020
2019
Particulars
Oil:
Opening Balance
Revision of estimates
Production
Closing Balance
** 1 MT = 7.5 bbl
Particulars
Gas:
Opening Balance
58,526
55,239
Revision of estimates
Production
Closing Balance
1
(788)
57,739
4,274
(987)
58,526
9,225
15,840
(788)
24,277
9,961
34,245
251
(14,552)
(987)
9,225
(1,887)
17,806
38,422
(2,688)
(1,489)
34,245
17,209
(1,553)
(1,887)
13,769
13,634
5,064
(1,489)
17,209
Associate
110
1,447
The reserve estimates for producing fields are revised based on the performance of producing fields and with respect to
discovered fields, the revision are based on the revised geological and reservoir simulation studies.
$ 1 cubic meter (M3) = 35.315 cubic feet and 1 cubic feet = 1000 BTU
364
365
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
32.3 The Government of India (GOI), by its letters dated 2nd
May, 2012, 14th November, 2013, 10th July, 2014 and
3rd June, 2016 has disallowed certain costs which the
Production Sharing Contract “(PSC”), relating to Block
KGDWN-98/3 entitles the Company to recover. The
Company continues to maintain that a Contractor is
entitled to recover all of its costs under the terms of the
PSC and there are no provisions that entitle the GOI to
disallow the recovery of any Contract Cost as defined in
the PSC. The Company has already referred the issue
to arbitration and communicated the same to GOI for
resolution of disputes. The demand from the GOI of $
165 million (` 1,206 crore) being the Company’s share
[total demand $ 247 million; (` 1,805 crore)] towards
additional Profit Petroleum has been considered as
contingent liability.
In supersession of Ministry’s Gazette Notification no.
22011/3/2012-ONG.D.V. dated 10th January, 2014, the
GOI notified the New Domestic natural Gas Pricing
Guidelines 2014, the GOI has directed the Company
to instruct customers to deposit differential revenue
on gas sales from D1D3 field on account of the prices
determined under the above guidelines converted
to NCV basis and the prevailing price prior to 1st
November 2014 ($ 4.205 per MMBTU) to be credited
to the gas pool account maintained by GAIL (India)
Limited. The amount so deposited by customer in Gas
pool Account is ` 295 crore (net) as at 31st March, 2021
is disclosed under Other Non-Current Assets (Refer
Note 5). Revenue has been recognised at the GOI
notified prices in respect of gas quantities sold from
D1D3 field from 1st November, 2014. This amount in
the Gas Pool Account has also been challenged under
this arbitration and is pending adjudication.
The seventh procedural hearing was held in December
2020. Next date of hearing is awaited.
32.4
(a) The Government of India (GOI) sent a notice to the
KG D6 Contractor on 4th November, 2016 asking the
Contractor to deposit approximately US$ 1.55 billion on
account of alleged gas migration from ONGC’s blocks.
RIL, as Operator, for and on behalf of all constituents of
the Contractor, initiated arbitration proceedings against
the GOI. The Arbitral Tribunal vide its Final Award dated
24th July, 2018 upheld Contractor’s claims. GOI filed
an Appeal on 15th November, 2018 before the Hon’ble
Delhi High Court, under Section 34 of the Arbitration
Act, against the Final Award of the Arbitral Tribunal and
the Appeal is currently pending adjudication before the
Hon’ble Delhi High Court. The matter is listed for hearing
on 20th July, 2021.
(b) An arbitration was initiated by BG Exploration and
Production India Limited and RIL (together the
Claimants) against the Government of India (GOI) on
16th December, 2010 under the PSCs for Panna – Mukta
and Tapti blocks due to difference in interpretation of
certain PSC provisions between Claimants and GOI.
The Arbitral Tribunal by majority issued a final partial
366
award (‘2016 FPA’), and separately, two dissenting
opinions in the matter on 12th October, 2016. Claimants
challenged certain parts of the 2016 FPA before the
English Courts, which delivered its judgement on 16th
April, 2018 and remitted one of the challenged issues
back to the Arbitral Tribunal for reconsideration. The
Arbitral Tribunal decided in favour of the Claimants in
large part vide its final partial award dated 1st October,
2018 (‘2018 FPA’). GOI and Claimants filed an appeal
before the English Commercial Court against this 2018
FPA. The English Commercial Court rejected GOI’s
challenges to 2018 Final Partial Award and upheld
Claimants’ challenge that Arbitration Tribunal had
jurisdiction over the limited issue and remitted the issue
back to the Arbitration Tribunal. Tribunal gave favourable
award on 29th January, 2021 (‘EPOD Agreements Case
Award’). Both the parties filed Clarification Applications
before the Tribunal. On 9th April 2021, Tribunal issued
its decision on the Clarification Applications of both the
parties. It granted the minor correction requested by the
Claimants and has rejected all of the GOI’s clarification
requests. GOI has challenged the EPOD Agreements
Case Award before the English High Court. Claimants
have filed an application before the Arbitral Tribunal
seeking increase in the PSC Cost Recovery Limit and
the same is pending. The Cost Recovery Limit (CRL)
arbitration hearings are scheduled during various
hearing tranches in 2021. The Arbitration Tribunal is
yet to schedule recomputation of accounts and the
quantification phase of the arbitration, which will take
place after determination of the Claimants’ request for an
increase in the cost recovery limit under the PSCs.
GOI has also filed an execution petition before the
Hon’ble Delhi High Court under Sections 47 and 49
of the Arbitration and Conciliation Act, 1996 and
Section 151 of the Civil Procedure Code, 1908 seeking
enforcement and execution of the 2016 FPA. The
Claimants contend that GOI’s Execution Petition is not
maintainable. GOI’s Execution Petition is currently sub
judice. Claimants have also filed Application for Recall /
Modification, challenging the Orders of Delhi High Court
wherein Directors were directed to file Affidavits of
Assets. The matter is listed on 13th July, 2021 for hearing.
(c) NTPC had filed a suit for specific performance of a
contract for supply of natural gas by the Company
before the Hon’ble Bombay High Court. The main issue
in dispute is whether a valid, concluded and binding
contract exists between the parties for supply of Natural
Gas of 132 Trillion BTU annually for a period of 17 years.
The matter is presently sub judice and the Company is
of the view that NTPC’s claim lacks merit and no binding
contract for supply of gas was executed between NTPC
and the Company.
Considering the complexity of above issues,
the Company is of the view that any attempt for
quantification of possible exposure to the Company will
have an effect of prejudicing Company’s legal position
in the ongoing arbitration /litigations. Moreover, the
Company considers above demand /disputes as remote.
33. Details of Contingent Liabilities & Commitments
Sr.
No.
Particulars
(I) Contingent Liabilities
(A) Claims against the Group / disputed liabilities not acknowledged as debts*
(a)
(b)
In respect of joint ventures
In respect of others
(B) Guarantee
(i)
Guarantees to Banks and Financial Institutions against credit facilities extended
to third parties & other guarantees.
In respect of joint ventures
(a)
In respect of others
(b)
(ii) Performance Guarantees
(iii)
In respect of others
(a)
Outstanding guarantees furnished to Banks and Financial Institutions including
in respect of Letters of Credits
(a)
(b)
In respect of joint ventures
In respect of others
(II) Commitments
(A) Estimated amount of contracts remaining to be executed on capital account
and not provided for:
(a)
(b)
In respect of Joint Ventures
In respect of others
(B) Uncalled Liability on Shares and other investments partly paid
(C) Other commitments
(i)
Investments
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,066
6,563
20
870
2,061
1,391
10,474
7,248
52,331
239
712
1,839
5,049
20
7,393
1,965
1,391
14,686
11,396
8,306
2,401
445
* The Group has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered
necessary.
(III) On December 16, 2010, the Securities and Exchange Board of India (SEBI) issued a show cause notice (“SCN” ) inter alia to
the Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum
Limited, then a subsidiary of RIL. Hearings were held before the Whole Time Member (“WTM”) of SEBI in respect of the
SCN. By an order dated March 24, 2017, the WTM passed the directions: (i) prohibiting inter alia RIL from dealing in equity
derivatives in the ‘Futures & Options’ segment of stock exchanges, directly or indirectly, for a period of one year from the
date of the order; and (ii) to RIL to disgorge an amount of ` 447.27 crore along with interest at the rate of 12% per annum
from November 29, 2007 till the date of payment. In May 2017, RIL and the other noticees filed an appeal before the
Securities Appellate Tribunal (“SAT”) against this order. SAT, by a majority order (2:1), dismissed the appeal on November 5,
2020 and directed RIL to pay the disgorged amount within sixty days from the date of the order. The appeal of RIL and other
noticees has been admitted by the Hon’ble Supreme Court of India. By its order dated December 17, 2020, the Hon’ble
Supreme Court of India directed RIL to deposit ` 250 crore in the Investors’ Protection Fund, subject to the final result of the
appeal and stayed the recovery of the balance, inclusive of interest, pending the appeal. RIL has complied with the order
dated December 17, 2020 of the Hon’ble Supreme Court of India. In the very same matter, on November 21, 2017, SEBI
issued show cause notice, inter alia, to RIL, asking RIL to show cause as to why inquiry should not be held in terms of SEBI
(Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 and penalty not be imposed
under the provisions of the Securities and Exchange Board of India Act, 1992. The Adjudicating Officer of SEBI passed an
order on January 1, 2021 imposing a penalty of ` 25 crore on RIL. RIL has paid the penalty under protest and has filed an
appeal before the SAT against this order.
(IV) Plaintiffs in the relevant case had filed a Derivative action suit of ` 3,114 crore before the Bombay High Court alleging
that all business opportunities undertaken by the certain companies of Network18 Group should be routed through
e-Eighteen.com Limited.
(V) In the spectrum auction conducted by Department of Telecommunications, Government of India, in the month of March
2021,the Company has acquired the right to use spectrum in the 800/1800/2300 MHz bands for all the access service
areas at a total cost of ` 57,123 crore. The said spectrum will be available for use in a staggered manner starting April 2021
for 20 years. Reliance Jio Infocomm Limited has opted for the deferred payment option and accordingly, paid an advance
of ` 15,020 crore in March, 2021. Pending the allocation of the spectrum by the Government of India, entire amount
outstanding of ` 42,103 crore as at March 31, 2021, has been disclosed under capital commitments.
367
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
34. Capital Management
Reconciliation of fair value measurement of the investment categorised at Level 3:
The Group adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main
objectives are as follows:
a)
b)
Maintain investment grade ratings for all issuing entities, domestically and internationally by ensuring that the financial
strength of their Balance Sheets are preserved.
Manage foreign exchange, interest rates and commodity price risk, and minimise the impact of market
volatility on earnings.
c) Diversify sources of financing and spread the maturity across tenure buckets in order to manage liquidity risk.
d) Leverage optimally in order to maximise shareholder returns.
The Net Gearing Ratio at the end of the reporting period was as follows:
Gross Debt
Cash and Marketable Securities *
Net Debt (A)
Total Equity (As per Balance Sheet) (B)
Net Gearing Ratio (A / B)
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
2,51,811
2,54,019
(2,208)
7,00,172
-
3,36,294
1,75,259
1,61,035
4,49,166
0.36
* Cash and Marketable Securities include Cash and Cash Equivalents of ` 17,397 crore (Previous Year ` 30,920 crore), Current Investments
of ` 1,52,446 crore (Previous Year ` 72,915 crore), Other Marketable Securities of ` 44,333 crore (Previous Year ` 71,424 crore) including
investments in Jio Digital Fibre Private Limited and Summit Digitel Infrastructure Private Limited (Earlier Reliance Jio Infratel Private Limited)
and Call money receivable on right shares ` 39,843 crore (Previous Year ` Nil).
35. Financial Instruments
A. Fair Value Measurement Hierarchy
Particulars
Opening Balance
Addition during the year
Sale / Reduction during the year
Total Gain / (Loss)
Closing Balance
Line item in which gain / loss recognised
Other Income –
` 2 crore unrealised
As at 31st March, 2021
As at 31st March, 2020
At FVTPL
At FVTOCI
At FVTPL
At FVTOCI
(` in crore)
1,104
82,897
100
715
2
491
173
39
251
83,282
Other
Comprehensive
Income-Items
that will not
be reclassified
to Profit or Loss
12,078
655
11,633
4
1,104
Other Income –
` 4 crore unrealised
82,857
4,972
4,939
7
82,897
Other
Comprehensive
Income – Items
that will not
be reclassified
to Profit or Loss
Sensitivity of level 3 financial instrument’s fair value to changes in significant unobservable inputs
used in their fair valuation:
Particulars
Valuation Technique
Significant Unobservable
Input
Change
in %
(` in crore)
Sensitivity of the fair value to
change in input
31st March 2021
31st March 2020
Investment in
OCPS (FVTOCI)
Discounting
Cash Flow
Discounting rate - 13.12%
+0.10%
(previous year 12.30%)
-0.10%
(1,436)
1,463
(1,543)
1,571
The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements as
described below:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
As at 31st March, 2021
As at 31st March, 2020
(` in crore)
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly; and
Particulars
Financial Assets
At Amortised Cost
Investments #
Trade Receivables
Cash and Cash Equivalents
Loans
Other Financial Assets
At FVTPL
Investments
Other Financial Assets
At FVTOCI
Investments
Other Financial Assets
Financial Liabilities
At Amortised Cost
Borrowings
Trade Payables
Other Financial Liabilities
At FVTPL
Carrying
Amount
Level of input used in
Level 1
Level 2
Level 3
Carrying
Amount
Level of input used in
Level 1
Level 2
Level 3
39,809
19,014
17,397
2,549
58,597
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
43,356
19,656
30,920
22,401
16,465
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
44,772
38,315
2,520
36
5,966
2,484
491
-
34,301
10,969
5,689
2
27,508
10,967
1,104
-
2,00,083
1,10,790
6,011
83,282
1,51,839
67,432
1,510
82,897
7
2,51,811
1,08,897
62,846
-
-
-
-
-
-
7
-
-
-
3,723
-
-
-
-
-
-
-
-
3,36,294
96,799
1,12,143
-
-
-
-
-
-
-
-
6,000
37
5,963
562
-
562
-
-
-
-
-
-
Other Financial Liabilities
3,723
At FVTOCI
Other Financial Liabilities
-
Level 3: Inputs based on unobservable market data.
Valuation Methodology
All financial instruments are initially recognised and subsequently re-measured at fair value as described below:
a)
b)
c)
d)
e)
f)
The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills, Certificate of Deposits
and Mutual Funds is measured at quoted price or NAV.
The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves.
The fair value of Forward Foreign Exchange contracts and Currency Swaps is determined using observable forward
exchange rates and yield curves at the balance sheet date.
The fair value of over-the-counter Foreign Currency Option contracts is determined using the Black Scholes
valuation model.
Commodity derivative contracts are valued using available information in markets and quotations from exchange, brokers
and price index developers.
The fair value for Level 3 instruments is valued using inputs based on information about market participants assumptions
and other data that are available.
g)
The fair value of the remaining financial instruments is determined using discounted cash flow analysis.
h)
All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
# Excludes Investments in Associates and Joint Ventures ` 80,164 crore (Previous Year ` 47,271 crore)] measured at cost (Refer Note 2.1).
368
369
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
B. Financial Risk Management
The Group’s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk. Within
the boundaries of approved Risk Management Policy framework The Group uses derivative instruments to manage the
volatility of financial markets and minimise the adverse impact on its financial performance.
i) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as
equity price risk and commodity risk.
a) Foreign Currency Risk
Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of
changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are
denominated in currencies other than Indian Rupee.
The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial instruments at
the end of the reporting period. The exposure to all other foreign currencies are not material.
Particulars
As at 31st March, 2021
As at 31st March, 2020
Foreign Currency Exposure
(` in crore)
Borrowings
Trade and Other Payables
Trade and Other Receivables
Derivatives
USD
EUR
JPY
USD
EUR
JPY
98,493
84,280
(4,366)
12,634
12,962
1,28,414
18,820
10,717
2,584
(110)
36
(13)
81,528
918
(12,151)
(1,738)
45
-
Forwards and Futures
(55,167)
(13,974)
(12,936)
(53,341)
(16,571)
(10,707)
2,655
(19,347)
1,06,548
-
(472)
662
-
727
776
(3,712)
(3,620)
1,37,118
-
(1,929)
(500)
-
-
55
-
-
-
Currency Swaps
Options
Exposure
b) Interest Rate Risk
The Group’s exposure to the risk of changes in market interest rate relates to the floating rate debt obligations and
derivative products taken to mitigate interest rate risk.
The exposure of the Group’s borrowings and derivatives to interest rate changes at the end of the reporting period
are as follows:
Interest Rate Exposure
Particulars
Borrowings
Non-Current – Floating (Includes Current Maturities) *
Non-Current – Fixed (Includes Current Maturities) *
Current #
Total
Derivatives
Foreign Currency Interest Rate Swaps
Rupees Interest Rate Swaps
Currency Swaps
Bond Future-Short
(` in crore)
As at
31st March, 2021
As at
31st March, 2020
91,399
1,01,143
60,371
2,52,913
33,279
19,450
2,655
-
1,33,952
1,10,477
94,765
3,39,194
51,849
10,050
8,928
400
* Includes ` 812 crore (Previous Year ` 1,921 crore) as Prepaid Financial Charges.
# Includes ` 290 crore (Previous Year ` 979 crore) as Commercial Paper Discount.
ii) Commodity Price Risk
Commodity price risk arises due to fluctuation in prices of crude oil, other feed stock and products and bullion.
The Group has a risk management framework aimed at prudently managing the risk arising from the volatility in
commodity prices and freight costs.
The Group’s commodity price risk is managed centrally through well-established trading operations and control
processes. In accordance with the risk management policy, the Group enters into various transactions using
370
derivatives and uses over-the-counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its
commodity and freight exposure.
iii) Credit Risk
Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due
causing financial loss to the Group. Credit risk arises from Group’s activities in investments, dealing in derivatives and
receivables from customers and other financial instruments. The Group ensures that sales of products are made to
customers with appropriate creditworthiness. Credit information is regularly shared between businesses and finance
function, with a framework in place to quickly identify, respond and recognise cases of credit deterioration.
The Group has a prudent and conservative process for managing its credit risk arising in the course of its business
activities. Credit risk across the Group, is actively managed through Letters of Credit, Bank Guarantees, Parent Group
Guarantees, advance payments, security deposits and factoring and forfaiting without recourse to Group. The Group
restricts its fixed income investments in liquid securities carrying high credit rating.
iv) Liquidity Risk
Liquidity risk arises from the Group’s inability to meet its cash flow commitments on the due date. The Group
maintains sufficient stock of cash, marketable securities and committed credit facilities. The Group accesses global
and local financial markets to meet its liquidity requirements. It uses a range of products and a mix of currencies to
ensure efficient funding from across well-diversified markets and investor pools. Treasury monitors rolling forecasts
of the Group’s cash flow position and ensures that the Group is able to meet its financial obligation at all times
including contingencies.
The Group’s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements.
Treasury pools the cash surpluses from across the different operating units and then arranges to either fund the net
deficit or invest the net surplus in a range of short-dated, secure and liquid instruments including short-term bank
deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified
to avoid concentration risk in any one instrument or counterparty.
Particulars*
Borrowings
Non-Current #
Current ^
Total
Other Financial Liabilities
Derivative Liabilities
Forwards
Options
Currency Swaps
Interest Rate Swaps
Total
Maturity Profile as at 31st March, 2021
Below 3
Months
3-6
Months
6-12
Months
1-3
Years
3-5
Years
Above 5
Years
Total
(` in crore)
3,083
53,402
56,485
556
1,518
178
-
10
1,706
4,629
2,938
7,567
554
841
-
-
1
842
20,489
4,031
24,520
1,101
176
33
-
241
450
66,891
-
66,891
4,035
2,012
-
-
575
2,587
62,782
-
62,782
3,183
34,668
-
34,668
9,849
1,92,542
60,371
2,52,913
19,278
-
-
-
76
76
-
-
-
-
-
4,547
211
-
903
5,661
* Does not include Trade Payables (Current) amounting to ` 1,08,897 crore.
# Includes ` 812 crore as Prepaid Finance Charges.
^ Includes ` 290 crore as Commercial Paper Discount.
Particulars*
Borrowings
Non-Current #
Current ^
Total
Other Financial Liabilities
Derivative Liabilities
Forwards
Options
Currency Swaps
Interest Rate Swaps
Total
Maturity Profile as at 31st March, 2020
Below 3
Months
3-6
Months
6-12
Months
1-3
Years
3-5
Years
Above 5
Years
Total
(` in crore)
10,371
77,730
88,101
459
4,155
31
320
3
4,509
16,844
4,637
21,481
459
18,001
12,398
30,399
895
72,347
-
72,347
3,471
68,631
-
68,631
2,809
58,235
-
58,235
5,615
2,44,429
94,765
3,39,194
13,708
115
-
240
1
356
115
-
415
342
872
75
-
-
331
406
-
-
-
235
235
-
-
-
-
-
4,460
31
975
912
6,378
* Does not include Trade Payables (Current) amounting to ` 96,799 crore.
# Includes ` 1,921 crore as Prepaid Finance Charges.
^ Includes ` 979 crore as Commercial Paper Discount.
371
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
C. Reclassification
The Company has reclassified certain non-derivative financial assets on 1st day of July 2018 from Fair Value through Profit
and Loss (FVTPL) to Financial Assets at Fair Value through Other Comprehensive Income (FVTOCI) on account of its
business model change.
Cost and Fair value of reclassified assets as on reporting date is ` 5,910 crore (previous year ` 10,301 crore) and ` 7,383
crore (previous year ` 12,112 crore) respectively. Effective interest rate is 6.75% up to 30th September, 2020 & 5.25% from
1st October, 2020 per annum. Interest revenue recognised during the year ` 416 crore (Previous year ` 814 crore).
Change in fair value gain /(loss) of ` 29 crore (previous year ` 225 crore) that would have been recognised in profit or loss
during the reporting period if the financial assets had not been reclassified.
Refer Note 2 and 7.
D. Hedge Accounting
The Group’s business objective includes safe-guarding its earnings against adverse price movements of crude oil and
other feedstock, refined products, precious metals, freight costs as well as foreign exchange and interest rates. The Group
has adopted a structured risk management policy to hedge all these risks within an acceptable risk limit and an approved
hedge accounting framework which allows for Fair Value and Cash Flow hedges. Hedging instruments include exchange
traded futures and options, over-the-counter swaps, forwards and options as well as non-derivative instruments to achieve
this objective.
There is an economic relationship between the hedged items and the hedging instruments. The Group has established a
hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Group uses the hypothetical derivative
method and Dollar offset method.
The hedge ineffectiveness can arise from:
-
-
-
Differences in the timing of the cash flows.
Different indexes (and accordingly different curves).
The counterparties’ credit risk differently impacting the fair value movements.
The table below shows the position of hedging instruments and hedged items as on the balance sheet date:
Disclosure of effect of Hedge Accounting:
A. Fair Value Hedge
Hedging Instruments
Particulars
Nominal
Value
Quantity
Carrying Amount
(Kbbl)
(Kgs)
Assets
Liabilities
Changes in
Fair Value
Hedge
Maturity
Line Item in
Balance Sheet
(` in crore)
As at
31st March, 2021
Foreign
Currency Risk
Derivative Contracts
Commodity
Price Risk
Derivative Contracts
As at
31st March, 2020
Foreign
Currency Risk
Foreign Currency
Risk
Component
– Forwards
Commodity
Price Risk
Derivative Contracts
2,557
-
-
-
86
(72)
April
2021 to May 2021
Other
Financial Liabilities
39,236
3,84,949
5,092
1,766
1,071
373
April 2021 to
December 2023
Other Financial
Assets / Liabilities
-
-
-
-
-
-
-
-
46,161
5,67,894
4,987
6,701
3,879
1,541
April 2020 to
Dec 2023
Other Financial
Assets / Liabilities
Hedged Items
Particulars
As at 31st March, 2021
Foreign Currency Risk
Import Firm Commitments
Commodity Price Risk
Firm Commitments for purchase of
feedstock and freight
Firm Commitments for sale of products
Carrying Amount
Assets Liabilities
Changes in
Fair Value
(` in crore)
Line Item in Balance Sheet
86
-
72
Other Financial Assets
-
536
(887)
Other Current Assets / Liabilities
236
1,218
(210)
Other Current Assets
Inventories
5,930
-
1,043
Inventories
As at 31st March, 2020
Foreign Currency Risk
Import Firm Commitments
Commodity Price Risk
Firm Commitments for purchase of
feedstock and freight
Firm Commitments for sale of products
-
-
-
-
3,214
116
3,069
Other Current Assets / Liabilities
197
3,141
(3,034)
Other Current Assets
Inventories
9,251
-
(1,296)
Inventories
B. Cash Flow Hedge
Hedging Instruments
Particulars
As at 31st March, 2021
Foreign Currency Risk
Foreign Currency Risk
Components – Trade Payable
Foreign Currency Risk
Components – Borrowings
Interest Rate Risk
Interest Rate Swap
As at 31st March, 2020
Foreign Currency Risk
Foreign Currency Risk
Components – Trade Payable
Foreign Currency Risk
Components – Borrowings
Interest Rate Risk
Interest Rate Swap
Nominal
Value
Carrying Amount
Assets Liabilities
Changes in
Fair Value
(` in crore)
Hedge
Maturity
Line Item in
Balance Sheet
-
7,218
-
-
-
-
NA
NA
7,311
256
June 2022
Non-Current
Liabilities –
Financial Liabilities
– Borrowings
33,590
82
-
141 April 2021 to March
2025
Other
Financial Assets
48,694
18,491
49,931
-
-
-
52,966
(4,272)
19,384
(893)
April 2020 to
December 2021
April 2020
to September 2022
Trade Payables
Borrowings
405
(405)
March 2021 to
March 2025
Other
Financial Liabilities
372
373
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Hedged Items
Particulars
As at 31st March, 2021
Foreign Currency Risk
Nominal
Value
Changes in
Fair Value
Hedge
Reserve
(` in crore)
Line Item in Balance Sheet
Highly Probable Forecasted Exports
7,218
(256)
(3,059)
Interest Rate Risk
Borrowings
As at 31st March, 2020
Foreign Currency Risk
33,590
(141)
(97)
Highly Probable Forecasted Exports
67,184
5,165
(5,165)
Interest Rate Risk
Borrowings
49,931
405
(718)
C Movement in Cash Flow Hedge
Other Equity
Other Equity
Other Equity
Other Equity
(` in crore)
Sr.
No.
Particulars
2020-21
2019-20
Line Item in Balance Sheet /
Statement of Profit and Loss
At the beginning of the year
1
2 Gain / (loss) recognised in Other Comprehensive
(5,883)
914
46
(6,298)
Items that will be reclassified to Profit & Loss
Income during the year
Amount reclassified to Profit and Loss during the year
At the end of the year
3
4
1,813
(3,156)
369 Value of Sale
(5,883) Other Comprehensive Income
36. Segment Information
The Group has five principal operating and reporting segments; viz. Oil To Chemicals (O2C), Oil and Gas, Retail, Digital
Services and Financial Services .
The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with
following additional policies for segment reporting.
a)
b)
Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of
the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on
reasonable basis have been disclosed as “Unallocable”.
Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Investments, tax
related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been
disclosed as “Unallocable”.
(I) Primary Segment Information
2020-21
O2C
Oil and
Gas
Retail
Digital
Services
Financial
Services
Others Unallocable
Total
(` in crore)
1 Segment Revenue
3,15,105
External Turnover
Inter Segment Turnover
4,903
Value of Sales and Services (Revenue) * 3,20,008
13,518
Less: GST Recovered
3,06,490
Revenue from Operations (Net of GST)
29,773
2 Segment Result before
Interest and Taxes **
Less: Finance Cost ^
Add: Interest Income
Profit Before Tax and Exceptional Items
Exceptional Item (Net of Tax) (Refer Note 29)
Profit Before Tax
Less: Current Tax
Less: Deferred Tax
Profit after Tax (before adjustment for
Non-Controlling Interest)
Add: Share of (Profit) /Loss transferred to
Non-Controlling Interest
Profit after Tax (after adjustment for
Non-Controlling Interest)
532
1,608 1,52,501
1,317
2,140 1,53,818
18,566
2,128 1,35,252
7,991
12
(1,477)
27,336
62,951
90,287
13,645
76,642
21,181
1,082
1,324
2,406
5
2,401
1,357
41,606
6,646
48,252
7,166
41,086
3,635
5,39,238
-
-
-
- 5,39,238
52,912
-
4,86,326
-
61,327
(1,133)
21,027
9,519
49,819
5,642
55,461
(2,205)
483
53,739
(4,611)
49,128
3 Other Information
Segment Assets #
Segment Liabilities #
Capital Expenditure
Depreciation / Amortisation and
Depletion Expense
3,58,964
44,284
7,867
8,397
35,163
14,359
3,879
1,735
98,361 3,05,965
68,328
20,879
35,998
10,321
12,854
1,851
80,420 1,34,879
3,25,638 13,39,390
14,272 11,77,197 13,39,390
79,667
3,313
18,289
26,572
359
1,376
71
-
-
* Total Value of Sales and Services is after elimination of inter segment turnover of ` 77,673 crore.
** Segment results includes Interest income / Other Income pertaining to the respective segments.
^
Segment results of the financial services segment includes finance cost relating to the segment. The difference between finance cost in financial
results and segment information is on account of finance cost relating to financial services segment.
Segment assets and liabilities have been grossed up, with respect to advance from customers of ` 1,813 crore, bill discounting of ` 14,259 crore
and other non-current assets ` 2,106 crore whereas the same has been netted off in the respective heads of Balance Sheet.
#
374
375
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
2019-20
O2C
Oil and
Gas
Retail
Digital
Services
Financial
Services
Others Unallocable
Total
(` in crore)
(VI) Secondary Segment Information
1 Segment Revenue
4,37,214
External Turnover
Inter Segment Turnover
14,141
Value of Sales and Services (Revenue) * 4,51,355
13,992
Less: GST Recovered
4,37,363
Revenue from Operations (Net of GST)
45,191
2 Segment Result before
Interest and Taxes **
Less: Finance Cost ^
Add: Interest Income
Profit Before Tax and Exceptional Items
Exceptional Item (Net of Tax) (Refer Note 29)
Profit Before Tax
Less: Current Tax
Less: Deferred Tax
Profit after Tax (before adjustment for
Non-Controlling Interest)
Add: Share of (Profit) /Loss transferred to
Non-Controlling Interest
Profit after Tax (after adjustment for
Non-Controlling Interest)
2,666
545
1,57,901
5,128
3,211 1,63,029
16,664
1,46,365
8,292
-
3,211
(1,407)
22,192
47,413
69,605
10,198
59,407
14,634
1,550
644
2,194
2,194
811
38,474
6,443
44,917
6,706
38,211
2,671
6,59,997
-
-
-
- 6,59,997
47,560
-
6,12,437
-
70,452
260
21,880
9,478
58,050
(4,444)
53,606
(8,630)
(5,096)
39,880
(526)
39,354
3 Other Information
Segment Assets #
Segment Liabilities #
Capital Expenditure
Depreciation / Amortisation and
Depletion Expense
3,67,327
45,186
18,111
8,612
42,693
6,372
3,134
1,760
38,902
19,286
9,259
1,403
2,80,971
76,075
38,972
8,714
68,368
78
-
-
89,645
25,313
10,697
1,318
2,89,505 11,77,411
10,05,101 11,77,411
80,513
22,203
340
396
* Total Value of Sales and Services is after elimination of inter segment turnover of ` 74,314 crore.
** Segment results includes Interest income / Other Income pertaining to the respective segments.
^
Segment results of the financial services segment includes finance cost relating to the segment. The difference between finance cost in financial
results and segment information is on account of finance cost relating to financial services segment.
Segment assets and liabilities have been grossed up, with respect to advance from customers of ` 2,375 crore, bill discounting of ` 7,016 crore and
other non-current assets ` 2,105 crore whereas the same has been netted off in the respective heads of Balance Sheet.
#
(II) Inter segment pricing are at Arm’s length basis.
(III) As per Indian Accounting Standard 108 – Operating Segments, the Company has reported segment information on
consolidated basis including businesses conducted through its subsidiaries.
(IV) The reportable segments are further described below:
-
The Oil to Chemicals business includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited,
aviation fuel and bulk wholesale marketing. It includes breadth of portfolio spanning transportation fuels, polymers,
polyesters and elastomers. The deep and unique integration of O2C business includes world-class assets comprising
Refinery Off-Gas Cracker, Aromatics, Gasification, multi-feed and gas crackers along with downstream manufacturing
facilities, logistics and supply-chain infrastructure.
- The Oil and Gas segment includes exploration, development and production of crude oil and natural gas.
- The Retail segment includes consumer retail and range of related services.
- The Digital Services segment includes provision of a range of digital services
-
The Financial Services segment comprises of management and deployment of identified resources of the Company to
various activities including non-banking financial services, insurance broking.
Other business segments which are not separately reportable have been grouped under
the Others segment.
Other investments / assets / liabilities, long-term resources raised by the Company, business trade financing liabilities
managed by the centralised treasury function and related income / expense are considered under Unallocated.
-
-
(V) The Company’s Refining and Petrochemicals business segments comprise unique integrated assets converting oil to
polymers, polyesters and elastomers and fuels. In line with the Company’s vision of clean and green development of New
Energy and New Materials, the Executive Committee (Chief Operating Decision Maker - CODM) has approved the formal
reorganisation of these segments into Oil-to-Chemicals (O2C) business to reflect business strategy and management
matrix. This aligns with management vision of sustainable future growth and holistic and agile decision making, while
providing flexibility to induct new strategic partners for future initiatives. Accordingly, the Company has disclosed Oil to
Chemicals (O2C) as a separate business segment.
376
Segment Revenue – External Turnover
1
Within India
Outside India
Total
2 Non-Current Assets
Within India
Outside India
Total
2020-21
3,31,557
2,07,681
5,39,238
9,35,322
12,879
9,48,201
(` in crore)
2019-20
3,62,593
2,97,404
6,59,997
8,82,217
25,438
9,07,655
37. Enterprises Consolidated as Subsidiary in accordance with Indian Accounting
Standard 110 – Consolidated Financial Statements
Name of the Enterprise
Sr.
No.
Country of
Incorporation
Proportion of
Ownership Interest
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
ABC Cable Network Private Limited
Actoserba Active Wholesale Private Limited
Adhunik Cable Network Limited
Adventure Marketing Private Limited
AETN18 Media Private Limited
Affinity USA LLC (Formerly Affinity USA Inc.) *
Ambika DEN Cable Network Private Limited
Amogh Broad Band Services Private Limited
Angel Cable Network Private Limited
Antique Communications Private Limited
Asteria Aerospace Private Limited
Augment Cable Network Private Limited
Aurora Algae LLC (Formerly Aurora Algae Inc.) *
Bali Den Cable Network Limited
Bee Network and Communication Limited (Formerly Bee Network and
Communication Private Limited)
Bhadohi DEN Entertainment Private Limited
Big Den Entertainment Limited (Formerly Big Den Entertainment Private Limited)
Binary Technology Transfers Limited (Formerly Binary Technology Transfers
Private Limited)
Blossom Entertainment Private Limited
Cab-i-Net Communications Private Limited
Channels India Network Private Limited
Chennai Cable Vision Network Private Limited
Colorful Media Private Limited
Colosceum Media Private Limited
Crystal Vision Media Private Limited
C-Square Info Solutions Private Limited
Dadha Pharma Distribution Private Limited
Den A.F. Communication Private Limited
Den Aman Entertainment Private Limited
DEN Ambey Cable Networks Private Limited
Den Ashu Cable Limited
DEN BCN Suncity Network Limited
Den Bindra Network Private Limited
Den Broadband Limited (Formerly Den Broadband Private Limited)
Den Budaun Cable Network Private Limited
Den Citi Channel Limited (Formerly Den Citi Channel Private Limited)
Den Classic Cable TV Services Limited (Formerly Den Classic Cable TV Services
Private Limited)
DEN Crystal Vision Network Limited
Den Digital Cable Network Limited (Formerly Den Digital Cable Network
Private Limited)
* Subsidiary Companies having 31st December as Reporting Date.
India
India
India
India
India
USA
India
India
India
India
India
India
USA
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
37.49%
73.28%
66.95%
100.00%
21.27%
100.00%
66.95%
66.95%
37.49%
66.95%
49.57%
66.95%
100.00%
34.17%
64.47%
17.41%
66.95%
64.47%
66.95%
66.95%
61.65%
48.99%
100.00%
73.15%
66.95%
69.44%
85.06%
66.95%
66.95%
40.84%
66.95%
34.15%
66.95%
66.95%
34.14%
66.95%
66.95%
66.95%
59.30%
377
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Name of the Enterprise
Sr.
No.
Country of
Incorporation
Proportion of
Ownership Interest
Name of the Enterprise
Sr.
No.
Country of
Incorporation
Proportion of
Ownership Interest
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
Den Discovery Digital Networks Private Limited
Den Elgee Cable Vision Private Limited
Den Enjoy Cable Networks Private Limited
Den Enjoy Navaratan Network Private Limited
DEN Enjoy SBNM Cable Network Private Limited
Den F K Cable TV Network Private Limited
DEN Faction Communication System Limited (Formerly DEN Faction Communication
System Private Limited)
Den Fateh Marketing Private Limited
DEN Harsh Mann Cable Network Limited
Den Jai Ambey Vision Cable Private Limited
Den Kashi Cable Network Limited
Den Kattakada Telecasting And Cable Services Limited
DEN Krishna Cable TV Network Limited
Den Maa Sharda Vision Cable Networks Limited
Den Mahendra Satellite Private Limited
Den Malabar Cable Vision Limited (Formerly Den Malabar Cable Vision Private Limited)
Den Malayalam Telenet Private Limited
Den MCN Cable Network Limited
Den Mod Max Cable Network Private Limited
Den Nashik City Cable Network Private Limited
Den Networks Limited
Den Patel Entertainment Network Private Limited
DEN Pawan Cable Network Limited
Den Pradeep Cable Network Limited (Formerly Den Pradeep Cable Network
Private Limited)
DEN Prayag Cable Networks Limited
Den Premium Multilink Cable Network Private Limited
Den Prince Network Limited
Den Radiant Satelite Cable Network Private Limited
Den Rajkot City Communication Private Limited
Den Sahyog Cable Network Limited
Den Sariga Communications Limited (Formerly Den Sariga Communications
Private Limited)
Den Satellite Cable TV Network Limited (Formerly Den Satellite Cable TV Network
Private Limited)
Den Saya Channel Network Limited
Den Steel City Cable Network Limited (Formerly Den Steel City Cable Network
Private Limited)
DEN STN Television Network Private Limited
Den Supreme Satellite Vision Private Limited
Den Varun Cable Network Limited
Den VM Magic Entertainment Limited
Den-Manoranjan Satellite Private Limited
Desire Cable Network Limited
Devine Cable Network Private Limited
Digital Media Distribution Trust
Digital18 Media Limited
Disk Cable Network Private Limited
Divya Drishti Den Cable Network Private Limited
Drashti Cable Network Limited (Formerly Drashti Cable Network Private Limited)
Dronagiri Bokadvira East Infra Limited
Dronagiri Bokadvira North Infra Limited
Dronagiri Bokadvira South Infra Limited
Dronagiri Bokadvira West Infra Limited
Dronagiri Dongri East Infra Limited
Dronagiri Dongri North Infra Limited
Dronagiri Dongri South Infra Limited
Dronagiri Dongri West Infra Limited
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
* Subsidiary Companies having 31st December as Reporting Date.
378
34.14%
66.95%
34.14%
17.41%
17.41%
34.15%
66.95%
34.14%
66.95%
66.95%
34.15%
66.95%
66.95%
34.15%
40.17%
66.95%
34.14%
66.95%
34.15%
34.14%
66.95%
66.95%
42.18%
66.95%
66.95%
34.14%
66.95%
66.95%
34.13%
66.95%
66.95%
34.14%
34.14%
66.95%
34.14%
34.14%
34.14%
66.95%
34.14%
66.95%
66.95%
100.00%
73.15%
66.95%
35.79%
55.47%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Dronagiri Funde East Infra Limited
Dronagiri Funde North Infra Limited
Dronagiri Funde South Infra Limited
Dronagiri Funde West Infra Limited
Dronagiri Navghar East Infra Limited
Dronagiri Navghar North First Infra Limited
94
95
96
97
98
99
100 Dronagiri Navghar North Infra Limited
101 Dronagiri Navghar North Second Infra Limited
102 Dronagiri Navghar South First Infra Limited
103 Dronagiri Navghar South Infra Limited
104 Dronagiri Navghar South Second Infra Limited
105 Dronagiri Navghar West Infra Limited
106 Dronagiri Pagote East Infra Limited
107 Dronagiri Pagote North First Infra Limited
108 Dronagiri Pagote North Infra Limited
109 Dronagiri Pagote North Second Infra Limited
110 Dronagiri Pagote South First Infra Limited
111 Dronagiri Pagote South Infra Limited
112 Dronagiri Pagote West Infra Limited
113 Dronagiri Panje East Infra Limited
114 Dronagiri Panje North Infra Limited
115 Dronagiri Panje South Infra Limited
116 Dronagiri Panje West Infra Limited
117
118
119
eDreams Edusoft Private Limited
e-Eighteen.com Limited
Ekta Entertainment Network Limited (Formerly Ekta Entertainment Network
Private Limited)
Elite Cable Network Private Limited
Eminent Cable Network Private Limited
Fab Den Network Limited
Fortune (Baroda) Network Private Limited
Fun Cable Network Private Limited
Futuristic Media and Entertainment Limited (Formerly Futuristic Media and
Entertainment Private Limited)
120
121
122
123
124
125
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
126 Galaxy Den Media & Entertainment Private Limited
127 Gemini Cable Network Limited (Formerly Gemini Cable Network Private Limited)
128 Genesis Colors Limited
129 Genesis La Mode Private Limited
130 GLB Body Care Private Limited
131 GLF Lifestyle Brands Private Limited
132 Glimpse Communications Private Limited
133 GML India Fashion Private Limited
134 Grab A Grub Services Private Limited
135 Greycells18 Media Limited
136 Hamleys (Franchising) Limited *
137 Hamleys Asia Limited *
138 Hamleys Global Holdings Limited *
139 Hamleys of London Limited *
140 Hamleys Toys (Ireland) Limited *
141 Hathway Bhawani Cabletel & Datacom Limited
142 Hathway Broadband Limited (Formerly Hathway Broadband Private Limited)
143 Hathway Cable and Datacom Limited
144 Hathway Cnet Limited (Formerly Hathway Cnet Private Limited)
145 Hathway Digital Limited (Formerly Hathway Digital Private Limited)
146 Hathway Digital Saharanpur Cable & Datacom Limited (Formerly Hathway Digital
Saharanpur Cable & Datacom Private Limited)
Hathway Enjoy Cable Network Limited (Formerly Hathway Enjoy Cable Network
Private Limited)
147
* Subsidiary Companies having 31st December as Reporting Date.
India
India
India
India
India
India
India
India
India
India
UK
Hongkong
UK
UK
Ireland
India
India
India
India
India
India
India
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
56.67%
67.26%
66.95%
51.58%
37.49%
66.95%
34.14%
66.95%
66.95%
34.14%
66.95%
54.44%
73.19%
79.13%
73.19%
66.95%
73.19%
70.10%
65.61%
68.05%
68.05%
68.05%
68.05%
68.05%
46.00%
64.47%
64.47%
64.47%
64.47%
64.47%
64.47%
379
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Sr.
No.
Country of
Incorporation
Proportion of
Ownership Interest
Name of the Enterprise
Sr.
No.
Country of
Incorporation
Proportion of
Ownership Interest
148 Hathway Gwalior Cable & Datacom Limited (Formerly Hathway Gwalior Cable &
India
Datacom Private Limited)
149 Hathway Internet Satellite Limited (Formerly Hathway Internet Satellite Private Limited)
150 Hathway JMD Farukhabad Cable Network Limited (Formerly Hathway JMD
India
India
Farukhabad Cable Network Private Limited)
151 Hathway Kokan Crystal Cable Network Limited (Formerly Hathway Kokan Crystal
India
Cable Network Private Limited)
152 Hathway Krishna Cable Limited (Formerly Hathway Krishna Cable Private Limited)
153 Hathway Mantra Cable & Datacom Limited (Formerly Hathway Mantra Cable &
Datacom Private Limited)
154 Hathway Media Vision Limited (Formerly Hathway Media Vision Private Limited)
155 Hathway Mysore Cable Network Limited (Formerly Hathway Mysore Cable Network
Private Limited)
156 Hathway Nashik Cable Network Private Limited
157 Hathway New Concept Cable & Datacom Limited (Formerly Hathway New Concept
Cable & Datacom Private Limited)
India
India
India
India
India
India
158 Hathway Software Developers Limited (Formerly Hathway Software Developers
India
Private Limited)
159 Hathway Space Vision Cabletel Limited (Formerly Hathway Space Vision Cabletel
India
Private Limited)
160 Hathway United Cables Limited (Formerly Hathway United Cables Private Limited)
161
162
163
164
165
166
167
168
Ideal Cables Limited (Formerly Ideal Cables Private Limited)
Independent Media Trust
IndiaCast Media Distribution Private Limited
IndiaCast UK Limited
IndiaCast US Limited
Indiavidual Learning Limited (Formerly Indiavidual Learning Private Limited)
Indiawin Sports Private Limited
Indradhanush Cable Network Limited (Formerly Indradhanush Cable Network
Private Limited)
Infomedia Press Limited
169
ITV Interactive Media Limited (Formerly ITV Interactive Media Private Limited)
170
Jhankar Cable Network Limited (Formerly Jhankar Cable Network Private Limited)
171
Jio Cable and Broadband Holdings Private Limited
172
Jio Content Distribution Holdings Private Limited
173
Jio Digital Cableco Private Limited
174
Jio Digital Distribution Holdings Private Limited
175
Jio Estonia OÜ *
176
Jio Futuristic Digital Holdings Private Limited
177
Jio Haptik Technologies Limited
178
Jio Information Aggregator Services Limited
179
Jio Infrastructure Management Services Limited
180
Jio Internet Distribution Holdings Private Limited
181
Jio Limited
182
Jio Media Limited
183
Jio Platforms Limited
184
Jio Television Distribution Holdings Private Limited
185
Jio Things Limited
186
187
Kalamboli East Infra Limited
188 Kalamboli North First Infra Limited
189 Kalamboli North Infra Limited
190 Kalamboli North Second Infra Limited
Kalamboli North Third Infra Limited
191
Kalamboli South First Infra Limited
192
193
Kalamboli South Infra Limited
194 Kalamboli West Infra Limited
195
Kanhatech Solutions Limited
196 Kishna Den Cable Networks Private Limited
197
198
Liberty Media Vision Limited (Formerly Liberty Media Vision Private Limited)
Libra Cable Network Limited
* Subsidiary Companies having 31st December as Reporting Date.
380
India
India
India
India
UK
USA
India
India
India
India
India
India
India
India
India
India
Estonia
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
64.47%
64.47%
64.47%
62.12%
64.47%
64.47%
64.47%
64.47%
58.06%
64.47%
64.47%
64.47%
64.47%
64.47%
100.00%
31.48%
31.48%
31.48%
56.67%
100.00%
66.95%
37.08%
64.47%
66.95%
100.00%
100.00%
100.00%
100.00%
66.48%
100.00%
66.48%
100.00%
100.00%
100.00%
100.00%
66.48%
66.48%
100.00%
66.48%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
17.41%
64.47%
34.14%
Luvley Limited *
199
200 M Entertainments Private Limited
201 Mahadev Den Cable Network Limited (Formerly Mahadev Den Cable Network
Private Limited)
202 Mahavir Den Entertainment Private Limited
203 Maitri Cable Network Private Limited
204 Mansion Cable Network Private Limited
205 Marble Cable Network Private Limited
206 Media18 Distribution Services Limited
207 Meerut Cable Network Private Limited
208 Mesindus Ventures Private Limited
209 Mindex 1 Limited
210 Model Economic Township Limited
211 Moneycontrol Dot Com India Limited
212 Mountain Cable Network Limited
213 Multi Channel Cable Network Limited (Formerly Multi Channel Cable Network
Private Limited)
214 Multi Star Cable Network Limited
215 Multitrack Cable Network Private Limited
216 Nectar Entertainment Limited (Formerly Nectar Entertainment Private Limited)
217 Netmeds Marketplace Limited
218 Network18 Media & Investments Limited
219 Network18 Media Trust
220 New Emerging World Of Journalism Limited (Formerly New Emerging World Of
Journalism Private Limited)
221 NowFloats Technologies Private Limited
222 Radiant Satellite (India) Private Limited
223 Radisys B.V. *
224 Radisys Canada Inc. *
225 Radisys Cayman Limited *
226 Radisys Convedia (Ireland) Limited *
227 Radisys Corporation *
228 Radisys GmbH *
229 Radisys India Private Limited
230 Radisys International LLC *
231 Radisys International Singapore Pte. Ltd. *
232 Radisys Poland sp. zo.o *
233 Radisys Spain S.L.U. *
234 Radisys Systems Equipment Trading (Shanghai) Co. Ltd. *
235 Radisys Technologies (Shenzhen) Co. Ltd. *
236 Radisys UK Limited *
237 RB Holdings Private Limited
238 RB Media Holdings Private Limited
239 RB Mediasoft Private Limited
240 RBML Solutions India Limited
Recron (Malaysia) Sdn. Bhd. *
241
242
Reliance 4IR Realty Development Limited
243 Reliance Ambit Trade Private Limited
244 Reliance BP Mobility Limited
245 Reliance Brands Luxury Fashion Private Limited (Formerly known as Genesis Luxury
Fashion Private Limited )
Reliance Brands Limited
246 Reliance Brands Holding UK Limited *
247
248 Reliance Clothing India Private Limited
249 Reliance Commercial Dealers Limited
250 Reliance Comtrade Private Limited
251 Reliance Content Distribution Limited
252 Reliance Corporate IT Park Limited
253 Reliance Digital Health USA Inc. (Formerly Affinity Names Inc.) *
* Subsidiary Companies having 31st December as Reporting Date.
UK
India
India
India
India
India
India
India
India
India
Gibraltar
India
India
India
India
India
India
India
India
India
India
India
India
India
Netherlands
Canada
Cayman Islands
Ireland
USA
Germany
India
USA
Singapore
Poland
Spain
China
China
UK
India
India
India
India
Malaysia
India
India
India
India
UK
India
India
India
India
India
India
USA
68.05%
83.17%
34.14%
34.24%
40.71%
44.19%
66.95%
73.15%
34.14%
70.88%
100.00%
100.00%
67.26%
66.95%
66.95%
66.95%
37.26%
66.95%
85.06%
73.15%
73.15%
49.86%
75.13%
34.14%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
66.48%
100.00%
100.00%
100.00%
51.00%
100.00%
100.00%
100.00%
51.00%
61.32%
68.05%
68.05%
85.00%
100.00%
100.00%
100.00%
100.00%
100.00%
381
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Sr.
No.
Country of
Incorporation
Proportion of
Ownership Interest
254 Reliance Eagleford Upstream GP LLC *
255 Reliance Eagleford Upstream Holding LP *
256 Reliance Eagleford Upstream LLC *
257 Reliance Eminent Trading & Commercial Private Limited
258 Reliance Ethane Holding Pte Limited
259 Reliance Ethane Pipeline Limited
260 Reliance Exploration & Production DMCC *
261 Reliance GAS Lifestyle India Private Limited
262 Reliance Gas Pipelines Limited
263 Reliance Global Energy Services (Singapore) Pte. Limited
264 Reliance Global Energy Services Limited
265 Reliance Industrial Investments and Holdings Limited
266 Reliance Industries (Middle East) DMCC *
267 Reliance Innovative Building Solutions Private Limited
268 Reliance Jio Global Resources LLC *
269 Reliance Jio Infocomm Limited
270 Reliance Jio Infocomm Pte. Limited *
271 Reliance Jio Infocomm UK Limited *
272 Reliance Jio Infocomm USA Inc. *
273 Reliance Jio Media Limited
274
275 Reliance Lifestyle Products Private Limited (Formerly V&B Lifestyle India
Reliance Jio Messaging Services Limited
Private Limited)
Reliance Marcellus II LLC *
276
277 Reliance Marcellus LLC *
278 Reliance O2C Limited
279 Reliance Payment Solutions Limited
280 Reliance Petro Marketing Limited
281 Reliance Petroleum Retail Limited
282 Reliance Progressive Traders Private Limited
283 Reliance Projects & Property Management Services Limited
284 Reliance Prolific Commercial Private Limited
285 Reliance Prolific Traders Private Limited
286 Reliance Retail and Fashion Lifestyle Limited
287 Reliance Retail Finance Limited
288 Reliance Retail Insurance Broking Limited
289 Reliance Retail Limited
290 Reliance Retail Ventures Limited
291 Reliance Sibur Elastomers Private Limited
292 Reliance SMSL Limited
293 Reliance Strategic Business Ventures Limited
294 Reliance Strategic Investments Limited
295 Reliance Universal Traders Private Limited
296 Reliance Vantage Retail Limited
297 Reliance Ventures Limited
298 Reliance-GrandOptical Private Limited
299 Reverie Language Technologies Limited (Formerly Reverie Language Technologies
Private Limited)
300 RIL USA, Inc. *
301 RISE Worldwide Limited (Formerly IMG Reliance Limited)
302 Roptonal Limited *
303 Rose Entertainment Private Limited
304 RP Chemicals (Malaysia) Sdn. Bhd. *
305 RRB Mediasoft Private Limited
306
307
308
309
310
Saavn Inc.
Saavn LLC
Saavn Media Limited (Formerly Saavn Media Private Limited)
SankhyaSutra Labs Limited (Formerly SankhyaSutra Labs Private Limited)
Sanmati DEN Cable TV Network Private Limited
* Subsidiary Companies having 31st December as Reporting Date.
382
USA
USA
USA
India
Singapore
India
UAE
India
India
Singapore
UK
India
UAE
India
USA
India
Singapore
UK
USA
India
India
India
USA
USA
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
USA
India
Cyprus
India
Malaysia
India
USA
USA
India
India
India
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
34.87%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
66.48%
66.48%
66.48%
66.48%
66.48%
100.00%
100.00%
64.66%
100.00%
100.00%
100.00%
100.00%
85.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.06%
100.00%
100.00%
85.00%
85.06%
74.90%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.00%
55.10%
100.00%
100.00%
21.27%
34.14%
100.00%
100.00%
56.02%
56.02%
56.02%
57.71%
66.95%
Name of the Enterprise
Country of
Incorporation
Proportion of
Ownership Interest
Sr.
No.
311
312
313
314
315
316
317
Sanmati Entertainment Limited (Formerly Sanmati Entertainment Private Limited)
Scrumpalicious Limited *
Shopsense Retail Technologies Private Limited
Shree Sidhivinayak Cable Network Limited (Formerly Shree Sidhivinayak Cable
Network Private Limited)
Shri Kannan Departmental Store Private Limited
Silverline Television Network Limited
Sree Gokulam Starnet Communication Limited (Formerly Sree Gokulam Starnet
Communication Private Limited)
Srishti Den Networks Limited
Surajya Services Private Limited
Surela Investment And Trading Limited
Tesseract Imaging Limited (Formerly Tesseract Imaging Private Limited)
The Hamleys Group Limited *
The Indian Film Combine Private Limited
Tresara Health Private Limited
Trident Entertainment Private Limited
TV18 Broadcast Limited
318
319
320
321
322
323
324
325
326
327 Ulwe East Infra Limited
328 Ulwe North Infra Limited
329 Ulwe South Infra Limited
330 Ulwe Waterfront East Infra Limited
331 Ulwe Waterfront North Infra Limited
332 Ulwe Waterfront South Infra Limited
333 Ulwe Waterfront West Infra Limited
334 Ulwe West Infra Limited
335 United Cable Network (Digital) Limited
336 Urban Ladder Home Décor Solutions Private Limited
337 UTN Cable Communications Limited (Formerly UTN Cable Communications
India
UK
India
India
India
India
India
India
India
India
India
UK
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
Private Limited)
338 VBS Digital Distribution Network Limited (Formerly VBS Digital Distribution Network
India
Private Limited)
339 Viacom 18 Media (UK) Limited
340 Viacom 18 Media Private Limited
341 Viacom 18 US Inc.
342 Victor Cable TV Network Limited (Formerly Victor Cable TV Network Private Limited)
343 Vision India Network Limited (Formerly Vision India Network Private Limited)
344 Vitalic Health Private Limited
345 Watermark Infratech Private Limited
346 Web18 Digital Services Limited
347 Win Cable and Datacom Limited (Formerly Win Cable and Datacom Private Limited)
UK
India
USA
India
India
India
India
India
India
* Subsidiary Companies having 31st December as Reporting Date.
66.95%
68.05%
73.74%
66.95%
85.06%
34.14%
66.95%
34.14%
41.91%
100.00%
61.43%
68.05%
83.17%
85.06%
66.95%
41.70%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
66.95%
81.95%
64.47%
34.14%
21.27%
21.27%
21.27%
66.95%
64.47%
55.45%
100.00%
73.15%
64.47%
383
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited 38. Significant Enterprises Consolidated as Associates and Joint Ventures in accordance
with Indian Accounting Standard 28 – Investments in Associates and Joint Ventures
Name of the Enterprise
Sr.
No.
Country of Incorporation
Proportion of
Ownership Interest
Name of the Enterprise
Sr.
No.
Country of Incorporation
Proportion of
Ownership Interest
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
Alok Industries International Limited
Alok Industries Limited
Alok Infrastructure Limited
Alok International (Middle East) FZE
Alok International Inc.
Alok Singapore PTE Limited
Alok Worldwide Limited
Big Tree Entertainment DMCC
Big Tree Entertainment Lanka Private Limited
Big Tree Entertainment Private Limited
Big Tree Entertainment Singapore PTE. Limited
Big Tree Sport & Recreational Events Tickets Selling L.L.C
BookmyShow Live Private Limited
Bookmyshow SDN. BHD.
BookmyShow Venues Management Private Limited
Brooks Brothers India Private Limited
Burberry India Private Limited
Canali India Private Limited
CCN DEN Network Private Limited
Clayfin Technologies Private Limited
D. E. Shaw India Securities Private Limited
Dadri Toe Warehousing Private Limited
DEN ABC Cable Network Ambarnath Private Limited
DEN ADN Network Private Limited
DEN New Broad Communication Private Limited
Den Satellite Network Private Limited
Diesel Fashion India Reliance Private Limited
DL GTPL Broadband Private Limited
DL GTPL Cabnet Private Limited
Dyulok Technologies Private Limited
Eenadu Television Private Limited
Ethane Crystal LLC
Ethane Emerald LLC
Ethane Opal LLC
Ethane Pearl LLC
Ethane Sapphire LLC
Ethane Topaz LLC
Fantain Sports Private Limited
Foodfesta Wellcare Private Limited
Football Sports Development Limited
Gaurav Overseas Private Limited
GenNext Ventures Investment Advisers LLP
Grabal Alok International Limited
GTPL Abhilash Communication Private Limited
GTPL Ahmedabad Cable Network Private Limited
GTPL Anjali Cable Network Private Limited
GTPL Bansidhar Telelink Private Limited
GTPL Bariya Television Network
GTPL Bawa Cable
GTPL Blue Bell Network Private Limited
GTPL Broadband Private Limited
GTPL Crazy Network
GTPL Dahod Television Network Private Limited
GTPL DCPL Private Limited
GTPL Deesha Cable Net Private Limited
GTPL Hathway Limited
384
British Virgin Islands
India
India
United Arab Emirates (UAE)
USA
Singapore
British Virgin Islands
United Arab Emirates (UAE)
Sri Lanka
India
Singapore
United Arab Emirates (UAE)
India
Malaysia
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
Marshall Islands
Marshall Islands
Marshall Islands
Marshall Islands
Marshall Islands
Marshall Islands
India
India
India
India
India
British Virgin Islands
India
India
India
India
India
India
India
India
India
India
India
India
India
40.01%
40.01%
40.01%
40.01%
40.01%
40.01%
40.01%
21.43%
21.43%
28.74%
21.43%
10.50%
28.74%
21.43%
28.74%
33.34%
26.67%
30.05%
34.14%
39.15%
50.00%
26.00%
17.07%
34.14%
17.07%
33.48%
33.34%
6.42%
6.42%
22.30%
10.22%
49.00%
49.00%
49.00%
49.00%
49.00%
49.00%
21.81%
28.74%
65.00%
50.00%
50.00%
40.01%
17.51%
18.40%
24.70%
15.07%
12.60%
12.60%
24.70%
24.70%
12.35%
12.60%
24.70%
24.70%
24.70%
GTPL Insight Channel Network Private Limited
GTPL Jay Santoshima Network Private Limited
GTPL Jaydeep Cable
GTPL Junagadh Network Private Limited
GTPL Jyoti Cable
GTPL Kaizen Infonet Private Limited
GTPL KCBPL Broad Band Private Limited
GTPL Khambhat Cable Network
GTPL Khusboo Video Channel
GTPL Kolkata Cable & Broad Band Pariseva Limited
GTPL Leo Vision
GTPL Link Network Private Limited
GTPL Lucky Video Cable
GTPL Ma Bhagawati Entertainment Services
GTPL Media Entertainment
GTPL Meghana Distributors Private Limited
GTPL Narmada Cable Services
GTPL Narmada Cyberzone Private Limited
GTPL Parshwa Cable Network Private Limited
GTPL Parth World Vision
GTPL Sai Vision
GTPL Sai World Channel
GTPL Sharda Cable Network Private Limited
GTPL Shiv Cable
GTPL Shiv Cable Network
GTPL Shreenathji Communication
GTPL SK Network Private Limited
GTPL SK Vision
GTPL SMC Network Private Limited
GTPL Solanki Cable Network Private Limited
GTPL Sorath Telelink Private Limited
GTPL Surat Telelink Private Limited
GTPL Swastik Communication
GTPL Tridev Cable Network
GTPL TV Tiger Private Limited
GTPL V & S Cable Private Limited
GTPL Vidarbha Tele Link Private Limited
GTPL Video Badshah Private Limited
GTPL Video Vision Private Limited
GTPL Vision Services Private Limited
GTPL Vraj Cable
GTPL VVC Network Private Limited
GTPL World View Cable
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100 GTPL World Vision
101 GTPL Zigma Vision Private Limited
102 Gujarat Chemical Port Limited
103 Hathway Bhaskar CCN Multi Entertainment Private Limited
104 Hathway Bhawani NDS Network Limited
(Formerly known as Hathway Bhawani NDS Network Private Limited)
105 Hathway Cable MCN Nanded Private Limited
106 Hathway CBN Multinet Private Limited
107 Hathway CCN Entertainment (India) Private Limited
108 Hathway CCN Multinet Private Limited
109 Hathway Channel 5 Cable and Datacom Private Limited
110 Hathway Dattatray Cable Network Private Limited
111 Hathway ICE Television Private Limited
112 Hathway Latur MCN Cable & Datacom Private Limited
113 Hathway MCN Private Limited
114 Hathway Prime Cable & Datacom Private Limited
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
18.39%
12.60%
12.60%
12.60%
12.60%
24.70%
12.62%
12.60%
12.60%
12.62%
12.60%
12.60%
12.60%
12.60%
12.60%
24.70%
12.60%
14.82%
14.16%
12.60%
12.60%
12.60%
12.60%
12.60%
18.53%
12.60%
12.60%
12.60%
12.60%
12.60%
12.60%
24.70%
12.60%
12.60%
24.70%
12.60%
24.70%
12.60%
24.70%
12.60%
12.60%
12.60%
12.60%
12.60%
22.28%
41.80%
45.13%
23.46%
29.04%
32.88%
32.88%
32.88%
32.88%
32.88%
32.88%
32.88%
32.88%
32.88%
385
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Sr.
No.
Country of Incorporation
Proportion of
Ownership Interest
39. Additional Information, as required under Schedule III to the Companies Act, 2013, of
Enterprises Consolidated as Subsidiary / Associates / Joint Ventures
115 Hathway Sai Star Cable & Datacom Private Limited
116 Hathway Sonali OM Crystal Cable Private Limited
117 Hathway SS Cable & Datacom LLP
118 Hathway VCN Cablenet Private Limited
IBN Lokmat News Private Limited
119
Iconix Lifestyle India Private Limited
120
India Gas Solutions Private Limited
121
Indian Vaccines Corporation Limited
122
Jio Payments Bank Limited
123
124
Konark IP Dossiers Private Limited
125 Marks and Spencer Reliance India Private Limited
126 Mileta a.s.
127 NW18 HSN Holdings PLC
128 Pan Cable Services Private Limited
129 Petroleum Trust *
130 Pipeline Management Services Private Limited
131 PT Big Tree Entertainment Indonesia
132 Reliance Bally India Private Limited
133 Reliance Europe Limited
134 Reliance Industrial Infrastructure Limited
135 Reliance Paul & Shark Fashions Private Limited
136 Reliance Services and Holdings Limited
137 Reliance Sideways Private Limited
138 Reliance-GrandVision India Supply Private Limited
139 Reliance-Vision Express Private Limited
140 Ryohin-Keikaku Reliance India Private Limited
141
142
143
144 Townscript PTE. Ltd, Singapore
145
146
147 Ubona Technologies Private Limited
148 Vadodara Enviro Channel Limited
149
150
Scod18 Networking Private Limited
SpaceBound Web Labs Private Limited
TCO Reliance India Private Limited
Townscript USA, Inc.
TribeVibe Entertainment Private Limited
Vay Network Services Private Limited
Zegna South Asia Private Limited
* Being Trust, without share capital, hence percentage holding not applicable.
India
India
India
India
India
India
India
India
India
India
India
Czech Republic
Cyprus
India
India
India
Indonesia
India
India
India
India
India
India
India
India
India
India
India
India
Singapore
USA
India
India
India
India
India
32.88%
43.84%
32.88%
16.14%
20.85%
34.02%
50.00%
33.33%
70.00%
16.74%
41.66%
40.01%
29.77%
21.49%
-
50.00%
21.43%
34.02%
50.00%
45.43%
34.02%
50.00%
34.02%
42.51%
42.51%
33.34%
24.70%
28.74%
33.34%
22.30%
22.30%
28.27%
36.58%
28.57%
39.15%
33.34%
Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Parent
Reliance Industries Limited
Subsidiaries
Indian
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
ABC Cable Network Private Limited
Actoserba Active Wholesale Private Limited *
Adhunik Cable Network Limited
Adventure Marketing Private Limited
AETN18 Media Private Limited
Ambika DEN Cable Network Private Limited
Amogh Broad Band Services Private Limited
Angel Cable Network Private Limited
Antique Communications Private Limited
Asteria Aerospace Private Limited
Augment Cable Network Private Limited
Bali Den Cable Network Limited
Bee Network and Communication Limited
Bhadohi DEN Entertainment Private Limited
Big Den Entertainment Limited
Binary Technology Transfers Limited
Blossom Entertainment Private Limited
Cab-i-Net Communications Private Limited
Channels India Network Private Limited
Chennai Cable Vision Network Private Limited
Colorful Media Private Limited
Colosceum Media Private Limited
Crystal Vision Media Private Limited
C-Square Info Solutions Private Limited
Dadha Pharma Distribution Private Limited *
Den A.F. Communication Private Limited
Den Aman Entertainment Private Limited
DEN Ambey Cable Networks Private Limited
Den Ashu Cable Limited
DEN BCN Suncity Network Limited
Den Bindra Network Private Limited
Den Broadband Limited
Den Budaun Cable Network Private Limited
Den Citi Channel Limited
Den Classic Cable TV Services Limited
DEN Crystal Vision Network Limited
Den Digital Cable Network Limited
Den Discovery Digital Networks Private Limited
Den Elgee Cable Vision Private Limited
Den Enjoy Cable Networks Private Limited
Den Enjoy Navaratan Network Private Limited
DEN Enjoy SBNM Cable Network
Private Limited
Den F K Cable TV Network Private Limited
Den Faction Communication System Limited
Den Fateh Marketing Private Limited
DEN Harsh Mann Cable Network Limited
Den Jai Ambey Vision Cable Private Limited
Den Kashi Cable Network Limited
43
44
45
46
47
48
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
Amount
(` in crore)
67.77
4,74,483.38
59.44
31,943.93
7.60
2,570.30
39.43
34,514.23
(0.00)
0.01
0.00
0.05
0.01
0.00
0.00
0.00
0.00
0.00
-
(0.00)
0.00
0.00
0.00
0.00
0.00
(0.00)
(0.00)
(0.00)
0.05
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.00)
0.00
0.01
0.00
-
0.00
0.00
(0.00)
0.00
0.00
(0.00)
(0.14)
91.11
0.01
382.96
83.55
0.04
0.06
0.20
0.01
34.04
-
(0.21)
0.02
0.07
0.51
0.02
0.02
(1.22)
(1.32)
(2.00)
382.98
22.09
2.37
36.60
9.83
0.01
0.42
54.90
0.32
0.35
0.06
18.92
0.08
0.10
0.03
0.05
0.77
(0.50)
0.05
57.85
9.03
-
6.90
0.01
(3.80)
0.00
0.01
(2.11)
0.00
(0.08)
(0.00)
(0.00)
0.01
(0.00)
(0.00)
(0.00)
0.00
(0.02)
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
0.00
0.00
-
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.00)
0.00
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.01)
(0.00)
0.00
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
0.03
(41.72)
(0.02)
(0.00)
5.70
(0.01)
(0.07)
(0.00)
0.11
(8.18)
(0.02)
(0.15)
0.12
0.04
(0.01)
(0.00)
0.02
0.51
-
-
0.00
0.16
0.02
0.86
0.89
0.02
0.01
(3.28)
1.06
(0.00)
0.02
(16.98)
(0.00)
(0.08)
(0.01)
(0.01)
(0.89)
(0.92)
0.05
(2.95)
(2.39)
0.10
(1.44)
(0.04)
0.04
0.14
(0.04)
(0.57)
-
(0.00)
-
-
0.00
-
-
-
-
-
-
0.00
-
-
-
-
-
-
-
-
-
0.00
0.00
-
-
-
-
0.00
0.00
0.00
0.00
0.00
-
-
-
-
0.00
0.00
-
0.00
0.00
-
0.00
-
-
0.00
-
-
-
(0.57)
-
-
0.07
-
-
-
-
-
-
0.07
-
-
-
-
-
-
-
-
-
0.02
0.14
-
-
-
-
0.11
0.09
0.01
0.03
0.13
-
-
-
-
0.27
0.00
-
0.11
0.02
-
0.02
-
-
0.05
-
-
0.00
(0.05)
(0.00)
(0.00)
0.01
(0.00)
(0.00)
(0.00)
0.00
(0.01)
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
0.00
0.00
-
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.00)
0.00
0.00
0.00
(0.02)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
0.03
(42.29)
(0.02)
(0.00)
5.77
(0.01)
(0.07)
(0.00)
0.11
(8.18)
(0.02)
(0.08)
0.12
0.04
(0.01)
(0.00)
0.02
0.51
-
-
0.00
0.18
0.16
0.86
0.89
0.02
0.01
(3.17)
1.15
0.01
0.05
(16.85)
(0.00)
(0.08)
(0.01)
(0.01)
(0.62)
(0.92)
0.05
(2.84)
(2.37)
0.10
(1.42)
(0.04)
0.04
0.19
(0.04)
(0.57)
387
386
* Company was subsidiary for part of the year.
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
Den Kattakada Telecasting And Cable
Services Limited
DEN Krishna Cable TV Network Limited
Den Maa Sharda Vision Cable
Networks Limited
Den Mahendra Satellite Private Limited
Den Malabar Cable Vision Limited
DEN Malayalam Telenet Private Limited
Den MCN Cable Network Limited
Den Mod Max Cable Network Private Limited
Den Nashik City Cable Network Private Limited
Den Networks Limited
DEN Patel Entertainment Network
Private Limited
DEN Pawan Cable Network Limited
Den Pradeep Cable Network Limited
DEN Prayag Cable Networks Limited
Den Premium Multilink Cable Network
Private Limited
Den Prince Network Limited
Den Radiant Satelite Cable Network
Private Limited
Den Rajkot City Communication Private Limited
Den Sahyog Cable Network Limited
Den Sariga Communications Limited
Den Satellite Cable TV Network Limited
Den Saya Channel Network Limited
Den Steel City Cable Network Limited
DEN STN Television Network Private Limited
Den Supreme Satellite Vision Private Limited
Den Varun Cable Network Limited
Den VM Magic Entertainment Limited
Den-Manoranjan Satellite Private Limited
Desire Cable Network Limited
Devine Cable Network Private Limited
Digital Media Distribution Trust
Digital18 Media Limited
Disk Cable Network Private Limited
Divya Drishti Den Cable Network
Private Limited
Drashti Cable Network Limited
Dronagiri Bokadvira East Infra Limited
Dronagiri Bokadvira North Infra Limited
Dronagiri Bokadvira South Infra Limited
Dronagiri Bokadvira West Infra Limited
Dronagiri Dongri East Infra Limited
Dronagiri Dongri North Infra Limited
Dronagiri Dongri South Infra Limited
Dronagiri Dongri West Infra Limited
Dronagiri Funde East Infra Limited
Dronagiri Funde North Infra Limited
Dronagiri Funde South Infra Limited
Dronagiri Funde West Infra Limited
Dronagiri Navghar East Infra Limited
Dronagiri Navghar North First Infra Limited
Dronagiri Navghar North Infra Limited
0.00
0.00
0.00
0.00
0.00
(0.00)
0.00
(0.00)
(0.00)
0.42
0.00
(0.00)
0.00
0.00
(0.00)
0.00
0.00
(0.00)
0.00
0.00
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.90
0.00
0.00
(0.00)
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
3.53
0.49
0.06
0.01
(1.52)
0.02
(0.51)
(1.09)
2,946.15
0.03
(1.20)
0.00
1.54
(4.14)
0.01
0.27
(1.97)
0.02
0.02
(2.36)
1.24
0.01
0.33
0.92
0.07
0.23
3.37
0.02
0.02
6,291.48
0.01
0.78
(0.07)
(1.61)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.05
0.05
0.05
0.00
0.16
(0.00)
(0.00)
0.00
0.00
0.00
0.00
(0.00)
0.00
0.46
(0.00)
(0.00)
(0.00)
0.00
(0.01)
0.00
(0.00)
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.06)
(0.40)
0.02
0.02
0.18
0.49
(0.07)
0.18
245.90
(0.02)
(0.54)
(0.03)
0.62
(3.51)
0.05
(0.01)
2.37
(0.04)
(0.01)
(0.00)
(0.10)
(0.02)
(0.01)
(0.01)
(0.03)
(0.00)
(1.95)
(0.01)
0.04
(0.01)
(0.00)
(0.01)
(0.01)
(0.01)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
-
0.00
0.00
-
-
-
-
0.00
-
(0.06)
-
0.00
-
-
0.00
-
-
-
-
-
-
0.00
-
-
-
-
-
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00
0.16
0.07
0.02
-
-
-
-
0.02
-
(18.97)
-
0.02
-
-
0.00
-
-
-
-
-
-
0.00
-
-
-
-
-
0.03
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00
(0.00)
0.00
0.00
0.00
0.00
(0.00)
0.00
0.26
(0.00)
(0.00)
(0.00)
0.00
(0.00)
0.00
(0.00)
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.01
(0.38)
0.02
0.02
0.18
0.49
(0.05)
0.18
226.93
(0.02)
(0.52)
(0.03)
0.62
(3.51)
0.05
(0.01)
2.37
(0.04)
(0.01)
(0.00)
(0.10)
(0.02)
(0.01)
(0.01)
(0.03)
(0.00)
(1.92)
(0.01)
0.04
(0.01)
(0.00)
(0.01)
(0.01)
(0.01)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
388
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Dronagiri Navghar North Second Infra Limited
Dronagiri Navghar South First Infra Limited
Dronagiri Navghar South Infra Limited
Dronagiri Navghar South Second Infra Limited
Dronagiri Navghar West Infra Limited
Dronagiri Pagote East Infra Limited
Dronagiri Pagote North First Infra Limited
Dronagiri Pagote North Infra Limited
Dronagiri Pagote North Second Infra Limited
Dronagiri Pagote South First Infra Limited
Dronagiri Pagote South Infra Limited
Dronagiri Pagote West Infra Limited
Dronagiri Panje East Infra Limited
Dronagiri Panje North Infra Limited
Dronagiri Panje South Infra Limited
Dronagiri Panje West Infra Limited
eDreams Edusoft Private Limited
e-Eighteen.com Limited
Ekta Entertainment Network Limited
Elite Cable Network Private Limited
Eminent Cable Network Private Limited
Fab Den Network Limited
Fortune (Baroda) Network Private Limited
Fun Cable Network Private Limited
Futuristic Media and Entertainment Limited
Galaxy Den Media & Entertainment
Private Limited
Gemini Cable Network Limited
Genesis Colors Limited
Genesis La Mode Private Limited
GLB Body Care Private Limited
GLF Lifestyle Brands Private Limited
Glimpse Communications Private Limited
GML India Fashion Private Limited
Grab A Grub Services Private Limited
Greycells18 Media Limited
Hathway Bhawani Cabletel & Datacom Limited
Hathway Broadband Limited
Hathway Cable and Datacom Limited
Hathway Cnet Limited
Hathway Digital Limited
Hathway Digital Saharanpur Cable &
Datacom Limited *
Hathway Enjoy Cable Network Limited
Hathway Gwalior Cable & Datacom Limited
Hathway Internet Satellite Limited
Hathway JMD Farukhabad Cable
Network Limited
Hathway Kokan Crystal Cable Network Limited
Hathway Krishna Cable Limited
Hathway Mantra Cable & Datacom Limited
Hathway Media Vision Limited
Hathway Mysore Cable Network Limited
Hathway Nashik Cable Network Private Limited
Hathway New Concept Cable &
Datacom Limited
* Company was subsidiary for part of the year.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
(0.00)
0.00
0.00
(0.00)
0.00
0.01
(0.00)
(0.00)
0.01
0.01
0.00
0.01
0.00
0.00
0.00
(0.00)
0.00
0.00
0.63
0.00
0.24
0.00
0.00
0.00
0.00
0.00
(0.00)
0.00
(0.00)
0.00
0.00
(0.00)
0.00
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
2.70
118.43
2.04
(0.02)
23.48
1.40
(0.71)
0.01
37.66
(1.37)
(5.20)
63.95
42.83
0.33
83.79
0.01
13.05
34.01
(0.86)
0.81
3.51
4,430.10
0.02
1,676.10
0.04
0.02
0.02
0.02
0.02
(2.09)
0.20
(17.65)
0.94
0.20
(10.40)
0.30
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.04
0.00
-
0.00
0.00
0.00
(0.00)
(0.04)
(0.00)
(0.00)
(0.04)
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.21
0.00
0.04
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.00
0.02
0.00
0.00
0.03
(0.00)
0.01
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(2.34)
20.65
0.10
-
0.08
0.47
0.19
(0.03)
(22.97)
(0.42)
(0.28)
(21.13)
3.29
0.01
2.64
0.18
0.30
0.58
0.63
1.07
0.13
111.15
0.41
19.96
(0.46)
(0.00)
0.16
(0.02)
(0.00)
0.12
12.91
0.91
2.14
14.64
(0.00)
3.37
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00
0.00
-
0.00
0.00
-
-
(0.00)
-
0.00
0.00
0.00
-
0.00
-
0.00
0.00
0.00
0.00
-
0.00
-
0.00
-
-
-
-
-
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.18
0.10
-
0.02
0.24
-
-
(0.01)
-
0.06
0.14
0.05
-
0.01
-
0.01
0.24
0.03
0.00
-
0.23
-
0.17
-
-
-
-
-
0.07
-
-
-
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.02
0.00
-
0.00
0.00
0.00
(0.00)
(0.03)
(0.00)
(0.00)
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.13
0.00
0.02
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.00
0.01
0.00
0.00
0.02
(0.00)
0.00
Amount
(` in crore)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(2.34)
20.83
0.20
-
0.10
0.71
0.19
(0.03)
(22.98)
(0.42)
(0.22)
(20.99)
3.34
0.01
2.65
0.18
0.31
0.82
0.66
1.07
0.13
111.38
0.41
20.13
(0.46)
(0.00)
0.16
(0.02)
(0.00)
0.19
12.91
0.91
2.14
14.64
(0.00)
3.37
389
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
Hathway Software Developers Limited
Hathway Space Vision Cabletel Limited
Hathway United Cables Limited
Ideal Cables Limited
Independent Media Trust
IndiaCast Media Distribution Private Limited
Indiavidual Learning Limited
Indiawin Sports Private Limited
Indradhanush Cable Network Limited
Infomedia Press Limited
ITV Interactive Media Limited
Jhankar Cable Network Limited
Jio Cable and Broadband Holdings
Private Limited
Jio Content Distribution Holdings
Private Limited
Jio Digital Cableco Private Limited
Jio Digital Distribution Holdings Private Limited
Jio Futuristic Digital Holdings Private Limited
Jio Haptik Technologies Limited
Jio Information Aggregator Services Limited *
Jio Infrastructure Management
Services Limited
Jio Internet Distribution Holdings
Private Limited
Jio Limited
Jio Media Limited *
Jio Platforms Limited
Jio Television Distribution Holdings
Private Limited
Jio Things Limited *
Kalamboli East Infra Limited
Kalamboli North First Infra Limited
Kalamboli North Infra Limited
Kalamboli North Second Infra Limited
Kalamboli North Third Infra Limited
Kalamboli South First Infra Limited
Kalamboli South Infra Limited
Kalamboli West Infra Limited
Kanhatech Solutions Limited
Kishna DEN Cable Networks Private Limited
Liberty Media Vision Limited
Libra Cable Network Limited
176
177
178
179
180
181
182
183
184
185
186
187
188
189 M Entertainments Private Limited
190 Mahadev Den Cable Network Limited
191 Mahavir Den Entertainment Private Limited
192 Maitri Cable Network Private Limited
193 Mansion Cable Network Private Limited
194 Marble Cable Network Private Limited
195 Media18 Distribution Services Limited
196 Meerut Cable Network Private Limited
197 Mesindus Ventures Private Limited *
198 Model Economic Township Limited
199 Moneycontrol Dot Com India Limited
200 Mountain Cable Network Limited
201 Multi Channel Cable Network Limited
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
Amount
(` in crore)
0.00
0.00
0.00
0.00
0.48
0.00
0.01
0.05
-
(0.01)
0.00
0.00
0.10
0.19
0.02
0.02
0.02
3,365.59
23.70
92.15
345.36
-
(43.93)
0.02
0.00
669.14
0.02
(0.00)
0.00
0.00
(0.00)
0.01
(0.01)
0.05
(0.00)
(0.01)
0.00
(0.00)
(0.00)
13.42
(0.02)
0.15
0.14
(0.01)
3.30
(8.01)
28.99
(0.03)
(3.54)
0.29
(0.02)
(0.07)
-
-
-
-
-
0.00
(0.00)
0.00
-
(0.00)
-
-
-
-
-
-
-
-
0.22
(0.62)
0.01
-
(0.00)
-
-
-
0.02
(0.00)
0.00
0.00
(0.00)
0.00
(0.01)
0.03
(0.00)
(0.00)
0.00
(0.00)
(0.00)
13.42
(0.02)
0.15
0.14
(0.01)
3.52
(8.63)
29.00
(0.03)
(3.54)
0.29
(0.02)
(0.07)
0.32
2,240.80
0.00
0.12
-
-
0.00
0.12
0.00
0.08
0.19
0.04
0.00
0.00
0.00
559.43
1,337.83
273.23
0.04
0.62
(0.00)
(0.00)
(0.00)
(0.04)
(0.00)
0.00
(0.00)
(0.05)
(0.09)
(23.89)
(0.01)
0.29
0.13
896.56
(0.00)
(0.08)
0.00
0.06
29.39
0.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
(0.00)
0.00
0.00
0.00
(0.00)
0.00
0.00
0.00
0.00
0.00
(0.00)
0.00
0.61
(0.00)
0.00
0.00
0.00
420.75
2,05,811.58
575.85
0.97
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
84.41
(0.57)
0.02
3.43
0.13
(2.11)
6.90
0.05
17.23
0.01
0.01
(1.69)
10.96
4,260.16
(0.07)
0.06
0.02
(0.00)
(0.00)
0.99
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.01
(0.00)
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
(0.00)
-
0.09
(0.00)
0.00
(0.00)
(0.01)
(2.25)
529.74
(0.05)
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
3.70
(0.01)
0.05
(0.25)
(0.00)
(0.01)
(0.18)
(0.00)
0.37
(0.02)
(0.00)
(0.87)
-
50.21
(0.31)
0.00
(0.02)
-
-
-
0.00
-
-
-
-
-
(0.17)
-
-
-
-
-
-
-
-
-
-
0.00
-
-
(0.00)
-
-
0.00
-
0.00
-
-
0.00
-
(0.00)
-
-
-
-
-
-
0.19
-
-
-
-
-
(58.43)
-
-
-
-
-
-
-
-
-
-
0.02
-
-
(0.01)
-
-
0.00
-
0.03
-
-
0.06
-
(0.07)
-
-
-
(0.00)
(0.00)
(0.00)
(0.03)
(0.00)
0.00
(0.00)
(0.05)
(0.09)
(23.70)
(0.01)
0.29
(0.00)
(0.08)
(0.00)
(0.00)
0.54
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
(0.00)
-
0.06
(0.00)
0.00
(0.00)
(0.01)
(2.25)
471.31
(0.05)
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
3.72
(0.01)
0.05
(0.26)
(0.00)
(0.01)
(0.18)
(0.00)
0.40
(0.02)
(0.00)
(0.81)
-
50.14
(0.31)
0.00
(0.02)
202 Multi Star Cable Network Limited
203 Multitrack Cable Network Private Limited
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
Nectar Entertainment Limited
Netmeds Marketplace Limited *
Network18 Media & Investments Limited
Network18 Media Trust
New Emerging World Of Journalism Limited
Nowfloats Technologies Private Limited
Radiant Satellite (India) Private Limited
Radisys India Private Limited
RBML Solutions India Limited
RB Holdings Private Limited
RB Media Holdings Private Limited
RB Mediasoft Private Limited
Reliance 4IR Realty Development Limited
Reliance Ambit Trade Private Limited
Reliance BP Mobility Limited
Reliance Brands Luxury Fashion Private Limited
Reliance Brands Limited
Reliance Clothing India Private Limited
Reliance Commercial Dealers Limited
Reliance Comtrade Private Limited
Reliance Content Distribution Limited
Reliance Corporate IT Park Limited
Reliance Eminent Trading & Commercial
Private Limited
Reliance Ethane Pipeline Limited
Reliance GAS Lifestyle India Private Limited
Reliance Gas Pipelines Limited
Reliance Industrial Investments and
Holdings Limited
Reliance Innovative Building Solutions
Private Limited
Reliance Jio Infocomm Limited
Reliance Jio Media Limited
Reliance Jio Messaging Services Limited
Reliance Lifestyle Products Private Limited *
Reliance O2C Limited
Reliance Payment Solutions Limited
Reliance Petro Marketing Limited
Reliance Petroleum Retail Limited
Reliance Progressive Traders Private Limited
Reliance Projects & Property Management
Services Limited
Reliance Prolific Commercial Private Limited
Reliance Prolific Traders Private Limited
Reliance Retail and Fashion Lifestyle Limited *
Reliance Retail Finance Limited
Reliance Retail Insurance Broking Limited
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance SMSL Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
Reliance Universal Traders Private Limited
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
0.00
0.00
0.00
0.00
0.15
(0.00)
0.00
0.00
(0.00)
0.02
-
0.00
0.05
0.06
2.66
0.13
0.28
0.02
(0.03)
(0.01)
0.16
0.02
0.91
1.56
0.55
0.06
0.01
0.07
3.70
0.00
26.13
0.01
0.01
0.00
(0.00)
0.02
0.05
0.00
0.56
0.08
0.09
0.40
0.00
0.52
0.00
3.62
9.40
0.34
0.00
1.59
0.29
0.25
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
0.02
0.09
0.01
22.61
1,037.16
(0.01)
32.88
16.30
(3.61)
162.85
-
0.09
383.39
414.08
18,614.29
913.78
1,946.07
161.83
(182.56)
(68.17)
1,137.39
117.91
6,378.54
10,953.83
3,828.65
388.45
98.64
523.27
25,918.54
(0.00)
0.00
(0.00)
0.00
(0.25)
(0.00)
0.01
(0.01)
(0.00)
0.05
-
(0.00)
0.00
(0.00)
0.26
(0.00)
1.17
(0.00)
(0.39)
(0.03)
0.00
(0.00)
(0.00)
0.39
(0.03)
0.20
(0.00)
(0.01)
0.20
(0.02)
0.03
(0.02)
1.05
(132.74)
(0.00)
3.23
(3.89)
(0.07)
25.45
-
(0.01)
0.00
(0.00)
141.94
(0.37)
628.31
(1.19)
(211.20)
(15.00)
1.42
(0.05)
(0.04)
207.71
(17.03)
105.51
(0.45)
(7.80)
105.34
-
-
-
0.00
(0.01)
-
0.00
(0.00)
-
(0.00)
-
-
-
-
-
-
(0.00)
0.00
0.00
0.00
0.00
-
-
0.00
-
0.00
0.00
(0.00)
-
-
-
-
0.63
(4.72)
-
0.04
(0.06)
-
(1.26)
-
-
-
-
-
-
(0.71)
0.19
0.40
0.01
0.28
-
-
1.18
-
0.07
0.05
(0.12)
-
(0.00)
0.00
(0.00)
0.00
(0.16)
(0.00)
0.00
(0.00)
(0.00)
0.03
-
(0.00)
0.00
(0.00)
0.16
(0.00)
0.72
(0.00)
(0.24)
(0.02)
0.00
(0.00)
(0.00)
0.24
(0.02)
0.12
(0.00)
(0.01)
0.12
Amount
(` in crore)
(0.02)
0.03
(0.02)
1.68
(137.46)
(0.00)
3.27
(3.95)
(0.07)
24.19
-
(0.01)
0.00
(0.00)
141.94
(0.37)
627.60
(1.00)
(210.80)
(14.99)
1.70
(0.05)
(0.04)
208.89
(17.03)
105.58
(0.40)
(7.92)
105.34
7.84
(0.01)
(3.23)
-
-
(0.00)
(3.23)
1,82,972.70
82.73
86.05
5.39
(0.01)
161.36
368.66
0.00
3,937.85
549.12
632.59
2,808.95
0.00
3,639.22
27.50
25,322.21
65,849.48
2,355.80
10.49
11,123.98
2,059.99
1,726.07
22.36
(0.00)
(0.00)
0.00
(0.00)
0.00
0.14
(0.00)
(0.02)
0.48
0.00
(0.02)
(0.00)
0.43
0.01
8.54
2.22
0.00
0.02
0.09
0.23
(0.01)
12,015.07
(0.13)
(0.26)
2.14
(0.01)
1.26
76.17
(0.00)
(11.91)
258.67
0.55
(9.96)
(0.01)
228.67
5.32
4,586.86
1,195.60
0.03
11.51
50.65
123.06
(6.69)
0.01
-
-
-
-
0.00
(0.08)
-
-
0.06
-
-
-
-
0.00
0.00
(0.61)
-
0.02
1.03
-
-
1.94
-
-
-
-
0.04
(25.58)
-
-
21.40
-
-
-
-
0.03
1.37
(207.55)
-
7.51
349.68
-
-
13.73
(0.00)
(0.00)
0.00
(0.00)
0.00
0.06
(0.00)
(0.01)
0.32
0.00
(0.01)
(0.00)
0.26
0.01
5.24
1.13
0.00
0.02
0.46
0.14
(0.01)
12,017.01
(0.13)
(0.26)
2.14
(0.01)
1.30
50.59
(0.00)
(11.91)
280.07
0.55
(9.96)
(0.01)
228.67
5.35
4,588.23
988.05
0.03
19.02
400.33
123.06
(6.69)
391
* Company was subsidiary for part of the year.
390
* Company was subsidiary for part of the year.
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
264
265
266
267
254
255
256
257
258
259
260
261
262
263
Reliance Vantage Retail Limited
Reliance Ventures Limited
Reliance-GrandOptical Private Limited
Reverie Language Technologies Limited
RISE Worldwide Limited *
Rose Entertainment Private Limited
RRB Mediasoft Private Limited
Saavn Media Limited
SankhyaSutra Labs Limited
Sanmati DEN Cable TV Network
Private Limited
Sanmati Entertainment Limited
Shopsense Retail Technologies Private Limited
Shree Sidhivinayak Cable Network Limited
Shri Kannan Departmental Store
Private Limited
Silverline Television Network Limited
Sree Gokulam Starnet Communication Limited
Srishti Den Networks Limited
Surajya Services Private Limited
Surela Investment And Trading Limited
Tesseract Imaging Limited
The Indian Film Combine Private Limited
Tresara Health Private Limited *
Trident Entertainment Private Limited
TV18 Broadcast Limited
Ulwe East Infra Limited
Ulwe North Infra Limited
Ulwe South Infra Limited
Ulwe Waterfront East Infra Limited
Ulwe Waterfront North Infra Limited
Ulwe Waterfront South Infra Limited
Ulwe Waterfront West Infra Limited
Ulwe West Infra Limited
United Cable Network (Digital) Limited
Urban Ladder Home Décor Solutions
Private Limited *
UTN Cable Communications Limited
288
289
VBS Digital Distribution Network Limited
Viacom 18 Media Private Limited
290
Victor Cable TV Network Limited
291
Vision India Network Limited
292
293
Vitalic Health Private Limited *
294 Watermark Infratech Private Limited
295 Web18 Digital Services Limited
296 Win Cable and Datacom Limited
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
Foreign
1
2
3
4
5
6
7
Affinity USA LLC
Aurora Algae LLC
Hamleys (Franchising) Limited
Hamleys Asia Limited
Hamleys Global Holdings Limited
Hamleys of London Limited
Hamleys Toys (Ireland) Limited
* Company was subsidiary for part of the year.
392
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
0.02
0.60
0.00
0.01
0.03
0.00
0.04
1.09
0.01
0.00
0.00
0.01
0.00
0.02
0.00
0.00
(0.00)
0.00
(0.00)
0.00
0.32
(0.00)
0.00
0.41
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.32
0.00
0.00
0.01
0.05
0.00
0.00
-
-
0.02
(0.00)
-
(0.02)
(0.01)
155.99
4,216.90
0.01
63.65
200.39
0.47
293.86
7,601.54
54.41
0.00
0.01
91.69
0.02
140.94
0.14
0.02
(2.11)
16.80
(1.04)
8.54
2,221.61
(20.50)
0.01
2,868.46
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.02
9.87
0.22
1.20
2,272.83
0.10
0.02
35.40
383.02
0.01
0.03
-
-
145.14
(0.17)
-
(156.92)
(76.06)
0.00
0.54
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.00
0.00
(0.00)
0.00
(0.00)
(0.00)
(0.05)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
0.00
(0.90)
(0.00)
0.17
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.03)
0.03
(0.00)
1.08
0.00
0.00
(1.49)
0.00
(0.00)
(0.00)
-
(0.00)
0.02
(0.00)
-
(0.17)
0.01
0.32
289.01
(0.00)
(0.50)
0.29
(0.29)
(0.00)
1.11
0.71
(0.03)
0.06
(0.01)
(0.07)
(27.02)
(0.05)
(0.01)
(0.41)
(2.16)
(0.49)
0.01
1.87
(484.43)
(0.04)
90.58
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.02
(15.73)
18.12
(0.50)
582.89
0.13
0.03
(803.06)
0.01
(0.00)
(0.18)
-
(0.37)
12.97
(0.17)
-
(89.44)
5.29
-
-
-
(0.00)
0.00
0.00
-
0.00
0.00
-
-
(0.00)
-
0.00
-
-
0.00
0.00
-
-
-
0.00
-
(0.00)
-
-
-
-
-
-
-
-
-
(0.00)
-
-
0.01
-
-
(0.00)
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.05)
0.07
0.02
-
0.42
0.22
-
-
(0.01)
-
1.43
-
-
0.00
0.02
-
-
-
0.01
-
(0.31)
-
-
-
-
-
-
-
-
-
(0.04)
-
-
4.51
-
-
(0.77)
-
-
-
-
-
-
-
-
-
-
0.00
0.33
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.00
0.00
(0.00)
0.00
(0.00)
(0.00)
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
0.00
(0.55)
(0.00)
0.10
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.02)
0.02
(0.00)
0.67
0.00
0.00
(0.92)
0.00
(0.00)
(0.00)
-
(0.00)
0.01
(0.00)
-
(0.10)
0.01
Amount
(` in crore)
0.32
289.01
(0.00)
(0.55)
0.36
(0.27)
(0.00)
1.53
0.93
(0.03)
0.06
(0.02)
(0.07)
(25.59)
(0.05)
(0.01)
(0.41)
(2.14)
(0.49)
0.01
1.87
(484.42)
(0.04)
90.27
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.02
(15.77)
18.12
(0.50)
587.40
0.13
0.03
(803.83)
0.01
(0.00)
(0.18)
-
(0.37)
12.97
(0.17)
-
(89.44)
5.29
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
IndiaCast UK Limited
IndiaCast US Limited
Jio Estonia OÜ
Luvley Limited
Mindex 1 Limited
Radisys B.V.
Radisys Canada Inc.
Radisys Cayman Limited
Radisys Convedia (Ireland) Limited
Radisys Corporation
Radisys GmbH
Radisys International LLC
Radisys International Singapore PTE. Ltd.
Radisys Poland sp. z o.o
Radisys Spain S.L.U.
Radisys Systems Equipment Trading
(Shanghai) Co. Ltd.
Radisys Technologies (Shenzhen) Co. Ltd.
Radisys UK Limited
Recron (Malaysia) Sdn. Bhd.
Reliance Brands Holding UK Limited
Reliance Digital Health USA Inc.
Reliance Eagleford Upstream GP LLC
Reliance Eagleford Upstream Holding LP
Reliance Eagleford Upstream LLC
Reliance Ethane Holding Pte Limited
Reliance Exploration & Production DMCC
Reliance Global Energy Services
(Singapore) Pte Limited
Reliance Global Energy Services Limited
Reliance Industries (Middle East) DMCC
Reliance Jio Global Resources LLC
Reliance Jio Infocomm Pte Limited
Reliance Jio Infocomm UK Limited
Reliance Jio Infocomm USA, Inc.
Reliance Marcellus II LLC
Reliance Marcellus LLC
RIL USA, Inc.
Roptonal Limited
RP Chemicals (Malaysia) Sdn. Bhd.
Saavn Inc.
Saavn LLC
Scrumpalicious Limited
skyTran Inc.
skyTran Ltd.
The Hamleys Group Limited
Viacom18 Media (UK) Limited
Viacom18 US Inc.
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
0.00
0.00
0.00
-
0.03
0.00
0.00
0.00
0.00
(0.03)
0.00
0.00
0.00
-
0.00
0.00
(0.00)
0.00
0.20
0.14
0.00
0.00
(0.16)
-
0.17
0.24
0.08
0.01
0.17
0.01
0.15
0.01
0.04
-
(0.29)
0.15
0.05
0.13
0.02
0.02
-
-
-
-
(0.00)
(0.00)
10.48
6.43
1.08
-
182.16
11.31
27.26
0.07
0.80
(181.87)
5.65
2.26
0.61
-
1.26
13.20
(6.33)
9.29
1,372.60
990.62
1.90
0.07
(1,151.14)
-
1,180.58
1,646.48
553.74
44.34
1,176.50
58.68
1,019.33
65.68
274.67
-
(2,057.29)
1,018.08
321.88
940.17
143.14
130.73
-
-
-
-
(4.84)
(9.28)
0.00
0.00
0.00
-
0.01
0.00
0.00
-
(0.00)
(0.08)
0.00
(0.00)
0.00
-
0.00
(0.00)
(0.00)
0.00
0.01
(0.01)
0.00
(0.00)
(13.41)
(14.00)
0.05
(0.11)
0.36
0.01
(0.04)
0.01
0.09
0.00
0.00
0.00
(31.97)
0.08
0.00
0.04
-
0.02
-
-
-
-
(0.00)
(0.00)
1.61
1.54
0.27
-
4.43
0.63
0.51
-
(0.51)
(41.07)
0.27
(0.15)
0.06
-
0.09
(0.84)
(2.65)
0.20
3.52
(7.58)
0.15
(2.19)
(7,205.51)
(7,522.99)
24.20
(56.78)
190.82
2.92
(24.11)
4.09
47.64
1.30
2.19
1.10
(17,182.92)
40.92
0.47
21.54
-
11.25
-
-
-
-
(0.12)
(0.16)
0.00
(0.00)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.07)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00)
0.00
0.69
(0.19)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(23.41)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.34)
0.32
0.00
0.00
0.00
-
0.01
0.00
0.00
-
(0.00)
(0.05)
0.00
(0.00)
0.00
-
0.00
(0.00)
(0.00)
0.00
(0.02)
(0.01)
0.00
(0.00)
(8.23)
(8.59)
0.03
(0.06)
0.22
0.00
(0.03)
0.00
0.05
0.00
0.00
0.00
(19.63)
0.05
0.00
0.02
-
0.01
-
-
-
-
(0.00)
0.00
Amount
(` in crore)
2.30
1.35
0.27
-
4.43
0.63
0.51
-
(0.51)
(41.07)
0.27
(0.15)
0.06
-
0.09
(0.84)
(2.65)
0.20
(19.89)
(7.58)
0.15
(2.19)
(7,205.51)
(7,522.99)
24.20
(56.78)
190.82
2.92
(24.11)
4.09
47.64
1.30
2.19
1.10
(17,182.92)
40.92
0.47
21.54
-
11.25
-
-
-
-
(0.46)
0.16
Non-Controlling Interest in All Subsidiaries
(14.18)
(99,259.66)
(8.58)
(4,610.98)
0.15
50.80
(5.21)
(4,560.18)
* Company was subsidiary for part of the year.
393
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Associates (Investment as per
the equity method)
Indian
1
2
3
Big Tree Entertainment Private Limited
BookmyShow Live Private Limited
BookmyShow Venues Management
Private Limited
CCN DEN Network Private Limited
Clayfin Technologies Private Limited
DEN ABC Cable Network Ambarnath
Private Limited
DEN ADN Network Private Limited
DEN New Broad Communication
Private Limited
Den Satellite Network Private Limited
DL GTPL Broadband Private Limited
DL GTPL Cabnet Private Limited
Dyulok Technologies Private Limited
Eenadu Television Private Limited
Fantain Sports Private Limited
Foodfesta Wellcare Private Limited
Gaurav Overseas Private Limited
GenNext Ventures Investment Advisers LLP
GTPL Abhilash Communication Private Limited
GTPL Ahmedabad Cable Network
Private Limited
GTPL Anjali Cable Network Private Limited
GTPL Bansidhar Telelink Private Limited
GTPL Bariya Television Network
GTPL Bawa Cable
GTPL Blue Bell Network Private Limited
GTPL Broadband Private Limited
GTPL Crazy Network
GTPL Dahod Television Network
Private Limited
GTPL DCPL Private Limited
GTPL Deesha Cable Net Private Limited
GTPL Hathway Limited
GTPL Insight Channel Network Private Limited
GTPL Jay Santoshima Network Private Limited
GTPL Jaydeep Cable
GTPL Junagadh Network Private Limited
GTPL Jyoti Cable
GTPL Kaizen Infonet Private Limited
GTPL KCBPL Broad Band Private Limited
GTPL Khambhat Cable Network
GTPL Khusboo Video Channel
GTPL Kolkata Cable & Broad Band
Pariseva Limited
GTPL Leo Vision
GTPL Link Network Private Limited
GTPL Lucky Video Cable
GTPL Ma Bhagawati Entertainment Services
GTPL Media Entertainment
GTPL Meghana Distributors Private Limited
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
394
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
0.03
0.00
(0.00)
-
0.00
(0.00)
0.00
0.00
0.01
-
0.00
0.00
0.06
0.00
0.00
0.00
0.00
0.00
0.00
-
0.00
-
0.00
-
0.00
0.00
0.00
0.00
-
0.06
0.00
(0.00)
-
0.00
0.00
0.00
-
(0.00)
0.00
0.00
0.00
0.00
0.00
(0.00)
0.00
-
212.34
2.92
(0.08)
-
25.17
(0.07)
3.49
0.26
58.35
-
0.62
0.03
437.46
0.07
0.09
0.27
0.31
0.66
0.14
-
0.09
-
0.01
-
27.42
0.21
0.10
2.43
-
436.32
0.09
(0.87)
-
0.03
0.08
0.78
-
(0.04)
0.01
15.12
0.01
0.14
0.04
(0.03)
0.02
-
(0.12)
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
0.00
(0.01)
-
0.00
(0.00)
0.12
-
(0.00)
(0.00)
0.00
0.00
(0.00)
-
0.00
-
-
-
0.01
(0.00)
(0.00)
(0.00)
-
0.03
0.00
(0.00)
-
0.00
(0.00)
0.00
-
-
-
0.01
-
(0.00)
(0.00)
-
-
-
(64.94)
(1.04)
(0.06)
0.00
0.00
-
1.16
0.03
-
1.65
2.51
(0.41)
(0.03)
0.01
(4.99)
-
0.17
(0.25)
62.27
-
(0.01)
(0.01)
0.03
0.10
(0.01)
-
0.03
-
-
-
7.79
(0.05)
(0.01)
(0.46)
-
18.50
0.02
(0.23)
-
0.01
(0.01)
0.05
-
-
-
5.68
-
(0.04)
(0.01)
-
-
-
-
-
-
-
-
0.00
-
-
-
(0.00)
-
-
-
-
-
-
-
-
-
-
-
0.00
-
-
-
-
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.01
-
-
-
(0.15)
-
-
-
-
-
-
-
-
-
-
-
0.02
-
-
-
-
0.03
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.07)
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
0.00
(0.01)
-
0.00
(0.00)
0.07
-
(0.00)
(0.00)
0.00
0.00
(0.00)
-
0.00
-
-
-
0.01
(0.00)
(0.00)
(0.00)
-
0.02
0.00
(0.00)
-
0.00
(0.00)
0.00
-
-
-
0.01
-
(0.00)
(0.00)
-
-
-
(63.78)
(1.01)
(0.06)
1.65
2.51
(0.41)
(0.03)
0.01
(4.98)
-
0.17
(0.25)
62.12
-
(0.01)
(0.01)
0.03
0.10
(0.01)
-
0.03
-
-
-
7.81
(0.05)
(0.01)
(0.46)
-
18.53
0.02
(0.23)
-
0.01
(0.01)
0.05
-
-
-
5.68
-
(0.04)
(0.01)
-
-
-
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
GTPL Narmada Cable Services
GTPL Narmada Cyberzone Private Limited
GTPL Parshwa Cable Network Private Limited
GTPL Parth World Vision
GTPL Sai Vision
GTPL Sai World Channel
GTPL Sharda Cable Network Private Limited
GTPL Shiv Cable
GTPL Shiv Cable Network
GTPL Shreenathji Communication
GTPL SK Network Private Limited
GTPL SK Vision
GTPL SMC Network Private Limited
GTPL Solanki Cable Network Private Limited
GTPL Sorath Telelink Private Limited
GTPL Surat Telelink Private Limited
GTPL Swastik Communication
GTPL Tridev Cable Network
GTPL TV Tiger Private Limited
GTPL V & S Cable Private Limited
GTPL Vidarbha Tele Link Private Limited
GTPL Video Badshah Private Limited
GTPL Video Vision Private Limited
GTPL Vision Services Private Limited
GTPL Vraj Cable
GTPL VVC Network Private Limited
GTPL World View Cable
GTPL World Vision
GTPL Zigma Vision Private Limited
Gujarat Chemical Port Limited
Hathway VCN Cablenet Private Limited
Indian Vaccines Corporation Limited
Konark IP Dossiers Private Limited
Pan Cable Services Private Limited
Petroleum Trust
Reliance Industrial Infrastructure Limited
Reliance Services and Holdings Limited
Scod18 Networking Private Limited
SpaceBound Web Labs Private Limited
TribeVibe Entertainment Private Limited
Vadodara Enviro Channel Limited
Vay Network Services Private Limited
Foreign
1
2
3
4
5
6
7
8
9
10
Big Tree Entertainment DMCC
Big Tree Entertainment Lanka Private Limited
Big Tree Entertainment Singapore PTE. Limited
Big Tree Sport & Recreational Events
Tickets Selling L.L.C
Bookmyshow SDN. BHD.
NW18 HSN Holdings PLC
PT Big Tree Entertainment Indonesia
Reliance Europe Limited
Townscript PTE. Ltd, Singapore
Townscript USA, Inc.
0.00
0.00
0.00
0.00
0.00
0.00
(0.00)
-
0.00
0.00
0.00
0.00
0.00
(0.00)
(0.00)
-
0.00
0.00
-
-
-
0.00
-
0.00
(0.00)
(0.00)
0.00
0.00
(0.00)
0.08
0.00
0.00
0.00
-
6.60
0.03
4.21
-
(0.00)
(0.00)
0.00
0.00
-
(0.00)
0.00
(0.00)
(0.00)
-
(0.00)
0.01
0.00
(0.00)
0.01
0.15
0.08
0.04
0.01
0.20
(0.06)
-
0.18
0.04
0.04
0.06
0.02
(0.04)
(0.05)
-
0.11
0.07
-
-
-
0.03
-
0.54
(0.02)
(0.06)
0.02
0.04
(0.02)
538.00
0.28
0.12
0.62
-
46,194.66
209.81
29,501.14
-
(1.18)
(0.28)
0.01
0.39
-
(0.43)
3.30
(1.12)
(0.03)
-
(0.46)
40.66
-
-
-
(0.00)
0.00
-
-
(0.00)
-
-
-
-
0.00
-
-
-
(0.00)
-
(0.00)
-
-
0.00
-
0.00
-
(0.00)
(0.00)
(0.00)
0.00
-
0.00
0.20
0.00
(0.00)
0.00
-
0.45
0.01
0.35
-
(0.00)
(0.00)
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
-
(0.00)
0.00
(0.00)
0.00
-
(0.03)
0.02
-
-
(0.02)
-
-
-
-
0.01
-
-
-
(0.14)
-
(0.01)
-
-
0.11
-
0.01
-
(0.06)
(0.01)
(0.03)
0.01
-
0.05
108.39
0.18
(0.06)
0.04
-
239.24
3.47
187.09
-
(0.42)
(0.12)
-
-
-
(0.19)
(0.71)
(0.50)
(0.12)
-
(1.02)
1.95
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
56.44
0.05
38.88
-
-
-
-
-
-
0.00
(0.00)
-
0.00
-
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,075.66
16.54
13,139.05
-
-
-
-
-
-
0.03
(0.41)
-
0.01
-
0.14
-
-
-
-
(0.00)
0.00
-
-
(0.00)
-
-
-
-
0.00
-
-
-
(0.00)
-
(0.00)
-
-
0.00
-
0.00
-
(0.00)
(0.00)
(0.00)
0.00
-
0.00
0.12
0.00
(0.00)
0.00
-
22.06
0.02
15.22
-
(0.00)
(0.00)
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
-
(0.00)
0.00
(0.00)
0.00
Amount
(` in crore)
-
(0.03)
0.02
-
-
(0.02)
-
-
-
-
0.01
-
-
-
(0.14)
-
(0.01)
-
-
0.11
-
0.01
-
(0.06)
(0.01)
(0.03)
0.01
-
0.05
108.39
0.18
(0.06)
0.04
-
19,314.90
20.01
13,326.14
-
(0.42)
(0.12)
-
-
-
(0.16)
(1.12)
(0.50)
(0.11)
-
(0.88)
1.95
-
-
395
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Name of the Enterprise
Net Assets i.e. Total Assets minus
Total Liabilities
Share in
Profit or Loss
Share in Other
Comprehensive Income
Share in Total
Comprehensive Income
Joint Ventures (Investment as per
the equity method)
Indian
1
2
3
4
5
6
7
8
9
10
Alok Industries Limited *
Alok Infrastructure Limited *
Brooks Brothers India Private Limited
Burberry India Private Limited
Canali India Private Limited
D. E. Shaw India Securities Private Limited
Dadri Toe Warehousing Private Limited *
Diesel Fashion India Reliance Private Limited
Football Sports Development Limited
Hathway Bhaskar CCN Multi Entertainment
Private Limited
Hathway Bhawani NDS Network Limited
Hathway Cable MCN Nanded Private Limited
Hathway CBN Multinet Private Limited
Hathway CCN Entertainment (India)
Private Limited
Hathway CCN Multinet Private Limited
Hathway Channel 5 Cable and Datacom
Private Limited
Hathway Dattatray Cable Network
Private Limited
Hathway ICE Television Private Limited
Hathway Latur MCN Cable & Datacom
Private Limited
Hathway MCN Private Limited
Hathway Prime Cable & Datacom
Private Limited
Hathway Sai Star Cable & Datacom
Private Limited
Hathway Sonali OM Crystal Cable
Private Limited
Hathway SS Cable & Datacom LLP
IBN Lokmat News Private Limited
Iconix Lifestyle India Private Limited
India Gas Solutions Private Limited
Jio Payments Bank Limited
Marks and Spencer Reliance India
Private Limited
Pipeline Management Services Private Limited
Reliance Bally India Private Limited
Reliance Paul & Shark Fashions Private Limited
Reliance Sideways Private Limited
Reliance-GrandVision India Supply
Private Limited
Reliance-Vision Express Private Limited
Ryohin-Keikaku Reliance India Private Limited
TCO Reliance India Private Limited
Ubona Technologies Private Limited
Zegna South Asia Private Limited
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
Amount
(` in crore)
0.07
-
0.00
0.01
0.00
0.00
0.00
0.00
0.02
(0.00)
0.00
0.00
0.00
0.00
0.00
-
512.98
-
14.60
37.57
16.28
1.50
23.95
14.62
130.78
(0.02)
0.33
0.93
1.54
4.32
7.25
-
(0.03)
-
(0.00)
0.01
0.00
0.00
-
(0.00)
(0.02)
-
-
0.00
(0.00)
0.00
0.00
-
(18.04)
-
(0.51)
4.32
0.89
0.03
-
(2.04)
(8.27)
-
-
0.23
(0.03)
0.05
0.02
-
-
-
0.00
1.38
-
0.00
0.00
-
-
0.14
6.95
-
-
0.00
0.00
-
-
0.14
0.73
-
0.00
9.22
(0.00)
(1.08)
0.00
0.91
(0.00)
(0.12)
(0.00)
0.00
0.01
0.00
0.01
0.03
0.00
0.00
0.00
-
0.00
0.00
0.00
0.00
0.00
0.00
(0.43)
11.68
38.93
9.39
87.89
200.54
4.25
4.69
5.45
-
5.12
7.23
15.70
12.87
5.04
4.09
0.00
(0.00)
0.00
(0.01)
(0.12)
(0.08)
0.00
0.00
(0.00)
-
(0.00)
(0.01)
(0.01)
(0.00)
0.00
(0.00)
0.39
(2.59)
1.28
(4.59)
(64.38)
(41.50)
2.49
0.22
(0.73)
-
(0.24)
(7.36)
(3.69)
(0.07)
0.20
(1.35)
0.04
-
0.00
-
-
-
-
-
-
-
12.02
-
0.01
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00
-
-
-
-
-
-
-
-
-
(0.00)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.10
-
-
-
-
-
-
-
-
-
(0.01)
-
(0.01)
-
(0.00)
0.00
0.00
0.00
-
(0.00)
(0.01)
-
-
0.00
(0.00)
0.00
0.00
-
(6.02)
-
(0.50)
4.32
0.89
0.03
-
(2.04)
(8.27)
-
-
0.23
(0.03)
0.05
0.02
-
0.00
1.38
-
0.00
0.00
-
-
0.14
0.73
-
(0.00)
(1.08)
(0.00)
(0.12)
0.00
(0.00)
0.00
(0.01)
(0.07)
(0.05)
0.00
0.00
(0.00)
-
(0.00)
(0.01)
(0.00)
(0.00)
0.00
(0.00)
0.39
(2.59)
1.28
(4.59)
(64.28)
(41.50)
2.49
0.22
(0.73)
-
(0.24)
(7.36)
(3.69)
(0.07)
0.19
(1.35)
Foreign
1
2
3
4
5
6
7
8
9
10
11
12
13
Alok Industries International Limited *
Alok International (Middle East) FZE *
Alok International Inc. *
Alok Singapore Pte Limited *
Alok Worldwide Limited *
Ethane Crystal LLC
Ethane Emerald LLC
Ethane Opal LLC
Ethane Pearl LLC
Ethane Sapphire LLC
Ethane Topaz LLC
Grabal Alok International Limited *
Mileta a.s. *
As % of
consolidated
Net Assets
Amount
(` in crore)
As % of
consolidated
Profit or Loss
Amount
(` in crore)
As % of
consolidated
Other
Comprehensive
Income
Amount
(` in crore)
As % of
consolidated
Total
Comprehensive
Income
Amount
(` in crore)
-
-
-
-
0.00
0.03
0.03
0.03
0.03
0.03
0.03
-
0.00
-
-
-
-
0.50
208.00
200.52
188.68
199.25
187.35
188.39
-
33.54
-
-
-
-
-
0.02
0.02
0.02
0.02
0.02
0.02
-
-
-
-
-
-
-
12.32
12.44
12.31
12.82
12.82
13.08
-
-
-
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.02
-
-
-
-
-
(0.01)
(0.71)
(0.70)
(0.76)
(1.58)
(0.87)
(1.61)
7.04
-
-
-
-
-
(0.00)
0.01
0.01
0.01
0.01
0.01
0.01
0.01
-
-
-
-
-
(0.01)
11.61
11.74
11.55
11.24
11.95
11.47
7.04
-
* Company was joint venture for part of the year.
40. Significant arrangements during the Year
40.1 Scheme of Amalgamation of Reliance Holding USA Inc., Reliance Energy Generation and Distribution
Limited with the Company
Pursuant to the Composite Scheme of Amalgamation and Plan of Merger (the Scheme) approved by the Hon’ble National
Company Law Tribunal, Mumbai bench, vide order dated July 27, 2020, Reliance Holding USA Inc. (RHUSA) has merged
with Reliance Energy Generation and Distribution Limited (REGDL) and REGDL has merged with the Company.
This being a common control business combination, the financial information of the wholly owned subsidiaries are
included in the financial results of the Company and has been restated for comparative purpose from the appointed date,
which is the date as prescribed in the Scheme approved by the NCLT and is as per MCA General Circular dated August
21, 2019, overriding the requirements of Appendix C of Ind AS 103, based on the accepted accounting practice. This
transaction does not have impact on consolidated financials.
40.2 The Company along with JM Financial Asset Reconstruction Company Limited (acting in its capacity as a Trustee of
‘JMFARC- March 2018 – Trust’- (JMFARC) acquired, in accordance with the approved- Resolution plan, joint control
over Alok Industries Limited and their shareholding in Alok Industries Limited is 40.01% and 34.99% respectively
aggregating to 75%.
41. Events after the Reporting Period
The Board of Directors have recommended dividend of ` 7 per fully paid up equity share of ` 10/- each for the financial year
2020-21. Pro-rata dividend shall be paid in proportion to the paid-up value of the partly paid shares.
42. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make
them comparable.
43 Approval of Financial Statements
The Consolidated Financial Statements were approved for issue by the Board of Directors on April 30, 2021.
* Company was joint venture for part of the year.
396
397
Notes to the Consolidated Financial Statements for the year ended 31st March, 2021Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Annexure “A”
Salient Features of Financial Statements of Subsidiaries/ Associates/ Joint Ventures as per
Companies Act, 2013
Sr. No.
Name of Subsidiary Company
(` in crore)
(Foreign Currencies in million)
% of Share-
holding*
Proposed
Dividend
Other
Compre-
hensive
Income
(0.57)
Total
Compre-
hensive
Income
(42.29)
Part “A”: Subsidiaries
Sr. No.
Name of Subsidiary Company
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Actoserba Active Wholesale
Private Limited
Affinity USA LLC (Formerly known
as Affinity USA Inc.) #
Asteria Aerospace Private Limited
Aurora Algae LLC (Formerly
Aurora Algae Inc.) #
C-Square Info-Solutions
Private Limited
Dadha Pharma Distribution
Private Limited
Dronagiri Bokadvira
East Infra Limited
Dronagiri Bokadvira
North Infra Limited
Dronagiri Bokadvira
South Infra Limited
Dronagiri Bokadvira
West Infra Limited
Dronagiri Dongri East Infra Limited
Dronagiri Dongri North Infra Limited
Dronagiri Dongri
South Infra Limited
Dronagiri Dongri West Infra Limited
Dronagiri Funde East Infra Limited
Dronagiri Funde North Infra Limited
Dronagiri Funde South Infra Limited
Dronagiri Funde West Infra Limited
Dronagiri Navghar East Infra Limited
Dronagiri Navghar North
First Infra Limited
Dronagiri Navghar
North Infra Limited
Dronagiri Navghar North
Second Infra Limited
Dronagiri Navghar South
First Infra Limited
Dronagiri Navghar
South Infra Limited
Dronagiri Navghar South
Second Infra Limited
Dronagiri Navghar
West Infra Limited
Dronagiri Pagote East Infra Limited
Dronagiri Pagote North
First Infra Limited
Dronagiri Pagote
North Infra Limited
Dronagiri Pagote North
Second Infra Limited
Dronagiri Pagote South
First Infra Limited
The date
since which
Subsidiary was
acquired
18.02.2021
15.07.2019
12.12.2019
21.04.2015
01.03.2019
18.08.2020
28.01.2019
24.01.2019
24.01.2019
24.01.2019
31.01.2019
24.01.2019
24.01.2019
04.02.2019
28.01.2019
31.01.2019
24.01.2019
31.01.2019
04.02.2019
29.01.2019
30.01.2019
01.02.2019
01.02.2019
29.01.2019
01.02.2019
29.01.2019
16.01.2019
01.02.2019
24.01.2019
01.02.2019
01.02.2019
Reporting
Currency
Equity Share
Capital
Other Equity $
Total Assets
Total
Liabilities
Investments
Total Income
Profit
Before
Taxation
Provision
for
Taxation
Profit After
Taxation
INR
INR
USD
INR
INR
USD
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
1.02
90.09
213.42
122.31
-
147.32
(41.72)
-
(41.72)
0.07
0.01
0.08
570.53
78.08
1.78
(0.07)
(0.01)
33.96
(570.53)
(78.08)
34.82
-
-
77.06
-
-
49.15
-
-
43.02
-
-
12.55
-
-
9.50
-
-
-
-
-
8.37
-
-
15.96
-
-
(8.18)
(0.37)
(0.05)
2.01
-
-
-
-
-
1.15
-
-
(8.18)
(0.37)
(0.05)
0.86
0.81
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
9.02
48.66
38.83
2.50
119.06
1.25
0.36
0.89
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.01)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.00
0.00
0.00
0.00
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(8.18)
(0.37)
(0.05)
0.86
0.89
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
86.15
100.00
74.57
100.00
81.64
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
(` in crore)
(Foreign Currencies in million)
% of Share-
holding*
Proposed
Dividend
Other
Compre-
hensive
Income
-
Total
Compre-
hensive
Income
(0.00)
The date
since which
Subsidiary was
acquired
29.01.2019
24.01.2019
31.01.2019
28.01.2019
28.01.2019
04.02.2019
16.12.2019
28.12.2020
07.09.2018
07.09.2018
07.09.2018
07.09.2018
07.09.2018
07.03.2019
16.07.2019
Dronagiri Pagote
South Infra Limited
Dronagiri Pagote West Infra Limited
Dronagiri Panje East Infra Limited
Dronagiri Panje North Infra Limited
Dronagiri Panje South Infra Limited
Dronagiri Panje West Infra Limited
eDreams Edusoft Private Limited
Football Sports
Development Limited
Genesis Colors Limited
Genesis La Mode Private Limited
GLB Body Care Private Limited
GLF Lifestyle Brands
Private Limited
GML India Fashion Private Limited
Grab A Grub Services
Private Limited
Hamleys (Franchising) Limited #
Hamleys Asia Limited #
16.07.2019
Hamleys Global Holdings Limited # ^
16.07.2019
Hamleys of London Limited #
16.07.2019
Hamleys Toys (Ireland) Limited #
16.07.2019
Indiavidual Learning
Limited(Formerly Indiavidual
Learning Private Limited)
Indiawin Sports Private Limited
Jio Estonia OU #
Jio Haptik Technologies Limited
Jio Information Aggregator
Services Limited
Jio Infrastructure Management
Services Limited
Jio Limited
Jio Media Limited
Jio Payments Bank Limited
Jio Platforms Limited
Jio Things Limited
Kalamboli East Infra Limited
Kalamboli North First Infra Limited
Kalamboli North Infra Limited
Kalamboli North
Second Infra Limited
Kalamboli North Third Infra Limited
Kalamboli South First Infra Limited
Kalamboli South Infra Limited
Kalamboli West Infra Limited
Kanhatech Solutions Limited
11.06.2018
07.04.2010
22.11.2018
22.09.2014
10.11.2020
04.09.2017
15.11.2019
11.11.2020
10.11.2016
15.11.2019
18.11.2020
24.01.2019
25.01.2019
24.01.2019
25.01.2019
25.01.2019
24.01.2019
01.02.2019
21.01.2019
01.08.2008
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
Reporting
Currency
Equity Share
Capital
Other Equity $
Total Assets
Total
Liabilities
Investments
Total Income
Profit
Before
Taxation
Provision
for
Taxation
Profit After
Taxation
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
GBP
INR
HKD
INR
GBP
INR
GBP
INR
GBP
INR
INR
INR
EUR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
0.05
0.05
0.05
0.05
0.05
0.05
0.19
2.29
12.57
12.00
1.57
89.94
4.99
0.06
0.00
0.00
0.00
0.00
-
-
19.96
2.00
0.00
0.00
0.54
2.65
0.45
0.05
49.13
0.05
(0.00)
0.05
0.00
-
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
2.51
212.61
51.38
30.83
(1.24)
(6.15)
8.06
33.95
145.14
14.54
(0.17)
(0.18)
-
-
(176.88)
(17.72)
(76.06)
(7.62)
91.61
342.71
0.63
0.07
224.10
(0.01)
0.05
0.05
0.05
0.05
0.05
2.75
437.84
149.13
180.84
0.36
126.47
68.22
113.25
186.26
18.66
1.36
1.44
-
-
1,182.57
118.47
31.74
3.18
1,000.43
381.55
1.35
0.15
281.84
0.05
0.00
0.00
0.00
0.00
0.00
0.05
222.94
85.18
138.01
0.03
42.68
55.17
79.24
41.12
4.12
1.53
1.62
-
-
1,339.49
134.19
107.80
10.80
908.28
36.19
0.27
0.03
8.61
0.01
-
-
-
-
-
-
125.85
52.56
-
-
11.67
-
0.62
-
-
-
-
-
-
-
-
-
-
81.38
296.66
-
-
8.05
-
-
-
-
-
-
0.35
371.93
25.69
122.54
0.02
66.20
36.75
357.63
55.10
5.52
4.16
4.41
-
-
199.64
20.00
-
-
12.72
336.26
4.76
0.53
20.89
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(2.34)
(13.70)
(21.13)
4.82
0.01
3.59
0.39
(0.07)
20.66
2.07
(0.17)
(0.18)
-
-
(115.49)
(11.57)
5.29
0.53
(11.66)
39.31
0.27
0.03
(23.89)
(0.01)
-
-
-
-
-
-
-
-
-
1.53
0.00
0.95
0.09
(0.65)
7.69
0.77
-
-
-
-
(26.05)
(2.61)
-
-
(3.65)
10.32
-
-
-
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(2.34)
(13.70)
(21.13)
3.29
0.01
2.64
0.30
0.58
12.97
1.30
(0.17)
(0.18)
-
-
(89.44)
(8.96)
5.29
0.53
(8.01)
28.99
0.27
0.03
(23.89)
(0.01)
-
-
-
-
-
-
0.02
0.14
0.05
-
0.01
0.01
0.24
-
-
-
-
-
-
-
-
-
-
(0.62)
0.01
-
-
0.19
-
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(2.34)
(13.68)
(20.99)
3.34
0.01
2.65
0.31
0.82
12.97
1.30
(0.17)
(0.18)
-
-
(89.44)
(8.96)
5.29
0.53
(8.63)
29.00
0.27
0.03
(23.70)
(0.01)
0.06
0.56
1.61
0.99
-
4.00
0.39
0.10
0.29
-
0.29
0.01
5.00
232.00
8,931.69
1.00
0.05
0.05
0.05
0.05
(0.01)
415.75
(106.45)
1,96,879.89
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
0.01
430.63
170.96
2,07,335.87
1.00
0.05
0.05
0.05
0.05
0.01
9.88
45.41
1,524.29
0.03
0.00
0.00
0.00
0.00
-
21.92
155.01
1,90,378.11
0.99
-
-
-
-
0.05
0.05
0.05
0.05
75.00
(0.00)
(0.00)
(0.00)
(0.00)
9.41
0.05
0.05
0.05
0.05
95.25
0.00
0.00
0.00
0.00
10.84
-
-
-
-
83.88
-
0.27
11.30
3,047.29
0.01
-
-
-
-
-
-
-
-
14.22
(0.01)
(2.25)
(91.98)
707.92
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
4.76
-
-
-
178.18
-
-
-
-
-
-
-
-
-
1.06
(0.01)
(2.25)
(91.98)
529.74
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
3.70
-
-
0.15
(58.43)
-
-
-
-
-
-
-
-
-
0.02
(0.01)
(2.25)
(91.83)
471.31
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
3.72
100.00
100.00
100.00
100.00
100.00
100.00
100.00
65.00
72.73
100.00
100.00
100.00
100.00
82.41
100.00
100.00
100.00
100.00
100.00
85.38
100.00
100.00
100.00
100.00
100.00
100.00
100.00
70.00
66.48
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
As on 31.12.2020 1 USD=73.0700, 1 GBP=99.8200, 1 EUR=89.7375, 1 SGD=55.2550, 1 HKD=9.4250, 1 MYR=18.1650, 1 CNY=11.1900, 1 PLN=19.6700
As on 31.03.2021 1 USD=73.1100, 1 GBP=100.7525, 1 EUR=85.7500, 1 SGD=54.3500, 1 HKD=9.4050, 1 MYR=17.6325, 1 CNY=11.1600, 1 PLN=18.5400
* Representing aggregate % of voting power held by the Company and/or its subsidiaries.
# Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
398
As on 31.12.2020 1 USD=73.0700, 1 GBP=99.8200, 1 EUR=89.7375, 1 SGD=55.2550, 1 HKD=9.4250, 1 MYR=18.1650, 1 CNY=11.1900, 1 PLN=19.6700
As on 31.03.2021 1 USD=73.1100, 1 GBP=100.7525, 1 EUR=85.7500, 1 SGD=54.3500, 1 HKD=9.4050, 1 MYR=17.6325, 1 CNY=11.1600, 1 PLN=18.5400
* Representing aggregate % of voting power held by the Company and/or its subsidiaries.
# Company having 31st December as reporting date.
^ The Company is under Liquidation.
$ Includes Reserves and Surplus.
399
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Annexure “A”
Sr. No.
Name of Subsidiary Company
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
Luvley Limited ^
M Entertainments Private Limited
Mesindus Ventures Private Limited
Mindex 1 Limited
Model Economic Township Limited
Netmeds Marketplace Limited
New Emerging World Of
Journalism Limited (Formerly New
Emerging World Of Journalism
Private Limited)
NowFloats Technologies
Private Limited
Radisys B.V. #
11.12.2018
Radisys Canada Inc. #
11.12.2018
Radisys Cayman Limited #
11.12.2018
Radisys Convedia (Ireland) Limited #
11.12.2018
Radisys Corporation #
11.12.2018
Radisys GmbH #
Radisys India Private Limited
Radisys International LLC #
Radisys International
Singapore Pte. Ltd. #
11.12.2018
24.12.2018
11.12.2018
11.12.2018
Radisys Poland sp. z o.o. #^
11.12.2018
Radisys Spain S.L.U. #
11.12.2018
11.12.2018
11.12.2018
11.12.2018
16.03.2021
20.07.2007
15.04.2019
31.03.2009
23.03.2015
07.09.2018
Radisys Systems Equipment
Trading (Shanghai) Co. Ltd. #
Radisys Technologies
(Shenzhen) Co. Ltd. #
Radisys UK Limited #
RBML Solutions India Limited
Recron (Malaysia) Sdn. Bhd. #
Reliance 4IR Realty
Development Limited
Reliance Ambit Trade
Private Limited
Reliance BP Mobility Limited
Reliance Brands Luxury Fashion
Private Limited (Formerly known
as Genesis Luxury Fashion
Private Limited)
(` in crore)
(Foreign Currencies in million)
% of Share-
holding*
Proposed
Dividend
The date
since which
Subsidiary was
acquired
16.07.2019
17.04.2018
18.08.2020
21.05.2018
09.10.2006
18.08.2020
26.11.2018
Reporting
Currency
Equity Share
Capital
Other Equity $
Total Assets
INR
GBP
INR
INR
INR
GBP
INR
INR
INR
-
-
0.01
0.06
0.00
0.00
97.00
9.29
0.04
-
-
0.12
10.90
182.16
18.08
4,163.16
13.32
32.84
-
-
0.34
12.17
183.87
18.25
7,491.28
88.48
34.24
Total
Liabilities
-
-
0.21
1.21
1.71
0.17
3,231.12
65.87
1.36
Investments
Total Income
Profit
Before
Taxation
Provision
for
Taxation
Profit After
Taxation
-
-
-
2.15
-
-
95.56
0.50
1.96
-
-
0.02
0.03
5.44
0.54
263.13
151.24
0.47
-
-
0.00
(0.00)
5.14
0.51
57.22
1.05
(0.05)
-
-
0.00
0.00
0.71
0.07
7.01
-
(3.28)
-
-
(0.00)
(0.00)
4.43
0.44
50.21
1.05
3.23
Other
Compre-
hensive
Income
-
-
-
-
-
-
(0.07)
0.63
0.04
Total
Compre-
hensive
Income
-
-
-
(0.00)
4.43
0.44
50.14
1.68
3.27
11.12.2019
INR
0.20
16.10
26.37
10.07
9.33
12.48
(3.89)
-
(3.89)
(0.06)
(3.95)
INR
EUR
INR
USD
INR
USD
INR
USD
INR
USD
INR
EUR
INR
INR
USD
INR
SGD
INR
PLN
INR
EUR
INR
RMB
INR
RMB
INR
GBP
INR
INR
RM
INR
INR
INR
INR
1.71
0.19
0.00
0.00
0.00
0.00
0.00
0.00
548.03
75.00
0.27
0.03
0.21
40.26
5.51
0.00
0.00
-
-
0.00
0.00
3.89
3.48
0.00
0.00
1.90
0.19
0.00
986.34
542.99
100.00
9.60
1.07
27.26
3.73
0.07
0.01
0.80
0.11
(729.90)
(99.89)
5.38
0.60
162.64
(38.00)
(5.20)
0.61
0.11
-
-
1.26
0.14
9.31
8.32
(6.33)
(5.66)
7.39
0.74
-
386.26
212.64
18,514.29
12.65
1.41
28.94
3.96
0.07
0.01
3.14
0.43
518.43
70.95
6.82
0.76
268.15
2.26
0.31
1.71
0.31
-
-
1.71
0.19
13.20
11.80
82.03
73.31
9.78
0.98
-
2,573.11
1,416.52
20,931.80
1.34
0.15
1.68
0.23
-
-
2.34
0.32
700.30
95.84
1.17
0.13
105.30
-
-
1.10
0.20
-
-
0.45
0.05
-
-
88.36
78.97
0.49
0.05
-
1,200.51
660.89
2,317.51
5.65
0.63
-
-
-
-
3.07
0.42
44.94
6.15
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,386.89
5.92
0.66
8.26
1.13
-
-
-
-
799.53
109.42
4.58
0.51
372.25
-
-
1.11
0.20
-
-
1.62
0.18
-
-
8.39
7.50
3.19
0.32
-
4,334.17
2,386.00
944.98
0.72
0.08
0.58
0.08
-
-
(0.51)
(0.07)
(32.81)
(4.49)
0.45
0.05
34.47
(0.15)
(0.02)
0.06
0.01
-
-
0.09
0.01
(0.84)
(0.75)
(2.64)
(2.36)
0.20
0.02
-
7.08
3.90
168.43
0.09
0.01
0.07
0.01
-
-
-
-
8.26
1.13
0.18
0.02
9.02
-
-
-
-
-
-
-
-
-
-
0.01
0.01
-
-
-
3.56
1.96
26.49
0.63
0.07
0.51
0.07
-
-
(0.51)
(0.07)
(41.07)
(5.62)
0.27
0.03
25.45
(0.15)
(0.02)
0.06
0.01
-
-
0.09
0.01
(0.84)
(0.75)
(2.65)
(2.37)
0.20
0.02
-
3.52
1.94
141.94
-
-
-
-
-
-
-
-
-
-
-
-
(1.26)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(23.41)
(12.89)
-
0.63
0.07
0.51
0.07
-
-
(0.51)
(0.07)
(41.07)
(5.62)
0.27
0.03
24.19
(0.15)
(0.02)
0.06
0.01
-
-
0.09
0.01
(0.84)
(0.75)
(2.65)
(2.37)
0.20
0.02
-
(19.89)
(10.95)
141.94
1.00
912.78
920.13
6.35
135.59
5.16
(0.37)
-
(0.37)
-
(0.37)
0.10
17.50
1,945.97
144.33
3,826.02
283.39
1,879.95
121.56
533.76
65.90
27,477.73
140.86
834.71
(2.29)
206.40
(1.10)
628.31
(1.19)
(0.71)
0.19
627.60
(1.00)
100.00
100.00
83.33
100.00
100.00
100.00
75.00
88.33
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
51.00
99.53
Reporting
Currency
Equity Share
Capital
Other Equity $
Total Assets
Total
Liabilities
Investments
Total Income
Profit
Before
Taxation
Provision
for
Taxation
Profit After
Taxation
728.29
72.96
101.08
0.05
262.33
26.28
(283.64)
(68.22)
1,131.06
113.31
3,226.69
44.75
140.44
14.07
3,409.25
112.92
1,015.27
101.71
1,415.70
-
-
-
796.14
15.57
(9.38)
(0.94)
(271.39)
(15.00)
(1.80)
(0.18)
(60.19)
-
(7.58)
(0.76)
(211.20)
(15.00)
(` in crore)
(Foreign Currencies in million)
% of Share-
holding*
Proposed
Dividend
Other
Compre-
hensive
Income
-
-
0.40
0.01
Total
Compre-
hensive
Income
(7.58)
(0.76)
(210.80)
(14.99)
Sr. No.
Name of Subsidiary Company
99
100
101
102
103
104
105
106
107
108
Reliance Brands
Holding UK Limited #
Reliance Brands Limited
Reliance Clothing India
Private Limited
Reliance Commercial
Dealers Limited
Reliance Comtrade Private Limited
Reliance Content
Distribution Limited
Reliance Corporate IT Park Limited
Reliance Digital Health USA Inc.
(Formerly Affinity Names Inc). #
Reliance Eagleford
Upstream GP LLC #
Reliance Eagleford
Upstream Holding LP #
The date
since which
Subsidiary was
acquired
26.06.2019
12.10.2007
26.09.2013
10.01.2017
31.03.2009
04.09.2017
30.03.2009
26.03.2012
17.06.2010
17.06.2010
109
Reliance Eagleford Upstream LLC #
16.06.2010
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
Reliance Eminent Trading &
Commercial Private Limited
Reliance Ethane
Holding Pte Limited
Reliance Ethane Pipeline Limited
Reliance Exploration &
Production DMCC #
Reliance GAS Lifestyle India
Private Limited
Reliance Gas Pipelines Limited
Reliance Global Energy Services
(Singapore) Pte. Ltd
Reliance Global Energy
Services Limited
Reliance Industrial Investments and
Holdings Limited
Reliance Industries
(Middle East) DMCC #
Reliance Innovative Building
Solutions Private Limited
Reliance Industries Uruguay
Petroquimica S.A. (En
Liquidacion) # ^
Reliance Jio Global Resources, LLC #
31.03.2009
04.09.2014
18.06.2019
06.12.2006
09.08.2017
26.11.2012
18.08.2008
20.06.2008
30.12.1988
11.05.2005
30.03.2015
21.08.2017
15.01.2015
Reliance Jio Infocomm Limited
Reliance Jio Infocomm Pte. Ltd. #
17.06.2010
01.02.2013
125
Reliance Jio Infocomm UK Limited #
30.07.2013
126
Reliance Jio Infocomm USA, Inc. #
05.06.2013
127
128
Reliance Jio Media Limited
Reliance Jio Messaging
Services Limited
02.01.2015
12.09.2013
INR
GBP
INR
INR
INR
INR
INR
INR
INR
USD
INR
USD
INR
USD
INR
USD
INR
INR
USD
INR
INR
USD
INR
INR
INR
USD
INR
GBP
INR
INR
USD
INR
INR
USD
INR
USD
INR
INR
USD
INR
GBP
INR
USD
INR
INR
15.00
1,122.39
1,421.41
284.02
7.23
449.73
0.94
(0.48)
1.42
0.28
1.70
1.00
0.05
116.91
6,378.49
118.07
6,378.54
0.16
0.00
-
6,377.50
-
0.00
(0.05)
(0.04)
238.00
0.07
0.01
2.48
0.34
24,888.52
3,406.12
24,789.36
3,392.55
10.00
10,715.83
1.83
0.25
(2.41)
(0.33)
(26,039.66)
(3,563.66)
(24,789.36)
(3,392.55)
3,818.65
1,138.10
155.67
50.00
350.66
47.99
100.00
261.10
8.63
1.18
30.23
3.00
219.89
42.48
5.81
338.45
1,295.82
177.34
(1.36)
262.17
545.11
74.56
14.11
1.40
25,698.65
30,219.74
2.19
0.30
0.07
0.01
1,894.05
259.21
-
-
4,300.59
1,180.65
161.49
2,437.34
1,764.57
241.49
123.98
19,265.91
0.29
0.04
-
-
3,045.19
416.75
-
-
471.94
0.07
0.01
2,048.89
118.09
16.16
25.34
-
-
-
-
-
-
-
-
-
50.00
1,137.66
155.61
52.49
-
-
1.33
2,977.98
1.24
0.17
-
-
676.85
92.63
-
-
44.51
24.49
3.35
545.55
-
-
36.51
958.42
4,794.63
655.81
213.49
21.19
42,832.80
435.15
4,240.89
580.07
169.15
16.79
16,914.26
30.47
-
-
185.89
18.45
25,158.75
112.81
49,159.09
6,723.99
27.00
2.68
2,405.03
1,305.25
178.63
64.69
(128.75)
(17.62)
(56.85)
3,362.68
460.20
20.72
2,186.18
299.19
12.88
2,900.44
396.94
-
1,147.71
157.07
1.74
108.46
0.15
0.02
(2.19)
(0.30)
(7,205.51)
(986.11)
(7,522.99)
(1,029.56)
(17.03)
24.20
3.31
138.38
(56.78)
(7.77)
(0.52)
(11.87)
200.76
27.46
2.92
0.29
156.13
(24.11)
(3.30)
(3.23)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00
0.00
45,000.00
945.53
129.40
59.89
6.00
281.68
38.55
86.01
97.33
58.68
8.03
1,37,972.70
73.80
10.10
5.79
0.58
(7.01)
(0.96)
(3.28)
(11.28)
61.74
8.45
2,50,088.70
1,494.79
204.57
80.85
8.10
289.36
39.60
103.47
86.31
3.06
0.42
67,116.00
475.46
65.07
15.17
1.52
14.69
2.01
20.74
0.26
-
-
1,528.23
-
-
-
-
126.56
17.32
-
0.38
62.62
8.57
4.09
0.56
70,435.23 16,086.57
55.53
7.60
1.80
0.18
3.87
0.53
(0.13)
(0.26)
523.77
71.68
181.67
18.20
204.60
28.00
-
0.08
-
0.00
(99.25)
-
-
-
-
-
-
-
-
-
-
-
32.87
-
-
(0.07)
(4.07)
9.94
1.36
-
-
50.79
-
-
-
-
-
(0.05)
(0.04)
207.71
0.15
0.02
(2.19)
(0.30)
(7,205.51)
(986.11)
(7,522.99)
(1,029.56)
(17.03)
24.20
3.31
105.51
(56.78)
(7.77)
(0.45)
(7.80)
190.82
26.10
2.92
0.29
105.34
(24.11)
(3.30)
(3.23)
-
-
-
-
4,071.50
7.89
1.08
0.50
0.05
1.68
0.23
-
-
4.09
0.56
12,015.07
47.64
6.52
1.30
0.13
2.19
0.30
(0.13)
(0.26)
-
-
1.18
-
-
-
-
-
-
-
-
-
-
-
0.07
-
-
0.05
(0.12)
-
-
-
-
-
-
-
-
-
-
-
-
1.94
-
-
-
-
-
-
-
-
(0.05)
(0.04)
208.89
0.15
0.02
(2.19)
(0.30)
(7,205.51)
(986.11)
(7,522.99)
(1,029.56)
(17.03)
24.20
3.31
105.58
(56.78)
(7.77)
(0.40)
(7.92)
190.82
26.10
2.92
0.29
105.34
(24.11)
(3.30)
(3.23)
-
-
4.09
0.56
12,017.01
47.64
6.52
1.30
0.13
2.19
0.30
(0.13)
(0.26)
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
51.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
As on 31.12.2020 1 USD=73.0700, 1 GBP=99.8200, 1 EUR=89.7375, 1 SGD=55.2550, 1 HKD=9.4250, 1 MYR=18.1650, 1 CNY=11.1900, 1 PLN=19.6700
As on 31.03.2021 1 USD=73.1100, 1 GBP=100.7525, 1 EUR=85.7500, 1 SGD=54.3500, 1 HKD=9.4050, 1 MYR=17.6325, 1 CNY=11.1600, 1 PLN=18.5400
* Representing aggregate % of voting power held by the Company and/or its subsidiaries.
# Company having 31st December as reporting date.
^ The Company is under Liquidation.
$ Includes Reserves and Surplus.
400
As on 31.12.2020 1 USD=73.0700, 1 GBP=99.8200, 1 EUR=89.7375, 1 SGD=55.2550, 1 HKD=9.4250, 1 MYR=18.1650, 1 CNY=11.1900, 1 PLN=19.6700
As on 31.03.2021 1 USD=73.1100, 1 GBP=100.7525, 1 EUR=85.7500, 1 SGD=54.3500, 1 HKD=9.4050, 1 MYR=17.6325, 1 CNY=11.1600, 1 PLN=18.5400
* Representing aggregate % of voting power held by the Company and/or its subsidiaries.
# Company having 31st December as reporting date.
^ The Company is under Liquidation.
$ Includes Reserves and Surplus.
401
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Annexure “A”
Sr. No.
Name of Subsidiary Company
129
130
Reliance Lifestyle Products Private
Limited (Formerly V&B Lifestyle
India Private Limited)
Reliance Marcellus II LLC #
The date
since which
Subsidiary was
acquired
05.10.2020
28.06.2010
131
Reliance Marcellus LLC #
29.03.2010
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
Reliance O2C Limited
Reliance Payment Solutions Limited
Reliance Petro Marketing Limited
Reliance Petroleum Retail Limited
Reliance Progressive Traders
Private Limited
Reliance Projects & Property
Management Services Limited
Reliance Prolific Commercial
Private Limited
Reliance Prolific Traders
Private Limited
Reliance Retail and Fashion
Lifestyle Limited
Reliance Retail Finance Limited
Reliance Retail Insurance
Broking Limited
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers
Private Limited
Reliance SMSL Limited
Reliance Strategic Business
Ventures Limited
Reliance Strategic
Investments Limited
Reliance Universal Traders
Private Limited
Reliance Vantage Retail Limited
Reliance Ventures Limited
Reliance-GrandOptical
Private Limited
Reverie Language Technologies
Limited (Formerly Reverie
Language Technologies
Private Limited)
RIL USA, Inc. #
24.01.2019
07.09.2007
31.03.2009
21.06.2019
31.03.2009
19.06.2019
31.03.2009
31.03.2009
11.08.2020
20.02.2007
20.11.2006
20.11.2006
24.04.2007
21.02.2012
27.11.2007
21.06.2019
28.12.2001
31.03.2009
27.12.2007
07.10.1999
17.03.2008
22.03.2019
26.02.2009
RISE Worldwide Limited (Formerly
IMG Reliance Limited)
RP Chemicals (Malaysia) Sdn. Bhd. #
28.12.2020
11.02.2016
157
Saavn Inc. #
158
Saavn LLC #
05.04.2018
05.04.2018
Reporting
Currency
Equity Share
Capital
Other Equity $
Total Assets
Total
Liabilities
Investments
Total Income
Profit
Before
Taxation
Provision
for
Taxation
Profit After
Taxation
INR
17.49
(12.10)
14.17
8.78
-
11.84
2.12
(0.02)
2.14
Other
Compre-
hensive
Income
-
Total
Compre-
hensive
Income
2.14
(` in crore)
(Foreign Currencies in million)
% of Share-
holding*
Proposed
Dividend
INR
USD
INR
USD
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
USD
INR
INR
RM
INR
USD
INR
USD
3,873.51
530.11
32,123.25
4,396.23
0.05
115.00
0.05
0.01
(3,873.51)
(530.11)
(34,180.54)
(4,677.78)
(0.06)
46.36
368.61
(0.01)
-
-
2,155.20
294.95
99.17
186.88
621.52
0.01
-
-
4,212.49
576.50
99.18
25.52
252.86
0.01
-
-
23.75
3.25
13.45
31.68
450.34
-
1.10
0.15
591.43
80.94
221.30
32.47
5,213.18
-
1.10
0.15
(17,182.92)
(2,351.57)
0.01
1.26
99.93
(0.00)
-
-
-
-
0.02
-
23.76
-
1.10
0.15
(17,182.92)
(2,351.57)
(0.01)
1.26
76.17
(0.00)
-
-
-
-
-
0.04
(25.58)
-
1.10
0.15
(17,182.92)
(2,351.57)
(0.01)
1.30
50.59
(0.00)
10.00
3,927.85
4,240.44
302.59
0.00
41.56
(11.91)
-
(11.91)
-
(11.91)
100.00
449.12
74,977.45
74,428.33
11.43
28,734.67
46.68
(211.99)
258.67
21.40
280.07
1.00
631.59
638.87
6.28
10.00
2,798.95
2,914.34
105.39
0.01
(0.01)
0.01
0.01
-
-
-
7.75
0.55
25.90
(9.96)
-
(0.01)
-
-
-
0.55
(9.96)
(0.01)
-
-
-
0.55
(9.96)
(0.01)
68.12
4.00
3,571.10
23.50
3,639.82
32.77
0.60
5.27
44.18
28.31
1,062.07
31.94
291.64
7.14
62.97
1.82
228.67
5.32
-
0.03
228.67
5.35
4,990.42
6,863.54
2,354.53
20,331.79
58,985.94
1.27
50,180.29
74,876.20
5,061.45
24,858.08
9,026.72
2,705.65
586.24
54,827.42
18.41
1,31,926.89
3,732.33
4.22
6,181.56
1,589.47
(0.07)
1,594.70
393.87
(0.10)
4,586.86
1,195.60
0.03
1.37
(207.55)
-
4,588.23
988.05
0.03
0.05
100.00
10.44
11,023.98
480.52
20,101.26
470.03
8,977.28
(0.00)
10,447.16
2,416.34
1,174.06
9.08
68.46
(2.43)
17.81
11.51
50.65
7.51
349.68
19.02
400.33
2.02
2,057.97
2,060.23
0.24
57.49
310.81
118.06
(5.00)
123.06
10.00
1,716.07
1,831.44
105.37
-
3.85
(7.51)
(0.82)
(6.69)
155.43
4,214.21
(0.04)
160.93
4,219.23
0.06
4.94
2.33
0.05
-
527.50
-
3.94
402.48
0.00
1.81
364.48
(0.00)
1.49
75.47
-
0.32
289.01
(0.00)
-
-
-
-
-
123.06
(6.69)
0.32
289.01
(0.00)
63.63
77.09
13.44
4.92
5.09
(0.50)
-
(0.50)
(0.05)
(0.55)
0.56
2.69
0.05
0.02
21.92
3.00
106.72
2,859.43
1,574.14
0.00
0.00
1,453.44
198.91
996.16
136.33
93.67
(1,919.26)
(1,056.57)
143.14
19.59
(1,322.71)
(181.02)
1,599.28
218.87
219.44
1,060.93
584.05
143.14
19.59
162.73
22.27
581.20
79.54
19.05
120.76
66.48
-
-
32.00
4.38
-
-
157.63
-
-
143.14
19.59
-
-
5,821.12
796.65
93.76
515.23
283.64
-
-
98.35
13.46
39.68
5.43
0.34
22.05
12.14
(0.00)
(0.00)
11.25
1.54
(1.24)
(0.17)
0.05
0.51
0.28
-
-
-
-
40.92
5.60
0.29
21.54
11.86
(0.00)
(0.00)
11.25
1.54
-
-
0.07
-
-
-
-
-
-
40.92
5.60
0.36
21.54
11.86
(0.00)
(0.00)
11.25
1.54
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.94
85.06
74.90
100.00
100.00
88.24
100.00
100.00
100.00
100.00
82.88
100.00
100.00
100.00
100.00
100.00
Reporting
Currency
Equity Share
Capital
Other Equity $
Total Assets
Total
Liabilities
Investments
Total Income
Profit
Before
Taxation
Provision
for
Taxation
Profit After
Taxation
0.07
7,601.47
7,900.54
299.00
1,766.83
0.11
54.30
58.98
4.57
5.91
(` in crore)
(Foreign Currencies in million)
% of Share-
holding*
Proposed
Dividend
Other
Compre-
hensive
Income
0.42
Total
Compre-
hensive
Income
1.53
1.11
0.71
0.22
0.93
-
-
-
-
89.87
-
-
107.23
-
-
15.54
-
-
-
-
-
(0.28)
-
-
(0.01)
-
-
(0.01)
-
-
(0.02)
132.45
341.59
200.65
8.04
299.60
(27.02)
-
(27.02)
1.43
(25.59)
Sr. No.
Name of Subsidiary Company
159
160
161
162
163
164
Saavn Media Limited (Formerly
Saavn Media Private Limited)
SankhyaSutra Labs Limited
(Formerly SankhyaSutra Labs
Private Limited)
Scrumpalicious Limited # ^
Shopsense Retail Technologies
Private Limited
Shri Kannan Departmental Store
Private Limited
skyTran Inc. #
165
skyTran Israel Ltd. #
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
Surajya Services Private Limited
Surela Investment and
Trading Limited
Tesseract Imaging Limited
(Formerly Tesseract Imaging
Private Limited)
The Hamleys Group Limited # ^
The Indian Film Combine
Private Limited
Tresara Health Private Limited
Ulwe East Infra Limited
Ulwe North Infra Limited
Ulwe South Infra Limited
Ulwe Waterfront East Infra Limited
Ulwe Waterfront North Infra Limited
Ulwe Waterfront
South Infra Limited
Ulwe Waterfront West Infra Limited
Ulwe West Infra Limited
Urban Ladder Home Décor
Solutions Private Limited
Vitalic Health Private Limited
The date
since which
Subsidiary was
acquired
05.04.2018
12.03.2019
16.07.2019
13.08.2019
INR
INR
INR
GBP
INR
03.03.2020
INR
26.02.2021
26.02.2021
09.05.2019
07.05.2012
INR
USD
INR
NIS
INR
INR
-
-
1.82
8.49
-
-
-
-
0.03
0.05
16.07.2019
17.04.2018
18.08.2020
04.02.2019
28.01.2019
28.01.2019
29.01.2019
29.01.2019
15.01.2019
30.01.2019
04.02.2019
13.11.2020
18.08.2020
INR
GBP
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
-
-
6.90
4.12
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
25.07
16.73
07.05.2019
INR
0.01
8.53
25.55
17.01
-
-
-
-
16.77
(1.09)
-
-
-
-
18.47
21.23
-
-
-
-
1.67
-
-
-
-
-
22.27
5.09
-
-
-
-
-
-
2,214.71
3,090.29
868.68
(24.62)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
55.99
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
76.49
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
-
-
39.77
16.30
-
-
-
-
-
-
-
-
2.52
2.76
-
-
36.01
1.11
0.71
-
-
(0.29)
-
-
-
-
0.21
0.49
-
-
-
-
(1.60)
(0.49)
0.01
0.01
-
-
-
-
2.87
2.38
169.95
-
-
-
-
-
-
-
-
(483.25)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
-
-
-
-
0.56
-
-
-
-
0.51
1.18
-
-
-
-
-
-
-
-
-
-
-
-
-
(2.16)
(0.49)
0.01
-
-
1.87
(484.43)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
-
-
-
-
0.02
-
-
-
-
-
0.01
-
-
-
-
-
-
-
-
-
-
-
-
(2.14)
(0.49)
0.01
-
-
1.87
(484.42)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(15.73)
(0.04)
(15.77)
84.26
85.62
100.00
86.69
100.00
54.46
100.00
63.04
100.00
90.00
100.00
83.17
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.99
65.19
(15.20)
140.07
130.20
7.98
120.71
(15.73)
18.67
42.57
7.17
14.00
21.95
(802.23)
0.83
(803.06)
(0.77)
(803.83)
As on 31.12.2020 1 USD=73.0700, 1 GBP=99.8200, 1 EUR=89.7375, 1 SGD=55.2550, 1 HKD=9.4250, 1 MYR=18.1650, 1 CNY=11.1900, 1 PLN=19.6700
As on 31.03.2021 1 USD=73.1100, 1 GBP=100.7525, 1 EUR=85.7500, 1 SGD=54.3500, 1 HKD=9.4050, 1 MYR=17.6325, 1 CNY=11.1600, 1 PLN=18.5400
* Representing aggregate % of voting power held by the Company and/or its subsidiaries.
# Company having 31st December as reporting date.
^ The Company is under Liquidation.
$ Includes Reserves and Surplus.
The above statement also indicates performance and financial position of each of the subsidiaries.
As on 31.12.2020 1 USD=73.0700, 1 GBP=99.8200, 1 EUR=89.7375, 1 SGD=55.2550, 1 HKD=9.4250, 1 MYR=18.1650, 1 CNY=11.1900, 1 PLN=19.6700
As on 31.03.2021 1 USD=73.1100, 1 GBP=100.7525, 1 EUR=85.7500, 1 SGD=54.3500, 1 HKD=9.4050, 1 MYR=17.6325, 1 CNY=11.1600, 1 PLN=18.5400
* Representing aggregate % of voting power held by the Company and/or its subsidiaries.
# Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
402
403
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Annexure “A”
Name of Subsidiaries which are yet to commence operations
Sr. No. Name of the Companies
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Jio Limited
Jio Information Aggregator Services Limited
Ulwe Waterfront North Infra Limited
Ulwe Waterfront South Infra Limited
Ulwe Waterfront East Infra Limited
Ulwe Waterfront West Infra Limited
Ulwe North Infra Limited
Ulwe South Infra Limited
Ulwe East Infra Limited
Ulwe West Infra Limited
Kalamboli North Infra Limited
Kalamboli South Infra Limited
Kalamboli East Infra Limited
Kalamboli West Infra Limited
Kalamboli North First Infra Limited
Kalamboli North Second Infra Limited
Kalamboli North Third Infra Limited
Kalamboli South First Infra Limited
Dronagiri Dongri North Infra Limited
Dronagiri Dongri South Infra Limited
Dronagiri Dongri East Infra Limited
Dronagiri Dongri West Infra Limited
Dronagiri Funde North Infra Limited
Dronagiri Funde South Infra Limited
Dronagiri Funde East Infra Limited
Dronagiri Funde West Infra Limited
Dronagiri Panje North Infra Limited
Dronagiri Panje South Infra Limited
Dronagiri Panje East Infra Limited
Dronagiri Panje West Infra Limited
Dronagiri Bokadvira North Infra Limited
Dronagiri Bokadvira South Infra Limited
Dronagiri Bokadvira East Infra Limited
Dronagiri Bokadvira West Infra Limited
Dronagiri Pagote North Infra Limited
Dronagiri Pagote South Infra Limited
Dronagiri Pagote East Infra Limited
Dronagiri Pagote West Infra Limited
Dronagiri Navghar North Infra Limited
Dronagiri Navghar South Infra Limited
Dronagiri Navghar East Infra Limited
Dronagiri Navghar West Infra Limited
Dronagiri Navghar North First Infra Limited
Dronagiri Navghar South First Infra Limited
Dronagiri Navghar North Second Infra Limited
Dronagiri Navghar South Second Infra Limited
Dronagiri Pagote North First Infra Limited
Dronagiri Pagote South First Infra Limited
Dronagiri Pagote North Second Infra Limited
RBML Solutions India Limited
Reliance Retail and Fashion Lifestyle Limited
Reliance Petroleum Retail Limited
Jio Media Limited
Jio Things Limited
Name of the Subsidiaries which have ceased to be subsidiary / liquidated / sold / merged during the year
Sr.
No.
1
2
3
Name of the Companies
Reliance Energy Generation & Distribution Limited
Reliance Holidng USA, Inc.
Dadri Toe Warehousing Private Limited ^
^ The company became a subsidiary during the year.
404
Part “B”: Associates and Joint ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associates and Joint
Ventures
Name of Associates/Joint Ventures
Sr.
No.
Latest
audited
Balance Sheet
Date
The date on
which the
Associate or
Joint Venture
was associated
or acquired
Shares of Associate/Joint Ventures held by the
Company on the year end
Extent of
Holding %*
No.
Amount of
Investment in
Associates/
Joint Venture
(` in crore)
Net-worth
attributable to
Shareholding
as per latest
audited
Balance Sheet
(` in crore) #
Profit/Loss
for the year
Considered
in Consoli-
dation
(` in crore)
Not
Considered
in Conso-
lidation
Description
of how there
is Significant
Influence
(` in crore)
Reason
why the
Associate/
Joint
Venture
is not
consolidated
Associates & Joint Ventures
1
2
3
4
5
6
7
8
9
10
11
Alok Industries Limited
Gujarat Chemical Port Limited
India Gas Solutions Private Limited
Indian Vaccines Corporation Limited
Pipeline Management Services Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
Vadodara Enviro Channel Limited
Balaji Telefilms Limited
Jio Digital Fibre Private Limited
Jamnagar Utilities & Power Private Limited
31.03.2021
31.03.2020
31.03.2021
31.03.2020
31.03.2020
31.12.2020
31.03.2021
31.03.2020
31.03.2020
31.03.2020
31.03.2020
28.02.2020
01.04.2006
26.08.2019
27.03.1989
29.03.2019
10.06.1993
19.05.1994
01.04.2019
22.08.2017
31.03.2019
07.05.2018
1,98,65,33,333
64,29,20,000
2,25,00,000
62,63,125
5,00,000
11,08,500
68,60,064
14,302
2,52,00,000
2,49,54,43,333
52,00,000
268.81
64.29
22.50
0.61
0.50
3.93
16.30
0.01
95.13
249.54
0.40
40.01
41.80
50.00
33.33
50.00
50.00
45.43
28.57
24.92
48.46
26.00
(7,064.47)
418.90
9.40
2.76
1.93
66.13
187.15
13.32
172.50
62,411.35
0.52
(18.04)
108.39
(4.59)
(0.06)
2.49
1.95
3.47
(0.44)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Note-A
Note-A
Note-A
Note-A
Note-A
Note-A
Note-A
Note-A
-
-
-
-
-
-
-
-
-
-
-
Note-B
Note-B
Note-C
* Representing aggregate % of voting power held by the Company
# Includes other comprehensive income
Notes:
A. There is significant influence due to percentage(%) of voting power.
B. Accounted as per requirement of Ind AS 109- Financial Instruments.
C.
The Company holds 26% of Equity Shares with Voting Rights, with No Right to Dividend and No Right to Participate in the Surplus Assets of the
Company.
The above statement also indicates performance and financial position of each of the associates and joint ventures.
Name of the Associate or Joint Venture which are yet to commence operations - Nil
Name of the Associates or Joint Ventures which have ceased to be Associates or Joint Ventures / liquidated / sold / merged
during the year
Sr.
No.
1
2
3
Name of the Companies
Football Sports Development Limited
Summit Digitel Infrastructure Private Limited (Formerly Reliance Jio Infratel Private Limited)
RISE Worldwide Limited (Formerly IMG Reliance Limited)
As per our Report of even date
For and on behalf of the Board
For D T S & Associates LLP
Chartered Accountants
(Registration No.
142412W/ W100595)
For S R B C & CO LLP
Chartered Accountants
(Registration No.
324982E/E300003)
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Date: April 30, 2021
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
K. Sethuraman
Company Secretary
Savithri Parekh
Joint Company Secretary
M.D. Ambani
Chairman and Managing Director
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
Nita M. Ambani
Y.P. Trivedi
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K.V. Chowdary
Executive Directors
Non-Executive Directors
405
Integrated Annual Report 2020-21ConsolidatedNOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited appointed as an Independent
Director and who holds office as
an Independent Director up to July
20, 2022 and in respect of whom
the Company has received a notice
in writing under Section 160 of the
Act from a Member proposing his
candidature for the office of Director,
being eligible, be and is hereby
re-appointed as an Independent
Director, not liable to retire by rotation
and to hold office for a second term
of 5 (five) consecutive years, that is,
up to July 20, 2027;
RESOLVED FURTHER THAT the
Board of Directors be and is hereby
authorised to do all acts and take
all such steps as may be necessary,
proper or expedient to give effect to
this resolution.”
6. To ratify the remuneration of Cost
Auditors for the financial year ending
March 31, 2022 and, in this regard,
to consider and if thought fit, to
pass, with or without modification(s),
the following resolution as an
Ordinary Resolution:
“RESOLVED THAT in accordance
with the provisions of Section 148
and other applicable provisions of
the Companies Act, 2013 read with
the Companies (Audit and Auditors)
Rules, 2014 (including any statutory
modification(s) or re-enactment(s)
thereof, for the time being in force),
the remuneration, as approved by
the Board of Directors and set out in
the Statement annexed to the Notice,
to be paid to the Cost Auditors
appointed by the Board of Directors,
to conduct the audit of cost records
of the Company for the financial year
ending March 31, 2022, be and is
hereby ratified.”
Notice
NOTICE is hereby given that the
Forty-fourth Annual General Meeting
(Post-IPO) of the Members of Reliance
Industries Limited will be held on
Thursday, June 24, 2021 at 2:00 p.m.
IST through Video Conferencing (“VC”)
/ Other Audio Visual Means (“OAVM”),
to transact the following business:
Ordinary Business
1. To consider and adopt (a) the
year ended March 31, 2021 and
the same be paid out of the profits
of the Company.”
3. To appoint Shri Nikhil R. Meswani,
who retires by rotation as a
Director and, in this regard, to
consider and if thought fit, to pass,
with or without modification(s),
the following resolution as an
Ordinary Resolution:
audited financial statement of the
Company for the financial year
ended March 31, 2021 and the
reports of the Board of Directors
and Auditors thereon; and (b) the
audited consolidated financial
statement of the Company for the
financial year ended March 31, 2021
and the report of Auditors thereon
and, in this regard, to consider
and if thought fit, to pass, with or
without modification(s), the following
resolutions as Ordinary Resolutions:
a) “RESOLVED THAT the audited
financial statement of the
Company for the financial year
ended March 31, 2021 and the
reports of the Board of Directors
and Auditors thereon, as circulated
to the Members, be and are hereby
considered and adopted.”
b) “RESOLVED THAT the audited
consolidated financial statement
of the Company for the financial
year ended March 31, 2021
and the report of Auditors
thereon, as circulated to the
Members, be and are hereby
considered and adopted.”
2. To declare a dividend on equity
shares for the financial year ended
March 31, 2021 and, in this regard,
to consider and if thought fit, to
pass, with or without modification(s),
the following resolution as an
Ordinary Resolution:
“RESOLVED THAT a dividend
at the rate of ` 7/- (Seven rupees
only) per equity share of ` 10/- (Ten
rupees) each fully paid-up of the
Company, and a pro-rata dividend
on the partly paid-up equity shares
of the Company (that is, dividend in
proportion to the amount paid-up
on such shares), as recommended
by the Board of Directors, be and
is hereby declared for the financial
406
“RESOLVED THAT in accordance
with the provisions of Section 152
and other applicable provisions of
the Companies Act, 2013, Shri Nikhil
R. Meswani (DIN: 00001620), who
retires by rotation at this meeting, be
and is hereby appointed as a Director
of the Company.”
4. To appoint Shri Pawan Kumar
Kapil, who retires by rotation as
a Director and, in this regard, to
consider and if thought fit, to pass,
with or without modification(s),
the following resolution as an
Ordinary Resolution:
“RESOLVED THAT in accordance
with the provisions of Section 152
and other applicable provisions
of the Companies Act, 2013, Shri
Pawan Kumar Kapil (DIN: 02460200),
who retires by rotation at this
meeting, be and is hereby appointed
as a Director of the Company.”
Special Business
5. To re-appoint Dr. Shumeet Banerji
as an Independent Director and,
in this regard, to consider and if
thought fit, to pass, with or without
modification(s), the following
resolution as a Special Resolution:
“RESOLVED THAT pursuant to
the provisions of Sections 149,
152 read with Schedule IV and
other applicable provisions of the
Companies Act, 2013 (“the Act”)
and the Companies (Appointment
and Qualification of Directors) Rules,
2014 and the applicable provisions
of the Securities and Exchange
Board of India (Listing Obligations
and Disclosure Requirements)
Regulations, 2015 (including
any statutory modification(s) or
re-enactment(s) thereof, for the
time being in force), Dr. Shumeet
Banerji (DIN: 02787784), who was
Notes:
Shri Nikhil R. Meswani and Shri
a) Members holding shares in
1. Considering the ongoing Covid-19
pandemic, the Ministry of Corporate
Affairs (“MCA”) has, vide its circular
dated January 13, 2021 read together
with circulars dated April 8, 2020, April
13, 2020 and May 5, 2020 (collectively
referred to as “MCA Circulars”),
permitted convening the Annual
General Meeting (“AGM” / “Meeting”)
through Video Conferencing (“VC”) or
Other Audio Visual Means (“OAVM”),
without physical presence of the
members at a common venue. In
accordance with the MCA Circulars,
provisions of the Companies Act,
2013 (”the Act”) and the Securities
and Exchange Board of India
(Listing Obligations and Disclosure
Requirements) Regulations, 2015
(“SEBI Listing Regulations”), the
AGM of the Company is being held
through VC / OAVM. The deemed
venue for the AGM shall be the
Registered Office of the Company.
2. A statement pursuant to Section
102(1) of the Act, relating to the
Special Business to be transacted at
the AGM, is annexed hereto.
3. Generally, a member entitled to
attend and vote at the meeting is
entitled to appoint a proxy to attend
and vote on a poll instead of himself
and the proxy need not be a member
of the company. Since this AGM
is being held through VC / OAVM
pursuant to the MCA Circulars,
physical attendance of Members has
been dispensed with. Accordingly,
the facility for appointment of proxies
by the Members will not be available
for the AGM and hence, the Proxy
Form and Attendance Slip are not
annexed hereto.
Pawan Kumar Kapil are interested
in the Ordinary Resolutions set out
at Item Nos. 3 and 4, respectively,
of the Notice with regard to their re-
appointment. Shri Hital R. Meswani,
Executive Director, being related
to Shri Nikhil R. Meswani, may be
deemed to be interested in the
resolution set out at Item No. 3 of
the Notice. The other relatives of
Shri Nikhil R. Meswani and relatives
of Shri Pawan Kumar Kapil may
be deemed to be interested in the
resolutions set out at Item Nos. 3
and 4 of the Notice, respectively,
to the extent of their shareholding
interest, if any, in the Company. Save
and except the above, none of the
Directors / Key Managerial Personnel
of the Company / their relatives are,
in any way, concerned or interested,
financially or otherwise, in the
Ordinary Business set out under Item
Nos. 1 to 4 of the Notice.
6. Details of Directors retiring by
rotation / seeking appointment
/ re-appointment at this
Meeting are provided in the
“Annexure” to the Notice.
Dispatch of Annual Report
through Electronic Mode:
7. In compliance with the MCA
Circulars and SEBI Circular dated
January 15, 2021 read with Circular
dated May 12, 2020, Notice of the
AGM along with the Annual Report
2020-21 is being sent only through
electronic mode to those Members
whose e-mail address is registered
with the Company/ Depository
Participants. Members may note
that the Notice and Annual Report
2020-21 will also be available on
the Company’s website
www.ril.com, websites of the Stock
Exchanges, that is, BSE Limited and
National Stock Exchange of India
Limited at www.bseindia.com and
www.nseindia.com, respectively,
and on the website of Company’s
Registrar and Transfer Agent,
KFin Technologies Private Limited
(“KFinTech”) at
https://evoting.kfintech.com
8. For receiving all communication
(including Annual Report) from the
Company electronically:
physical mode and who have not
registered / updated their e-mail
address with the Company are
requested to register / update the
same by writing to the Company
with details of folio number
and attaching a self-attested
copy of PAN card at investor.
relations@ril.com or to KFinTech
at rilinvestor@kfintech.com
b) Members holding shares
in dematerialised mode are
requested to register / update
their e-mail address with the
relevant Depository Participant.
Procedure for Joining the AGM
through VC / OAVM:
9. The Company will provide VC /
OAVM facility to its Members for
participating at the AGM.
a) Members will be able to attend
the AGM through VC / OAVM or
view the live webcast through
JioMeet by using their login
credentials provided in the
accompanying communication.
Members are requested to follow
the procedure given below:
i. Launch internet browser
by typing / clicking on the
following link: https://
jiomeet.jio.com/rilagm
(best viewed with Edge
80+, Firefox 78+, Chrome
83+, Safari 13+)
ii. Click on “Enter as
Shareholder” button
iii. Enter the login credentials
(that is, User ID and
password provided
in the accompanying
communication) and
click on “Login”.
iv. Upon logging-in, you will enter
the Meeting Room.
b) Members who do not have or
who have forgotten their User
ID and Password, may obtain
/ generate / retrieve the same,
for attending the AGM, by
following the procedure given
in the instruction at Note No.
13.C.(vii.)(III).
407
By Order of the Board of Directors
4. Since the AGM will be held through
K. Sethuraman
Group Company Secretary and
Chief Compliance Officer
Mumbai, May 27, 2021
Registered Office:
3rd Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai – 400 021
CIN: L17110MH1973PLC019786
Website: www.ril.com
E-mail: investor.relations@ril.com
Tel.: +91 22 3555 5000
Fax: +91 22 2204 2268
VC/ OAVM, the route map of
the venue of the Meeting is not
annexed hereto.
5. In terms of the provisions of Section
152 of the Act, Shri Nikhil R. Meswani
and Shri Pawan Kumar Kapil, Directors,
retire by rotation at the Meeting.
The Human Resources, Nomination
and Remuneration Committee
and the Board of Directors of the
Company commend their respective
re-appointments.
Integrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
c) Members who would like to
express their views or ask
questions during the AGM
may register themselves at
https://jiomeet.jio.com/
rilagmspeakerregistration.
The Speaker Registration
will be open during Monday,
June 7, 2021 to Wednesday,
June 16, 2021. Only those
Members who are registered
will be allowed to express their
views or ask questions. The
Company reserves the right to
restrict the number of questions
and number of speakers,
depending upon availability of
time as appropriate for smooth
conduct of the AGM. Selection
of speakers will be based on
criteria set-out at https://
www.ril.com/ar2020-21/pdf/
speakerregistrationcriteria.pdf
d) All shareholders attending the
AGM will have the option to
post their comments / queries
through a dedicated Chat box
that will be available below the
Meeting Screen.
e) Members will be allowed to attend
the AGM through VC / OAVM on
first come, first served basis.
f) Institutional / corporate
Members (that is, other than
Individuals, HUFs, NRIs, etc.)
are required to send the
Board Resolution / Power of
Attorney / Authority Letter,
etc., together with attested
specimen signature(s)
of the duly authorised
representative(s), at e-mail
id: ril.scrutinizer@kfintech.
com with a copy marked to
evoting.ril@kfintech.com. Such
authorisation shall contain
necessary authority in favour of
its authorised representative(s)
to attend the AGM.
g) Facility to join the Meeting shall be
opened thirty minutes before the
scheduled time of the Meeting
and shall be kept open throughout
the proceedings of the Meeting.
h) Members who need assistance
before or during the AGM, can
contact KFinTech on emeetings@
kfintech.com or call on toll free
numbers 1800-425-8998 / 1800-
345-4001 (from 9:00 a.m. to 6:00
p.m. on all working days). Kindly
quote your name, DP ID-Client
ID / Folio no. and E-voting Event
Number (“EVEN”) in all your
communications.
10. In case of joint holders attending the
Meeting, only such joint holder who
is higher in the order of names will
be entitled to vote at the Meeting.
11. Members attending the AGM
through VC / OAVM shall be
reckoned for the purpose of quorum
under Section 103 of the Act.
12. Members of the Company under the
category of ‘Institutional Investors’
are encouraged to attend and
vote at the AGM.
Procedure for ‘remote e-voting’
and e-voting at the AGM (‘Insta
Poll’):
13. A. E-VOTING FACILITY:
Pursuant to the provisions of
Section 108 and other applicable
provisions, if any, of the Act read
with the Companies (Management
and Administration) Rules, 2014, as
amended, and Regulation 44 of SEBI
Listing Regulations read with circular
of SEBI on e-Voting Facility provided
by Listed Entities, dated December
9, 2020, the Company is providing
to its Members facility to exercise
their right to vote on resolutions
proposed to be passed at the AGM
by electronic means (“e-voting”).
Members may cast their votes
remotely, using an electronic voting
system on the dates mentioned
herein below (“remote e-voting’’).
Further, the facility for voting
through electronic voting system
will also be made available at the
Meeting (“Insta Poll”) and Members
attending the Meeting who have not
cast their vote(s) by remote e-voting
will be able to vote at the Meeting
through Insta Poll.
The Company has engaged the
services of KFinTech as the agency to
provide e-voting facility.
The manner of voting, including
voting remotely by (i) individual
shareholders holding shares of
the Company in demat mode, (ii)
shareholders other than individuals
holding shares of the Company
in demat mode, (iii) shareholders
holding shares of the Company in
physical mode, and (iv) Members
who have not registered their
e-mail address is explained in the
instructions given under C. and
D. hereinbelow.
The remote e-voting facility
will be available during the
following voting period:
Commencement
of remote
e-voting:
9:00 a.m. (IST) on
Saturday, June
19, 2021
End of remote
e-voting:
5:00 p.m. (IST) on
Wednesday,
June 23, 2021
The remote e-voting will not be
allowed beyond the aforesaid date
and time and the remote e-voting
module shall be forthwith disabled
by KFinTech upon expiry of the
aforesaid period.
Voting rights of a Member /
Beneficial Owner (in case of
electronic shareholding) shall
be in proportion to his/her/its
shareholding in the paid-up equity
share capital of the Company as on
the cut-off date, that is, Thursday,
June 17, 2021 (“Cut-off Date”).
The Board of Directors of the Company
has appointed Shri Mehul Modi, a
Practising Chartered Accountant
(Membership No.: 048940), Partner,
Deloitte Haskins & Sells LLP, Chartered
Accountants or failing him Shri Vishal
Agarwal, a Practising Chartered
Accountant (Membership No.:
119930), Partner, Deloitte Haskins &
Sells LLP, Chartered Accountants, as
Scrutiniser to scrutinise the remote
e-voting and Insta Poll process in a fair
and transparent manner and they have
communicated their willingness to
be appointed and will be available for
the said purpose.
B. INFORMATION AND
INSTRUCTIONS
RELATING TO E-VOTING:
(i) The Members who have cast
their vote(s) by remote e-voting
may also attend the Meeting but
shall not be entitled to cast their
vote(s) again at the Meeting.
(ii) Once the vote on a resolution
is cast by a Member, whether
partially or otherwise, the
Member shall not be allowed to
change it subsequently or cast
the vote again.
(iii) A Member can opt for only single
mode of voting per EVEN, that
is, through remote e-voting or
voting at the Meeting (Insta Poll).
If a Member casts vote(s) by both
modes, then voting done through
remote e-voting shall prevail and
vote(s) cast at the Meeting shall
be treated as “INVALID”.
(iv) A person, whose name is
recorded in the Register of
Members or in the Register of
Beneficial Owners maintained
by the Depositories as on
the Cut-off Date only shall be
entitled to avail the facility
of remote e-voting or for
participation at the AGM and
voting through Insta Poll. A
person who is not a Member
as on the Cut-off Date,
should treat the Notice for
information purpose only.
C. REMOTE E-VOTING:
(vi) INFORMATION AND
INSTRUCTIONS FOR
REMOTE E-VOTING BY
INDIVIDUAL SHAREHOLDERS
HOLDING SHARES OF THE
COMPANY IN DEMAT MODE
(v) The Company has opted to
provide the same electronic
voting system at the Meeting,
as used during remote e-voting,
and the said facility shall be
operational till all the resolutions
proposed in the Notice are
considered and voted upon at
the Meeting and may be used
for voting only by the Members
holding shares as on the Cut-
off Date who are attending
the Meeting and who have not
already cast their vote(s) through
remote e-voting.
As per circular of SEBI on e-Voting
Facility provided by Listed Entities,
dated December 9, 2020, all
“individual shareholders holding
shares of the Company in demat
mode” can cast their vote, by way
of a single login credential, through
their demat accounts / websites
of Depositories / Depository
Participants. The procedure to
login and access remote e-voting,
as devised by the Depositories
/ Depository Participant(s),
is given below:
1.
i.
ii.
iii.
iv.
Procedure to login through websites of Depositories
National Securities Depository Limited (“NSDL”)
Users already registered for IDeAS e-Services facility of
NSDL may follow the following procedure:
Type in the browser / Click on the following e-Services link:
https://eservices.nsdl.com
1.
i.
Central Depository Services (India) Limited (“CDSL”)
Users already registered for Easi / Easiest facility of CDSL
may follow the following procedure:
Type in the browser / Click on any of the following links: https://
web.cdslindia.com/myeasi/home/login
Click on the button “Beneficial Owner” available for login
under ‘IDeAS’ section.
A new page will open. Enter your User ID and Password for
accessing IDeAS.
On successful authentication, you will enter your IDeAS service
login. Click on “Access to e-Voting” under Value Added
Services on the panel available on the left hand side.
v.
Click on “Active E-voting Cycles” option under E-voting.
vi.
You will see Company Name: “Reliance Industries Limited”
on the next screen. Click on the e-Voting link available
against Reliance Industries Limited or select e-Voting
service provider “KFinTech” and you will be re-directed to the
e-Voting page of KFinTech to cast your vote without any further
authentication.
or
www.cdslindia.com and click on New System Myeasi / Login
to My Easi option under Quick Login (best operational in
Internet Explorer 10 or above and Mozilla Firefox)
ii. Enter your User ID and Password for accessing Easi / Easiest.
iii.
You will see Company Name: “Reliance Industries Limited”
on the next screen. Click on the e-Voting link available
against Reliance Industries Limited or select e-Voting
service provider “KFinTech” and you will be re-directed to the
e-Voting page of KFinTech to cast your vote without any further
authentication.
408
409
NoticeIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
National Securities Depository Limited (“NSDL”)
Central Depository Services (India) Limited (“CDSL”)
2.
Users not registered for IDeAS e-Services facility of NSDL
may follow the following procedure:
2.
Users not registered for Easi/Easiest facility of CDSL may
follow the following procedure:
Procedure to login through websites of Depositories
i.
ii.
iii.
To register, type in the browser / Click on the following
e-Services link: https://eservices.nsdl.com
Select option “Register Online for IDeAS” available on the left
hand side of the page
Proceed to complete registration using your DP ID, Client ID,
Mobile Number etc.
i.
ii.
iii.
iv.
After successful registration, please follow steps given under
Sr. No. 1 above to cast your vote.
To register, type in the browser / Click on the following
link: https://web.cdslindia.com/myeasi/Registration/
EasiRegistration
Proceed to complete registration using your DP ID-Client
ID (BO ID), etc.
After successful registration, please follow steps given under
Sr. No. 1 above to cast your vote.
3.
Users may directly access the e-Voting module of NSDL as
per the following procedure:
3.
Users may directly access the e-Voting module of CDSL as
per the following procedure:
i.
ii.
iii.
iv.
Type in the browser / Click on the following link: https://www.
evoting.nsdl.com/
i.
Type in the browser / Click on the following links: www.
cdslindia.com / https://www.evotingindia.com
Click on the button “Login” available under “Shareholder/
Member” section.
On the login page, enter User ID (that is, 16-character demat
account number held with NSDL, starting with IN), Login Type,
that is, through typing Password (in case you are registered
on NSDL’s e-voting platform)/ through generation of OTP (in
case your mobile/e-mail address is registered in your demat
account) and Verification Code as shown on the screen.
On successful authentication, you will enter the e-voting
module of NSDL. Click on “Active E-voting Cycles / VC or
OAVMs” option under E-voting. You will see Company Name:
“Reliance Industries Limited” on the next screen. Click on the
e-Voting link available against Reliance Industries Limited or
select e-Voting service provider “KFinTech” and you will be
re-directed to the e-Voting page of KFinTech to cast your vote
without any further authentication.
ii.
Provide Demat Account Number and PAN
iii.
iv.
System will authenticate user by sending OTP on registered
Mobile & E-mail as recorded in the Demat Account.
On successful authentication, you will enter the e-voting
module of CDSL. Click on the e-Voting link available against
Reliance Industries Limited or select e-Voting service
provider “KFinTech” and you will be re-directed to the
e-Voting page of KFinTech to cast your vote without any further
authentication.
Procedure to login through their demat accounts / Website of Depository Participant
Individual shareholders holding shares of the Company in Demat mode can access e-Voting facility provided by the Company using
login credentials of their demat accounts (online accounts) through their demat accounts / websites of Depository Participants
registered with NSDL/CDSL. An option for “e-Voting” will be available once they have successfully logged-in through their respective
logins. Click on the option “e-Voting” and they will be redirected to e-Voting modules of NSDL/CDSL (as may be applicable). Click on the
e-Voting link available against Reliance Industries Limited or select e-Voting service provider “KFinTech” and you will be re-directed
to the e-Voting page of KFinTech to cast your vote without any further authentication.
Members who are unable to retrieve User ID / Password are advised to use “Forgot User ID” / “Forgot Password”
options available on the websites of Depositories / Depository Participants.
Contact details in case of any technical issue on NSDL Website
Members facing any technical issue during login can contact
NSDL helpdesk by sending a request at evoting@nsdl.co.in or
call at toll free nos.: 1800 1020 990 / 1800 22 44 30
Contact details in case of any technical issue on CDSL Website
Members facing any technical issue during login can contact CDSL
helpdesk by sending a request at helpdesk.evoting@cdslindia.
com or contact at 022- 23058738 or 022-23058542-43.
(vii) INFORMATION AND
INSTRUCTIONS FOR REMOTE
E-VOTING BY (I) SHAREHOLDERS
OTHER THAN INDIVIDUALS
HOLDING SHARES OF THE
COMPANY IN DEMAT MODE
AND (II) ALL SHAREHOLDERS
HOLDING SHARES
IN PHYSICAL MODE
(I) (A.) In case a Member receives
an e-mail from the Company /
KFinTech [for Members whose
410
e-mail address is registered
with the Company / Depository
Participant(s)]:
(a) Launch internet browser
by typing the URL: https://
evoting.kfintech.com
(b) Enter the login credentials (User
ID and password provided in
the e-mail). The E-Voting Event
Number+Folio No. or DP ID Client
ID will be your User ID. If you are
already registered with KFinTech for
e-voting, you can use the existing
password for logging-in. If required,
please visit https://evoting.kfintech.
com or contact toll-free numbers
1800-425-8998 / 1800-345-4001
(from 9:00 a.m. to 6:00 p.m. on all
working days) for assistance on
your existing password.
(c) After entering these details
appropriately, click on “LOGIN”.
(d) You will now reach Password
Change Menu wherein you
are required to mandatorily
change your password upon
logging-in for the first time. The
new password shall comprise
minimum 8 characters with at
least one upper case (A-Z), one
lower case (a-z), one numeric
(0-9) and a special character
(@,#,$,etc.). The system will
prompt you to change your
password and update your
contact details like mobile
number, e-mail address, etc. on
first login. You may also enter
a secret question and answer
of your choice to retrieve your
password in case you forget it. It
is strongly recommended that
you do not share your password
with any other person and that
you take utmost care to keep
your password confidential.
(e) You need to login again with the
new credentials.
(f) On successful login, the system
will prompt you to select the
E-Voting Event Number (EVEN)
for Reliance Industries Limited.
SHAREHOLDERS TO SELECT
THE RESPECTIVE EVENS AND
VOTE DEPENDING UPON
THEIR SHAREHOLDING -
FULLY PAID-UP OR PARTLY
PAID-UP OR BOTH.
(g) On the voting page, enter the
number of shares as on the Cut-
off Date under either “FOR” or
“AGAINST” or alternatively, you
may partially enter any number
under “FOR” / “AGAINST”, but
the total number under “FOR”
/ “AGAINST” taken together
should not exceed your total
shareholding as on the Cut-off
Date. You may also choose to
“ABSTAIN” and vote will not be
counted under either head.
(h) Members holding shares under
multiple folios / demat accounts
shall choose the voting process
separately for each of the folios /
demat accounts.
(i) Voting has to be done for each
item of the Notice separately. In
case you do not desire to cast
your vote on any specific item, it
will be treated as “ABSTAINED”.
(j) You may then cast your vote by
selecting an appropriate option
and click on “SUBMIT”.
(k) A confirmation box will be
displayed. Click “OK” to confirm,
else “CANCEL” to modify.
(l) Once you confirm, you will not be
allowed to modify your vote.
(m) Corporate / Institutional
Members (that is, other than
Individuals, HUFs, NRIs, etc.)
are also required to send
legible scanned certified true
copy (in PDF Format) of the
Board Resolution / Power of
Attorney / Authority Letter,
etc., together with attested
specimen signature(s) of the duly
authorized representative(s),
to the Scrutiniser at e-mail
id: ril.scrutinizer@kfintech.
com with a copy marked to
evoting.ril@kfintech.com. Such
authorisation shall contain
necessary authority for voting by
its authorised representative(s).
It is also requested to upload
the same in the e-voting module
in their login. The naming
format of the aforesaid legible
scanned document shall be
“Corporate Name EVEN”
(B.) In case of a Member whose e-mail
address is not registered / updated
with the Company / KFinTech /
Depository Participant(s), please
follow the following steps to
generate your login credentials:
(a) Members holding shares in
physical mode, who have not
registered / updated their e-mail
address with the Company,
are requested to register /
update the same by clicking
on https://rkarisma.kfintech.
com/shareholders or by writing
to the Company with details
of folio number and attaching
a self-attested copy of PAN
card at investor.relations@
ril.com or to KFinTech at
rilinvestor@kfintech.com
(b) Members holding shares in
dematerialised mode who have
not registered their e-mail
address with their Depository
Participant(s) are requested to
register / update their e-mail
address with the Depository
Participant(s) with which they
maintain their demat accounts.
(c) After due verification, the
Company / KFinTech will forward
your login credentials to your
registered e-mail address.
(d) Follow the instructions at I.(A). (a)
to (m) to cast your vote.
(II) Members can also update their
mobile number and e-mail address
in the “user profile details” in their
e-voting login on https://evoting.
kfintech.com which may be used for
sending further communication(s).
(III) Any person who becomes a
Member of the Company after
despatch of the Notice of the
Meeting and holding shares as on
the Cut-off Date / any Member
who has forgotten the User ID and
Password, may obtain / generate /
retrieve the same from KFinTech in
the manner as mentioned below:
(a) If the mobile number of the
Member is registered against
Folio No. / DP ID Client ID,
the Member may send SMS:
MYEPWD E-Voting
Event Number+Folio No. or DP ID
Client ID to 9212993399
Example for NSDL: MYEPWD
IN12345612345678
Example for CDSL: MYEPWD
1402345612345678
Example for Physical: MYEPWD
XXXX123456789
(b) If e-mail address or mobile
number of the Member is
registered against Folio No. / DP
ID Client ID, then on the home
page of https://evoting.kfintech.
com, the Member may click
“Forgot Password” and enter Folio
No. or DP ID Client ID and PAN to
generate password.
(c) Member may call on KFinTech’s
toll-free numbers 1800-425-8998
/ 1800-345-4001 (from 9:00 a.m.
to 6:00 p.m. on all working days).
(d) Member may send an e-mail
request to evoting.ril@kfintech.
411
NoticeIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
com. After due verification of the
request, User ID and password
will be sent to the member.
(e) If the Member is already
registered with KFinTech’s
e-voting platform, then he/she/
it can use his/her/its existing
password for logging-in.
(IV) In case of any query on e-voting,
Members may refer to the
“Help” and “FAQs” sections /
E-voting user manual available
through a dropdown menu in the
“Downloads” section of KFinTech’s
website for e-voting: https://evoting.
kfintech.com or contact KFinTech
as per the details given under sub-
point no. V below.
(V) Members are requested to
note the following contact
details for addressing e-voting
related grievances:
Shri S. P. Venugopal,
General Manager
KFin Technologies Private Limited
(Formerly known as Karvy Fintech
Private Limited)
Selenium Tower B, Plot 31-32,
Gachibowli, Financial District,
Nanakramguda,
Hyderabad 500 032
Phone Nos.: +91 40 6716 1700
Toll-free No.: 1800-425-8998/
1800-345-4001 (from 9:00 a.m. to
6:00 p.m. on all working days)
E-mail: evoting.ril@kfintech.com
D. INSTA POLL:
(VII) INFORMATION AND
INSTRUCTIONS
FOR INSTA POLL:
Facility to vote through Insta Poll
will be made available on the
Meeting page (after you log into
the Meeting) and will be activated
once the Insta Poll is announced
at the Meeting. An icon, “Vote”,
will be available at the bottom left
on the Meeting Screen. Once the
voting at the Meeting is announced
by the Chairman, Members who
have not cast their vote using
remote e-voting will be able to cast
their vote by clicking on this icon.
412
E. E-VOTING RESULT:
(IX) The Scrutiniser will, after the
conclusion of e-voting at the
Meeting, scrutinise the votes cast
at the Meeting (Insta Poll) and votes
cast through remote e-voting,
make a consolidated Scrutiniser’s
Report and submit the same to the
Chairman. The result of e-voting will
be declared within two working days
of the conclusion of the Meeting
and the same, along with the
consolidated Scrutiniser’s Report,
will be placed on the website of
the Company: www.ril.com and on
the website of KFinTech at: https://
evoting.kfintech.com. The result will
simultaneously be communicated to
the Stock Exchanges.
(X) Subject to receipt of requisite
number of votes, the Resolutions
proposed in the Notice shall be
deemed to be passed on the date
of the Meeting, that is, Thursday,
June 24, 2021.
Procedure for Inspection of
Documents:
14. The Register of Directors and Key
Managerial Personnel and their
shareholding maintained under
Section 170 of the Act, the Register
of Contracts or Arrangements in
which the Directors are interested,
maintained under Section 189
of the Act, and the relevant
documents referred to in the Notice
will be available, electronically,
for inspection by the Members
during the AGM.
All documents referred to in
the Notice will also be available
electronically for inspection without
any fee by the Members from the
date of circulation of this Notice up to
the date of AGM.
Members seeking to inspect such
documents can send an e-mail
to rilagm@ril.com
15. Members seeking any information
with regard to the accounts or any
matter to be placed at the AGM, are
requested to write to the Company
on or before Thursday, June 17, 2021
by sending e-mail on rilagm@ril.
com. The same will be replied by the
Company suitably.
IEPF Related Information:
16. The Company has transferred the
unpaid or unclaimed dividends
declared up to financial years
2012-13, from time to time, to the
Investor Education and Protection
Fund (“IEPF”) established by the
Central Government. Details of
dividends so far transferred to the
IEPF Authority are available on the
website of IEPF Authority and the
same can be accessed through the
link: www.iepf.gov.in
17. The details of unpaid and unclaimed
dividends lying with the Company as
on March 31, 2021 are uploaded on
the website of the Company and can
be accessed through the link https://
www.ril.com/InvestorRelations/
ShareholdersInformation.aspx
Details of unpaid and unclaimed
dividends up to March 31, 2020 are
also uploaded on the website of the
IEPF Authority and can be accessed
through the link: www.iepf.gov.in
Adhering to the various
requirements set out in the
Investor Education and Protection
Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016,
as amended, the Company has,
during financial year 2020-21,
transferred to the IEPF Authority
all shares in respect of which
dividend had remained unpaid or
unclaimed for seven consecutive
years or more as on the due
date of transfer, that is, July 12,
2020. Details of shares so far
transferred to the IEPF Authority
are available on the website of the
Company and the same can be
accessed through the link: https://
www.ril.com/InvestorRelations/
ShareholdersInformation.aspx
The said details have also been
uploaded on the website of
the IEPF Authority and can
be accessed through the link:
www.iepf.gov.in
Members may note that shares
as well as unclaimed dividends
transferred to IEPF Authority
can be claimed back from the
IEPF Authority.
The concerned Members/investors are advised to read Company’s Shareholders’ Referencer at weblink https://www.
ril.com/DownloadFiles/IRForms/Shareholders-Referencer.pdf or visit the weblink of the IEPF Authority http://iepf.
gov.in/IEPF/refund.html, or contact KFinTech, for detailed procedure to lodge the claim with IEPF Authority.
Due dates for transfer to IEPF, of the unclaimed/unpaid dividends for the financial year 2013-14 and thereafter, are as under:
Financial year
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
Declaration Date
June 18, 2014
June 12, 2015
March 10, 2016
July 21, 2017
July 5, 2018
August 12, 2019
July 15, 2020
Due Date
July 24, 2021
July 18, 2022
April 15, 2023
August 26, 2024
August 4, 2025
September 11, 2026
August 14, 2027
Dividend Related Information
18. Subject to approval of the Members
at the AGM, the dividend will be paid
within a week from the conclusion
of the AGM, to the Members whose
names appear on the Company’s
Register of Members as on the
Record Date, and in respect of the
shares held in dematerialised mode,
to the Members whose names are
furnished by National Securities
Depository Limited and Central
Depository Services (India) Limited
as beneficial owners as on that date.
Payment of dividend shall be made
through electronic mode to the
Members who have updated their
bank account details. Dividend
warrants / demand drafts will
be despatched to the registered
address of the Members who
have not updated their bank
account details.
Members are requested to register /
update their complete bank details:
(a) with their Depository
Participant(s) with which they
maintain their demat accounts, if
shares are held in dematerialised
mode, by submitting forms and
documents as may be required by
the Depository Participant(s); and
(b) with the Company / KFinTech
by clicking on https://rkarisma.
kfintech.com/shareholders or by
emailing at investor.relations@
ril.com or rilinvestor@kfintech.
com, if shares are held in physical
mode, by submitting:
(i) scanned copy of the signed
request letter which shall
contain Member’s name, folio
number, bank details (Bank
account number, Bank and
Branch Name and address,
IFSC, MICR details),
(ii) self-attested copy of
the PAN card, and
(iii) cancelled cheque leaf.
Tax Deductible at Source /
Withholding tax:
Pursuant to the requirement of
Income Tax Act, 1961, the Company
will be required to withhold taxes at
the prescribed rates on the dividend
paid to its shareholders.
The withholding tax rate would vary
depending on the residential status
of the shareholder and documents
submitted by shareholder
with the Company/ KFinTech/
Depository Participant.
A. Resident Shareholders:
A.1. Tax Deductible at Source for Resident Shareholders
Sr. No. Particulars
Withholding tax rate Documents required (if any) / Remarks
1.
2.
3.
Valid PAN updated in the Company’s
Register of Members
10%
No PAN/Valid PAN not updated in the
Company’s Register of Members
20%
Availability of lower/nil tax
deduction certificate issued by
Income Tax Department u/s 197 of
Income Tax Act, 1961
Rate specified in
the certificate
No document required.
If dividend does not exceed ` 5,000/-, no TDS/ withholding tax will
be deducted. Also, please refer note (v) below.
TDS/ Withholding tax will be deducted, regardless of dividend
amount, if PAN of the shareholder is not registered with the
Company/ KFinTech/ Depository Participant.
All the shareholders are requested to update, on or before June
14, 2021, their PAN with their Depository Participant (if shares
are held in electronic form) and Company / KFinTech (if shares
are held in physical form). Please quote all the folio numbers
under which you hold your shares while updating the records.
Please also refer note (v) below.
Lower tax deduction certificate obtained from Income Tax
Authority to be submitted on or before June 14, 2021
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NoticeIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
A.2. No Tax Deductible at Source on dividend payment to resident shareholders if the Shareholders submit
Notes:
following documents as mentioned in column no.4 of the below table with the Company / KFinTech/
Depository Participant on or before June 14, 2021
Sr. No.
(1)
Particulars
(2)
1.
Submission of form 15G/15H
2.
3.
Shareholders to whom section 194 of the Income Tax,
1961 does not apply as per second proviso to section 194
such as LIC, GIC. etc.
Shareholder covered u/s 196 of Income Tax Act, 1961 such
as Government, RBI, corporations established by Central
Act & mutual funds.
4.
Category I and II Alternate Investment Fund
5.
6.
7.
• Recognised provident funds
• Approved superannuation fund
• Approved gratuity fund
National Pension Scheme
Any resident shareholder exempted from TDS deduction
as per the provisions of Income Tax Act or by any other law
or notification
Withholding tax rate
(3)
Documents required (if any) / Remarks
(4)
NIL
NIL
NIL
NIL
NIL
NIL
NIL
Declaration in Form No. 15G (applicable to an
individual who is below 60 years) / Form 15H
(applicable to an individual who is 60 years
and above), fulfilling certain conditions
Documentary evidence for exemption u/s
194 of Income Tax Act, 1961
Documentary evidence for coverage u/s 196
of Income Tax Act, 1961
SEBI registration certificate to claim
benefit under section 197A (1F) of
Income Tax Act, 1961
Necessary documentary evidence as per
Circular No. 18/2017 issued by Central Board
of Direct Taxes (CBDT)
No TDS/ withholding tax as per section 197A
(1E) of Income Tax Act, 1961
Necessary documentary evidence
substantiating exemption from deduction of
TDS
B. Non-Resident Shareholders:
The table below shows the withholding tax on dividend payment to non-resident shareholders who submit, on or before
June 14, 2021, the following document(s), as mentioned in column no.4 of the below table, to the Company / KFinTech. In
case all necessary documents are not submitted, then the TDS/ Withholding tax will be deducted @ 20% (plus applicable
surcharge and cess).
Sr. No.
(1)
Particulars
(2)
Withholding tax rate
(3)
Documents required (if any) / Remarks
(4)
1.
Foreign Institutional Investors
(FIIs) / Foreign Portfolio
Investors (FPIs) / Other Non-
Resident shareholders
20% (plus
applicable
surcharge and
cess) or tax treaty
rate, whichever
is beneficial
2.
Indian Branch of a Foreign Bank
NIL
Rate specified in
certificate
NIL
3.
4.
Availability of Lower/NIL tax
deduction certificate issued by
Income Tax Authority
Any non-resident shareholder
exempted from WHT deduction
as per the provisions of Income
Tax Act or any other law such as
The United Nations (Privileges
and Immunities) Act 1947, etc.
414
FPI registration certificate in case of FIIs / FPIs.
To avail beneficial rate of tax treaty following tax documents
would be required:
1.
2.
Tax Residency certificate issued by revenue authority of
country of residence of shareholder for the year in which
dividend is received
PAN or declaration as per Rule 37BC of Income Tax Rules, 1962
in a specified format.
3. Form 10F filled & duly signed
4.
Self-declaration for non-existence of permanent establishment/
fixed base in India
(Note: Application of beneficial Tax Treaty Rate shall depend
upon the completeness of the documents submitted by the Non-
Resident shareholder and review to the satisfaction of the Company)
Lower tax deduction certificate u/s 195(3) obtained from
Income Tax Authority
Self-declaration confirming that the income is received on its own
account and not on behalf of the Foreign Bank and the same will be
included in taxable income of the branch in India
Lower tax deduction certificate obtained from Income Tax Authority
Necessary documentary evidence substantiating exemption
from WHT deduction
(i) The Company will issue soft copy of
the TDS certificate to its shareholders
through e-mail registered with
KFinTech post payment of the
dividend. Shareholders will be able
to download Form 26AS from the
Income Tax Department’s website
https://incometaxindiaefiling.gov.in
All the shareholders are requested
to update their PAN with their
Depository Participant (if shares
are held in electronic form) and
Company / KFinTech (if shares
are held in physical form) against
all their folio holdings on or
before June 14, 2021.
(ii) The aforesaid documents such as
Form 15G/ 15H, documents under
sections 196, 197A, FPI Registration
Certificate, Tax Residency Certificate,
Lower Tax certificate etc. can
be uploaded on the link https://
rkarisma.kfintech.com/dividends/
on or before June 14, 2021 to enable
the Company to determine the
appropriate TDS / withholding tax
rate applicable. Any communication
on the tax determination/deduction
received after June 14, 2021 shall
not be considered. Formats of
Form 15G / Form 15H are available
on the website of the Company
and can be downloaded from
the link https://www.ril.com/
InvestorRelations/Downloads.aspx
(iii) Application of TDS rate is subject
to necessary verification by the
Company of the shareholder details
as available in Register of Members
as on the Record Date, and other
documents available with the
Company/ KFinTech.
(iv) In case TDS is deducted at a higher
rate, an option is still available
with the shareholder to file the
return of income and claim an
appropriate refund.
(v) No TDS will be deducted in case
of resident individual shareholders
who furnish their PAN details and
whose dividend does not exceed
` 5,000/-. However, where the
PAN is not updated in Company/
KFinTech/ Depository Participant
records or in case of an invalid
PAN, the Company will deduct TDS
u/s 194 without considering the
exemption limit of ` 5,000/-.
(vi) In the event of any income tax
demand (including interest,
penalty, etc.) arising from any
misrepresentation, inaccuracy or
omission of information provided by
the shareholder, such shareholder
will be responsible to indemnify
the Company and also, provide
the Company with all information /
documents and co-operation in any
appellate proceedings.
This Communication is not exhaustive
and does not purport to be a complete
analysis or listing of all potential tax
consequences in the matter of dividend
payment. Shareholders should consult
their tax advisors for requisite action to
be taken by them.
Other Information
19. As mandated by the Securities
and Exchange Board of India
(“SEBI”), securities of the Company
can be transferred/traded only in
dematerialised form. Members
holding shares in physical form
are advised to avail of the facility of
dematerialisation.
20. Members holding shares in
physical mode are:
a) required to submit their
Permanent Account Number
(PAN) and bank account details
to the Company / KFinTech at
https://rkarisma.kfintech.com/
shareholders, if not registered
/ updated with the Company /
KFinTech, as mandated by SEBI.
Alternatively, such Members
may write to the Company at
investor.relations@ril.com or to
KFinTech at rilinvestor@kfintech.
com along with the details of folio
no., self-attested copy of PAN
card, bank details (Bank account
number, Bank and Branch Name
and address, IFSC, MICR details)
and cancelled cheque leaf.
b) advised to register nomination
in respect of their shareholding
in the Company. Nomination
Form (SH-13) is available on the
Company’s website and can be
accessed at link https://www.ril.
com/DownloadFiles/IRForms/
Nominations.pdf
21. Members holding shares in
electronic mode are:
a) requested to submit their PAN
and bank account details to
their respective Depository
Participants (“DPs”) with which
they are maintaining their
demat accounts.
b) advised to contact their respective
DPs for registering nomination.
22. Non-Resident Indian Members are
requested to inform the Company
/ KFinTech (if shareholding is in
physical mode) / respective DPs
(if shareholding is in demat mode),
immediately of:
a) Change in their residential status
on return to India for permanent
settlement; and
b) Particulars of their bank account
maintained in India with account
type, account number and
name and address of the bank
with pin code number, if not
furnished earlier.
23. Shareholders’ Referencer giving
guidance on securities related
matters is uploaded on the
Company’s website and can be
accessed at link: https://www.ril.
com/DownloadFiles/IRForms/
Shareholders-Referencer.pdf.
24. Members are requested to fill in and
send the Feedback Form provided in
the Annual Report.
415
NoticeIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited
Statement Pursuant to
Section 102(1) of the
Companies Act, 2013
The following Statement sets out all
material facts relating to the Special
Business mentioned in the Notice:
Item No. 5
At the Annual General Meeting held
on July 21, 2017, the Members of the
Company had appointed Dr. Shumeet
Banerji (DIN: 02787784) as an
Independent Director of the Company,
to hold office up to July 20, 2022
(“first term”).
The Human Resources, Nomination
and Remuneration Committee (the
”HRNR Committee”) of the Board of
Directors, on the basis of the report
of performance evaluation, has
recommended re-appointment of
Dr. Shumeet Banerji as an Independent
Director, for a second term of 5 (five)
consecutive years, on the Board
of the Company.
The Board, based on the
performance evaluation and as per
the recommendation of the HRNR
Committee, considers that, given
his professional background and
experience and contributions made by
him during his tenure, the continued
association of Dr. Shumeet Banerji
would be beneficial to the Company
and it is desirable to continue to avail his
services as an Independent Director.
Accordingly, it is proposed to re-appoint
Dr. Shumeet Banerji as an Independent
Director of the Company, not liable to
retire by rotation, for a second term of
5 (five) consecutive years on the Board
of the Company.
Dr. Shumeet Banerji is not disqualified
from being appointed as a director in
terms of Section 164 of the Companies
Act, 2013 (“the Act”), and has given his
consent to act as a director.
The Company has also received
declaration from Dr. Shumeet
Banerji that he meets the criteria of
independence as prescribed, both,
under Section 149(6) of the Act and
under the Securities and Exchange
Board of India (Listing Obligations and
Disclosure Requirements) Regulations,
2015 (“SEBI Listing Regulations”).
In the opinion of the Board, Dr. Shumeet
Banerji fulfils the conditions for
appointment as an Independent
Director as specified in the Act
and the SEBI Listing Regulations.
Dr. Shumeet Banerji is independent of
the management.
Details of Dr. Shumeet Banerji are
provided in the “Annexure” to the
Notice, pursuant to the provisions
of (i) SEBI Listing Regulations and
(ii) Secretarial Standard on General
Meetings (“SS-2”), issued by the
Institute of Company Secretaries of
India. He shall be paid remuneration by
way of fee for attending meetings of the
Board or Committees thereof or for any
other purpose as may be decided by
the Board, reimbursement of expenses
for participating in the Board and other
meetings and profit related commission
within the limits stipulated under
Section 197 of the Act.
Copy of draft letter of appointment of
Dr. Shumeet Banerji setting out the
terms and conditions of appointment
is available electronically for inspection
by the Members.
Dr. Shumeet Banerji is interested in
the resolution set out at Item No. 5
of the Notice with regard to his re-
appointment. Relatives of Dr. Shumeet
Banerji may be deemed to be interested
in the resolution to the extent of
their shareholding interest, if any,
in the Company.
Save and except the above, none of
the other Directors / Key Managerial
Personnel of the Company / their
relatives are, in any way, concerned or
interested, financially or otherwise, in
the resolution.
This statement may also be regarded as
an appropriate disclosure under the Act
and the SEBI Listing Regulations.
The Board commends the Special
Resolution set out at Item No. 5 of the
Notice for approval by the Members.
Item No. 6
The Board of Directors has, on
the recommendation of the Audit
Committee, approved the appointment
and remuneration of the Cost
Auditors to conduct the audit of the
cost records of the Company across
various segments, for the financial
year ending March 31, 2022, as per the
following details:
Sr. No. Name of the Cost Auditor
Diwanji & Co.
1.
K. G. Goyal & Associates
2.
V. J. Talati & Co.
3.
Kiran J. Mehta & Co.
4.
Suresh D. Shenoy
5.
V. Kumar & Associates
6.
Dilip M. Malkar & Co.
7.
Shome & Banerjee
8.
Shome & Banerjee, Lead Cost Auditor
(Lead Cost Audit Fee)
Total
Industry
Electricity, Chemicals
Chemicals and Polyester
Chemicals, Oil & Gas and Polyester
Textiles, Electricity and Composites
Polyester, Chemicals, Petroleum and Gasification
Polyester
Chemicals
Oil & Gas and Chemicals
Cost Audit Fee (excluding Taxes) (in `)
10,23,000
3,79,500
9,55,500
4,95,000
10,13,000
6,60,000
8,06,000
8,12,500
8,80,000
70,24,500
In accordance with the provisions of Section 148 of the Companies Act, 2013 (“the Act”) read with the Companies (Audit and
Auditors) Rules, 2014, the remuneration payable to the Cost Auditors as recommended by the Audit Committee and approved
by the Board, has to be ratified by the Members of the Company.
Accordingly, ratification by the Members is sought for the remuneration payable to the Cost Auditors for the financial year
ending March 31, 2022 by passing an Ordinary Resolution as set out at Item No. 6 of the Notice.
None of the Directors / Key Managerial Personnel of the Company / their relatives are, in any way, concerned or interested,
financially or otherwise, in the resolution.
The Board commends the Ordinary Resolution set out at Item No. 6 of the Notice for ratification by the Members.
By Order of the Board of Directors
K. Sethuraman
Group Company Secretary and
Chief Compliance Officer
Mumbai, May 27, 2021
Registered Office:
3rd Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai 400 021
CIN: L17110MH1973PLC019786
Website: www.ril.com
E-mail: investor.relations@ril.com
Tel.: +91 22 3555 5000
Fax: +91 22 2204 2268
416
417
NoticeIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited Annexure to the Notice dated May 27, 2021
Details of Directors retiring by rotation / seeking appointment / re-appointment at the Meeting
Shri Nikhil R. Meswani
Age
Qualifications
Experience (including expertise in specific functional
area) / Brief Resume
Terms and Conditions of Re-appointment
Remuneration last drawn
(FY 2020-21)
Remuneration proposed to be paid
Date of first appointment on the Board
Shareholding in the Company as on March 31, 2021
Relationship with other Directors / Key
Managerial Personnel
Number of meetings of the Board attended during the
financial year (2020-21)
Directorships of other Boards as on March 31, 2021
Membership / Chairmanship of Committees of other
Boards as on March 31, 2021
Shri Pawan Kumar Kapil
Age
Qualifications
Experience (including expertise in specific functional
area) / Brief Resume
Terms and Conditions of Re-appointment
Remuneration last drawn
(FY 2020-21)
Remuneration proposed to be paid
Date of first appointment on the Board
Shareholding in the Company as on March 31, 2021
Relationship with other Directors / Key
Managerial Personnel
Number of meetings of the Board attended during the
financial year (2020-21)
Directorships of other Boards as on March 31, 2021
Membership / Chairmanship of Committees of other
Boards as on March 31, 2021
55 years
Chemical Engineer from UDCT (now known as Institute of Chemical
Technology), Mumbai
Vast experience in petrochemical industry and taxation matters. Please refer
Company’s website: www.ril.com for detailed profile
In terms of Section 152(6) of the Companies Act, 2013, Shri Nikhil R. Meswani
who was re-appointed as a Whole-time Director at the Annual General Meeting
held on July 21, 2017, is liable to retire by rotation.
` 24 crore
(for remuneration details, please refer the Corporate Governance Report)
As per existing approved terms of appointment
June 26, 1986
33,56,748 fully paid-up equity shares of ` 10/- each; and
2,23,781 partly paid-up equity shares of ` 10/- each, ` 2.50 paid-up
Brother of Shri Hital R. Meswani, Whole-time Director and not related to any other
Director / Key Managerial Personnel
8
Reliance Commercial Dealers Limited
Reliance O2C Limited
Reliance Commercial Dealers Limited
• Audit Committee- Chairman
• Nomination and Remuneration Committee- Member
• Corporate Social Responsibility Committee – Member
75 years
Chemical Engineer
Vast experience in petroleum industry. Please refer Company’s website:
www.ril.com for detailed profile
In terms of Section 152(6) of the Companies Act, 2013, Shri Pawan Kumar Kapil
who was re-appointed as a Whole-time Director by passing a special resolution at
the Annual General Meeting held on July 21, 2017, is liable to retire by rotation.
` 4.24 crore
(for remuneration details, please refer the Corporate Governance Report)
As per existing approved terms of appointment
May 16, 2010
53,000 fully paid-up equity shares of ` 10/- each; and
3,533 partly paid-up equity shares of ` 10/- each, ` 2.50 paid-up
Not related to any other Director / Key Managerial Personnel
8
Reliance Sibur Elastomers Private Limited
Nil
Dr. Shumeet Banerji
Age
Qualifications
Experience (including expertise in specific functional
area) / Brief Resume
Terms and Conditions of Re-appointment
Remuneration last drawn
(FY 2020-21)
Remuneration proposed to be paid
Date of first appointment on the Board
Shareholding in the Company as on March 31, 2021
Relationship with other Directors / Key
Managerial Personnel
Number of meetings of the Board attended during the
financial year (2020-21)
Directorships of other Boards as on March 31, 2021
Membership / Chairmanship of Committees of other
Boards as on March 31, 2021
61 years
BA and MBA, University of Delhi; PhD, Kellogg School of Management,
Northwestern University, Illinois, Chicago, U.S.A.
Vast experience in business advisory, strategy and consulting. Please refer
Company’s website: www.ril.com for detailed profile.
As per the resolution at Item No. 5 of the Notice convening this Meeting read
with explanatory statement thereto, Dr. Shumeet Banerji is proposed to be re-
appointed as an Independent Director
` 1.89 crore
(for remuneration details, please refer the Corporate Governance Report)
As per the resolution at Item No. 5 of the Notice convening this Meeting read with
explanatory statement thereto and the resolution passed by the shareholders at
the Annual General Meeting held on June 18, 2014
July 21, 2017
13,500 fully paid-up equity shares of ` 10/- each; and
900 partly paid-up equity shares of ` 10/- each, ` 2.50 paid-up
Not related to any other Director / Key Managerial Personnel
7
Reliance Jio Infocomm Limited
Jio Platforms Limited
HP Inc. (Formerly, Hewlett Packard Company Inc.)
Felix Pharmaceuticals Private Limited (Ireland)
Tala Energy Private Limited
Haldu Tola Private Limited
Reliance Jio Infocomm Limited
• Risk Management Committee - Chairman
Jio Platforms Limited
• Nomination and Remuneration Committee – Chairman
• Risk Management Committee - Chairman
• Corporate Social Responsibility Committee – Member
HP Inc.
• Nominating, Governance & Social Responsibility Committee - Chairman
• Human Resources and Compensation Committee - Member
• Finance, Investment & Technology Committee – Member
Felix Pharmaceuticals Private Limited
• Nominating & Governance Committee – Chairman
Tala Energy Private Limited
• Audit Committee – Chairman
By Order of the Board of Directors
K. Sethuraman
Group Company Secretary and
Chief Compliance Officer
Mumbai, May 27, 2021
Registered Office:
3rd Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai 400 021
CIN: L17110MH1973PLC019786
Website: www.ril.com
E-mail: investor.relations@ril.com
Tel.: +91 22 3555 5000
Fax: +91 22 2204 2268
418
419
NoticeIntegrated Annual Report 2020-21NOTICE FINANCIAL STATEMENTSGOVERNANCE MANAGEMENT REVIEWCORPORATE OVERVIEWReliance Industries Limited THIS PAGE IS
INTENTIONALLY LEFT BLANK
Members’
Feedback Form
2020-21
CIN: L17110MH1973PLC019786
Registered Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400 021
Website: www.ril.com; e-mail: investor .relations@ril.com; Tel.: +91 22 3555 5000; Fax: +91 22 2204 2268
Name : .........................................................................................e-mail id : ................................................................................................
Address : ........................................................................................................................................................................................................
DP ID. : .......................................................................................Client ID. : ................................................................................................
Folio No. : .................................................................................. Mobile no. : .............................................................................................
(in case of physical holding)
No. of fully paid-up equity shares held : .......................................
No. of partly paid-up equity shares held : ....................................
Signature of Member
Excellent
Very
Good
Good
Satisfactory Unsatisfactory
Contents
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Contents
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Contents
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Contents
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Contents
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Contents
Presentation
Contents
Presentation
Contents
Presentation
Annual Report
Management’s Discussion
and Analysis Report
Integrated approach to
sustainable growth
Business Responsibility
Report (available on website)
Report on Corporate Social
Responsibility
(available on website)
Corporate
Governance Report
Board’s Report
Quality of financial and
non-financial information in
the Annual Report
Information on
Company’s Website
Investor Services
Turnaround time
for response to
shareholder’s query
Quality of response
Timely receipt of Annual Report
Conduct of Annual General Meeting
Timely receipt of dividend
Overall Rating
Views / Suggestions, if any, for improvement:
Members are requested to send this feedback form to the address given overleaf.
BUSINESS REPLY INLAND LETTER
Postage will
be paid
by the
Addressee
BUSINESS REPLY PERMIT NO.
HDC/B-1282
MANNU POST OFFICE
GACHIBOWLI,
HYDERABAD - 500 032
No postage
stamp
necessary
if posted in
INDIA
To,
Savithri Parekh
Joint Company Secretary and Compliance Officer
Reliance Industries Limited
C/o. KFin Technologies Private Limited
Selenium Tower B, Plot No. 31-32, Gachibowli,
Financial District, Nanakramguda,
Hyderabad - 500 032
Fold
Company Information
Board of Directors
Chairman and Managing Director
Mukesh D. Ambani
Non-Executive Directors
Yogendra P. Trivedi
Prof. Dipak C. Jain
Dr. Raghunath A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
K. V. Chowdary
Nita M. Ambani
Executive Directors
Nikhil R. Meswani
Hital R. Meswani
P. M. S. Prasad
Pawan Kumar Kapil
Chief Financial Officer
Alok Agarwal
Joint Chief Financial Officer
Srikanth Venkatachari
Group Company Secretary and
Chief Compliance Officer
K. Sethuraman
Joint Company Secretary and
Compliance Officer
Savithri Parekh
Auditors
D T S & Associates LLP
S R B C & CO LLP
Registered office
3rd Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai – 400 021
Tel: +91 22 3555 5000
Fax: +91 22 2204 2268
+91 22 2285 2214
e-mail: investor.relations@ril.com
Website: www.ril.com
Committees
Audit Committee
Yogendra P. Trivedi (Chairman)
Dr. Raghunath A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
K. V. Chowdary
Stakeholders’ Relationship
Committee
Yogendra P. Trivedi (Chairman)
Arundhati Bhattacharya
K. V. Chowdary
Nikhil R. Meswani
Hital R. Meswani
Risk Management Committee
Adil Zainulbhai (Chairman)
Dr. Shumeet Banerji
K. V. Chowdary
Hital R. Meswani
P. M. S. Prasad
Alok Agarwal
Srikanth Venkatachari
Finance Committee
Mukesh D. Ambani (Chairman)
Nikhil R. Meswani
Hital R. Meswani
Human Resources, Nomination and
Remuneration Committee
Adil Zainulbhai (Chairman)
Yogendra P. Trivedi
Dr. Raghunath A. Mashelkar
Raminder Singh Gujral
Dr. Shumeet Banerji
K. V. Chowdary
Corporate Social Responsibility and
Governance Committee
Yogendra P. Trivedi (Chairman)
Dr. Raghunath A. Mashelkar
Dr. Shumeet Banerji
Nikhil R. Meswani
Health, Safety and Environment
Committee
Hital R. Meswani (Chairman)
Dr. Raghunath A. Mashelkar
Arundhati Bhattacharya
P. M. S. Prasad
Pawan Kumar Kapil
Bankers
Bank of America N.A.
Bank of Baroda
Bank of India
Canara Bank
Central Bank of India
Citibank
Credit Agricole Corporate
and Investment Bank
Deutsche Bank
The Hong Kong and Shanghai
Banking Corporation Limited
HDFC Bank Limited
ICICI Bank Limited
IDBI Bank Limited
Indian Bank
Punjab National Bank
Standard Chartered Bank
State Bank of India
Union Bank of India
Registrars & Transfer Agents
KFin Technologies Private Limited
(Formerly known as Karvy Fintech
Private Limited)
Selenium Tower B,
Plot 31-32, Gachibowli, Financial District,
Nanakramguda, Hyderabad – 500 032
Tel: +91 40 6716 1700
Toll Free No.: 1800 425 8998
(From 9:00 a.m. to 6:00 p.m.)
Fax: +91 40 6716 1680
e-mail: rilinvestor@kfintech.com
Website: www.kfintech.com
Standing with India
• Strengthening India’s health
infrastructure
• Prevention and awareness
• Food Relief and nutrition
security
• Community initiatives
Registered Office
3rd Floor, Maker Chambers IV,
222, Nariman Point, Mumbai – 400 021
Tel: +91 22 3555 5000
Fax: +91 22 2204 2268/ 22 2285 2214
investor.relations@ril.com
www.ril.com
BSE. 500325 / 890147
NSE. RELIANCE / RELIANCEPP
BLOOMBERG. RIL:IN / RILPP:IN
CIN. L17110MH1973PLC019786
Follow us at
/RelianceIndustriesLimited
/company/reliance
/flameoftruth
@flameoftruth
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