Corporate
Overview
Integrated Annual Report 2021-22
We Care
For an inclusive ecosystem
For digital transformation
For sustainable value creation
For an empowered workforce
For a greener planet
For societal well-being
Reliance Industries Limited (RIL)
is a Fortune 500 company
and the largest private sector
corporation in India.
With a strongly integrated energy business and
the most expansive digital and retail footprint in
the country, RIL is India’s largest corporate value
creator and the highest valued company.
RIL has always strived to positively touch lives
and empower society. Inspired by its ethos
of We Care, RIL has been driving inclusion,
democratising connectivity and caring for the
community and environment.
India’s largest company
BY MARKET CAPITALISATION
`17,81,841 crore
BY REVENUE
`7,92,756 crore
BY NET PROFIT
`67,845 crore
EXPORTS
`2,54,970 crore
COMMUNITY DEVELOPMENT
`1,186 crore
CSR contribution
EMPLOYMENT CREATION
2,32,822
New jobs created
Table of Contents
Corporate Overview
Management Review
2
4
6
8
14
16
18
Reliance at a Glance
Stakeholder Value-creation
Key Performance Indicators
Chairman and Managing
Director's Statement
We Care for an Inclusive
Ecosystem
We Care for Digital
Transformation
We Care for Sustainable
Value Creation
20
We Care for a Greener Planet
24 COVID-19 Response
26 Board of Directors
28 Value-creation Model
30 Strategy
32 ESG
34 Reliance Foundation
36 We Nurture Startup Ecosystem
40 10-year Financial Highlights
42 Management Discussion
and Analysis
150 Integrated Approach to
Sustainable Growth
44
Financial Performance
and Review
54 Business Overview
RETAI
L
PG 54
DIGITAL
SERVICES
PG 72
152 Extending 'Care' during COVID-19
155 Reliance's Integrated Approach
to ESG Governance
162 Responding to the
Material Issues
166 Driving ESG Growth in Reliance
168
Natural Capital
176
Human Capital
188
Manufactured Capital
194
Intellectual Capital
MEDI AND
ENTERTAINMENT
PG 86
202
Social and Relationship Capital
The icons presented above have been used
throughout the report for cross-referencing
the relevant capitals.
IL TO
CHEMICALS
Financial Capital
Read Financial Performance
and Review for more details
PG 44
PG 98
216 Independent Assurance on
Sustainability Disclosures
OIL AND G S
E&P
Governance
218 Report on Corporate Governance
266 Board’s Report
PG 122
Financial Statements
297 Standalone
380 Consolidated
About this Report
Reporting Suite
The Reliance Integrated Annual Report has been prepared in
alignment with the Integrated Reporting Framework laid
down by the International Integrated Reporting Council (IIRC),
now the Value Reporting Foundation (VRF). 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 45th AGM Online
RIL invites the participation of all shareholders to its 45th Annual
General Meeting (AGM), to be held on 29th August, 2022.
Online Integrated Annual Report
https://www.ril.com/ar2021-22/index.html
Business Responsibility Report
https://www.ril.com/DownloadFiles/BRR202122.pdf
CSR Report
One of the highest contributors
to India's economic growth
‘We Care’ and will continue to
protect all our stakeholders as the
fight against COVID-19 is hopefully
nearing its end.
Shri Mukesh D. Ambani
Chairman & Managing Director
132 Risk and Governance
144 Awards and Recognition
Note: All figures are as on/for the year ended March 31, 2022
Link for the AGM https://jiomeet.jio.com/rilagm
https://www.ril.com/DownloadFiles/CSR202122.pdf
Big achievements follow if you
dream big. Reliance is a proof of
the power of dreams.
Shri Dhirubhai H. Ambani
Founder Chairman
I would like the story of
Reliance to be told in that book
which has no final chapter
and one which is continually
updated with records of
bolder initiatives and more
glittering successes, and where
successive generations create
even greater societal value and
contribute to India's growth.
Shri Mukesh D. Ambani
Chairman & Managing Director
Reliance at a Glance
Corporate
Overview
Management
Review
Governance
Financial
Statements
Innovating for India at Scale
Retail
India's largest retailer by revenue, scale
and profitability, operating through an
integrated network of stores, digital
platforms and merchant partners.
REVENUE
26.7%
`1,99,749 crore
(US$ 26.4 billion)
EBITDA
26.2%
`12,423 crore
(US$ 1.6 billion)
Digital Services
India's largest all IP telecom network,
with cloud-native and 5G-ready
capabilities. Connecting well over 99%
of India's population.
REVENUE
10.9%
`1,00,161 crore
(US$ 13.2 billion)
EBITDA
18.3%
`40,268 crore
(US$ 5.3 billion)
Media and Entertainment
One of India’s largest media houses
with omni-channel presence. Brings
authentic news and wholesome
entertainment to Indian audiences.
REVENUE
25.1%
`6,831 crore
(US$ 0.9 billion)
EBITDA
35.7%
`1,080 crore
(US$ 0.1 billion)
RETAIL AREA
(MILLION SQ. FT.)
41.6
33.8
28.7
FY 2019-20 FY 2020-21 FY 2021-22
DATA TRAFFIC
(IN Bn GBs)
91.4
62.5
48.4
FY 2019-20 FY 2020-21 FY 2021-22
TV VIEWERSHIP SHARE
(%)
12.6
12.8
11.9
FY 2019-20 FY 2020-21 FY 2021-22
Note: All Revenue & EBITDA figures are for the year ended March 31, 2022
2
Oil to Chemicals
One of the world’s most deeply
integrated Oil to Chemicals operations.
Powers India’s energy security and
contributes to circular economy.
PRODUCTION
MEANT FOR SALE
(MMT)
71.0
68.2
63.6
REVENUE
56.5%
`5,00,900 crore
(US$ 66.1 billion)
EBITDA
38.1%
`52,722 crore
(US$ 7.0 billion)
Oil and Gas E&P
Upstream portfolio comprising deep
and ultra-deep water oil & gas fields
and coal bed methane blocks in India.
REVENUE
250.1%
`7,492 crore
(US$ 1.0 billion)
EBITDA
2015.1%
`5,457 crore
(US$ 0.7 billion)
FY 2019-20 FY 2020-21 FY 2021-22
PRODUCTION
(RIL’S SHARE) (BCFe)
188.1
119.2
126.6
FY 2019-20 FY 2020-21 FY 2021-22
New Energy
Building technologies, scaling capacities and
creating a new energy ecosystem for India and
RIL to achieve the ambition of Net Carbon Zero.
JioGenNext
Startup accelerator backed by RIL, to encourage,
support and enable ventures that solve new
age challenges.
3
Integrated Annual Report 2021-22Reliance Industries Limited Stakeholder Value-creation
Corporate
Overview
Management
Review
Governance
Financial
Statements
Ushering in Shared Prosperity
VALUE ADDED STATEMENT
(Consolidated)
Creating lasting stakeholder value
Value added is defined as the value created by the activities of a business and its employees.
FY 2021-22
FY 2020-21
Reinvested in the Group to
maintain and develop operations
`1,06,481 crore
`75,907 crore
Providers of Debt
`19,457 crore
`25,777 crore
Employee benefits
`18,775 crore
`14,817 crore
Providers of Equity Capital
`4,297 crore
`3,921 crore
Contribution to Society
`1,186 crore
`1,140 crore
Contribution to National Exchequer
`1,88,012 crore
`1,35,468 crore
TOTAL VALUE ADDED
IN FY 2020-21
`2,57,030 crore
TOTAL VALUE ADDED
IN FY 2021-22
`3,38,208 crore
SUSTAINABLE GROWTH ENABLERS
Technology and
consumer-centric platforms
Strong project management
capability
Diversification, integration
and cost leadership
Competitive access
to capital
Investors
Superior stakeholder
returns through optimal
utilisation of resources
~45%
Consolidated operating
profit from consumer
businesses
Suppliers and
partners
Creating an inclusive
ecosystem for partners
13,000+
MSME vendors
Consumers
Affordable access
to best-in-class
products and services
Jio celebrates five years of
democratising connectivity
in India, reaching
410.2 million users
Reliance retail crosses
15,000
store milestone
Government and
regulators
Supporting national goals
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.
Communities
Empowered
beneficiaries through
Reliance Foundation
Employees
Protecting
and nurturing our
Positively touched the lives
of an additional 125 lakh
beneficiaries (Cumulative:
5.75+ crore) in FY 2021-22
~24 lakh
members of the extended
Reliance Family vaccinated
free of cost
Vaccination drive across
16 states
4
5
Integrated Annual Report 2021-22Reliance Industries Limited Key Performance Indicators
Corporate
Overview
Management
Review
Governance
Financial
Statements
Delivering on all Fronts
Financial
REVENUE
47.0%
PROFIT AFTER TAX
EARNINGS PER SHARE
DIVIDEND PER SHARE
`7,92,756 crore
`67,845 crore
26.2%
20.5%
`92.0
`8
7,92,756
67,845
92.0
8
6,59,997
5,39,238
53,739
39,880
76.4
63.1
7
6.5
Consumer Business Metrics
(Includes Retail and Digital Services business)
EBITDA OF
CONSUMER BUSINESS
SHARE OF CONSUMER
BUSINESS IN SEGMENT
EBITDA
REGISTERED
CUSTOMER BASE
- RELIANCE RETAIL
DATA TRAFFIC
`52,691 crore
52,691
43,877
33,043
44.4 %
49.5
44.4
35.9
24%
193 million
91.4 billion GBs
193
91.4
156
125
62.5
48.4
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
NET WORTH
BOOK VALUE PER SHARE
DEBT EQUITY RATIO
17.7%
`6,45,127 crore
6,45,127
5,48,156
6.1%
`1,152.1
0.34
1,152.1
1,086.4
0.75
3,71,569
708.5
0.36
0.34
CONTRIBUTION TO
NATIONAL EXCHEQUER
`1,88,012 crore
1,88,012
1,35,468
1,15,461
ESG
HSE EXPENDITURE
CUMULATIVE REACH
PERSON-HOURS OF
TRAINING IMPARTED
`798 crore
798
668
592
5.75+ crore
5.75
4.5
3.6
2.2+ crore
2.2+
1.8+
1.1+
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20
FY 2020-21
FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
MARKET CAPITALISATION*
`17,81,841 crore
*as on March 31, 2022
(` in crore)
13,15,998
17,81,841
(Beneficiaries
through CSR Initiatives)
4,28,909
5,59,223
8,63,996
7,05,212
2.11 million GJ
Energy saved
50,600+
Villages benefitted
3.4+ lakh
Total number of Employees
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
Y-o-Y change
6
7
Integrated Annual Report 2021-22Reliance Industries Limited
Chairman and Managing Director’s statement
Corporate
Overview
Management
Review
Governance
Financial
Statements
Growing Stronger to Care Better
Reliance played a leading
role in caring for India and
Indians in the last couple
of years of the pandemic.
We now aim to care for
the Planet as we embark
on our most exciting
transformation – the Green
Transformation.
Shri Mukesh D. Ambani
Chairman and Managing Director,
Reliance Industries
Dear and Esteemed Fellow Shareholders,
From the very inception, we at
Reliance have believed that a
corporate is much more than an
economic unit generating wealth. It is
an integral part of the social system
catering to human and societal
needs and aspirations. The painful
period of the COVID-19 pandemic
brought out Reliance’s spirit of
societal service like never before. The
way the whole Reliance Family worked
with a sense of national duty in this
period was most satisfying to me, and
I am sure, to all of you as well.
We were able to quickly change
and repurpose our processes, our
policies, our roles and responsibilities,
our plants, our systems with a single
motive – to support others. If the
production teams worked over
producing PPE kits or medical-grade
oxygen, the Jio and Retail teams
took care that no customer was left
without daily essentials or internet
services. The IT teams ensured
employees could work remotely, and
the HR teams ensured the employees
received the best possible social
security. Our Foundation hospitals
and internal medical teams ensured
all employees and their families
received timely medical help
regardless of location, while creating
the largest COVID infrastructure pan-
India in the shortest possible time.
The Foundation teams took up the
mammoth responsibility of reaching
out to the most disadvantaged,
marginalised communities to ensure
nobody went hungry.
Each and every Reliance Family
member directly or indirectly
participated in the fight against
COVID. Each and every Reliance
Family member went beyond their
call of duty. Each and every Reliance
Family member became the Brand
Ambassador of Reliance’s spirit of
Care and Empathy. It is heartening to
see that together we have overcome
the worst. It is with great hope that I
look forward to the future of Reliance,
of India, as well as the entire world.
Taking volatility in stride
Just when we were about to heave
a sigh of relief, the rise in geopolitical
tensions have exposed the fault lines
in the global economy. Geopolitical
conflict has caused significant
dislocation in energy markets and
disrupted traditional trade flows.
The process of globalisation, which
drove the global economic growth
over the last four decades, appears
to have hit a wall. The cause of
economic inter-dependence that
globalisation promoted to help
align every country’s interests and,
thereby, help reduce conflicts, has
taken a back seat.
8
Fortunately, Reliance is better
equipped to face these uncertainties
today than ever before. Reliance
has built three extremely agile and
highly potent growth engines – Digital
Services, Retail and O2C – which
were all tested, and came out with
flying colours, during the COVID-led
extreme volatility. It is just last year
that Reliance deleveraged its balance
sheet to a net debt zero status.
Besides, India’s own strong growth
prospects over the next couple of
decades bodes well for Reliance.
Reliance has maintained its
leadership position among Indian
corporates for nearly three decades
now. It is Reliance’s ability to innovate,
to build in unparalleled flexibility, to
transform itself from time to time
and the great conviction in India’s
capability to compete globally
at world-scale, which has helped
the Company stay at the top and
continue making newer records.
Green transformation
begins
Getting bigger and stronger only
means Reliance is ready to take
up even greater responsibilities
to serve not just the surrounding
communities or India, but also the
whole planet. Reliance has made a
firm commitment to become one of
the world’s leaders in the fight against
the crisis of climate change.
FY 2021-22 marked the beginning of
Reliance’s Green Transformation, at a
scale which will make India the world’s
leading green energy producer. We
know that affordability is the most
critical factor in the adoption of any
new technology and the scale of
societal benefit it can create. Reliance
has embarked on this journey with a
vision to repeat the feat it achieved
in wireless broadband. In the field of
Green Energy – Reliance will develop
end-to-end Green Energy solutions,
which will make clean and abundant
energy available to everyone at the
most affordable price. Just as India
has the world’s most affordable
wireless broadband today, we will
have the world’s most affordable
Green Energy within this decade. And
these solutions will then be exported
to other countries, helping them
contain carbon emissions.
Leveraging its world-class execution
capability and the strong debt-
free balance sheet, Reliance
has committed to improving the
economics of this Green ecosystem
to directly compete with the fossil
fuels. However, one cannot operate
in just one segment of the Green
Energy value chain and hope the
cost-efficient ecosystem will come up
on its own. Reliance has undertaken
to enable the entire Green Energy
ecosystem throughout India starting
with solar power generation, to
production of green hydrogen to its
distribution and consumption.
Green Energy is a rapidly evolving
vast global industry with a lot of
technological innovation under
way. To guide on this path, we
established the Reliance New Energy
Council with some of the globally
renowned thought leaders in the
field. To kickstart the initiative, last
year Reliance announced a $10 billion
capex commitment over three years.
We entered into a series of
partnerships, including equity
investments, with local and
international corporates with
unique technological and execution
capabilities, with a strong track record
of innovation and a growing number
of patents and IPRs across the Green
Energy value chain.
Reliance’s partnerships include
companies like Ambri in the
US, Faradion in the UK and The
Netherlands-based Lithium Werks in
the energy storage space.
Similarly, Reliance invested in
Germany’s NexWafe, which is a
pioneer in next-gen technology to
produce monocrystalline silicon
wafers needed in making solar
panels. We also acquired promoters’
stake in REC Solar – a global
technology leader in solar panel
manufacturing. Reliance picked
up a 40% stake in Sterling & Wilson
Renewable Energy – one of the world’s
leading EPC turnkey contractors in
large scale solar projects.
In the Hydrogen ecosystem, Reliance
joined hands with the US-based Chart
Industries to set up India H2 Alliance
to commercialise hydrogen
technology and develop a supply
chain in collaboration with other
Indian stakeholders. We also entered
into an agreement with Denmark’s
Stiesdal A/S for its innovative next-gen
electrolyser technology, which has
the potential to reduce dramatically
the cost of producing hydrogen
from pure water.
Simultaneously, we began work on
the four Giga-factories at Dhirubhai
Ambani Green Energy Giga Complex
to set up world-scale production
capacity for solar panels, energy
storage systems, electrolysers and
fuel cells spread over 5,000 acres in
Jamnagar. Reliance will also invest in
creating an ecosystem of thousands
of small and medium scale
project consultants and installers
pan-India to set up Green Energy
generation projects in every nook
and corner of the country. Similarly,
Reliance will undertake large Giga
Watt scale turnkey Green Energy
projects for Power GenCos or large
investors on its own.
With these collaborations and
the Giga-factories, Reliance is set
to achieve a uniquely integrated
position in the Green Energy value
chain globally. This deep integration,
apart from the new-age technologies
and world-class execution
capabilities, will ensure Reliance’s
renewable energy systems stay at
the cutting edge of cost efficiency
9
Integrated Annual Report 2021-22Reliance Industries Limited Chairman and Managing Director’s Statement
Corporate
Overview
Management
Review
Governance
Financial
Statements
Retail
Digital Services
Oil to Chemicals
too delivered robust earnings with
strong fuel margins.
Reliance posted a record high EBITDA
of `1,25,687 crore on a consolidated
basis for FY 2021-22, which was
28.8% up from the previous year.
The consolidated net profit for
the year stood at `67,845 crore –
again a new record.
The Company had achieved a net
debt-free status last year, thanks to
the largest ever capital raise we had
carried out in India Inc.'s history in
the previous year. During FY 2021-22,
the Company’s capex increased in
all businesses, due to which the year
closed with marginal net debt.
The Company continues to manage
its treasury operations actively
and efficiently to reduce interest
burden and lengthen maturities.
At the very beginning of FY 2021-22,
Reliance Industries made history
by raising a jumbo loan of $4 billion
on better terms than any corporate
in the Asian region with similar
credit profile. It was the largest-ever
foreign currency bond issuance from
India, with the lowest coupon rate
achieved for benchmark 30-year
and 40-year issuances by a private
sector BBB corporate from Asia ex-
Japan. Similarly, the Company paid
`30,791 crore to the Government of
India towards its 15 years of future
spectrum dues to save on annual
interest cost burden.
Executing our growth plans
Reliance’s diversified portfolio of
business verticals represent our
growth engines, where we have been
adding capabilities consistently.
During FY 2021-22, each one of these
growth engines moved into top gear,
cementing Reliance’s position further
as India’s largest company by sales,
profits as well as market value.
globally. Greater affordability and
competitive cost structures will ensure
massive adoption of Green Energy
solutions, providing a booster to
India’s Green Energy transition, as well
as helping our country to become
‘Atma Nirbhar’ in our energy needs.
A step towards
Net Carbon Zero
Reliance also took an important
step towards our goal to achieve net
carbon zero status by year 2035. We
initiated the process to separate the
petcoke gasification complex into a
Wholly-Owned Subsidiary, with an
aim to repurpose the unit and unlock
value through future collaborations.
Presently, the syngas produced at
the complex is used as fuel at the
Jamnagar complex and is a major
source of carbon emission. With
Reliance switching to green and
renewable energy for its energy
needs, syngas will become available
for upgradation to high value
petrochemicals and hydrogen fuel.
The highly concentrated stream of
CO2 in syngas can be easily captured
and sequestered. All these steps will
greatly reduce the carbon footprint of
the Jamnagar complex.
Financial and operational
performance FY 2021-22
Let me now elaborate on Reliance’s
operating and financial performance
during FY 2021-22.
During the year, Reliance was able
to overcome all the pandemic-led
difficulties to post another record
performance operationally as well as
financially with strong contribution
from all our businesses. Both the
consumer businesses, Retail and
Digital Services, recorded highest
ever revenues and EBITDA. The E&P
business also posted significantly
improved numbers with strong
volume growth and improved
realisations. The largest contributor
to our earnings – the O2C business
10
PG 54
PG 72
Braving the intermittent COVID
restrictions, the Retail business
continued to expand offline, as well
as online. It added nearly 8 million
sq ft of retail space taking its total
retail space to over 41.6 million sq
ft. Besides, the business added 11.1
million sq ft of warehousing space
during the year. Importantly, the
business created over 1,50,000 jobs
through the year.
The business posted all time high
revenues and EBITDA with steady
improvement in profit margins.
Growth was seen across all
product categories from Consumer
Electronics to Grocery to Apparel &
Footwear. Even the relatively smaller
segments of jewellery, pharma
and furniture & home décor, and
new businesses like Freshpik and
Milkbasket, witnessed rapid growth.
In our New Commerce initiative, the
focus remained on on-boarding
merchants during the year. FY 2021-22
witnessed over 3-fold jump in the
number of merchants onboarded as
compared to the previous year.
The Retail business continued to forge
partnerships across the value chain
to enhance customer experience and
product offerings. Throughout the
year, the Retail business invested over
`9,700 crore in these partnerships.
Jio maintained its market leadership
for a third year in a row through
FY 2021-22. Jio’s consumer offering,
including service quality and value,
continued to remain best-in-class,
which helped addition of over 130
million new customers during the
year. Subscriber churn at the lower-
end has resulted in Jio improving its
user engagement matrix, like data
and voice consumption per user, to a
record high level. Jio has the largest
single-country subscriber base and
carries the highest volume of data
traffic globally, excluding China.
In line with the industry, Jio raised
tariffs by ~20% across all prepaid
plans effective December 2021, while
ensuring that Jio continues to provide
the best value for money to all
consumers across every price point.
The year also saw Jio emerge as
the leader in fiber based wireline
broadband connectivity with over 5
million connected homes. The devices
powering Jio Fiber in Indian homes,
are working on the Jio operating
system – Jio OS – which has a rich
set of capabilities and customisation
options. The Jio Set Top Box has by
far the most compelling set of apps
– both from Jio and leading third
party apps – for streaming content
like movies, music, live news to video
calling. Jio’s pan-India optic fiber
cable network has already reached
the doorstep of almost 20 million
households, which underlines its rapid
growth potential.
Jio is working relentlessly to make
India 2G-mukt, so that even the
poorest of the poor can enjoy the
benefits of digital connectivity. The
progress of telecom technology
is making inefficient 2G obsolete.
The Jio revolution since 2016 has
already lowered the 4G tariffs below
the 2G tariffs in India. However,
handset affordability has proven
a major hurdle for over 250 million
Indians, preventing a transition to
digital networks.
To overcome this hurdle, Jio
launched JioPhone Next – world’s
most affordable full-touchscreen
4G phone – in collaboration with
Google. The phone runs on Pragati
OS – a specially optimised version of
Google’s Android OS.
The technology in the Internet,
Communication and Telecom (ICT)
industry continues to make rapid
strides globally and India is getting
ready to join the 5G bandwagon.
Jio also took major steps in getting
ready for 5G, with its 100% indigenous
technology. Jio successfully carried
out 5G testing across sites and has
completed 5G coverage planning
across 1,000 Indian cities. Jio has
also developed several use cases for
5G in industries like healthcare and
industrial automation.
Jio entered into a strategic
partnership with Google for its Cloud
Solutions to power the 5G experience
of Indian enterprises as well as
consumers. Jio also joined hands
with University of Oulu in Finland – the
leader of the world’s first major 6G
research programme – to accelerate
research and standardisation in
6G – the futuristic next generation of
telecom technology after 5G.
PG 98
The rapid growth in vaccinations and
reopening of economies helped a
strong economic recovery globally
in FY 2021-22. As a result, the global
demand for oil and transport fuels
grew rapidly and recovered by 6.8
mb/d to 98.5 mb/d in FY 2021-22, up
7.4% Y-o-Y. The rapid growth in fuel
demand supported the refining
margins. Reliance maintained high
level of capacity utilisation across
sites throughout the year.
The demand growth in downstream
chemicals, polymers and polyesters
was comparatively subdued, due
to the volatility in feedstock prices.
There was also a constraint on
global logistics and higher ocean
freights that weighed on the
business environment.
The availability of domestic gas as
well as internal fuels meant that we
could eliminate our dependence
on high-cost LNG.
All the while, we continued to
innovate and improve operationally.
We commissioned and stabilised
the Petroleum Naphtha quality
upgrade, capturing higher
premium. Likewise, Reliance won
the ‘Innovator of the Year’ award for
our proprietary catalyst RELCAT A for
manufacturing LLDPE.
11
Integrated Annual Report 2021-22Reliance Industries Limited Chairman and Managing Director’s Statement
Corporate
Overview
Management
Review
Governance
Financial
Statements
In its true ethos of Care and Empathy,
Reliance has charted its next journey
of transformation to help the world
cope with the climate change
crisis. Over the next 12 months our
investments across the Green Energy
value chain will gradually start going
live, scaling up over the next couple
of years. This new growth engine
holds great promise to outshine
all our existing growth engines in
just 5-7 years.
At the same time, Reliance continues
to expand its existing businesses
to newer frontiers of technology,
innovation, scale and execution.
Jio has already created the most
reliable connectivity infrastructure
throughout India, and is ready with an
array of value-added digital services
and products. Today Reliance Retail
has the deepest grassroots level
pan-India supply chain capability,
the broadest supplier base, and a
network of kirana partners to provide
excellent service to end consumers.
Reliance’s O2C business is a global
leader in terms of level of integration
– a business model innovation that is
being emulated globally.
workers who risked their lives,
our teams at O2C, Jio, Retail and
Foundation, who helped not just the
Company, but also the society whom
we serve, navigate the difficult times.
All of Reliance’s capabilities are
created to serve India, to enable
Indians. I am sure India will emerge
stronger out of the current volatility,
just the way it did through the
last couple of years. India is set
to become one of the world’s top
three economies in the next couple
of decades, and all of Reliance’s
business verticals will play a
leading role in achieving that. India
and Reliance will aim to play a
leading role in the world’s transition
to Clean Energy.
The last two years were the most
difficult for everyone in living
memory. I have great admiration
and appreciation for the scientists,
doctors, nurses, and all frontline
I would also like to place on record my
sincere appreciation to the Board of
Directors for their guidance. I would
like to express my gratitude to all
our stakeholders for their continuing
faith in Reliance.
With best wishes,
Sincerely
Mukesh D. Ambani
Chairman and Managing Director
August 5, 2022
With both these fields commissioning,
KG-D6 is now producing 18 MMSCMD
of natural gas, accounting for ~20% of
India's gas production.
The business posted significantly
improved financial performance,
thanks to a recovery in domestic
pricing of natural gas.
The third phase of KG-D6 project
is progressing as per plan. The
development of MJ field is nearing
completion of drilling activity, as
well as the offshore installations. The
project is expected to commission
by end 2022 and take our total
production to 30 MMSCMD.
In line with our strategic intentions,
Reliance exited all its remaining
investments in US shale gas this year.
Corporate Social
Responsibility and
Sustainability
PG 150
Reliance has always believed in
doing well by doing good. It is our firm
belief that the long-term success of a
corporate depends on giving back to
the society it operates in and ensuring
its operations are sustainable.
During FY 2021-22, Reliance Industries
continued to remain India Inc.'s
largest spender on Corporate Social
Responsibility.
During the year, Reliance and bp’s fuel
and mobility joint venture, Reliance BP
Mobility Limited (RBML), launched its
first Jio-bp branded Mobility Station
at Navi Mumbai, Maharashtra. This
kicked off the rebranding process for
all 1,460 fuel outlets the JV operates
in India with a view to provide an
unmatched and distinctive customer
experience. These Mobility Stations
bring together a range of services for
consumers on the move – including
additivised fuels, EV charging,
refreshments & food, and plan to offer
more low carbon solutions over time.
With a vision of being the leading
EV charging infrastructure player
in India, Jio-bp constructed and
launched couple of country's largest
EV charging hubs in Delhi NCR with
BluSmart as its primary customer.
Reliance’s world-class O2C assets
and very high level of backward
integration will continue to maximise
output and returns, and continue
to transition towards a sustainable,
carbon-neutral, circular economy
business in the coming years.
Oil and Gas E&P
PG 122
FY 2021-22 was a milestone year
for our Oil & Gas business, with
two of the three phases of KG-D6
development project commissioning.
Notwithstanding the difficulties
caused by the COVID pandemic,
Reliance and bp were able to
complete the work on Satellite
Cluster and R-Cluster fields to
start production and scale up
during the year.
The breadth and depth of work
Reliance Foundation carried out in
India’s fight against COVID was simply
astonishing. It set a new benchmark in
what a corporate foundation can do
and achieve, if it is determined and
focused. Reliance Foundation created
massive COVID-care infrastructure
pan-India, treating lakhs of patients. It
supplied free-of-cost medical oxygen
to over 1 lakh critical patients a day,
provided lakhs of PPE kits free-of-
cost to frontline workers, distributed
8.5+ crore free meals through
'Anna Seva' to the needy, 40+ lakh
vaccinations provided free of cost by
Reliance to support the nation in its
vaccination mission.
All the while, Reliance Foundation’s
work in the fields of Rural
Empowerment, Sports for Youth,
Education, Disaster Management
among others continued
to progress well.
Conclusion
The COVID-19 pandemic struck at a
time when the world was entering
a great phase of transformation.
Now that the pandemic is nearly
over, geopolitical tensions in several
parts of the world have come to a
boil. All this has resulted in significant
volatility, high inflationary pressure
and uncertainty in the energy
and commodity markets. Crude
oil prices, which had dipped into
negative territory at the start of 2020,
jumped to a 14-year peak of $130 at
the start of 2022.
Reliance is built to weather such
storms. Firstly, it is well diversified
across Digital Services, Retail
and Energy & Materials business.
Secondly, over the years it has
built in unparalleled level of agility
in each of its business verticals.
Thirdly, its global scale of operations
help in overcoming many hurdles.
And lastly, the Company’s balance
sheet has expanded, but is
extremely light on debt.
12
13
Integrated Annual Report 2021-22Reliance Industries Limited Redefining
India’s
retail
landscape
We Care for an inclusive
ecosystem
Reliance Retail is committed to modernising
and expanding the Indian retail sector.
It has taken a three-pronged strategy that
we believe will generate enormous value for
all players in retail.
Partnership with Meta
to enable JioMart
transactions over WhatsApp
Making modern retail
accessible to every Indian
Reliance Retail has brought the
benefits of modern retail to households
across a large number of Tier 2 and
3 cities, bringing value and choice
to millions of discerning consumers
across small towns.
75%
new stores in Tier 2 and
below cities
Corporate
Overview
Management
Review
Governance
Financial
Statements
Exceeding customers'
expectations –
Serving them what they want
as they want
To keep up with changing consumer shopping
behaviours and needs, Reliance Retail has
significantly expanded its Digital Commerce
platform capabilities over the years by
adding new product categories, entering
new segments, building new features and
platforms that serve a diverse consumer
base with pan-India coverage. Its efforts on
the Digital Commerce platform have been
warmly accepted by consumers, resulting in a
significant increase in key metrics such as users,
orders, and repeat transactions.
2.5x
growth in daily
orders Y-o-Y
98%of India's
pincodes served
Helping merchants earn more customers
and profits
Reliance Retail’s growth over the years has triggered a large
socio-economic transformation on an extraordinary scale in
India. Yet again, through the New Commerce initiative it aims
to revitalise the spirit of entrepreneurship in India. The initiative
endeavours to transform and grow the merchant ecosystem
by modernising and equipping them with wider assortment
of products, cutting-edge tools and a reliable supply chain
infrastructure, thereby bringing them in line with the evolving
market and customer expectations.
Benefits to the kirana
Benefits to the customer
• Increased product offerings
• Enhanced customer
• Anytime ordering capability
experience
• Digital payments and
working capital solutions
• Improved earnings and
margins
• Access to a wide product
assortment
• Value and promotions
similar to modern
trade/e-commerce
• Better customer retention
through rewards and loyalty
programs
14
15
Integrated Annual Report 2021-22Reliance Industries Limited We Care for digital transformation
In the past five years, Jio has laid the foundation
for building the world’s premier digital society in
India. It has bridged the country’s digital divide,
democratised digital access and become the
communication lifeline for all Indian citizens.
Accelerating India's
digital
transformation
Corporate
Overview
Management
Review
Governance
Financial
Statements
Total ecosystem solutions to serve consumers, merchants, SMBs and enterprises
Pan-India network
Deep geo presence
Providing 4G LTE services to almost
100% of India’s population, reaching
the remotest corners of the country
Jio centres, Jio points,
Field Service Agents
Own stores, Channel partners
Entertainment
Payments &
Finance
Commerce
Education
Physical-
Digital Distribution
Platform
Industrial IoT
Smart cities
Gaming
Jio Milestones
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
Compute
Tech platforms
Connected devices
Apps and content
Cloud, Edge
Super compute
IoT, Blockchain, Big data,
AI/ML/AR/VR, Robotics
Drones
Hardware
Operating system
Developer ecosystem
Mobile apps, PC/STB/VR
Curated content
User generated content
Jio partnered with Reliance Retail
to launch JioPhone which has helped
transition > 100 million 2G users
to 4G
Crossed the 300 million subscriber
mark and became the #1 mobile
operator in terms of
Adjusted Gross Revenue
Consolidated its tech
capabilities, investments and
connectivity business into a
single-holding company
called Jio Platforms Limited
Strategic partnerships with Facebook
(now Meta) and Google; completed
fund raising of
across 13 investors
1,52,056 crore
K
Designed and developed a
completely indigenous end-
to-end 5G solution
JioPhone Next launched
with Pragati OS
JioFiber became the #1 FTTH
provider in India with over
5 million connected homes
Seeded and propagated
the digital ecosystem
with next generation
technology platforms
Future ready network to
lead India’s march towards
5G and fixed mobile
convergence
16
Reliance Industries Limited Reimagining
modern
mobility
for India
We Care for sustainable
value creation
Our joint venture Reliance BP Mobility Limited
(Operating under the brand Jio-bp) is designed
to be a partnership that combines international
expertise and local strengths to fulfil India’s fast-
growing demands for energy and mobility. Together,
we aspire to build on our existing fuel offerings while
introducing advanced mobility solutions and a
range of convenience services for Indian consumers.
Jio-bp aims to expand
from its current fuel
retailing network of over
1,460 retail sites to up to
5,500.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Operating strategy
Bring best-in-class
global fueling experience
for Indian consumers
through technology-
enabled unique Customer
Value Propositions
Take on a leadership
role in EV infrastructure
by proactively offering
new technologies and
operating models
Deploy next-generation
technologies
for automation-led
operational and process
efficiency
Ubiquitous EV infrastructure
to power Net Carbon Zero
Towards realising a more environment-friendly
portfolio, Jio-bp is working on the twin targets of
becoming a leading EV charging infrastructure
provider and building a CNG network in the
country. Having built the first on-the-go charging
station, first cluster charging station, first fleet
charging hub, first charging app, Jio-bp now has
over 300 charging points across the country.
We have also announced partnerships with
some of the key players such as OEMs and last
mile delivery players to collaborate on increasing
EV penetration and make EV charging and
swapping convenient for customers.
We’ve partnered with several CGD companies
during the year for establishing CNG facilities for
our customers at Jio-bp Mobility stations.
Mobility stations for
world-class experience
Operating under the brand Jio-bp, RBML
launched its first Jio-bp branded Mobility
Station at Navde, Navi Mumbai, Maharashtra.
Jio-bp Mobility Stations bring together a range
of services, including:
• Multiple fuelling choices while providing a
world-class retailing experience
• Additivised fuel across the network at no
extra cost, a first in India
• EV charging infrastructure across India
• An international on-the-move brand,
Wild Bean Café
• Free, quick and reliable oil change service for
2-wheelers at Castrol Express Oil Change
• Both the new outlets and the existing network
of over 1,460 fuel pumps will be rebranded as
Jio-bp over the next few years
18
19
Integrated Annual Report 2021-22Reliance Industries Limited Shaping our
shared
future
We Care for a greener planet
We have committed to a Net Carbon Zero
emission goal by 2035 and our
New Energy proposition is key to achieving
this. We are actively investing and
partnering to take this forward, and building
a scalable and enabling energy ecosystem.
VISION & MISSION
To build one of the world's
leading New Energy
and New Materials business
with the aim of bridging
the green energy divide in
India and globally
Operating framework
Hyper-
Integration
Robust
business
model
Scale
Integrating scientific knowledge
with continuous technological
innovation to build and operate
truly integrated systems that deliver
hyper-performance.
Building a model that rides the
upward curve in the demand for
green, clean and renewable energy
in India and globally; benefits from
technology superiority and downward
curve in the cost of production.
Improving the efficiency,
performance and life-cycle of our
assets and operations to optimise
total system and economics.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Building core competencies and
sustainable advantage
Full integration across the
New Energy value chain
Optimum large-scale facilities that maximise
benefits supported by Artificial Intelligence /
Machine Learning and Robotics
Collective knowledge gained from various
strategic partnerships across different verticals
will help deliver the best product to the customer
Leveraging internal project execution skills and
strategic partnerships to set up New Energy
projects at record pace
Modular approach to dovetail and integrate new
technologies
Significant captive demand for Green Energy
internally within the Reliance Group
Integrated PV manufacturing from sand
to PV modules including ecosystem of
ancillary units
Battery chemicals and components,
cells and pack manufacturing and Energy
Storage system
Electrolyzer and Fuel Cell
Manufacturing
Power generation
for round-the-clock power
Full integration across the
New Energy value-chain
(Photon → Electrons → Molecules)
Power generation for production
of green hydrogen
Conversion of hydrogen
to chemicals
Power electronics systems required
to support renewable energy such as
inverters, chargers, DC-DC converters
Renewable energy
for mobility
• Developing an ecosystem for
assisting Small and Medium
Enterprises (SMEs) and
entrepreneurs to embrace new
technologies and innovations
leading to captive use of
Renewable Energy and Green
Hydrogen
• MoU signed with the Government
of Gujarat for a total investment
of `5.95 lakh crore as part of
Investment Promotion Activity
for Vibrant Gujarat Summit 2022.
These projects have potential
to create 10 lakh direct / indirect
employment opportunities in the
state
• Completed acquisitions and
investments of over `5,500 crore to
build capabilities in New Energy
• One of the companies shortlisted
under GOI's PLI schemes for
integrated PV module and ACC
Battery manufacturing
Highlights FY 2021-22
• Established the Reliance New
Energy Council ('NEC') with some of
the finest minds globally helping
us validate our strategies and
embrace disruptive pathways to
achieve our goals
• Commenced development of the
Dhirubhai Ambani Green Energy
Giga Complex ('DAGEGC') on 5,000
acres in Jamnagar which will be
among the largest integrated
renewable energy manufacturing
facilities in the world
5,000 acres
DAGEGC development commenced
`5.95 lakh crore
investment committed in Gujarat
20
21
Integrated Annual Report 2021-22Reliance Industries Limited Shaping our shared future
Corporate
Overview
Management
Review
Governance
Financial
Statements
Industry Overview
Indian renewable energy sector is the fourth most attractive renewable energy market in the world.
India was ranked fourth in wind power, fifth in solar power and fourth in renewable power installed
capacity, as of 2020. (According to Renewable Energy Country Attractiveness index by EY.)
Demand Projection - Global
Global energy demand is likely
to increase from ~1,71,000 TWh to
~1,74,000 TWh in 2040.
• Renewables are likely to replace
coal (electricity) and crude oil
(transportation fuels)
for de-carbonisation
Crude oil demand likely to decrease
by 37% from 95 mmbpd (~56,700
TWh) to 60 mmbpd (~36,000 TWh).
• As part of this, transportation
fuels demand will be met by BEVs
(electricity from renewables)
and part by FCEVs (Hydrogen
generated from renewables),
impacting demand for crude oil
This is likely to result in increase in
the total electricity from renewable
sources.
• Renewables are likely to replace
~33,000 TWh of coal and ~20,700
TWh of crude oil demand and also
fulfil incremental energy demand
• Share of renewables in energy
basket is likely to increase 3.7x
from ~19,200 TWh (~11%) to ~71,200
TWh (~41%)
This transition will require multi-fold increase in
installed capacity of renewable energy from the current 2,800 GW
Demand Projection - India
India’s per capita energy demand
is about one-third that of the global
average
As quality of life improves, India’s
energy demand is likely to increase
from ~12,400 TWh to ~18,000 TWh by
2040
• Coal demand is likely to decrease
significantly by 54% from ~7,000
TWh to ~3,200 TWh.
• Crude oil demand is likely to
decrease by 11% from 6.2 mmbpd
(~3,650 TWh) to 5.5 mmbpd
(~3,250 TWh)
Renewables and natural gas are
likely to replace coal and crude oil
and supply incremental energy
demand
• Share of natural gas, in energy
basket, is likely to increase from
~750 TWh (~6%) to ~3,000 TWh (~16%)
• While share of renewables, is likely
to increase nearly 9x from ~900
TWh (~7%) to ~7,900 TWh (~44%)
Source: IBEF.org, bp Energy Outlook 2020
Key acquisitions and investments*
New Energy Council
The Reliance New Energy Council will
help us validate our strategies and
embrace disruptive pathways to
achieve our goals. NEC members are
experts at the top of their fields who
will guide on technical strategy, help
identify opportunities, and advice on
partnerships worldwide.
They are global advocates and
thought leaders of the New
Energy business.
NEC Charter
• Accelerate the market-led transition of
Reliance to clean energy, with the aim
of becoming Net Carbon Zero by 2035
• Reinvent Reliance to become a
New Energy major with a focused
technology roadmap of 5 to 15 years
– including an optimal mix of clean,
affordable energy
• Formulate strategies for business
configuration, operations, models,
manufacturing, project development
within an ever-evolving Indian and
global policy landscape
With such luminaries, Reliance hopes
to transform the world and make it an
even better place.
Profiles of council members
Dr. Raghunath Mashelkar
Mr. Henrik Stiesdal:
(Chairman, NEC):
A pioneer of the ‘Inclusive
Innovation’ movement,
he is an eminent
scientist, National
Research Professor, and
Independent Director at RIL
Dr. Alan Finkel: The former
Chief Scientist of Australia,
he led the development
of Australia’s National
Hydrogen Strategy and
now serves as Special
Adviser to the Australian
Government on Low
Emission Technologies.
Dr. David Milstein:
A winner of Israel’s highest
honour, the Israel Prize,
he has done breakthrough
research in water splitting
for hydrogen, innovative
energy storage systems
and carbon dioxide
capture and utilisation.
Dr. Geoffrey Maitland:
A Professor of Energy
Engineering at Imperial
College, London, he is a
global authority on carbon
capture and storage
technologies.
A pioneer of the modern
wind industry, he has
made more than 175
inventions and received
more than 650 patents
related to wind power
technology.
Dr. Martin Green:
Referred to as the
‘father of photovoltaics’,
he revolutionised the
efficiency and costs of
solar photovoltaics and
invented PERC solar cells.
Dr. Rachid Yazami:
A winner of the Draper
Prize, the equivalent of a
Nobel Prize for engineers,
he invented the lithium
graphite anode used
in commercial Li-ion
batteries.
Dr. Robert Armstrong:
The Director of MIT’s
prestigious Energy
Initiative, his research links
science, innovation, and
policy to create pathways
to a low carbon energy
future.
Acquired a 40% stake in
Sterling & Wilson Renewable
Energy
Acquired Faradion Limited
for an Enterprise Value of
US$ 100 million
Acquired REC Solar Holdings
AS (REC Group) for an
Enterprise Value of US$ 771
million
REC Group is one of the
world’s leading solar cells and
solar panels and polysilicon
manufacturing companies.
Sterling & Wilson Renewable
Energy is one of the largest EPC
and O&M providers globally,
providing turnkey solutions in the
New Energy value chain.
The acquisition will help Reliance
in its vision to become a
global scale PV manufacturing
player with industry-leading
heterojunction (HJT) cell
technology.
This move will provide further
thrust to achieving Reliance’s
commitment to enable up to
100 GWp of solar energy in India
by 2030 and becoming a global
player in the renewable industry.
Faradion is one of the
leading global battery
technology companies and
has competitively superior,
strategic, far-reaching and
extensive IP portfolios covering
several aspects of sodium-ion
technology.
Reliance will use Faradion’s
state-of-the-art technology
at its proposed fully integrated
energy storage giga-factory as
part of the DAGEGC project at
Jamnagar, India.
* Reliance has also made other minor strategic investments in New Energy
22
Invested US$ 50 million
Ambri Inc is developing long
storage battery based upon
antimony calcium technology.
The investment will help Reliance
commercialise and grow its
long-duration energy storage
systems business globally.
Along with strategic investors
Paulson & Co. Inc. and Bill Gates
and a few other investors,
RNEL is investing a total of
US$ 144 million.
Invested US$ 29 million in
Germany’s NexWafe
Partnered with NexWafe for joint
technology development and
commercialisation of high-
efficiency monocrystalline “green
solar wafers”.
Reliance now has access to
NexWafe’s proprietary technology,
which is expected to drastically
lower costs and make solar
photovoltaics the lowest-cost form
of renewable energy available. This
will help Reliance build large-scale
wafer manufacturing facilities in
India.
Collaboration with
Denmark’s Stiesdal A/S on
technology development
and manufacturing of
Hydrogen Electrolyzers in
India
This technology can produce
hydrogen at a significantly lower
cost compared to current levels.
This will pave the way for
rapid decarbonisation and
commercialisation of affordable
Green Hydrogen – a key enabler
in achieving India’s green energy
transition. RNEL and Stiesdal will
also collaborate to develop and
implement other path-breaking
climate change technologies.
Invested US$ 61 million to
acquire assets of Lithium
Werks
An integrated portfolio of high-
performance LFP solutions with
a unique history of 30+ years
of battery experience and
innovation.
This will further strengthen
Reliance’s cell chemistry
technology leadership and
accelerate setting up of multi
gigawatt hour scale battery
manufacturing in India.
23
Integrated Annual Report 2021-22Reliance Industries Limited
Keeping
care
at the core
COVID-19 response
Our ’We Care’ philosophy was best
manifested in the way we stood by the
nation during the testing times of the
COVID-19 pandemic. Across India, our
multi-pronged initiatives for communities,
patients and employees reflected the way
Reliance cares for people and communities.
For employees
100% medical expenses paid
Salary for the next 5 years to
the families of any deceased
full time employee + education
expense of children + medical
coverage for life
60%
extended eligible
Reliance Family members
vaccinated
~100%
eligible employees
vaccinated with
first dose and 96% with
second dose
`10 lakh
provided to the families
of deceased off-roll
employees
ZEROImpact on jobs, salaries
and bonuses due to
COVID-19
24
Corporate
Overview
Management
Review
Governance
Financial
Statements
For communities
Free-of-cost vaccinations, food missions, medical care and support
Mission Oxygen
Mission COVID infra
1,000+ MT
of high-purity medical grade liquid
oxygen produced per day at the
Jamnagar Refinery,
meeting requirements of
1,00,000 patients per day
Fuel for emergency
vehicles
Mission Anna Seva
8.5+ crore free meals provided
to marginalised communities,
daily-wage earners, and
frontline workers.
All the COVID-19 patients in NSCI and Seven
Hills Hospital are treated absolutely free.
2,000+
beds for COVID-19 care
created by Reliance Foundation
Mission Vaccine
Suraksha
40+ lakh free COVID-19
vaccinations provided to
employees, extended families
and general communities
2,700+ kL
fuel supplied free of cost to COVID-19
emergency service vehicles by Jio-bp
44 lakh individuals supported
with COVID-19 advisories,
and queries on government
schemes and social benefits
1.4+ crore masks distributed
among the community
9,50,000+ sanitisers, 2,00,000+
gloves and 5,00,000+ ORS
packets distributed
All figures are since COVID-19
25
Integrated Annual Report 2021-22Reliance Industries Limited Board of Directors
Our Leadership
Corporate
Overview
Management
Review
Governance
Financial
Statements
Shri Mukesh D. Ambani
Chairman and Managing Director
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
Smt. Nita M. Ambani
Non-Executive Director
A businesswoman, educationist and
philanthropist; Founder and Chairperson
of Reliance Foundation which through
focused interventions has impacted the
lives of over 5.75 crore people across
India
Smt. Arundhati Bhattacharya
Independent Director
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
Shri K. V. Chowdary
Independent Director
Former Central Vigilance Commissioner,
Former Chairman CBDT and Former
Advisor to the Department of Revenue
C
M M
C
M M M M
His Excellency Yasir Othman
H. Al Rumayyan
Independent Director
Chairman of Saudi Aramco. A Harvard
Business School alumnus, with an
experience encompassing over 25
years working in some of Saudi Arabia’s
prominent financial institutions.
He is also on the Board of leading
global corporations
Dr. Raghunath A. Mashelkar
Independent Director
(ceased to be a Director of the
Company upon completion of his term on
July 20, 2022)
An eminent Indian scientist and National
Research Professor; awarded Padmashri,
Padmabhushan & Padmavibhushan for
his pioneering contribution to science &
technology
Shri Raminder Singh Gujral
Independent Director
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
Prof. Dipak C. Jain
Independent Director
(ceased to be a Director of the
Company upon completion of his term
on July 20, 2022)
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
Shri Adil Zainulbhai
Independent Director
Former Chairman of McKinsey &
Company, India; Chairman of the
Capability Building Commission of India
and Chairman of Quality Council of
India; serves on the Boards of various
Reliance companies, Larsen & Toubro
and Cipla
C C
M
Dr. Shumeet Banerji
Independent Director
Former CEO of Booz & Company;
currently leads an advisory and
investment firm specialising in
developing early stage companies
Shri Nikhil R. Meswani
Executive Director
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
Shri Hital R. Meswani
Executive Director
Leads several functions from refining to
human resources; involved in all mega
initiatives of Reliance including the Hazira
petrochemicals complex and Jamnagar
refinery complex
M M M
C
M M M
Shri P. M. S. Prasad
Executive Director
A career spanning almost four
decades with Reliance across fibres,
petrochemicals, refining, marketing and
exploration & production businesses
Shri Pawan Kumar Kapil
Executive Director
Led the commissioning and start-up of
the Jamnagar complex; spearheaded
various large scale projects in a career
spanning over five decades in petroleum
refining
M M
M
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
Board Governance Structure
5 Executive Directors
7 Non-Executive Directors
Tenure
Years
0-5
5-10
10+
3 Directors
4 Directors
5 Directors
MC
C M M
A brief resume of the Directors, nature of their expertise in specific functional areas etc. are available at
https://www.ril.com/ourcompany/leadership/boardofdirectors.aspx
C Chairman M Member
26
27
Integrated Annual Report 2021-22Reliance Industries Limited
Value-creation Model
Corporate
Overview
Management
Review
Governance
Financial
Statements
Driving Superior Outcomes
Our motto
Growth is Life
Mission
Be the most admired, innovative and value generating
organisation for all our stakeholders
External environment
Business Divisions
Outputs
Outcome & SDG
Alignment
• Net profit (incl. exceptional income)
• Robust and resilient financial
at `67,845 crore, up 26.2% Y-o-Y
• ARPU at `167.6
• EBITDA of `1,25,687 crore, up 28.8% Y-o-Y
performance despite
unprecedented operational
environment
Inputs
Financial Capital
• Invested `45,880 crore to acquire additional
spectrum and expand network infrastructure
• Jumbo Bond issuance (January 2022) of
US$ 4 billion to refinance existing borrowings,
extend debt maturity profile
Natural Capital
• Establish and enable 100 GW solar energy
by 2030
• `75,000 crore Investments in New Energy over
3 years
• Investments on carbon capture technologies
to use CO2 as a resource
Human Capital
• 2,32,822 new recruits onboarded
• 18.4% women employees
• 2.2+ crore training hours completed
• Increased HSE expenditure to
`798 crore
Manufactured Capital
• 1,732 MHz - Jio’s spectrum footprint
• Satellite Cluster field commissioned in
April 2021
• 1.4 MMBPD Crude Refining Capacity
• Investment in 4 Giga Factories to offer
integrated, end-to-end RE ecosystem
Intellectual Capital
• Invested `2,608 crore on R&D expenditure
• 1,000+ team of Researchers & Scientists
• 2,775 new ideas submitted under Mission
Kurukshetra
• 152 Patent applications filed
Embedding
Good Governance
Governance approach
promotes strategic decision
making that combines
short-term and long-term
outcomes to reconcile the
interests of the Group and
society in pursuit
of sustainable value
Managing Risk
& Opportunities
Risk appetite is aligned
to change the operating
environment integrating
a risk aware culture that
proactively enhances the risk
management capabilities
PG 155
PG 132
Measuring
Our Performance
The progress in executing the
strategic pillars is tracked
according to the outcomes
and metrics associated with
value drivers
Inventing
Future Outlook
A strive for wide spectrum is
missioned to win customers
for life by offering an
exceptional experience
PG 168-215
PG 14-23
Value-creation approach
Digital
technology platforms
Unmatched connectivity
platforms to create
disruptive solutions - a
game changer for India
during the pandemic
Decarbonisation
3 pillars of Net Carbon
Zero Strategy:
• Making CO2 a recyclable
resource
• Replace transportation
fuel
• Lead the clean energy
transition
PG 30
Social and Relationship Capital
PG 72
• Launched 5 pronged approach to tackle
New Commerce
New Energy business
COVID-19
• 40+ lakh free COVID-19 vaccinations provided
to employees, extended families and general
communities
• With 410.2 million subscribers, Jio’s services
span geographies, economic and
social classes
Connecting producers,
kiranas and consumers to
transform retail landscape
in India through a
win-win partnership
model benefiting all the
stakeholders in the value
chain
Pivoting to low carbon
growth with the
3S Strategy
• Scale
• Speed
• Sustainability
PG 54
PG 20
Retail
Digital Services
Media
and Entertainment
Oil to Chemicals
Oil and Gas E&P
Our values
• Oncourse to transforming our business
to Net Carbon Zero operations
• ‘A-’ CDP Rating for RJIL
• 2.11 million GJ energy savings due to
energy conservation initiatives
• Leveraging hyper-integration, robust
business model and scale to make
New Energy a truly global business
• Transform to sustainable, circular
and Net Carbon Zero material
business
• One of the largest employers, with
employee strength of 3,42,982
• 55.2% workforce under 30
• Featured in LinkedIn’s Top 25
workplaces in India
• Inspired by ‘We Care’ philosophy,
continued to Improve employee
well-being and ensure access to
healthcare for all
• Partnered with 1,460 Jio-bp fuel
pumps to boost low carbon growth
• Jio’s digital ecosystem driving ~8.0
Exabytes of monthly data traffic
• State-of-the-art supply chain
network for Reliance Retail
• Leading India’s digital
transformation through 100%
homegrown cloud native solution
• 123 Patents granted
• Set-up largest production facilities in
India to produce and deliver medical
oxygen from a single location in
record time
• Strategic collaborations across
the globe
• Reliance Foundation has touched lives of
over 5.75 crore people in 50,600+ villages
and urban locations across India
• Mobilised communities to
strengthen India’s fight against
COVID-19
• JioGenNext has supported 170 startups
collectively raising over `2,600 crore in
early-stage venture capital since 2014
• ‘HerCircle’ has become India’s fastest
growing digital platform for women with
an overall reach of 50 million
28
29
Integrated Annual Report 2021-22Reliance Industries Limited
Strategy
Corporate
Overview
Management
Review
Governance
Financial
Statements
Energising the Way India Connects,
Consumes and Grows
At Reliance, our growth roadmap is built around our three hyper-growth
engines. These characterise our long-term strategy and fuel our next
wave of exponential growth.
Strategic focus area
Decarbonisation, transition from B2B to B2B2C
and fuel to chemicals integration through
Reliance O2C, New Energy and New Materials
Strategic focus area
Strategic focus area
New Commerce connecting
producers, kiranas
and consumers through
Reliance Retail
Digital technologies and platforms
through Jio Platforms
Strategic objective
Build Reliance as one of the world’s leading
O2C, New Energy and New Materials Company
with a sustainable and circular business model
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.
30
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.
Strategic objective
Strategic objective
Transform retail landscape in India through
a win-win partnership model with producers,
brand companies and merchant partners.
Leverage technology to create market leading
disruptive solutions that manifest as products
to add value to our customers, across and
beyond India.
Enablers and way forward
Enablers and way forward
Sourcing Ecosystem
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.
Expanding selling ecosystem
Selling ecosystem comprises of a vast network of
merchants to serve customers across the length and
breadth of the country.
Connectivity
Largest all-IP mobility network to ensure connectivity
across the country and enabling a digital revolution.
Technology platforms & ecosystem solutions
Continuous platform building based on cutting-edge,
disruptive technologies such as AI, blockchain, cloud
computing and IoT. Also, developing expertise in big
data analytics, learning algorithms, AR/VR, AI-based
education solutions, chatbots, speech and language
processing, among others.
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.
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.
31
Integrated Annual Report 2021-22Reliance Industries Limited ESG
Corporate
Overview
Management
Review
Governance
Financial
Statements
Revolutionising
with
responsibility
Reliance has ingrained the principles of Environmental,
Social and Governance into its way of doing of business,
to create consistent and long-term value for its stakeholders.
Social
Very rarely in history has an organisation
transformed the way a society operates or
connects. By connecting millions of Indians
through affordable digital services, RIL has
brought about a revolution like no other.
Similarly, by innovating the New Commerce
channel, which helps onboard lakhs of small
mom and pop stores to a platform and
connect with a huge consumer base, RIL has
triggered unprecedented changes on the
ground. Social impact is thus ingrained in
RIL’s very ethos. Combined with the efforts of
Reliance Foundation, India’s largest corporate
philanthropy, RIL is today operating an inclusion-
focused, India-centric enterprise.
Environment
Acknowledging the real threat of climate change,
Reliance has set itself the ambitious goal of achieving
Net Carbon Zero status by 2035, and embarked on a 15-
year plan to build itself up as one of the world's leading
new energy and new materials companies. Reliance has
committed to invest `75,000 crore towards building New
energy capabilities over 3 years.
Reliance's three-pronged approach
Making CO2
a recyclable
resource
Replacing
transportation fuel
with electricity
and hydrogen
Transitioning
to clean energy
usage
Technology deployment
for a greener tomorrow
• Next-gen technology for
Carbon Capture Utilisation
and Sequestration
• Evaluating novel catalytic
and electrochemical
transformations to use CO2 as
a valuable feedstock
• Algae to Oil, is a technology
that utilises sunlight, waste
CO2 and sea water, to
produce valuable products
• Acquisitions and
collaborations across the
world for green
hydrogen, solar cell
manufacturing, technology
access and new mobility
Read in detail RIL’s strategy for decarbonisation
and mainstreaming clean energy
PG 30
Read how Reliance's
New Commerce
is mainstreaming
inclusive retail
Read how Reliance
Foundation is
touching millions of
lives
See how RIL stood
with the nation and
all its stakeholders
during the COVID-19
pandemic
PG 68
PG 34
PG 152
See how Jio has revolutionised
connectivity in India
https://www.youtube.com/
watch?v=ESwI5SUi73I
Governance
Robust corporate governance policies,
informed risk management and a keen eye
on emerging opportunities underline our
Governance approach.
Robust Code of
Conduct
Continued focus
on stakeholder
value-creation
A diverse and
illustrious Board with
significant expertise
and experience
PG 221
PG 4
PG 26
ESG integrated into
Board responsibility
PG 155
Best-in-class disclosure
practices such as GRI, TCFD and
, and alignment to UN SDGs
and national priorities
32
33
Integrated Annual Report 2021-22Reliance Industries Limited
Reliance Foundation
Reliance Foundation
Corporate
Overview
Management
Review
Governance
Financial
Statements
Empowering
India,
enriching lives
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.
5.75+ crore
lives touched since inception
34
Rural Transformation
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.
50,600+
villages empowered
Disaster Response
We provide quick response to mitigate
the effect of natural disasters. This
includes early warnings, mobilisation
and distribution of relief materials,
supporting local government to help
communities affected by disasters,
including post-disaster relief.
11.4+ lakh
people benefited
Education
We aim to provide opportunities
for the young to develop
themselves into future citizens who
contribute to society.
3.9+ lakh
children and teachers impacted
through various education initiatives
Health
Reliance has responded in a
multi-pronged way, leveraging
infrastructure and resources to meet
the challenges posed by the COVID-19
pandemic in addition to regular
health initiatives.
73.6 lakh
health consultations provided
Arts,
Culture and
Heritage
We support and promote India's
art, culture and heritage. We
also help in the revival and
upkeep of public spaces.
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.
2.15 crore
youth and children reached
Read more about the initiatives
of Reliance Foundation in our
CSR report
All figures since inception
35
Integrated Annual Report 2021-22Reliance Industries Limited We Nurture Startup Ecosystem
Corporate
Overview
Management
Review
Governance
Financial
Statements
Promoting Young India's
Entrepreneurial Zeal
JioGenNext was founded on our Chairman
Shri Mukesh D. Ambani's vision of nurturing startups as
he recognised early on that startups are a powerhouse
of talent, technology and innovative solutions that
are needed to resolve some of the country's most
longstanding problems.
Since its inception in 2014, JioGenNext has been
instrumental in catalysing the Indian entrepreneurial
ecosystem and has assisted numerous startups to
achieve scale by launching them in the Reliance
ecosystem.
Illustrious mentorship
To guide and support the startups
in various facets, JioGenNext has
built a rich mentor pool. It includes
RIL leaders such as Shri. B. Srinivasan
(President & Chief of Staff, RIL),
Shri. Rohit Bansal (Group Head of
Communications, RIL) and Dr. Shailesh
Kumar (Chief Data Scientist, Jio). Other
mentors include startup founders
of RIL investee companies such as
Shri. Aakrit Vaish (Haptik), Shri. Arvind
Pani (Reverie), Shri. Harsh Shah (Fynd)
and Shri. Jasminder Singh Gulati
(NowFloats), and other established
entrepreneurs and subject
matter experts.
Market Access Program
launched to help
early-stage startups
achieve scale
In FY 2021-22, JioGenNext launched its
Market Access Program (MAP ‘21) with
11 high potential startups.
MAP focuses on providing
advice and opportunities to
startups on two tracks:
RIL / Jio access
To build bridges for founders in the
RIL / Jio ecosystem; establish and
accelerate interactions for startups
with internal stakeholders to explore
partnerships and opportunities
that can help them scale fast.
It is a unique 'customers-as-
mentors' approach.
Business mentorship
To advise startups on product
innovation, go-to-market strategy,
hiring, marketing, fundraising
and product-market fit, which
decides a startup’s overall progress
as a business. The program is
customised and outcome oriented
for each startup.
MAP now works on an annual cohort,
where the program brings in startups
on a rolling basis throughout the year.
With MAP, JioGenNext aims to further
strengthen its value-add to startups
and build win-win partnerships in the
startup ecosystem.
Key highlights
Conducted 16 cohorts
across 7 years
12,153+ applications
received from startups and
aspiring entrepreneurs
Startup alumni raised over
K
2,600 crore in early-stage
venture capital
170 startups mentored
79 startups raise funds
21 startups have been
acquired by the industry
90+ mentors
30+ corporate partners
36
JioGenNext MAP ’21 cohort
A healthtech startup that is enabling
a prediagnostic, non-invasive method
for early detection of Type 2 diabetes,
hypertension and dyslipidemia.
An agritech startup that is using
geospatial technology to help
farmers cut down on investment
in farm inputs, and enable them to
increase the yield.
https://www.aarcaresearch.com/
https://farmonaut.com/
A healthcare SaaS that offers easy-
to-understand medical reports with
simple explanations, graphs and tips
to pathology labs (B2B) across the
world to build data-centric, patient-
friendly organisations.
https://www.niroggyan.com/
An AI fashion-tech company
specialising in mobile body scanning,
digital avatars, virtual apparel
try-ons and digital showrooms to
help fashion retail organisations
reduce returns, increase sales and
improve profitability.
A healthtech startup that aims to
democratise augmented reality
with a proprietary AR engine and
no-code platforms. It specialises in
providing 3D visualisation of medical
file formats such as DICOM, NIFTI, etc.
for doctors to refer for surgeries and
patients to maintain health records.
A startup that has developed
patented, easy-to-use diagnostic test
kits for home users and point of care,
with its initial offerings being a TSH
measurement test and saliva-based
COVID-19 screening test.
https://www.vidcare.in/
https://www.bigthinx.com/
https://www.iboson.io/
An AI-based mouth cancer detection
smartphone app.
A startup that is developing
healthcare technology to improve
maternal and child healthcare.
https://www.atom360.io/
https://janitri.in/
A startup that enables D2C
brand experiences through
live social commerce and
enterprise metaverses.
http://www.wakaw.live/
A digital platform for easy access to
financial services for farmers and
agribusinesses.
A voice SDK/API for user
interface navigation and
completing transactions.
https://www.farminfinity.com/
https://www.navana.ai/
JioGenNext recognised
by Startup Reseau at the
NEXTT Summit 2021 as one
of the top five innovation
and corporate venture
capital programs in India.
JioGenNext Awards on PG 149
37
Integrated Annual Report 2021-22Reliance Industries Limited We Nurture Startup Ecosystem
Corporate
Overview
Management
Review
Governance
Financial
Statements
Accessing Global Innovation
RIL is the 1st Indian company to be a partner in an Israel Innovation Authority
(IIA) sponsored incubator jointly with OurCrowd, Yissum (Hebrew University)
and Ben-Gurion University. Since 2017, Labs/02 is highly successful in investing
in promising Israeli deep-tech startups bringing disruptive innovation to
solve societal problems. This enables deeper exposure and faster access to
global innovation while supporting strong founders turn early stage ideas
into market leaders
AI | Software | Drones
Computer vision based system
provides cattle ranchers a drone
based solution capable of monitoring
their infrastructure, locating their
herd, and autonomous herding of
the cattle. This will help farmers cut
their high operational costs and
enable them to adopt new methods
like rotational grazing that increase
their yield per acre, enable carbon
positive farming, and ethical rearing
through free grazing.
Software | Cybersecurity |
Automotive
A trusted end-to-end automotive
cybersecurity solutions provider.
Its embedded cybersecurity
solutions and lifecycle management
platform, AutoSec , empower the
automotive industry with visibility and
control over the bespoke solutions
needed to protect tomorrow’s
connected vehicles.
AI | Software | RetailTech
AI search engine (SaaS platform)
that understands natural language,
retrieves answers and creates
AI-powered product assistants. Helps
explain consumer products better
with a smart video that can speak
with customers and reduce product
returns through better guidance.
Delivers better user experience with
deeper customer connect.
38
CorrActions
Neuroscience | Software |
Automotive
A patented non-invasive, software,
Brain Computer Interface (BCI)
platform based on unique
neuroscience algorithms that detect
and decode human brain signals
in real-time, using sensors already
embedded in digital devices through
motion monitoring. Helps address
human performance challenges in
mega markets utilising its Cognitive
Operational State Monitoring
Solution, human errors alert and
prevention capabilities.
AgTech | IoT
Develops a near real-time nitrate
soil data system with a revolutionary
electro optical sensor and algorithm
technology . DOTS solution will
optimise fertilisation (and irrigation)
and reduce environmental pollution.
AI | Software | Healthcare
Helps radiology providers drive
revenue and streamline operations
through smarter imaging services.
By focusing on the digital footprint,
it delivers a point of care solution
that combines knowhow and AI to
deliver visibility, revenue consolidation
and better decision making. Thus,
empowering users to take better
charge of integrated diagnostics,
generate more revenue and faster care
at lower costs. Starting with CTs, it will
extend the technology to cover other
radiologic modalities like MRI, X ray
and ultrasound.
IoT | Virtual Reality
Developing ground breaking core
technologies for extended reality (XR)
headsets. Next generation virtual reality
(VR) headsets with its technology will
be both immersive and ergonomic.
Patent pending optics enables best-in-
class 270º Field of View in a compact
headset without compromising image
fidelity and user’s convenience. Its
lenses can be easily integrated into
next generation VR / XR headsets.
AI | Software | Mobility
Provides airlines, airports and
ground handling teams full visibility
into aircraft’s turnaround services
at airport’s gates. It utilises a
deep-learning video classification
algorithm that identifies, in real-
time, the start and completion of
each turnaround service using
existing infrastructure. Real-time
alerts coupled with comprehensive
reporting allows for the identification
of performance bottlenecks to yield
significant operational improvements.
AI | IoT | Software | Cybersecurity
An AI/ML based cyber security
platform that takes digital
transformation to the next level, by
monitoring the sensor integrity and
providing sensor threat detection
At-The-Source. Protects IoT devices
against cyberattack, tampering, and
data manipulation, and utilises its
patented technology for behavioral
biometrics identity.
1,500+
Startups Vetted
15
Portfolio Startups
$12+ million
IIA Grants Approved
Rigorous screening and
engagement process
driving success
Deal flow
via multiple sources
Enterprise Software |
IT Automation
Democratises automation through
a low-code platform, allowing any
engineer, even without automation
experience, to build, execute and
monitor any automation workflow.
Onboarding takes 1-2 days and
workflows are built in minutes or
hours instead of days or weeks
with traditional script-based tools.
Customers use it to dramatically
shorten release intervals and build CI/
CD pipelines and control.
AI | Software | EdTech
Its mission is to bridge worldwide
language gaps by providing a
new and efficient way of teaching
English as a foreign language. A fully
automated cloud based software
that uses novel Artificial Intelligence,
Natural Language Processing, and
cognitive principles in order to provide
100% personalised lessons based on
the students’ English proficiency and
according to their school syllabus.
AI | Software | Communications
Provides AI-driven proactive,
automated network management
and configuration (next-gen AI Ops
for networks) for the emerging cloud-
managed architecture of critical
enterprise networks. Businesses
today rely on networks, but they are
difficult to set up and even more
complicated to operate.
'Nuerobrave'
Neuroscience | Software |
Wearables
Uses SaaS cloud-based infrastructure,
advanced signal processing and
proprietary deep learning algorithms
to create a standardised software
solution (NeuroSpeed OS ™) for
analyzing neuro-biomakers/insights
using any available hardware and
wearable devices.
Quantum Cryptography | Software |
Communications
Applying Quantum Cryptography to
protect the world’s data, it provides
a low-cost versatile quantum
cryptographic solutions. Quantum Key
Distribution (QKD) applies principles
of quantum physics to Securely
Exchange Keys in a manner proven to
be secure forever. With top experts in
the quantum technology, it presents
a major breakthrough to enable a
worldwide mass deployment of QKD.
AI | Insurtech | Smart Cities
A data platform that makes heretofore
inaccessible urban data easily usable
by the different industries needing it:
insurance carriers, delivery services,
real estate companies or public safety
solutions. Uses cutting edge NLP and
AI algorithms to automatically curate,
organise, and standardise this data
so its customers can buy ready to use
data sets they can utilise.
Market
Intelligence
Introduction
to Partners
Investment
Committee Meeting
Due Diligence
IIA submission
IIA
Approval
Funding & Portfolio
management
Engagement with
RIL O2C / Jio / Retail
39
Integrated Annual Report 2021-22Reliance Industries Limited 10-Year Financial Highlights
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
(` in crore, unless otherwise stated)
Standalone
(` in crore, unless otherwise stated)
US$
million
FY
2021-22
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
US$
million
FY 2021-22
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
Value of Sales and
Services (Revenue)
1,04,596
7,92,756
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
Value of Sales and
Services (Revenue)
61,540
4,66,425 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
Total Income
97,184
7,36,581
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
Total Income
60,593
4,59,247
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
Earnings Before
Depreciation,
Finance Cost and Tax
Expenses (EBDIT)#
Depreciation
and Amortisation
Exceptional
Items gain/(loss)
16,583
1,25,687
97,580
1,02,280
92,656
74,184
55,529
53,993
45,977
43,800
40,912
3,931
29,797
26,572
22,203
20,934
16,706
11,646
11,565
11,547
11,201
11,232
374
2,836
5,642
(4,444)
-
1,087
-
4,574
-
-
-
Earnings Before
Depreciation,
Finance Cost and Tax
Expenses (EBDIT)#
Depreciation
and Amortisation
Exceptional
Items gain/(loss)
8,732
66,185
48,318
66,394
67,676
59,961
51,965
47,168
40,323
39,813
38,785
1,356
10,276
9,199
9,728
10,558
9,580
8,465
8,590
8,488
8,789
9,465
-
-
(4,304)
4,245
-
-
-
-
-
-
-
Profit for the Year
8,951
67,845
53,739
39,880
39,837
36,080
29,833
29,861
23,640
22,548
20,886
Profit for the Year
5,157
39,084
31,944
30,903
35,163
33,612
31,425
27,384
22,719
21,984
21,003
Equity Dividend (%)##
Dividend Payout##
Equity Share Capital
-
567
893
70
4,297
6,765
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
Reserves and Surplus
1,01,952
7,72,720
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
Net Worth
85,118
6,45,127
5,48,156
3,71,569
3,24,644
2,89,798
2,58,511
2,31,556
2,18,482
1,98,670
1,82,030
Gross Fixed Assets
1,37,632
10,43,148
8,91,553
8,42,635
7,63,988
7,62,493
6,81,238
5,59,942
4,50,931
3,52,513
2,90,923
Net Fixed Assets
1,03,875
7,87,295
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
Total Assets
1,97,865
14,99,665
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
Market
Capitalisation^
2,35,095
17,81,841
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
Key Indicators
Equity Share
Capital
Reserves
and Surplus
Net Worth
893
6,765
6,445
6,339
6,339
6,335
3,251
3,240
3,236
3,232
3,229
61,320
4,64,762
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
54,995
4,16,818
3,77,952
3,37,097
3,44,128
3,13,114
2,83,288
2,53,998
2,16,159
1,97,074
1,79,995
Gross Fixed Assets
59,161
4,48,395 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
Net Fixed Assets
36,189
2,74,288 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
Total Assets
1,15,932
8,78,674
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
8,811
66,779
53,630
54,842
67,589
56,997
51,399
43,117
33,322
31,374
28,950
Contribution to
National Exchequer
Key Indicators
US$
FY
2021-22
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
US$
FY
2021-22
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
Earnings Per Share* (`)
Turnover Per Share* (`)
Book
Value Per Share* (`)
Debt : Equity Ratio
EBDIT/
Gross Turnover (%)
Net Profit Margin (%)
RONW (%)**
ROCE (%)**
1.2
16
15
-
-
-
-
-
92.0
1,171.8
76.4
63.1
66.8
61.0
101.3
101.0
80.1
76.5
70.6
836.7
1,041.1
1,055.1
727.4
1,115.9
994.9
1,319.9
1,518.4
1,390.8
1,152.1
1,086.4
708.5
653.3
495.6
891.2
785.5
709.1
675.9
619.9
0.34:1
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
15.9
8.6
13.5
12.8
18.1
15.5
14.8
17.2
16.8
18.4
11.8
9.8
10.0
10.0
13.1
10.6
6.0
12.7
12.0
6.4
15.1
13.5
8.4
16.9
13.6
9.0
16.4
13.5
10.2
16.5
13.0
6.1
13.5
12.8
5.0
13.4
11.0
5.1
13.0
10.1
In this Integrated Annual Report, $ denotes US$, unless otherwise stated
US$ 1 = `75.7925 (Exchange Rate as on 31.03.2022)
* Adjusted for issue of Bonus Shares in FY 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
Note: Above highlights are part of Management Discussion and Analysis Section
Earnings Per Share* (`)
Turnover Per Share* (`)
Book Value
Per Share* (`)
Debt : Equity Ratio
EBDIT/Gross Turnover (%)
Net Profit Margin (%)
RONW (%) **
ROCE (%) **
0.8
9.1
8.1
-
-
-
-
-
59.2
49.7
48.4
55.5
53.1
689.4
432.8
577.6
633.5
497.8
96.9
817.2
84.6
70.2
68.0
64.8
775.3
1,053.3
1,241.7
1,149.5
616.1
648.2
531.8
542.9
496.7
889.0
784.4
668.0
609.8
557.5
0.41:1
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
14.2
8.4
10.4
14.9
17.3
18.1
11.5
9.3
10.1
8.4
10.4
16.2
16.9
8.8
13.7
24.9
19.0
10.7
15.5
28.7
19.6
11.9
17.1
25.4
18.8
10.9
15.1
17.2
11.8
6.7
13.4
12.7
9.9
5.5
12.9
11.5
10.5
5.7
12.8
11.2
US$ 1 = `75.7925 (Exchange Rate as on 31.03.2022)
* Adjusted for issue of Bonus Shares in 2017-18 in the ratio of 1:1
** Adjusted for CWIP and revaluation
Note: Above highlights are part of Management Discussion and Analysis Section
40
41
Integrated Annual Report 2021-22Reliance Industries Limited Management
Discussion
and Analysis
44
Financial Performance and Review
54
Business Overview
132
Risk and Governance
144 Awards and Recognition
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.
42
Corporate
Overview
Management
Review
Governance
Financial
Statements
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.
RETAI
L
PG. 54
PG. 72
PG. 86
DIGITAL
SERVICES
AND
MEDI
ENTERTAINMENT
56 Strategic Advantages and
Competitive Strengths,
Performance Summary
74 Strategic Advantages and
Competitive Strengths,
Performance Summary
88 Strategic Advantages and
Competitive Strengths,
Performance Summary
57 Operating Model
75 Operating Framework
89 Operating Framework
60 Highlights FY 2021-22
76 Highlights FY 2021-22
90 Highlights FY 2021-22
62 Industry Overview
78 Industry Overview
92 Industry Overview
63 Business Performance
80 Business Performance
94 Strategic Priorities and
68 Strategic Priorities and
83 Strategic
Progress
Way Forward
Priorities and Progress
95 Business Performance
71 Outlook
85 Outlook
97 Outlook
PG. 98
PG. 122
IL TO
CHEMICALS
OIL AND G S
E&P
100 Strategic Advantages and
Competitive Strengths,
Performance Summary
124 Strategic Advantages and
Competitive Strengths,
Performance Summary
101 Operating Strategy
102 Highlights FY 2021-22
104 Industry Overview
111 Strategic Priorities and
125 E&P Assets Life
Cycle and Portfolio
126 Industry Overview
127 Business Performance
Way Forward
131 Outlook
114 Leadership in Adopting
Circular Economy in India
116 Scaling up Digital Platform to
Enrich Customer Experience
119 Outlook
120 Product Flow Chart
43
Integrated Annual Report 2021-22Reliance Industries Limited Management Discussion and Analysis
Corporate
Overview
Management
Review
Governance
Financial
Statements
Financial
Performance
and Review
Alok
Agarwal
Srikanth
Venkatachari
Soumyo
Dutta
Anshuman
Thakur
Ashwin
Khasgiwala
Saurabh
Sancheti
C. S. Borar
Raj
Mullick
We adhered to a disciplined
capital framework to
support exponential growth
across our businesses.
Through proactive liability
management we continued to
optimise finance costs.
44
Executing India’s
largest-ever
foreign currency
fundraise
RIL issued a US$-denominated
4 billion bond in January 2022,
the proceeds from which will be
primarily used for refinancing of
existing borrowings. The issue was
oversubscribed by nearly 3x with
a peak order book aggregating
to US$ 11.5 billion. The bonds were
priced through RIL’s secondary
curve. US$ 1.5 billion was raised
at a coupon rate of 2.875%; US$
1.75 billion was raised at 3.625%
and US$ 0.75 billion at 3.75%. The
notes are due for repayment
between 2032 and 2062. This
transaction is significant on various
counts. It is the:
• Largest-ever foreign currency
bond issuance from India
• Tightest ever implied credit
spread over the respective US
Treasury across each of the 3
tranches by an Indian Corporate
• Lowest coupon achieved for
benchmark 30-year and 40-
year issuances by a private
sector BBB corporate from Asia
ex-Japan
• First-ever 40-year tranche by
a BBB private sector corporate
from Asia ex-Japan
Global Economy
Global economy grew by 6.1% in
CY 2021, after declining 3.1% in
CY 2020. Global economy is
expected to grow at 3.2% in CY2022,
below the long term trend of ~3.5%,
primarily due to coordinated global
monetary policy tightening along
with the geopolitical tensions.
Advanced economies’ (AEs) universe
grew at a robust pace of 5.2% in CY
2021, and is expected to moderate
in CY 2022 at 2.5%, with US and
Euro Area growth expected at 2.3%
and 2.6% respectively, supported
by inventory restocking, universal
immunisation, and strong pent-up
demand from consumption and
businesses. China grew by 8.1% in
CY 2021, but is expected to slow to
3.3% in CY 2022 due to zero-tolerance
COVID-19 policy, stringent restrictions
on polluting industries and financial
stress among major property
developers. Global trade volume
growth was robust in CY 2021 at 10.1%,
and is expected to grow at a strong
pace of 4.1% in CY 2022.
Strong demand along with persistent
supply-chain issues and high energy
prices, have resulted in firming up of
global inflationary pressures. Recent
geopolitical tensions have further
exacerbated the global inflation
scenario. US inflation has continued
to inch up and recorded June 2022
CPI inflation at 9.1%, highest since
CY 1981, with broad-based rise in
price pressures, while Euro-Area
inflation climbed to a record 8.6%
in June, primarily led by energy
components. Crude oil averaged
at $ 75/bbl in Apr’21 – Jan’22 period
and above $100/bbl during Feb’22
– June'22 with outbreak of conflict
in Europe. Disruption in trade flows,
high energy prices and tightening of
crude and refining demand-supply,
along with strengthening of refining
margins to historical highs could
impact near-term demand growth.
Rise in inflationary pressures has
led global central banks to begin
reversal of their accommodative
monetary stance, with the US
Federal Reserve beginning the
taper of asset purchase program in
November 2021 and subsequently
raising interest rates by 225 bps
cumulatively since March.
Even though post-pandemic
reopening of the global economy is
expected to provide further impetus
to the demand, global monetary
policy tightening in the face of rising
inflationary pressures and geo-
political uncertainties could impact
the near-term demand outlook.. IMF
expects inflation to remain elevated
in the near-term averaging 6.6% in
AEs and 9.5% in emerging market and
developing economies (EMDEs) in
CY 2022, before subsiding in CY 2023
as supply chain disruptions ease and
demand rebalances take place.
Indian Economy
After witnessing a sharp decline
of 6.6% in FY 2020-21, the Indian
economy recorded a growth of 8.7%
in FY2021-22 as per the provisional
estimates by National Statistical
Office. This is the strongest pace
among major economies. The
economic expansion has been
supported by a strong national
vaccination drive that enabled
easing of COVID-19 related
restrictions. India administered more
than 177 crore doses of vaccine
during the financial year, thereby
fully vaccinating more than 60% of
its population.
The economic impact of the Omicron
COVID-19 variant was relatively mild
with most high-frequency indicators
above pre-pandemic level. Urban
demand remains strong with
improved mobility and debit and
credit card spending. Overall fuel
consumption grew by 4% in
FY 2021-22. Debit and credit card
spending increased by 26% Y-o-Y in
March 2022. However, overall auto
sales have been weak on the back
of persistent supply chain shortages
around the world.
Industrial indicators continued to
remain robust, with manufacturing
and services PMI in expansion
zone for most of the year. Electricity
demand for FY 2021-22 grew by
8% Y-o-Y, even after the economy
witnessed coal shortages in early
part of October 2021. Government
revenue generation remained robust
with GST collections averaging
more than `1.2 lakh crore per month,
increasing 31% Y-o-Y. Digital adoption
gathered further pace with growth in
UPI payments during FY 2021-22 rising
more than 100% Y-o-Y.
RBI maintained its accommodative
monetary stance, keeping reference
rates unchanged during FY 2021-22.
Subsequently, with rising inflationary
pressure, RBI raised repo rate by 90
bps, withdrawing its accommodative
stance. India’s merchandise exports
crossed US$400 billion during the
year, growing at more than 40% Y-o-Y
led by engineering goods, petroleum
products and gems & jewelry.
India's foreign exchange reserves
remained above $600 billion by the
end of FY 2021-22, providing a cushion
against external shocks. Indian
government's financial policy is
centered around growth and gradual
fiscal consolidation. With a budgeted
fiscal deficit of 6.4% for FY 2022-23,
focus remains on capital expenditure.
Major policy initiatives during the
year included continuation of COVID-
19-related relief measures and a
focus on Production linked incentive
(PLI) schemes in various key sectors
to provide impetus to investment,
growth and employment. As per
IMF India is expected to remain the
fastest growing economy in FY 2022-
23, growing at 7.4% led by expected
improvement in credit growth,
investment and consumption growth.
Performance Overview
Reliance benefitted from strong
recovery in economy with easing
of restrictions, improved business
environment and an unprecedented
national vaccination drive. Reliance’s
businesses cater to key industrial
and consumption growth areas
including energy and chemicals,
digital services and retail. Reliance’s
45
Reliance Industries LimitedIntegrated Annual Report 2021-22 Corporate
Overview
Management
Review
Governance
Financial
Statements
Revenue
Reliance achieved consolidated
revenue of `7,92,756 crore
(US$ 104.6 billion), an increase of
47.0%, as compared to `5,39,238
crore in the previous year. All
operating segments contributed to
the increase in gross revenue with
reopening of economies and revival
in demand. O2C revenue growth was
primarily on account of increase
in crude oil prices and higher price
realisation of downstream products
along with higher volumes. Revenue
of Oil & Gas segment increased
with higher production from KG D6
coupled with improved gas price
realisation. Retail Segment revenue
was driven by broad-based growth
across all consumption baskets
and ramp-up in digital and new
commerce. Digital Services revenue
was primarily driven by higher ARPU
and ramp up of wireline services.
Profit
Consolidated EBITDA for the year
increased by 28.8% to `1,25,687 crore
as compared to `97,580 crore in the
previous year. The EBITDA growth
was led by 38.1% increase in O2C
segment with recovery in demand
and fuel margins. Digital Services
segment EBITDA also grew by 18.3%
reflecting benefit of higher customer
engagement and tariff revision.
Retail segment EBITDA increased
by 26.2% with improvement in store
operations, higher footfalls, store
expansion and traction in omni-
channel offerings. Oil & Gas segment
EBITDA jumped 21x with successful
commissioning and ramp-up of
production from new fields.
Cash Profit increased by 38.8%
to `1,10,778 crore as compared to
`79,828 crore in the previous year.
Profit After Tax (after exceptional
items) was higher by 26.2%
at `67,845 crore.
Gross Debt
Reliance’s Gross Debt was at
`2,66,305 crore (US$ 35.1 billion). This
includes standalone gross debt of
`1,94,563 crore and balance in key
subsidiaries, including Reliance
Jio (`42,486 crore), Reliance
Retail (`19,915 crore), Reliance
Sibur Elastomers (`2,363 crore)
and Independent Media Trust
Group (`2,160 crore)
Standalone
RIL’s standalone revenue for FY
2021-22 was `4,66,425 crore (US$
61.5 billion), an increase of 67.2% as
compared to ` 2,78,940 crore in the
previous year. Profit After Tax was
at `39,084 crore (US$ 5.2 billion) an
increase of 22.4% against `31,944
crore in the previous year. Basic
EPS on standalone basis for the
year was `59.2 as against `49.7 in
the previous year.
Movement in Key Financial
Ratios
• The debt service coverage ratio
improved to 1.2 in FY 2021-22 as
against 0.4 in the previous year
primarily due to lower finance cost
and principal repayments of loans
during the year.
• The inventory turnover ratio
improved to 16.7 in FY 2021-22 as
against 10.8 in the previous year
primarily due to higher feedstock
price.
• Net Profit Margin (after exceptional
item) declined to 8.4% in FY 2021-22
as against 11.5% in the previous
year primarily due to higher tax
expenses and base effect.
• The interest coverage ratio
improved to 6.1 in FY 2021-22 as
against 2.4 in the previous year
with higher EBIT and lower finance
cost due to prepayment of major
long term debt in FY 2020-21.
• The return on net worth improved
to 10.4% in FY 2021-22 as against
9.3% in the previous year primarily
on account of increase in net profit
during the year.
exceptional performance was
underpinned by agile operations
that rapidly adapted to changes
in market conditions, while
maintaining high utilisation levels
across businesses.
O2C business generated strong
earnings through its high utilisation,
integrated portfolio and superior
product placement capabilities.
During the year, production from
R-cluster and satellite cluster in KG
D6 was ramped up and stabilised at
18 MMSCMD, contributing to 20% of
gas production in India.
Reliance Retail continued to deliver
growth on the back of rapid store
expansion and digital offerings
resulting in higher revenues and
margin expansion. Digital services
business continues to transform the
broadband market in India and set
new benchmarks for the industry.
Reliance remains committed to
achieving Net Carbon Zero by 2035.
During the year, Reliance progressed
on its plans in New Energy and
New Materials business, adopting
a partnership approach. Recent
investments and partnerships with
technology leaders in the renewable
energy space lays the foundation for
a rapid scale-up of the business in
the coming years.
Financial Performance Summary
(Consolidated and Standalone)
Particulars
Consolidated
Standalone
FY 2021-22
FY 2020-21
FY 2021-22
FY 2020-21
` in crore
US$ in
billion
` in crore
` in crore
US$ in
billion
` in crore
Value of Sales and Services (Revenue)
7,92,756
104.6
5,39,238
4,66,425
61.5
2,78,940
EBITDA
Cash Profit
Segment EBIT
Net Profit
1,25,687
1,10,778
89,325
67,845
16.6
14.6
11.8
9.0
97,580
66,185
79,828
56,275
62,397
48,487
53,739
39,084
8.7
7.4
6.4
5.2
48,318
36,411
30,048
31,944
Cash and Marketable Securities
2,31,490
30.5
2,54,019
1,82,235
24.0
1,82,225
Tangible and Intangible Assets (Excluding Goodwill)
7,87,295
103.9
6,56,999
2,74,288
36.2
3,39,668
Gross Debt
2,66,305
35.1
2,51,811
1,94,563
25.7
2,21,698
US$ 1 = `75.7925 (Exchange rate as on 31.03.22)
46
47
Reliance Industries LimitedIntegrated Annual Report 2021-22Management Discussion and Analysis — Financial Performance and Review Segment Review
Performance Update
REVENUE CONTRIBUTION
(%)
8.3
0.8
11.4
22.7
56.8
O2C
Retail
Digital services
Oil and gas
Others
Retail
Value of Sales and Services
Revenue from operations
EBITDA
EBITDA Margin (%)*
Reliance Retail continues to rapidly
grow in scale on the back of new store
expansion and favourable product
mix resulting in high operating
leverage. The business continues to
provide unmatched value proposition
and improve customer experience
across all store formats.
Retail revenues grew by 26.7% Y-o-Y
to `1,99,749 crore, segment EBITDA
grew by 26.2% to `12,423 crore. Despite
challenges posed by the pandemic,
Reliance Retail further consolidated its
leadership position and continued to
be India’s largest, most profitable and
fastest growing retailer.
All time high revenues were recorded
in fashion & lifestyle and grocery
consumption baskets with strong
(` in crore)
FY 2021-22
FY 2020-21
FY 2019-20
1,99,749
1,75,015
12,423
7.1
1,57,702
1,39,136
9,842
7.1
1,63,029
1,46,365
9,695
6.6
*EBITDA Margin is calculated on revenue from operations
48
growth momentum in consumer
electronics. Overall a well rounded
growth driven by highest ever
store sales and sustained growth
momentum in digital and new
commerce channels.
Reliance Retail continued to invest in
network and infrastructure expansion
as well as strengthening its Digital
and New Commerce capabilities.
• The total store count stood at 15,196
covering 41.6 million sq.ft. at the
end of the year
• Merchant partners grew 3x Y-o-Y
while digital commerce orders
grew 2.5x Y-o-Y. The registered
customer base now stands at 193
million, a growth of 24% Y-o-Y
• While the pandemic has disrupted
livelihoods, Reliance Retail added
over 1,50,000 jobs to the economy,
while ensuring health and safety
of all its employees and their
families. This included vaccination
for all eligible employees and their
families
Strategic Update
Reliance Retail has built capabilities
through organic growth, acquisitions
and strategic partnerships with
investments near `30,000 crore in
FY 2021-22. Reliance Retail added
over 2,500 new stores and 11.1 million
sq. ft. of warehousing space during
the year. It acquired Just Dial (B2B
marketplace) which underlines
commitment to New Commerce
initiative by further boosting the
digital ecosystem for millions of
partner merchants and MSMEs.
During the year Reliance Retail
further strengthened its sourcing
ecosystem, working closely with
producers, MSMEs, service providers,
local and international brand
companies. Reliance also built
on its portfolio of brands, offering
a superior value proposition and
differentiated products to customers.
Merchant partnerships and digital
commerce now contribute nearly 17%
of revenues compared to 10% in the
preceding year.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Digital Services
Value of Services
Revenue from operations
EBITDA
EBITDA Margin (%)*
(` in crore)
FY 2021-22
FY 2020-21
FY 2019-20
1,00,161
85,117
40,268
47.3
90,287
76,642
34,035
44.4
69,605
59,407
23,348
39.3
*EBITDA Margin is calculated on revenue from operations
• JioFiber with 5 million+
connected homes has become
the largest fixed broadband
provider in India within two
years of launch
• In order to enhance spectrum
footprint, Jio acquired right
to use spectrum in 800 MHz
band in Andhra Pradesh, Delhi
and Mumbai circles through
spectrum trading from Bharti
Airtel
• At OpenSignal Awards, Jio
won the award for best video
experience, and continued
to hold top positions in 4G
coverage and availability
Performance Update
Digital Services reported strong
underlying revenue and EBITDA
growth in FY 2021-22 on the back of
continued traction in connectivity
platform and tariff hikes in mobility
services. Gross revenue of ` 1,00,161
crore on a year-end subscriber
base of 410.2 million and an EBITDA
margin of 47.3% attest to Jio’s
superior network operations and cost
position. Annual operating revenue
for Jio Platforms crossed US$ 10
billion in FY 2021-22.
Jio’s network carried almost 10%
of global mobile data traffic in
CY 2021 underlining the ‘Jio Effect’ on
the digital ecosystem in India. Jio
remains the broadband network of
choice with over 50% share of data
traffic in India. Jio was the digital
lifeline during COVID-19 with over 130
million new users joining the network
and data traffic growing at ~46%
Y-o-Y to 91 Exabytes during FY 2021-22.
Strategic Update
Jio and Google Cloud have embarked
on a comprehensive, long-term
strategic relationship with a goal
of powering 5G in enterprise and
consumer segments. 5G coverage
planning has been completed for
1,000 top cities across the country.
Trials on advanced use cases across
Healthcare and Industrial Automation
are underway. Further, Jio and Google
launched JioPhone Next – the most
affordable smartphone anywhere
in the world with a unique financing
option and unprecedented features
like an all new Pragati OS. Jio’s in-
house R&D team with technical
and research professionals have
indigenously developed a stack of
applications leveraging its technology
investments and customer
engagement. These applications are
now being scaled up to enhance user
experience and bring unprecedented
convenience to users.
49
Reliance Industries LimitedIntegrated Annual Report 2021-22Management Discussion and Analysis — Financial Performance and Review Media and Entertainment
Value of Services
Revenue from operations
EBITDA
EBITDA Margin (%)*
(` in crore)
FY 2021-22
FY 2020-21
FY 2019-20
6,831
5,880
1,080
18.4
5,459
4,705
796
16.9
6,186
5,357
617
11.5
*EBITDA Margin is calculated on revenue from operations
Performance Update
Media and entertainment segment
delivered a strong growth in
profitability on the back of
robust operational performance.
Consolidated EBITDA of the business
rose by 35.7% Y-o-Y to ` 1,080 crore
with EBITDA margin at record levels
of 18.4% compared to 16.9% in the
previous year. TV News operating
margin expanded to ~21%, marking
5 years of continued improvement.
The Group leveraged its position
across verticals to drive revenue
growth which was accompanied by
continued cost controls that helped
realise operating leverage, resulting in
improved profitability.
FY 2021-22 saw strong growth
in advertising revenues of all 3
verticals of the business – TV News,
Entertainment and Digital News.
News (TV and Digital) continued
to grow throughout the year, while
Entertainment advertisement
revenues were impacted slightly
at the beginning and end of the
Oil to Chemicals (O2C)
Revenue
EBITDA
EBITDA Margin (%)
year due to the second wave
of the COVID-19 pandemic and
global macro events, respectively.
Digital News advertising continued
to accelerate, driven by growing
reach of the network and increasing
adoption of digital.
Digital subscription platforms, Voot
Select and MoneyControl Pro, saw a
sharp jump in paid subscriber base
during the year. The status quo on
channel pricing imposed by the
courts continued, limiting domestic
subscription growth opportunities.
The sharp improvement in profitability
over the last 2 years is a result of
strong operating performance driving
revenue growth, continued cost
controls, and reduced losses in some
of the businesses in investment phase
• TV News operating margin
expanded to 20.7%, marking 5
years of continued improvement
• Digital News profitability improved
sharply – from break-even last
year to 13.1% margins, in line with
consolidated group margins
• Entertainment operating profit
was highest ever at `777 crore and
operating margins were 18.2% despite
the significant increase in costs.
Strategic Update
Viacom18, Group’s entertainment
subsidiary, announced a partnership
with Bodhi Tree Systems (BTS) and
Reliance Group on 27th April 2022,
to accelerate its growth journey of
becoming one of India’s largest TV
and digital streaming companies. As
part of the partnership, JioCinema
will be transferred to Viacom18 along
with a cash infusion of `13,500 crore
by BTS and ` 1,645 crore by Reliance
Group. Viacom18 also forayed into
sports genre with acquisition of media
rights of marquee sports properties
and launch of 3 sports channels. The
Group continued to strengthen its
digital platforms (Voot, MoneyControl,
News18.com) and saw an improvement
in digital reach, engagement
and monetisation.
(` in crore)
FY 2021-22
FY 2020-21
FY 2019-20
5,00,900
3,20,008
4,51,355
52,722
10.5
38,170
11.9
53,803
11.9
Performance Update
Steady recovery in global oil and
energy markets supported robust fuel
margins and helped O2C business
deliver strong earnings. Despite the
challenges posed by subsequent
waves of the pandemic, the business
delivered resilient performance by
leveraging the strong international
and domestic supply chain,
multimodal logistics, deep integration
and feedstock flexibility.
50
Corporate
Overview
Management
Review
Governance
Financial
Statements
Revenue for the O2C business
increased by 56.5% to ` 5,00,900 crore
on account of higher volumes and
price realisation across transportation
fuels and key downstream chemical
products. O2C segment EBITDA
increased sharply by 38.1% to `52,722
crore. Demand recovery for gasoline
and gasoil to near pre-pandemic
level in global markets along with
strong margins resulted in higher
profitability. Brent crude price for
the year averaged at US$ 80.8/bbl
versus US$ 44.3/bbl in the previous
year, an increase of 82.3%. Total
throughput during the year was 76.7
MMT an increase of 6.6% Y-o-Y. Fuel
mix optimisation ensured minimal
sourcing of LNG during the year
leading to significant cost savings.
Strategic Update
Reliance entered into a strategic
partnership with ADNOC for
establishing a world-class chemical
project at TA’ZIZ in Ruwais. This joint
venture will construct an integrated
plant with capacity to produce 940 KT
of chlor-alkali, 1.1 MMT of ethylene
Oil and Gas E&P
Revenue
EBITDA
EBITDA Margin (%)
Performance Update
Revenue for the Oil and Gas segment
increased by 3.5x Y-o-Y to `7,492
crore, on the back of ramp-up of gas
production from KG D6 and improved
price realisation. EBITDA for the year
increased to ` 5,457 crore, with EBITDA
margin of 72.8%
• For the year, production (RIL share)
was at 188.1 BCFe, up 48.6% Y-o-Y
due to ramp-up in production from
R Cluster and Satellite Cluster.
(` in crore)
FY 2021-22
FY 2020-21
FY 2019-20
7,492
5,457
72.8
2,140
258
12.1
3,211
353
11.0
• Price realisation for KG D6
improved 24.2% Y-o-Y to US$
4.92/mmbtu in FY 2021-22 vs. US$
3.96/mmbtu in FY 2020-21. Price
realisation for Coal Bed Methane
(CBM) gas for the year was higher
by 64.7% at US$ 6.82/ mmbtu (GCV).
Strategic Update
MJ development project is on
track with production expected to
start from 3Q FY 2022-23. Reliance
completed the sale of its interest
Liquidity and Capital
Resources
During FY 2021-22, financial markets
globally witnessed low interest rate
environment and abundant liquidity.
Reliance successfully refinanced its
liabilities taking the benefit of low
interest rates prior to the turn in the
interest rate cycle.
The Company raised $9 billion from
global and local investors in the
second half of the financial year to
primarily refinance high-cost debt,
resulting in substantial savings
in interest cost.
The Company issued US$ 4 billion
foreign currency bonds across 10-
year, 30-year and 40-year tranches
primarily for refinancing of existing
borrowings. This was the largest ever
foreign currency bond issuance out
of India. The Company’s subsidiary,
Reliance Jio Infocomm Limited
prepaid deferred liabilities pertaining
to spectrum aggregating to `30,791
crore and financed it through INR
Loans and INR Debenture.
Reliance also made its green
financing debut with the acquisition
financing of REC Solar Holdings.
dichloride and 360 KT of PVC annually.
Jio-bp launched India's largest EV
charging hub in Delhi NCR Region
alongside building on their swapping
station network. Further, Reliance
announced restructuring and
repurposing of Gasification Assets.
The segregation of gasification assets
is the first step towards repurposing
of the assets and providing flexibility
to upgrade streams within RIL using a
Balance-Sheet light approach.
in Eagle ford Shale assets to Ensign
Operating for a consideration higher
than the carrying value of assets. With
this transaction, Reliance has divested
all its shale gas assets and has
exited from the shale gas business
in North America.
External Environment
The year gone by was a story of two
halves. The intermittent disruption in
economic activities during the first
half amid resurgence of new COVID-19
variant ensured the accommodative
financial conditions by systemic central
banks in a bid to support growth.
However, the persistent and renewed
intensification of inflationary pressure
due to continued disruption in global
supply chain, tighter labour market
and geo-political issues have swiftly
changed the landscape of global
monetary policy as we exited the
51
Reliance Industries LimitedIntegrated Annual Report 2021-22Management Discussion and Analysis — Financial Performance and Review financial year. The monetary policy
priority among advanced economies
is now decisively centered around
preserving consumer purchasing
power and to anchor inflationary
expectations amidst multi-decade
high inflation. The withdrawal of ultra-
accommodation both on the interest
rates and liquidity front is primarily
led by US Fed and has gained traction
in other developed economies
including Emerging Markets. The
outlook of sharp upward adjustment
in global interest rates and calibrated
withdrawal of liquidity is leading to
tighter financial conditions.
On the domestic front, the
reverberation of change in global
monetary landscape and rising
inflationary pressure has tilted
the balance in favour of gradual
withdrawal of policy accommodation.
The RBI has signalled this shift
in policy priority by pushing the
cost of domestic liquidity through
narrowing of LAF corridor, unlimited
sterilisation through new instrument
of Standing Deposit Facility (SDF)
and change in monetary policy
stance (MPC) to focus on withdrawal
of accommodation. The average
inflation trajectory during FY 2022-23
is likely to stay closer to the higher
end of RBI-MPC target of 6% whereas
the growth impulses may moderate
further. On the external front, the
deterioration in current account
deficit (CAD) to 2.5% of GDP and
uncertainty on capital inflows amidst
tightening global financial conditions
is likely to exert depreciation pressure
on the rupee in the near term. Overall,
the macroeconomic outlook of
challenging growth inflation trade-
off, faster policy normalisation
in developed economies and
geopolitical issues may keep the
volatility high in the domestic
financial markets.
Financial markets were extremely
choppy and volatile during the year.
The first half of the year saw stable
exchange rate and interest rates
in the market. However the second
half of the year witnessed rupee
depreciation and a gradual move
52
up in interest rates, exacerbated by
geopolitical conflicts.
The Company was successfully able to
navigate all such abrupt adjustments
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.
Treasury Management and
Financial Strategy
Reliance Treasury’s impeccable timing
on executing landmark transactions
not just from India but also from Asia
can be attributed to its ability and
foresight to see emerging trends in
financial markets.
Reliance Treasury continuously
monitors the financial markets to
assess financing and investment
opportunities to raise financing at
optimised cost and deliver superior
returns respectively. It identifies
opportunities to reduce interest
costs and extend maturity profile
of its existing debt portfolio. It also
maintains a prudent mix of funding
sources across instrument classes,
financing products, geographies and
investor classes.
Fund Raising
Reliance continues to be a
sophisticated and innovative issuer
of securities across the capital
structure. During the year, Reliance
issued US$ 4 billion senior unsecured
notes across 10-years, 30-years and
40-years tranches comprising (i) US$
1,500,000,000 2.875% Senior Unsecured
Notes due 2032, (ii) US$ 1,750,000,000
3.625% Senior Unsecured Notes due
2052 and (iii) US$ 750,000,000 3.750%
Senior Unsecured Notes due 2062. The
Notes were nearly 3x oversubscribed
with a peak order book aggregating
~US$ 11.5 billion and were priced
through the Company’s secondary
curve. Reliance has now joined a select
group of issuers from Asia to have
made jumbo foreign currency bond
issuances. The proceeds from the notes
were primarily used for refinancing
existing borrowings.
This transaction was significant on
various counts:
• It was the largest ever foreign
currency bond issuance from India
• It had the tightest ever implied
credit spread over the respective
US Treasury across each of the 3
tranches by an Indian Corporate
• It carried the lowest coupon
achieved for benchmark 30-year
and 40-year issuances by a private
sector BBB corporate from Asia ex-
Japan
• It had a first ever 40-year tranche
offering by a BBB private sector
corporate from Asia ex Japan
The Company’s subsidiary, Reliance
Jio Infocomm Limited prepaid entire
deferred liabilities pertaining to
spectrum acquired in auctions of
year 2014, 2015, 2016 and the spectrum
acquired in FY 2021-22 through trading
of right to use with Bharti Airtel Limited
aggregating to `30,791 crore (including
accrued interest). This was refinanced
through a mix of INR Loans and
Debentures. The Company expects that
this prepayment will result in interest
savings of about `1,200 crore annually.
The Company’s subsidiary REC
Solar Pte Ltd. tied up Reliance
Group’s first green financing
aggregating US$ 586 million including
a US$ 250 million green term loan and
~US$ 336 million five-year green bank
guarantee facility.
Credit Rating
Reliance’s strong focus on financial
capital coupled with financial discipline
and prudence are reflected in the
strong credit ratings ascribed by rating
agencies. Reliance continues to enjoy
a strong credit rating and continues to
be rated two notches above sovereign
by S&P and is one notch above
sovereign by Moody’s.
Corporate
Overview
Management
Review
Governance
Financial
Statements
The table below depicts the credit rating profile:
Instrument
Rating Agency
International Debt
International Debt
Long-Term Debt
Long-Term Debt
Long-Term Debt
S&P
Moody’s
CRISIL
CARE
ICRA
Rating
BBB+
Baa2
AAA (stable)
AAA (stable)
AAA (stable)
Remarks
Two notches above India’s sovereign rating
One notch above India’s sovereign rating
Highest rating by CRISIL
Highest rating by CARE
Highest rating by ICRA
Long-Term Debt
India Ratings
AAA (stable)
Highest rating by India Ratings
Awards and Accolades
During FY 2021-22, RIL won the Best
Asia Pacific Corporate Bonds award
from ‘The Banker’ for the US$ 4 billion
multi-tranche Senior Unsecured Notes
issued in January 2022.
Way Forward on Financial
Capital
Reliance remains committed to
sustainable value creation for
stakeholders through disciplined
capital framework and optimal
utilisation of its resources. As it
enters the next stage of growth, the
Company through its robust cash flow
and balance sheet, will accelerate
the pace of growing capabilities for
Digital, New Commerce, New Energy, and
New Material businesses.
Liquidity Management
Robust liquidity underpins Reliance’s
short-term financial planning
processes with an aim of ensuring
adequate protection against short
term adverse market events. Reliance
deploys a judicious mix of tenors
and product types in its liquidity
management processes and
continues to explore path breaking
financing solutions in partnership
with its world-class banking partners.
Consistent strong cash generation
from operating activities provides
the foundation for liquidity. This along
with undrawn borrowing facilities and
cash and cash equivalents provide
solid liquidity buffer.
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.
The operating cycle is closely
monitored to optimise working
capital structure and ensure smooth
business financing. Trade financing
solutions are proactively reviewed
and swiftly calibrated to deliver
robust working capital management.
RIL has opportunistically used short
term borrowings through Commercial
Paper to finance its working capital
requirements. Given the low interest
rate environment this has benefited
the Company to maintain low cost
of liabilities.
RIL effectively manages its cash and
cash equivalents through a diversified
investment portfolio which has an
appropriate mix of steady accrual,
tax efficient and higher duration
assets with lower reinvestment risk.
The portfolio consists of wide-ranging
fixed income instruments invested in
top rated instruments like sovereign
bonds, AAA papers and bank’s fixed
deposits. The diversification across
instruments and counterparties
ensures that there is minimal
concentration risk.
The investment portfolio is monitored
and operated under a robust risk
management framework with a very
nimble and dynamic adjustment to
portfolio mix as and when necessary
to ensure capital protection and
appropriate risk adjusted returns.
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..
53
Reliance Industries LimitedIntegrated Annual Report 2021-22Management Discussion and Analysis — Financial Performance and Review Management Discussion and Analysis — Business Overview
Corporate
Overview
Management
Review
Governance
Financial
Statements
RETAI
L
Reliance Retail is India's largest and most profitable retailer with a
diversified omni-channel presence via integrated store concepts,
digital and new commerce platforms. It provides consumers with
an outstanding value proposition, superior quality products and an
unmatched shopping experience.
Consumer
Electronics
Connectivity
Our
consumption
baskets
Fashion &
Lifestyle
Pharma
Grocery
Subramaniam V.
Isha
Ambani
Akash
Ambani
Anant
Ambani
Ashwin
Khasgiwala
Akhilesh
Prasad
Darshan
Mehta
Damodar Mall
Brian
Bade
Kaushal
Nevrekar
Sunil
Nayak
Jayant
Bhalerao
Bijay
Sahoo
Gulur
Venkatesh
V. B.
Pardiwalla
193 million
Customer base
15,196Retail stores
3,61,000+*
Employees
*This includes on-roll, off-roll and third party personnels
Reliance Retail posted
industry leading performance
with record revenue and profit
in an operating environment
that was marked by sporadic
disruptions through the
year. The performance
demonstrates robust business
model, superior understanding
of evolving consumer trends
and is led by highly trained
and capable staff who are
relentlessly focused on serving
our customers.
54 Reliance Industries Limited
55
RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22 Corporate
Overview
Management
Review
Governance
Financial
Statements
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 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
Performance Summary
Strategic Advantages and
Competitive Strengths
Operating Model
Reliance Retail's operating model straddles across the retail value chain to unlock significant
value for all the stakeholders.
Straddling the entire
value chain – from
product design and
development to serving
customers across
segments
Cutting-edge technology
to improve business
efficiency and consumer
experience
Extensive supply chain
network that covers the
length and breadth of
the country
Proven business model
with agile execution and
project management
skills
Omni-channel player
with the largest network
of stores, digital and
new commerce
platforms
Leadership across
focused consumption
baskets
Deep understanding of
consumer preferences
and shopping behaviour
Strong supplier
relationships providing
portfolio of the widest,
high-quality
merchandise
Design & Development
Ecosystem
Leverage Company’s deep
and rich understanding of
Indian consumers' shopping
habits for new product
development
Product
Innovation
Deploying AI/ML
across business
processes
to provide a
seamless customer
experience, boost
productivity,
and improve
operational
efficiencies
AI driven
customer
experience
Operating
Model
Sourcing
Ecosystem
Building a robust
sourcing ecosystem
that consists of local
producers, MSMEs,
regional, national
and international
brands
REVENUE
(` IN CRORE)
`1,99,749
1,99,749
1,63,029
1,57,702
EBITDA
(` IN CRORE)
`12,423
12,423
9,695
9,842
RETAIL STORES
(NOS.)
15,196
15,196
12,711
11,784
Selling
Ecosystem
PAN India Retail network consisting of stores and
digital commerce platforms to provide seamless
omni-channel experience and helping millions of
merchants modernise, become more efficient and
generate higher income
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21
FY 2021-22
FY 2019-20 FY 2020-21
FY 2021-22
56
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited
Diversified Customer Touch Points
Reliance Retail has one of the world's largest omni-enabled retail store networks and operates an extensive portfolio
of digital commerce platforms, bringing customers the widest range of products across its consumption baskets.
It is supported by a well-trained workforce, a strong infrastructure backbone comprising of supply chain and
technology capabilities.
Acquisitions and Partnerships
Reliance Retail announced a number of acquisitions and strategic alliances to strengthen its
competencies and bolster its product offerings.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Grocery
Consumer
Electronics
Fashion &
Lifestyle
Pharma
Retail
Operating the largest store network in the country
15,196 stores with over 41.6 million square feet of retail space and presence across 7,000+ cities
KALANIKETHANR
50+ partner
brand stores
Merchant commerce
Acquired majority stake in Just Dial,
India's leading local search engine
platform
Daily subscription
Acquired Milkbasket, leading
subscription based daily micro
delivery platform
Lifestyle brand
Bought Portico and Stellar Home
brands, offering bed and bath
solutions
Market leading digital commerce platforms
2.5x growth in daily orders Y-o-Y
Women’s wear speciality store
Acquired Kalanikethan to
strengthen ethnic wear portfolio
KALANIKETHANR
Empowering merchant through new commerce platforms
3x growth in merchant sign-up Y-o-Y
58
Supply chain automation
Bought majority stake in Addverb
Technologies that provides
warehouse automation solution
and robotic systems for automated
material handling
Convenience store
Entered into a master franchise
agreement with 7-Eleven, Inc. for
the launch and rapid scale-up of
7-Eleven® convenience stores in India
Fashion Brand
Acquired stakes across prominent
Indian designer brands
Fashion Brands
Acquired Amante and Clovia,
leading intimate wear brands to
strengthen its product portfolio
Grocery store chain
Acquired Jaisuryas, a leading
grocery chain to strengthen offering
in the Southern markets
Digital commerce
Invested US$ 200 million in Dunzo,
India’s leading quick commerce
and last-mile fulfilment player
59
RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited Highlights FY 2021-22
Performance
Expansion
All-time high revenue
and profit delivery amidst
a challenging operating
environment
Registered customer
base up by ~24%
Y-o-Y to reach
193 million
~7 new stores added every day,
crossed 15,000
store milestone
Launched new store concepts
(Gourmet)
(Sarees)
JioMart extends portfolio
to cover electronics and beauty;
launches subscription service
Augmented digital
commerce offerings,
2.5x growth Y-o-Y in daily orders
60
Corporate
Overview
Management
Review
Governance
Financial
Statements
Inclusivity
New Commerce
Merchant partner
base up 3x Y-o-Y
Secured employees
and their families –
~100% of all eligible employees
and their families
double vaccinated
Reliance Retail is investing
resources in building
Next-gen supply chain
capabilities – added
11.1 million sq ft
of warehousing space;
capacity nearly doubled to
22.7 million sq ft
1,50,000+
new jobs added,
taking the employee
base to 3,61,000
Reliance Retail is
rated amongst the fastest
growing retailers globally
Bolstered retail capabilities
through acquisition,
partnerships and strategic
investments with investment of
9,700+ crore
E
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited Industry Overview
India has emerged as one of the most resilient global economies, having braved the macro-economic
headwinds caused by COVID-19. The Indian economy is propelled by a solid domestic demand that accounts
for 56% of India's GDP, which provides a strong foundation for a sustained growth of the Indian retail market.
The learnings from the first wave of COVID-19, combined with a strong impetus on vaccination, helped reduce
the pandemic’s impact on the economy in 2021. With a gradual fall in the number of cases and the easing of
restrictions, production across major sectors is going back to pre-COVID levels. As the impact of the pandemic
subsides and consumer demand resumes, the retail sector is expected to rebound and record a compounded
growth rate of 11% to become a US$ 1.2 trillion market by 2025.
Emerging Trends and Business Response
Omni-channel
takes centre stage
Growth in
smaller towns
Serving customers
through an omni-channel
approach is emerging as
a prerequisite to growth.
The broad-based
growth in the retail
sector is being led by
India’s small towns.
Quick commerce
Emerging business
model to enhance
customer experience.
Reliance Retail operates
over two-third of its
network of stores in Tier II
and below towns. This
provides it a first mover
advantage across many
small towns, leading to
customer stickiness.
Our Response
Reliance Retail has
created the most
extensive retail
ecosystem in the
country, with its retail
outlets connected
with digital commerce
platforms to provide
a unified consumer
experience across
channels. This integrated
approach has
significantly improved
customer experience.
With the launch of
JioMart, Reliance Retail
has established itself
as the leading player
in hyperlocal delivery
and quick commerce.
Its product selection
continues to grow, with
electronics, fashion, and
now pharma available
on its platform. Reliance
Retail’s investment in
Milkbasket and Dunzo
will further strengthen
its capabilities in
serving customers.
Increased spend on
hygiene, health, and
nutrition
Focus on health,
hygiene and well-being
takes center stage.
Reliance Retail has been
a pioneer in identifying
emerging consumer
trends and has created
an extensive range of
home and personal
care products under
its own brand portfolio.
During the year, it
introduced Puric, a
range of personal
hygiene and home
disinfectant products
with more than 20 SKUs,
which has received
positive response
from consumers.
2.5x
Growth in digital
commerce sales
in FY 2021-22
75%
Of new stores launched
in FY 2021-22 were in
Tier II and below towns
48 million
JioMart apps
downloaded
15%
Share of own brands in
hand wash & hygiene
category
Corporate
Overview
Management
Review
Governance
Financial
Statements
Business Performance
Consumer Electronics
Reliance Retail is the leader in consumer electronics retailing in
the country with 8,700+ Reliance Digital and MyJio Stores.
Consumer Electronics business model is centered around
solution selling approach that is designed to offer a
differentiated value proposition, strong in-store experience
and extensive yet relevant product assortment and is
complimented by an in-house after sales service through resQ.
Differentiated Store Concepts for
Consumer Electronics
Largest big-box electronics
chain with 400+ national and
international brands
Small-store concept offering mobility
and connectivity products across
7,000+ towns along with an extended
catalogue for assisted online selling
Competitive Strengths
• Technology purchase made
simple through buying guides,
tech experts and personalised
selling
• Order fulfilment within 24 hours
of purchase
• Ensure consumer comfort
through resQ solutions that
cover entire product life cycle
• Preferred partner for all leading
electronics brands - product
launches, exclusive promotions
India’s only ISO 9001 certified
electronics service brand offering
multi-brand, multi-product service
covering end-to-end product life cycle
• Exclusive product offering
through a portfolio of own and
licensed brands
Reliancedigital.in
Digital platform with
omni-channel capabilities for
seamless experience
across 2 ,000+ towns
500+
Reliance Digital
stores as of March 2022
55%
Revenues from Tier II
and below cities
Key Developments
Registered broad-based
growth across categories
particularly in laptops, mobiles
and home appliances
Robust growth led by sharper
opening price points ranges,
successful festive and big day
campaigns and category
focused events
Launched Consumer
Electronics on JioMart
Launched JioMart Digital, the
New Consumer Electronics
merchant platform
Strengthened own brand
proposition by launching
over 600 new SKUs; increased
merchant partner penetration
Reliance Digital felicitated
across multiple industry
forums; notable amongst
them:
• The Economic Times
Best Brands Award
• MAPIC India Awards –
Most Admired Retail
Company of the Year
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Competitive Strengths
Key Developments
• Largest store network of 3,900+
omni-enabled stores across
1,000+ cities
• Largest portfolio of international
partner brands
• Straddles the entire value chain
of fibre to wardrobe, allowing
it to deliver the most stylish
and trendiest fashion to Indian
customers
• Strong own brand portfolio with
multiple brands with annual
turnover of US$ 100 million+
1,000+
Fashion & Lifestyle stores
opened in FY 2021-22
2x
Y-o-Y increase in sales from
Tier II and below cities
Apparel and Footwear
Jewels
Robust growth driven by
introduction of 17 national and
regional collections
Partner Brands
• Partnered with Valentino, La
Martina, Starter, Balenciaga,
and Adidas Young Athletes
• Developed three new concepts:
TWC Pop Up, TWC Books & Coffee,
and Hamleys Play
• Invested in Manish Malhotra, Ritu
Kumar, ak-ok, Abraham & Thakore,
Abujani Sandeep Khosla, and Rahul
Mishra
• Revenue more than doubles;
surpasses pre-COVID levels
on the back of increased
conversions and bill values
• Registered 2x increase in
sales from Tier II and below
towns, contributing to 50%+
of total revenues
• Continued growth momentum
for AJIO, with new highs set every
quarter and a significant increase
in customer KPIs and operating
parameters
• Entered saree category with the
introduction of Avantra by Trends,
and acquisition of Kalanikethan
• Strengthened portfolio with the
acquisition of Amanté, Clovia
and Portico
• Expanded own brands
portfolio with the introduction
of 3 mid-premium and
18 value brands
Business Performance
Fashion & Lifestyle
Reliance Retail is the largest fashion &
Lifestyle retailer in India and has adopted
a multi-format approach to service its
customers through various retail concepts
that cater to customer segments from value
to premium and luxury.
Diverse Store Concepts for Fashion & Lifestyle
Market leader in value fashion retail
with strong own brand portfolio and
category-focused format extensions
to tap niche demand
Multi-brand family footwear retail
chain with a wide assortment of
own and branded products
Destination for fine jewellery
with 100% purity guarantee and
thematic collections
Experiential one-stop destination for
women’s ethnic wear
KALANIKETHANR
India’s leading sarees and
ethnic wear retailer
Leading fashion & lifestyle digital
commerce platform with 800K+ styles
from India and around the world
Partner to 50+ international
brands offering global shopping
experience in India
India's leading online luxury
destination for fashion &
lifestyle brands
Experiential toy store with presence
across 17 countries; the oldest toy
retailer globally
Omni-channel furniture and
decor retail chain
Leading destination for women’s
intimate wear, with 100+ stores and
delivery across 2,000+ cities
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65
Strengthens women's ethnic wear
and intimate wear category
through acquisitions
Reliance Retail enters Indian ethnic wear category
RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited Business Performance
Grocery
Reliance Retail is the country's
largest grocery retailer
operating diverse formats
to accommodate the varied
needs and buying occasions of
consumers.
Reliance Retail provides consumers
a wide assortment of fresh produce,
everyday products, and general
merchandise in a contemporary
shopping environment at an attractive
value proposition through engaging
store concepts and digital and New
Commerce platforms.
Differentiated Store Concepts for Grocery
India’s leading hyperlocal platform
with presence across 260+ cities
offering a wide assortment of
products across grocery, fashion,
electronics and pharma
India’s leading subscription based
daily micro-delivery service
1,000+
Grocery stores opened
in FY 2021-22
3.7 million
Orders placed in the first two
days of Tak Dhina Din sale
Value destination with wide
assortment that meets customers’
monthly needs with an ‘Every Day
Low Pricing’ promise
Multi-purpose neighbourhood
stores with SMART’s price promise
Freshpik, a gourmet shopping
destination offering delicacies from
India and the world
Neighbourhood store
offering premium
merchandise selection
66
Corporate
Overview
Management
Review
Governance
Financial
Statements
Grocery
Competitive Strengths
• India’s largest grocery store network
with varied store formats assisting
customers in their shopping mission
• Integrated value chain supported
by a robust network of collection
centres, processing centres and
distribution hubs
• India’s largest hyperlocal
grocery business with integrated
subscription model
• Partner of choice for leading Indian
and international brands for new
product launches, exclusive ranges
and pack sizes
• Wide portfolio of own brands across
staples, home and personal care, and
general merchandise
Key Developments
Growth ahead of market
with record store and digital
commerce sales
Integrated Milkbasket with
JioMart - 2x growth in daily
subscription orders since
acquisition
Accelerated store expansion,
opening 1,000+ new stores,
bringing the overall store
count to 2,400+ with over half
in Tier II and below towns
Smart crosses 400-stores
milestone
Launched Freshpik, a
gourmet experience store, at
Jio World Drive in Mumbai
Pharmacy
Reliance Retail operates
Netmeds, a chain of
pharmacies and digital
commerce platform, creating
a seamless online-offline
experience for customers
seeking prescription
medicines, beauty essentials,
OTC products, Ayush wellness,
health devices and more.
Key Developments
Strengthened hyperlocal
capabilities for faster deliveries
Rapidly scaled up new
merchant partnerships across
1,900+ cities
Connectivity
Reliance Retail serves as the master distributor for Jio
connectivity services, which are sold through a network
of MyJio and Digital stores. Additionally, it has partnered
with over a million retailers throughout the country to
provide Jio prepaid and post-paid plans via the sale of
SIM cards, top-ups, and mobile devices .
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Reliance Retail strives to create an enabling workplace environment where
each employee is provided the opportunity to participate, contribute, and grow.
To ensure the safety, health and well-being of employees, various initiatives were
undertaken during the year.
To help employees address stress during
the unusual circumstances created by the
pandemic, online yoga sessions were arranged
during the International Yoga Month. For
women, for whom the challenges have been
multifold, Reliance’s focus has been to provide
support and work flexibility. Many of them
have opted to work-from-home. There have
also been panel discussions and focused
engagement with women employees every
month through the times of COVID-19 to help
them in better work-life integration.
The health and safety of employees is of
paramount importance at Reliance. An
illustrative case is the ergonomic assessments
taken during the year for Retail staff, whose
work involves manual handling, or long hours
where they are either required to stand or
sit, all of which pose risks of musculoskeletal
disorder. To address the concern, ergonomics
assessments were conducted across all
formats pan India for all job roles to identify
ergonomic hazards and immediate action was
taken to reduce the risk level.
All through the pandemic, efforts were directed
at educating employees on safety, building
resilience, and addressing health and nutrition
concerns. Talks were also held on diverse
parenting needs and addressing specific
concerns during the pandemic.
Often specialised training becomes necessary
to ensure the safety of both staff and the
people they serve. Take the training on ‘Disaster
Mitigation and Preparedness for Retail Outlets’,
which was undertaken with the help of the
National Institute of Disaster Management
(NIDM). Specialised training also became
mandatory for staff and contractors with
the opening of the first Hamleys Play store
in Mumbai, as required by the Protection of
Children from Sexual Offense (POCSO) Act.
Road safety is another area of concern. To
address it, extensive trainings were arranged
during the year. Frequent refresher trainings are
also conducted for our delivery associates as
well as for our delivery partners (GRAB riders)
on road safety to ensure they remain safe while
delivering essential items at the doorstep of
customers.
Both online and offline engagement
activities were held during the year to trigger
conversations on safety and enhance the
safety culture.
New Commerce: A win-win-win Operating Model for growth and shared prosperity
have witnessed robust growth in
matrices such as order values and
frequency of orders, reflecting the
trust and growing bond with the
merchant partners.
The Indian retail market is the
most fragmented in the world,
characterised by the presence
of millions of small kiranas.
Operating in the unorganised
space, the kiranas are constrained
by various challenges, including
the lack of: modern infrastructure,
technology savviness, efficient
sourcing capabilities and capital
needed to serve the ever-evolving
consumer needs.
Reliance Retail’s New Commerce
initiative is bringing out the
entrepreneurial spirit of the kiranas,
by physically and digitally enabling
them and bringing them at par with
organised players.
Reliance Retail aims to integrate
millions of small kiranas with
producers, manufacturers and
brands across India. Doing so would
help them modernise, become more
efficient and generate higher income.
Reliance Retail is thus creating a
win-win-win partnership with all
stakeholders of the retail value chain.
The ecosystem thus created would
lead to a wider selection of products,
superior quality, compelling value
proposition and a finer shopping
experience to millions of consumers
buying from the kiranas.
During the year, the company
launched New Commerce services
for consumer electronics and pharma
merchants. It has significantly scaled
up its merchant partnerships across
Grocery and Fashion & Lifestyle
consumption baskets. The platforms
Strategic Priorities and Way Forward
Develop new brands, integrate
acquisitions, launch and scale up
new businesses
Strengthen supply chain
infrastructure, and product and
design ecosystems to support
rapid business growth
Accelerate new
store expansion
Continued emphasis on growing
the digital commerce business
across all consumption baskets
through improved offers and
service capabilities
Fast-track new merchant
onboarding and increase wallet
share across all consumption
baskets
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited
A Responsible Retailer – Sahakari Bhandar
“When store becomes good member of the society,
commerce also flourishes”.
Today’s customers are hyper-aware of social, cultural
and environmental issues. Responsibility towards
our planet is no longer optional. Environmental
consciousness matter more than ever to consumers
and employees. That is why being responsible to the
planet means being responsible to consumers &
employees. At Sahakari Bhandar, we have taken many
recycling initiatives to reduce the waste to reach landfills.
One of them is,
For the collection of these tetra packs, 244 hubs & spokes
are created which includes our grocery stores, housing
societies, corporates, educational institutes and churches.
The business has partnered with an NGO for transportation
of the collected tetra packs to a recycling company.
Since its inception (June 2010), Go Green with Tetra Pak
has saved more than 1,000 trees by recycling beverage
cartons into school desks and garden benches.
Go Green with Tetra Pak - Empty tetra pack cartons
are recycled in association with Tetra Pak India
and the NGO – RUR
More than 9 million consumed cartons in Mumbai have
been recycled in safe and effective manner with a
technology that has zero discharge and zero water input.
Currently 1 out of every 4 tetra pack cartons sold at
Sahakari Bhandar stores is bought back for recycling.
The recycled cartons were converted into 350 school
desks, 250 garden benches and 500 bins which were
donated to the community.
School desk made out of Recycled Tetra Pack
Recycling challenge and Awareness campaign at School
Corporate
Overview
Management
Review
Governance
Financial
Statements
Outlook
The Indian retail market has been one
of the most resilient in the world during
the pandemic period, making a strong
recovery when restrictions were lifted.
The sector's core growth fundamentals
continue to be strong. Rapid digitalisation
and the introduction of breakthrough
technologies have opened up new
growth opportunities which would further
boost long-term market prospects.
Reliance Retail’s commitment in the
Indian retail sector is evident by the
significant investments it has made
in building and strengthening its
capabilities across the retail value chain,
which is having a transformational
impact on the Indian retail landscape.
Reliance Retail will continue with its
journey of bringing best-in-class
products and services to consumers
across the length and breadth of the
country by further expanding its presence
through physical stores and digital
commerce platforms offering best of
global and local brands and partnering
with small producers and merchants,
thereby creating a virtuous circle of
prosperity for millions of Indians.
Garden benches made out of Recycled Tetra Pack
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited
Management Discussion and Analysis — Business Overview
Corporate
Overview
Management
Review
Governance
Financial
Statements
DIGIT L
SERVICES
Jio is India’s largest digital services
platform with a total subscriber
base of 410 million across mobility
and fixed broadband. Harnessing
the world’s best technology
capabilities, it is determined to
provide world-class fixed-wireless
converged connectivity network,
complemented with disruptive
digital technology platforms
for entertainment, commerce,
communication, finance and
education. The vast Indian market
and Reliance’s own ecosystem
have allowed deployment of these
technologies at scale, opening
them up for a massive growth
potential.
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’s robust connectivity
platform has served as the
backbone for its offering of best-
in-class digital experiences to
its consumers. This capability
has been constantly enhanced
through partnerships and
investment in multiple emerging
technologies to serve consumers
in India and beyond.
410 million
Subscribers as of March 2022
5 million+
Homes connected
by JioFiber services till March 2022
>7.5 billion GB
Monthly Data Traffic in FY 2021-22
~20 GB
Average per capita monthly
data usage in 4Q FY 2021-22
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RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited 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 markets.
Mission
• Affordable data connectivity for every Indian
• Superior customer experience
• Platform approach to all digital solutions
• Invest in emerging technologies
Performance Summary*
FY
2019-20
FY
2020-21
FY
2021-22
388.4
426.2
410.2
130.3
1,317
138.2
1,668
167.6
2,461
11.6
13.3
19.7
963
1,148
1,340
Metrics
Total
Customer base (million)
ARPU (`/month)
Total Data Consumption
(crore GB)
Per Capita
Data Consumption
(GB/month)
Voice on Network
(crore mins per day)
Per Capita
Voice Consumption
(mins/month)
* Exit quarter
REVENUE AND EBITDA MARGIN
44.4
47.3
1,00,161
90,287
39.3
69,605
FY 2019-20 FY 2020-21 FY 2021-22
Revenue (` crore)
EBITDA Margin (%)
74
Strategic Advantages and
Competitive Strengths
Jio’s extensive reach, simple pricing structure and
deep understanding of Indian consumers on the
back of its adoption of cutting-edge technologies
together ensure a continued ‘Jio effect’ on the
digital landscape in India.
Connectivity platform
Jio has built a network to
serve every citizen, home
and enterprise across
the country with over 99%
population coverage for
mobility network, and
almost 20 million homes
covered with fiber network,
which is ramping up rapidly.
Digital suite of
products
Jio has also created a full
stack of digital products,
platforms and services
for multiple ecosystems
serving consumers and
businesses.
Partnerships
Supported and partnered
with globally established,
new-age platforms
across the full suite of
digital and connectivity
services.
Through a network of
Reliance Retail’s consumer
electronics, merchant
partners and Jio Associates,
Jio has the widest and
deepest market presence.
Technology
Ahead-of-the-curve
investment in next
generation communication
and digital technologies,
which could be deployed at
scale.
770
823
968
Physical distribution
Corporate
Overview
Management
Review
Governance
Financial
Statements
Operating Framework
Bringing many ecosystems together
With a cumulative investment of over US$ 60 billion, Jio is using the transformative power of data connectivity to enable
platforms across various ecosystems including Media & Entertainment, Commerce, Financial Services, Education,
Gaming and Agriculture.
Our 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.
Ecosystem Platforms
Connectivity
and Cloud
Retail and New
Commerce
Media/Gaming
Education
T e c h n o logy Platforms
Jio Mobility
and 5G
Blockchain
IoT
AR/VR
Cloud and
Edge
Compute
e & Growth • Le
c
n
a
m
r
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f
r
e
P
•
s
e
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t
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n
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p
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ro
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a
p
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g
n
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t
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O
Product Manage
m
e
nt • A
r
c
h i p • C u lture
s
r
e
d
a
AI/ML
Secure
Identity
Digital Connectivity
Wireless
broadband
Home
broadband
Enterprise and
SMB broadband
h
it
e
c
t
u
r
e
•
S
y
s
t
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P
r
a
c
t
i
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e
s
m
o
f
W
o
r
k
s
•
Q
u
ality • Agile, CI / C
Speech/ NLP/
Smart Bots
Computer
Vision
Robotics
E
x
t
e
r
n
a
l
c
u
s
t
o
m
e
r
s
Drones
Customer
Owned Data
C
Talent • Structure •
t-gen Operation
D • N
e
x
Devices &
Operating
Systems
Quantum/
Genomics/
3D Printing
Agriculture
Financial
Services
G2C / Smart
Cities
Energy and Material
Process Manufacturing
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Management Discussion and Analysis — Business OverviewDIGITAL SERVICESIntegrated Annual Report 2021-22Reliance Industries Limited
Highlights FY 2021-22
Corporate
Overview
Management
Review
Governance
Financial
Statements
Partnerships
Performance
Leadership
Annual operating revenue for
Jio Platforms crossed
US$ 10 billion
in FY 2021-22
Jio Mobility Network continues
to lead in user engagement
with data traffic increasing
46% Y-o-Y to over
91 billion GBs in FY 2021-22
With 5 million+ connected homes,
JioFiber has become the largest
fixed broadband provider in India
within two years of launch
Prepaid
`30,791 crore
for clearing all deferred spectrum
liabilities acquired in auctions prior
to March 2021
Jio won award from OpenSignal
for best video experience and
continued to hold top positions in
4G coverage and availability. Jio
also maintained its leadership in
download speed for 60 months in
a row in TRAI’s MySpeed rankings
Jio and Google Cloud
embarked on a comprehensive, long-
term strategic relationship with the goal
of implementing 5G in enterprise and
consumer segments
Jio and Google
announced the launch of JioPhone
Next – the most affordable smartphone
anywhere in the world with a unique
financing option and unprecedented
features like an all new Pragati OS
Partnered with WhatsApp
to provide simplified digital
recharge option for connectivity
and conversational commerce
platform on JioMart
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Management Discussion and Analysis — Business OverviewDIGITAL SERVICESIntegrated Annual Report 2021-22Reliance Industries Limited Industry Overview
Transition towards
4G networks
The launch of Jio started the 4G
transition in India. The 4G subscriber
base across the industry is now over
730 million as of March 2022, thanks
to increasing broadband network
penetration across both urban and
rural India and the improving device
ecosystem. More than 250 million 2G
feature phone users in the country
will also be transitioning to digital
networks over the next few years.
The pandemic’s impact on recharge
cycle and tariff hike have caused a
transient SIM consolidation, mainly
for low usage and inconsistent
subscriber base. This has rationalised
the reported subscriber base and
should bring cost and network
efficiencies for the industry.
Increasing smartphones
and new use cases boost
data traffic
Improving smartphone penetration
and increasing proliferation of digital
applications have resulted in a 38%
increase in data usage across the
country over CY 2021 (~137 Exabytes
of data usage in India during 2021).
According to the Ericsson Mobility
Report 2021, total mobile data traffic
in India is projected to increase
by more than 4x to reach 49.0
Exabytes per month by 2027. This will
be driven by two factors – greater
smartphone penetration, including in
rural areas, and increase in average
data usage per smartphone. Jio’s
device strategy and sustained
investments in digital will be key to this
enhanced data usage.
5G rollout
Earlier in the year, the Department of
Telecommunications (DoT) allotted
trial spectrum for 5G services to all
operators. 5G field trials are currently
underway, with all operators working
with their respective network vendors
to test the network and develop
relevant use cases. DoT and Telecom
Regulatory Authority of India (TRAI) are
working towards conducting auction
for 5G spectrum bands in 2022.
Increasing need for good
quality FTTX
India’s leapfrog into mobility
broadband has resulted in the
fixed broadband sector being an
under-invested space for the past
two decades. As a result, India has
amongst the lowest fixed broadband
penetration in the world at less than
10% households.
Fiber penetration is even lower, with
most fixed broadband running on
legacy copper-based infrastructure.
COVID-19 lockdowns and the
consequent need to work-from-
home and learn-from-home, have
reinforced the need for high quality
fixed broadband.
Positive changes in the
Indian telecom landscape
In September 2021, the Government of
India undertook decisive steps in the
form of reforms and a relief package
to strengthen the Indian telecom
sector. Subsequently, all the operators
undertook a 20-25% hike across
prepaid plans that has boosted
revenue growth for the sector.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Emerging Trends and Business Response
4G
Transition towards
4G networks
Transition of 250 million+ 2G feature
phone users to digital networks
How Jio is responding?
Jio’s comprehensive device
strategy encompassing
JioPhone Next, JioPhone and OEM
partnerships and investments into
the digital ecosystem would lead
this transition
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
Jio’s extensive intracity fiber network,
last mile execution, seamless
customer experience along with
attractive bundling of digital
solutions enabled it to emerge
the market leader within two
years of launch
JioBusiness is now offering
enterprise grade connectivity and
vertical specific digital solutions in
collaboration with partners
5G
Growing ecosystem of B2C
applications
Proliferation of broadband
connectivity drives adoption of
digital applications
5G rollout in India
Trial spectrum has been allocated to
operators and spectrum auction is
expected in 2022
How Jio is responding?
Jio has built a suite of
solutions and services across
entertainment, commerce,
communication, finance,
education and gaming with
leading engagement levels
in each category.
Jio has conducted field trials of
its homegrown 5G stack with
competitive position and capabilities
comparable to global Tier 1 vendors.
Coverage planning has been
completed for top 1,000 cities.
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Management Discussion and Analysis — Business OverviewDIGITAL SERVICESIntegrated Annual Report 2021-22Reliance Industries Limited Business Performance
Mobile Services
Jio continues to drive India’s
digital transformation
Jio’s network carried almost 10%
of the global mobile data traffic in
CY 2021, and Jio continues to remain
the broadband network of choice
with over 50% share of India’s data
traffic, thereby underlining the ‘Jio
effect’ on the digital ecosystem in
India. Jio was the digital lifeline during
the continuing pandemic. FY 2021-22
saw over 130 million new users join the
network on a gross basis and data
traffic grow at ~46% Y-o-Y to more
than 91 Exabytes.
Customer engagement on Jio
network increased further; per capita
data and voice consumption stood
at 19.7 GB and 968 minutes per month
respectively for the quarter ending
March 2022. During the year, Jio
undertook a ~20% hike across
prepaid plans with effect from
December 1, 2021. Its new plans
continue to provide best value for
consumers in the industry across
price points. Financial relief for the
telecom sector and improving
revenue growth potential will
accelerate realisation of Prime
Minister Narendra Modi’s vision of
Digital India and enable India’s
transformation into the world’s
leading digital society.
Enhanced network capacity
Post the 2021 spectrum auction and
trading agreement with Bharti Airtel,
Jio’s spectrum footprint has increased
56% to 1,732MHz (average life of
over 14.5 years). This has boosted
its network capacity to serve the
rapidly growing demand for data
services. Further, Jio has relentlessly
driven network improvement to
provide superior customer experience
through network automation, next-
gen platform deployment, advanced
analytics and data sciences. The
80
robustness of Jio’s network was
further underlined by the fact that it
worked with minimal disruption even
during three cyclones and seven
heavy rainfall/ flood situations across
the country during the year.
Expansion of 4G device
ecosystem
Since inception, Jio has innovated
to catalyse and grow the affordable
digital device system in the
country. JioPhone has successfully
transitioned over 100 million 2G users
in the country over the past four years.
Building on this success, Jio, in
partnership with Google, announced
the launch of JioPhone Next during
the year. This is the most affordable
smartphone anywhere in the world,
with a unique financing option
making it accessible for a much wider
set of consumers.
JioPhone Next is packed with
unprecedented features like an all
new Pragati OS, Translate Now & Read
Aloud across 10 Indian languages and
a host of preloaded Jio and Google
apps. Jio is also partnering with other
leading OEMs to provide multiple
device options to its subscribers and
accelerate the 2G to 4G transition
in the country.
Jio leads the March towards
5G-Yukt India
Jio’s 5G stack is 100% homegrown
and a comprehensive 5G solution
that is fully cloud native, software
defined and digitally managed. This
5G stack encompasses radio and
core network, software architecture
and hardware equipment, including
outdoor small cells and gNodeBs.
Jio’s network is built on a converged
and future proof architecture that
allows for seamless upgrade from
4G to 5G and beyond. 5G coverage
planning has been completed in
top 1,000 cities based on targeted
customer consumption and revenue
potential using heat maps, 3D maps
and ray tracing technology.
Apart from conducting field trials of
its 5G stack. Jio has done active trials
of 5G use cases ranging from AR/ VR,
low-latency cloud gaming, network
slicing and multi-tenancy for video
delivery, TV streaming, connected
hospitals and industrial applications.
Fixed Broadband Services
Jio continues to see fixed broadband
as a significant greenfield opportunity
and aspires to connect 50 million
homes and 50 million MSMBs in India.
Its expansive intracity fiber network,
execution abilities, superior customer
experience together with its diverse
suite and bundling of digital content,
tech-enabled tools and solutions will
be key differentiators.
Jio is now the largest fiber
broadband provider in India
The need for high quality broadband
and Jio’s extensive infrastructure
and superior services have made
it the operator of choice for fixed
broadband in the country. Within
a short span of two years since its
launch, Jio has become the largest
fiber broadband provider with over
5 million connected homes with an
average data usage of almost 300 GB
per home per month. It has continued
to roll out last mile infrastructure at an
elevated pace and its network covers
almost 20 million homes.
#1
Jio’s market position in FTTH
JioPhone Next, the
most affordable
smartphone
anywhere in the
world
Corporate
Overview
Management
Review
Governance
Financial
Statements
JIO SET - TOP - BOX APP ECOSYSTEM
Jio Apps
3rd party Apps
Bouquet of Jio offering
assorted services
Curated content for users
as per their preference
Taking cloud gaming to
every home on their TV
Bringing best of the world apps
to Jio users and continuously
growing App Bouquet
Content from different regions,
languages, genres can be
accessed even from legacy TV
3rd party Functional & Educational
Apps for all ages
Live TV
JioNews
JioStore
JioGames
JioSaavn
JioPages
JioJoin
Photos
MyJio
Music
Public Cloud
Private Cloud
Hybrid Cloud
Government Cloud
Edge Cloud / 5G
Extended suite of digital
offerings for homes and
enterprises
Jio has been consistently enriching its
digital portfolio to augment the fixed-
line services to enable work-from-
home, learn-from-home, health-
from-home, and enterprise grade
digital solutions for small businesses.
• Homes – Enhanced STB with JioOS,
bouquet of new Jio and third-party
applications, Society Centrex, 4K
content on JioTV+, Home Secure,
Home Automation, LiveTV and
Gaming solutions
• Enterprises – Integrated
connectivity, cloud, security, and
SaaS platform with vertical specific
solutions for enterprises
JIOBUSINESS MARKETPLACE
Tech & Platform
Jiotized Services
First Party Services
SaaS and ISV Solutions
Industry Clouds
Cloud Server in a Box
Containers
Dev Test in a Box
Databases
Back/DR in a Box
Security
VDI/Cloud PC in a Box
Cloud Connect
Etc.
Managed
Services
System
Integrators
Security and
Compliance
Vertical ISVs
Horizontal ISVs
Education
Government
ERP
CRM
Healthcare
Accounting
Media and
Entertainment
BFSI
Manufacturing
Etc.
Payroll and HR
Payment
Backup and
Security
Surveillance
Manufacturing
Automotive
Banking & Finance
Retail
Energy
Healthcare
Media and
Entertainment
Aggregators
GSI
Advisories
ISV
Startups
Digital First,
Self Serve
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Management Discussion and Analysis — Business OverviewDIGITAL SERVICESIntegrated Annual Report 2021-22Reliance Industries Limited Business Performance
Jio Platforms
A holistic approach to Jio’s
digital society vision
Supported by its technology
backbone and customer insight,
Jio has indigenously developed
and launched numerous consumer
applications and use cases. Jio’s
in-house R&D team, with over 9,000
technical and research professionals,
has innovated and developed
leading technology platforms
spanning 5G stack, Cloud and Edge
Compute, Devices & Operating
Systems, Blockchain, IoT, Mixed
Reality, AI/ML, Secure Identity and
Natural Language Processing, among
others. Each of these platforms is
now being implemented and scaled
up to eventually serve a large and
diversified global customer base.
Till date, Jio has been granted 417
patents across multiple jurisdictions
for the pioneering initiatives it has
undertaken. In FY 2021-22 alone,
the company filed for 110 patents
and was granted 46. Among the
key technology areas covered by
these patents are vDLT (Virtual
Distributed Ledger Technology),
5G User Equipment, AI for health
and agriculture, IoT, Industrial
4.0 and AR/ VR.
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Reliance Industries Limited
Technology partnerships for
tailormade digital solutions
Over the past few years, Jio
has forged long-term, strategic
relationships with leading global
technology companies to create
a proprietary Jio technology
ecosystem across multiple domains.
Key partnerships that materialised
during the year are:
Pragati OS – Google and Jio worked
closely to create the Pragati OS, which
is an optimised version of Android
made specially for JioPhone Next.
Pragati OS will offer full functionality
of a smartphone with access to
Play Store and provide over-the-air
updates support for new features,
customisation and security updates
that will continue to enhance the
phone experience over time.
Commerce on WhatsApp – To drive
the adoption of JioMart, integration
with WhatsApp was rolled out to
allow customers to shop seamlessly
on the world’s first conversational
commerce platform. Jio has
also partnered with WhatsApp
to simplify the prepaid recharge
experience for all its connectivity
services to bring unprecedented
convenience to consumers.
Jio AutoPay – Jio partnered with
the National Payments Corporation
of India (NPCI) to enable UPI auto-
debit facility for its customers. This
will enable Jio customers to set
standing instructions on the MyJio
app using UPI Autopay for their
preferred tariff plans and seamless
recharging experience.
Interakt – JPL-owned Haptik
launched its app ‘Interakt’ to
help MSMEs manage customer
interactions and sales on WhatsApp.
Interakt is the API solution provider
for WhatsApp Business, which acts
as an all-in-one CRM, campaign
management, marketing automation
tool, and a sales channel.
JioThings – Jio has entered into
multiple partnerships with leading
corporates and government
institutions to provide smart
connected vehicle, smart electricity
metering and smart utility solutions.
Investments to enhance Jio’s
technology ecosystem
In addition to scaling up and building
organically, Jio has supported
and partnered with new-age
and established platforms and
their management teams across
digital services. Some of these key
platforms include:
JV for Satellite Communication –
JPL and SES, a leading global satellite-
based content connectivity solutions
provider, entered into a 51:49 joint
venture for next-generation scalable
and affordable broadband services
in India by leveraging satellite
technology. The JV will use multi-orbit
space networks capable of delivering
multi-gigabit links and capacity to
enterprises, mobile backhaul and
retail customers.
Two Platforms – JPL invested
US$ 15 million for a 25% equity stake
in Two Platforms Inc., an Artificial
Reality company with focus on
building interactive and immersional
AI experiences. Two’s Artificial
Reality platform enables real-time
AI voice and video calls, digital
humans, immersive spaces, and
lifelike gaming.
Glance – JPL invested US$ 200 million
for a ~17% equity stake in Glance,
a leading AI-driven lock-screen
platform. Glance is aiming to create
the world’s largest live content and
commerce ecosystem on the lock
screen. It has a business partnership
arrangement with Reliance Retail
Ventures Limited to integrate Glance’s
lock screen platform into JioPhone
Next smartphones.
Undersea cable – In conjunction
with global partners and world-class
submarine cable supplier SubCom,
Jio is deploying two next generation
cables centred on India. The India-
Asia-Xpress (IAX) system connects
India eastbound to Singapore and
beyond, while the India-Europe-
Xpress (IEX) system connects India
westbound to the Middle East and
Europe. These high capacity and
high-speed systems will provide more
than 200 Tbps of capacity spanning
over 16,000 kms.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Strategic Priorities and Progress
4G
Driving 4G transition in the country
Progress in FY 2021-22
Medium-term priorities
• Launch of JioPhone Next in
partnership with Google
• Ramp up the overall device
strategy
• Device partnership with
• Extend OEM partnerships for
leading OEMs in the
country
other devices
Continuous network improvement
Progress in FY 2021-22
Medium-term priorities
• Accelerated deployment
• Improve spectral efficiency
of recent spectrum
purchase
• Improvement of customer
experience with analytical
tools and data sciences
and network capacity
through offloading networks
(wi-fi access points, small
cells and more)
• Further enhancement of
network automation through
a platform approach
Increasing adoption of JioFiber services
Progress in FY 2021-22
Medium-term priorities
• Jio is now the market
leader for FTTH services
with 5 million+ connected
homes
• Accelerate the pace of homes
connect and infrastructure
rollout as COVID-19 restrictions
ease out
• Increased homes passed
• Enhancement of digital
to almost 20 million
services bouquet
Enhancement of digital ecosystem
Progress in FY 2021-22
Medium-term priorities
• Jio and Google launched
Pragati OS for JioPhone Next
• Launch of JioAutoPay,
JioThings, Interakt and
JioMart-WhatsApp
integrated product
• Continue to drive customer
traction through launch
of innovative and India-
focused digital solutions
which could then be taken
globally
5G
5G Network rollout
Progress in FY 2021-22
Medium-term priorities
• Conducted field trials
• Given its leadership in
and completed network
planning in top 1,000 cities
• Trial use cases in the areas
of industrial automation
and healthcare
development of indigenous
5G stack and future ready
network, Jio is poised to
lead the rollout of 5G in the
country
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Management Discussion and Analysis — Business OverviewDIGITAL SERVICESIntegrated Annual Report 2021-22 Corporate
Overview
Management
Review
Governance
Financial
Statements
Jio 5G in Healthcare
Automation
Given the high speed and low latency of 5G networks, a
prime use case is in healthcare for various end uses for
patient care and hospital management.
• Hospital logistics – 5G robots controlled by a fleet
management system in the Cloud have been used to
deliver food trays and medicines to patients, and for
UV disinfection and sanitisation
• Connected ambulance via 5G FWA – This was done
to stream vital information to the control room in the
hospital even as the patient arrived there physically
Innovation in Customer
Experience Management
Jio has continued to innovate on both physical and
digital distribution channels to further enhance the best-
in-class customer experience.
• Self KYC – This enables remote SIM activation using
video call-based verification to ensure convenient,
error free and fast onboarding of premium customers
• Hyperlocal customer retention and upsell – 40,000+
freelancers fluent in local languages worked as Jio
Customer Associates to connect with over a million
customers daily
COVID-19 Response
Ensuring the nation’s digital lifeline
remains strong and sturdy
• Jio has continued to be the digital
lifeline for all Indians, enabling
them to work and learn-from-
home and get medical treatment
from the comforts of home
• Jio has ensured zero impact on
network over the past two years
with industry leading uptime for
the connectivity network
• Multiple initiatives (free voice calls,
Buy-One-Get-One recharges for
JioPhone users, Emergency Data
Loan) have been undertaken with
a customer focused approach
to ensure minimum disruption in
customer service and business
• Digital initiatives like Jio Associate
Program, Self-KYC and relaunch
of eKYC undertaken to enhance
customer outreach and ensure
continuity of recharges/services
Outlook
Jio’s investments to build
a world-class digital
infrastructure will pave the
way towards a premier
digital society in India.
These solutions are now
being implemented at
scale to be later taken to
the global audience. Newer
revenue streams across the
connectivity and technology
platforms will accelerate
the growth momentum and
drive operating leverage.
These endeavours would
not just create a significantly
positive socio-economic
impact but also generate
strong shareholder returns
over the next several
decades.
Testing real time robotic control for warehouse
automation and asset monitoring
• Warehouse supply chain –
5G robots were used for bagging
line to warehouse storage location
logistics, a function that would
otherwise require human control
• Connected drone – A drone
connected through a 5G cloud
was used to inspect radio sites and
provide real-time surveillance
84
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Management Discussion and Analysis — Business OverviewDIGITAL SERVICESIntegrated Annual Report 2021-22Reliance Industries Limited
Management Discussion and Analysis
Business Overview
Corporate
Overview
Management
Review
Governance
Financial
Statements
MEDI AND
ENTERTAINMENT
Network18 Media & Investments (Network18) is India’s only
Media & Entertainment conglomerate with presence
across the full spectrum of content genres – news, entertainment, sports,
movies and live entertainment.
With its young and diverse bouquet of properties, it has been delivering
authentic news and wholesome entertainment that resonate with audiences across
demographics and socio-economic segments, building a unique connect through
the use of native languages. As a platform which is pipe
and screen-agnostic, Network18's endeavour is to continually expand its reach to
connect with consumers wherever they are present. It continues to make investments
for creating quality content, enhancing reach of the network and striking partnerships
in the media eco-system to capture the growth opportunities presented by India’s
rapidly evolving media landscape, with a keen eye on improving profitability.
Rahul
Joshi
Jyoti
Deshpande
Ramesh
Damani
The year gone by will stand out
for the coming of age of our new
initiatives as they turned around
on the profitability front driven by
their increasing consumer salience.
With content consumption taking
up an increasingly higher share of
consumer time, the group, given
its truly diversified presence across
media genres, languages and
platforms, is well-poised to leverage
these strong tailwinds.
Portfolio at a glance
Digital
Digital
Regional
DIGITAL REACH
*
mn+
200
(for NW18 digital news portfolio)
TV VIEWERSHIP SHARE
#
12.8
%
TV
TV
s
w
e
N
t
n
e
m
n
i
a
t
r
e
t
n
E
86
Reliance Industries Limited
87
*Source: comScore, March 2022
#Source: BARC, All India 2+, Wk10-13'22; includes associate ETV
RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22
Strategic Advantages and Competitive
Strengths
Reach and engagement
1 in every 2 Indians watches
Network18 television channels that
reach >95% of TV homes in India
annually
1 in nearly every 2 internet users in
India accesses Network18 websites
or apps every month, making it the
#2 reach digital news/information
publisher in India, and amongst the
top 10 globally
India’s largest TV News portfolio,
with an 8.8%* share of news
viewership; Entertainment channels
enjoy 11.1%# viewership share
MoneyControl is India’s leading
Finance app and Voot is the #2 OTT
broadcaster in terms of daily time
spent per user
*Source: BARC | TG: 15+ | Market: All India |
Period: Wk10'22-13'22
#Source: BARC | Mkt: All India | TG: 2+ | Wk 14'21
to 13'22; share in non-news viewership
Diverse network with genre
defining brands
The only M&E company with
presence across all content genres
– news, entertainment, sports,
movies, live entertainment
20 domestic TV news channels
in 15 languages; digital news in 13
languages
Full-portfolio entertainment offering
includes 10 regional language TV
channels, a film studio renowned
for standout cinema, and a leading
OTT platform
Brands like CNBC TV18, News18,
Colors, MoneyControl, Nickelodeon
have high brand equity and are
synonymous with the genres they
operate in
Strong partnerships across the board
Partnerships with leading global and Indian players to strengthen
content creation and distribution capabilities
Paramount Global, NBCU (CNBC), CNN, and A+E Networks, Forbes
are among Network18’s global partners
Leading content distribution platforms like Jio, Den, Hathway are
part of the parent company, enabling Network18 to have extensive
reach
Around 3,000 advertisers use TV and digital platforms of Network18
to reach their consumers across the country
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 REVENUE & EBITDA
(` IN CRORE)
5,880
5,357
4,705
1,080
796
617
FY 2019-20 FY 2020-21 FY 2021-22
Revenue
EBITDA
OPERATING MARGINS
(%)
18.6
16.9
15.1
11.5
12.6
18.7
18.4
18.2
1.0
FY 2019-20 FY 2020-21 FY 2021-22
Network18 consolidated
News (TV, digital, misc)
Entertainment
TV VIEWERSHIP SHARE
(%)
12.64 12.76*
11.90
FY 2019-20 FY 2020-21 FY 2021-22
*Wk10'22-13'22; includes associate ETV
88
Corporate
Overview
Management
Review
Governance
Financial
Statements
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
Paramount Global in entertainment, WarnerMedia (CNN) in English general news, NBCU (CNBC) in business news, A+E
Networks in factual entertainment and Forbes in business magazines.
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.
Advertising
Subscription
B2C, B2B, B2B2C
Other income
Content
syndication
Theatrical
News & Entertainment
el
d
o
M
s
s
e
n
i
s
u
B
B rand
Audience
Medi u m
t
n
e
t
n
o
C
Producer
Content Creation and
Curation
(IP Ownership with
Broadcaster)
Partner
Content Syndication
(Inbound and Outbound)
TV - Cable /
DTH / FTTx
Digital - Own/3rd
party Platform
Cinema,
Live events
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Management Discussion and Analysis — Business OverviewMEDIA AND ENTERTAINMENTIntegrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Digital platforms saw a
significant uptick
Content – expansion
and innovation
Voot, MoneyControl, News18.com
continued to scale up reach and
engagement, and leveraged
digital advertising tailwinds to
deliver sharp revenue growth
The group forayed into sports genre and
acquired rights of marquee properties like
FIFA World Cup, NBA, La Liga, Serie A, Ligue1,
World Boxing Championship, WTA and a
host of other properties; it also launched 3
dedicated sports channels in April 2022
Highlights FY 2021-22
Strong financial
performance
Highest ever consolidated
operating margin of 18.4%,
~150bps Y-o-Y improvement
TV News business continued
to improve profitability
and delivered highest ever
operating margins of ~21%
(~16% in FY 2020-21)
Digital News saw an inflection
in profitability and delivered
operating margin of 13%
(0% in FY 2020-21), in line with
consolidated group margins
TV Network grew
stronger
TV18 was the #2@ reach news
network in India and had the
widest language footprint
TV18 Entertainment network was
#3 in India, with an all-India
entertainment viewership share
of 13.4%*; flagship GEC Colors was
#2 prime-time channel driven by
strong fiction and reality shows
Digital subscription platforms
(Voot Select and MoneyControl
Pro) saw a sharp jump in paid
subscriber base
Entertainment business
delivered highest ever
operating profit and strong
margins despite a significant
scale-up in investments
90
@Source: BARC | TG: 15+ | Market: All India | Wk10'22-13'22
*Source: BARC | TG: 2+ | Market: All India Non-News |
Period: Wk14'21-Wk13'22; includes associate ETV
Building on ‘Digital First, TV Always’
proposition
Bigg Boss: Over-the-Top, OTT exclusive
version of India’s most popular reality
show, drove eyeballs, engagement and
subscriptions on Voot
The Big Picture, a new concept
quiz show, also had a real-time,
watch and play quiz game on Voot app to
increase engagement
News business pivoted to a
digital-first approach based on the
solid foundation provided by broadcast
operations
91
Management Discussion and Analysis — Business OverviewMEDIA AND ENTERTAINMENTIntegrated Annual Report 2021-22Reliance Industries Limited Industry Overview
Having bounced back from the
shocks of the pandemic in the
second half of last fiscal, FY 2021-22
was a year of continued resilience
and implementing learnings from
the first wave of the pandemic. The
beginning of the year saw a sharp
rise in COVID-19 cases, which would
have impacted content production
again but for the implementation
of contingency plans and new SOPs
that helped business continue in a
normal fashion. Demand for content
continued to grow across platforms,
with both TV and Digital seeing
growth in viewership. However, the
movie exhibition industry remained
affected as cinema halls were
either shut or opened with lower
capacity through the year, leading
to either a delayed release in halls
or OTT release.
TV VIEWERSHIP
~45% jump at peak
due to lockdown
Resumption of
original content
Second wave sees
smaller spike
Return to
pre-COVID levels
0
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2
4
1
K
W
1
2
0
2
7
1
K
W
1
2
0
2
0
2
K
W
1
2
0
2
3
2
K
W
1
2
0
2
6
2
K
W
1
2
0
2
9
2
K
W
1
2
0
2
2
3
K
W
1
2
0
2
5
3
K
W
1
2
0
2
8
3
K
W
1
2
0
2
1
4
K
W
1
2
0
2
4
4
K
W
1
2
0
2
7
4
K
W
1
2
0
2
0
5
K
W
2
2
0
2
1
K
W
2
2
0
2
4
K
W
2
2
0
2
7
K
W
2
2
0
2
0
1
K
W
2
2
0
2
3
1
K
W
Entertainment
News
Total TV with News
Source: BARC Data
TV viewership reverted to
pre-pandemic levels
Strong growth in
advertising revenues
During the second wave of the
pandemic (April-June 2021), TV
viewership saw a much smaller spike
than last year as lockdowns were
localised and movement of people
was not as restricted. TV viewership
normalised through the year and
returned to pre-COVID levels at the
beginning of CY 2022 and the genre
shares also reverted back. Broadcast
networks rolled out their full content
catalogue and OTT platforms scaled
up release of original shows. Regional
viewership continued to be strong
across languages, with most markets
seeing intense competition for share.
Movie channels continued to be
impacted during the year due to the
postponement of movie releases.
Sports viewership was boosted by
events like T20 World Cup, Tokyo
Olympics and IPL.
Though FY 2021-22 started on a weak
footing, local and short duration
lockdowns, accompanied by a strong
consumer demand and advertiser
appetite, caused only a minor blip in
the strong growth momentum that
had begun to build up in the second
half of FY 2020-21. Industry ad revenues
surpassed 2019 levels, with TV ad
volumes reaching a multi-year high
and digital continuing its strong growth
momentum. However, high input
price inflation for the FMCG sector,
the biggest advertiser, tempered the
growth towards the end of the year.
While TV continues to be the primary
platform for brands looking to reach
audiences at scale and brand building
with high frequency advertising,
digital has an inherent advantage in
targeting, driving personalisation and
offering options for advertisers with
constrained budgets.
INDIA AD INDUSTRY
(` BILLION)
685
596
707
810
931
47
354
41
275
177
170
82
137
199
36
155
155
35
214
166
267
250
293
324
354
2019
2020
2021E
2022P
2023P
TV
Print
Digital
Radio/Cinema/ OOH
Source: Dentsu Digital report
18.6%
Increase in ad spend
in 2021
92
Corporate
Overview
Management
Review
Governance
Financial
Statements
TV subscription continued
to be resilient
Digital continued to see
strong traction
India’s TV penetration of ~67% and
Average Revenue Per Unit (ARPU) of
~US$ 3 remain well below that for
most developed as well as developing
economies, highlighting the headroom
for growth. After the introduction of
the New Tariff Order (NTO) regulation
in FY 2019-20, the industry had seen a
jump in subscription revenue. However,
the growth has plateaued since then
due to the continued legal battle over
the implementation of the amended
regulation, pending which a status
quo had been imposed by the courts
on channel pricing. The revenue was
also marginally impacted by the
pandemic as some of the pay-TV
households migrated to the free DTH
platform, DD FreeDish.
TV subscriptions in India
million
Cable
DTH
HITS
Free TV
Total
FY 2020-21
FY 2021-22
73
56
2
40
171
67
55
3
43
168
Source: EY-FICCI M&E Report
OTT platforms offer an alternative to
TV with on-demand, differentiated
content and, more importantly, a
dedicated screen, unlike TV which is
shared by 4-5 household members.
Digital content consumption has
seen a sharp growth over the last
couple of years driven by increasing
broadband and smartphone
penetration and increasing volume
of exclusive content for digital.
With more than 30 OTT platforms,
Indian consumers have plenty of
options to choose from – regional to
global platforms, from production
houses’ apps to teleco-aggregation
platforms. The propensity to pay for
digital subscriptions has grown as
consumers have begun to see value
in OTT content offering.
Given the competitive pay TV ARPUs,
OTTs are still experimenting with the
pricing for their subscription-based
video on demand (SVOD) platforms..
The year saw several major platforms
change their subscription plans.
Most Indian platforms continue to
operate a hybrid monetisation model,
Emerging Trends and Business Response
offering free content supported by
ads and premium content behind the
paywall. As per the BCG CII Report,
the Indian OTT industry is expected to
grow at a 22-25% CAGR over the next
decade, driven by both subscription
and advertising.
SIZE OF THE INDIAN OTT
INDUSTRY
($)
22-25%
13-15 bn
46%
1.8-2.2 bn
~0.3 mn
FY 2014-15
FY 2020-21 E
FY 2029-30 P
CAGR
Source: BCG CII Report 2022
Content consumption on digital
platforms is growing
With over 300 million people watching content on digital
platforms, digital has now become a second screen, and
in some cases the first.
Our response
New content forms emerging
From user generated short videos to metaverse,
content is seeing a wave of disruption
As part of RIL group, which ushered in the broadband
revolution in the country, Network18 has been focused
on creating digital platforms which become the
gateway for content consumption. With a ‘Digital First, TV
Always’ approach, the group is investing in technology
and content creation for platforms like News18.com,
Moneycontrol.com, Voot, to provide consumers a
seamless experience on the medium of their choice.
Network18 has been at the vanguard of content evolution
in the country, continuously experimenting and innovating
new concepts. Its teams keep abreast of changing
consumer preferences and continuously adapt. From
bringing Bigg Boss to OTT screens, to launching NFTs to
engage with loyal fans, to creating news campaigns
that drive change at the ground level, the group content
repertoire has been evolving, both in breadth and depth.
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Management Discussion and Analysis — Business OverviewMEDIA AND ENTERTAINMENTAMAs (000’s)051015202530354045Integrated Annual Report 2021-22Reliance Industries Limited
Strategic Priorities and Progress
Continue to strengthen ‘Digital First, TV Always’ proposition
Progress in FY 2021-22
Medium-term priorities
• News pivoted to digital first approach, with
newsroom integration, revamped workflow,
organisational redesign and scaling up of tech
capabilities
• Bigg Boss, one of the most popular reality shows
was made in a digital exclusive format
• Provide a seamless experience to the user,
irrespective of the platform
• Complement the ‘mass’ nature of
TV viewing with the ‘personalisation’
experience of digital
Strengthen position in regional markets
Progress in FY 2021-22
Medium-term priorities
• Bengali and Tamil entertainment channels scaled
up original programming; Kannada and Marathi
channels strengthened viewership shares
• Become a true pan-India player with strong
positions in markets across the country
• Establish strong vernacular presence on
• Regional news portfolio delivered first quarter of
break-even performance; significant headroom
for growth
digital platforms
• Use learnings from one market to replicate
success in others
Build sustainable and scalable business model for digital products
Progress in FY 2021-22
Medium-term priorities
• Voot AVOD is already profitable and scaled new
heights; Voot paid subscriber base saw strong
growth
• Leverage both AVOD and SVOD opportunities
to drive growth
• Evaluate opportunities to create new
• MC Pro became the leading subscription based
monetisation streams
financial news platform in India
• Digital contribution to revenue to grow to 50%
Continue innovation and expansion into new content genres
Progress in FY 2021-22
Medium-term priorities
• Forayed into the sports genre with acquisition of
• Be the go-to destination for diverse
marquee properties
• Launched new concept shows like
The Big Picture, Bigg Boss OTT, Hunarbaaz
demographic and socio-economic audience
segments for content across genres
Corporate
Overview
Management
Review
Governance
Financial
Statements
Business Performance
Television business
News
Business News
General News
CNN-News18 and News18 India
ensured in-depth coverage of all
major news events - elections,
political news or global events.
The channels also undertook
extensive programming and multiple
Public Service Announcement
campaigns. The regional news
channels reported exhaustively on
state/region specific events.
Business News channels, CNBC
TV18, CNBC Awaaz, and CNBC Bajar,
offered extensive coverage of the
important events in business and
financial markets, introduced new
content offerings, and rolled out
consumer-centric campaigns.
Entertainment
Music and Youth
Regional Entertainment
The regional entertainment bouquet
comprises a mix of GEC and movie
channels in Kannada, Marathi,
Bengali, Gujarati, Tamil and Oriya
markets. The network has been
scaling up its original programming
across markets and has strong
positions in Kannada, Marathi and
Gujarati markets.
Infotainment channel, History TV18,
ranks among the top 2 in the genre in
urban markets.
Hindi General Entertainment
Colors was the #2 prime-time
channel in the genre driven by a
strong programming mix of fiction
shows like Udaariyan and Naagin and
popular reality shows like The Bigg
Boss and Khatron Ke Khiladi. Colors
Rishtey, FTA channel, also improved
its share during the year. Pay movie
channel, Colors Cineplex, maintained
its share during the year while Colors
Cineplex Bollywood, an FTA movie
channel launched at the beginning
of the fiscal, helped the network
improve its viewership share and
monetisation in the genre.
#1
Khatron Ke Khiladi, highest
rated Hindi reality show
MTV Beats continued to be the #1
contemporary music channel in
India. MTV, with popular shows IPs and
sports content ‘La Liga Santander 21-
22’ and ‘NBA 21-22’, continued to be a
strong brand in the Youth category.
English Entertainment
Viacom18 continued to be the
undisputed leader in the premium
English genre with a combined
viewership share of ~95%.
Kids Entertainment
Viacom18 Kids portfolio, with strong
brands like Nick, Sonic, has the
undisputed leadership in the genre
with 30%+ market share.
#1
portfolio in Kids category
since August 2014
94
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Management Discussion and Analysis — Business OverviewMEDIA AND ENTERTAINMENTIntegrated Annual Report 2021-22Reliance Industries Limited Digital Business
Digital content
Network18 has a strong suite of
digital platforms across categories -
MoneyControl (leader in the finance
category), VOOT (#2 broadcaster-
OTT in terms of time spent per day),
and News18 portfolio #2 digital news/
information network). Pay-product
Voot Select saw a strong growth in
its D2C subscriber base driven by its
premium content library of digital-
only shows and shoulder content
around TV reality shows. With cutting-
edge tools, research and exclusive
content for investors, MoneyControl
Pro also saw a sharp growth in pay
subscriber base, strengthening its
credentials as leader in the segment.
E-Ticketing and Live business,
Bookmyshow, was impacted by
the delayed movie releases and
restriction on live events due
to the pandemic.
Film Business
Film Business includes Viacom18
Studios and Jio Studios.
Viacom18 Studios
As the COVID-19 pandemic continued
to affect the opening of cinema
halls, there were no major theatrical
releases during the year by Viacom18
Studios. However, some of the movies
and web series were released on OTT
platforms during the year.
Jio Studios
Jio Studios is a leading content
studio that produces movies and
web originals in multiple languages.
It monetises such content across
theatres, broadcast television and
digital OTT, while also powering the
video content in Jio’s mobility and
home triple play offering of voice,
video and data.
In a year disrupted by COVID-19, the
studio had three successful releases
– Mimi, a powerful entertainer on the
topic of surrogacy, Ranjish Hi Sahi,
an intriguing web original series,
and Hey Sinamika, a musical love
story in Tamil.
Jio Studios has an exciting line up
of Hindi movies with leading talent
such as Shah Rukh Khan, Raju Hirani,
Akshay Kumar, Varun Dhawan, Shahid
Kapoor, Ayushmann Khurrana and
others, as well as marquee projects
in other languages. Straddling story
telling through traditional media
to Metaverse, Jio Studios aspires
to be at the forefront of the rapidly
expanding $25 billion Indian Media &
Entertainment industry.
$25 billion
Size of Indian Media &
Entertainment industry
Corporate
Overview
Management
Review
Governance
Financial
Statements
Print/Publication
Business
Publication Business comprises
a portfolio of Forbes, Better
Photography and Overdrive, each
one of them a leader in their own
category, and continuously striving to
achieve new heights.
CSR Initiatives
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.
• Mission Paani, an initiative in
partnership with Harpic, strives to
change attitude and behaviour
for saving water for future
generations, and endeavors to
reach over 20 million Indians
to drive this change. The latest
season of the campaign was
endorsed by Vice President M
Venkaiah Naidu, Minister of Jal
Shakti, Gajendra Singh Shekhawat,
Lok Sabha Speaker Om Birla, and
Actor Akshay Kumar, the Campaign
Ambassador. Mission Paani was
recognised as ‘The Best Media
Initiative’ at the 3rd National Water
Awards by the Honorable President
of India.
• Sanjeevani - A Shot of Life, a
CSR initiative in partnership
with Federal Bank, aimed
towards creating awareness
for COVID-19 vaccinations and
mobilising efforts to ensure that
every Indian is vaccinated. The
campaign collaborated with
NGOs, government agencies and
influencers to spread information
and bust myths surrounding the
vaccine, while enlisting donors to
gift vaccines to the most deprived
and worst affected Indians.
• Netra Suraksha - India Against
Diabetes was launched in
November 2021 in association with
Novartis, to increase awareness
about eye disorders caused by
diabetes. With an aim to build
effective and efficient partnerships,
the initiative organised round table
discussions involving medical
experts, think tanks and
policymakers.
Outlook
The Indian M&E industry has a long
runway for growth, given the secular
trend of increasing demand for quality
content and higher time spent across
demographies on content consumption.
As per industry reports, India is expected
to be the fastest growing ad market
with digital leading the way. The digital
subscription market has been seeing
rapid adoption as the ecosystem
matures and the end of pricing stalemate
for TV subcription would help drive
growth in broadcasting revenues. We will
continue to make adequate investments
across our businesses which will help
us further strengthen our position and
simultaneously prepare us for leveraging
future growth opportunities.
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Management Discussion and Analysis — Business OverviewMEDIA AND ENTERTAINMENTIntegrated Annual Report 2021-22Reliance Industries Limited Management Discussion and Analysis
Business Overview
Corporate
Overview
Management
Review
Governance
Financial
Statements
IL TO
CHEMICALS
The Oil to Chemicals (O2C) business
portfolio spans across transportation
fuels, polymers and elastomers,
intermediates and polyesters. The O2C
business includes world-class assets
comprising refinery, crackers and
downstream assets that are deeply
and uniquely integrated, supported
by best-in-class logistics and supply
chain infrastructure.
The RIL O2C business includes plants and manufacturing
assets located in India at Jamnagar (Jamnagar DTA,
Jamnagar SEZ), Hazira, Dahej, Nagothane, Vadodara,
Patalganga, Silvassa, Barabanki and Hoshiarpur as
well as in Malaysia at Nilai, Melaca and Kuantan. It also
includes a 51% equity interest in a fuel retailing JV with
bp-Reliance BP Mobility Limited (RBML, operating under
the brand Jio-bp), and a 74.9% equity interest in Reliance
Sibur Elastomers Private Limited (RSEPL).
The integrated O2C business structure enables an
integrated decision-making approach that helps to
maximise and optimise the entire value chain from crude
to refining to petrochemicals to the B2B/B2C model.
Nikhil
R. Meswani
Hital R.
Meswani
Anant
Ambani
P. K. Kapil
Sanjiv
Singh
Srinivas
Tuttagunta
J. Rajaraman
Harish
Mehta
Vipul
Shah
Piyush
Bhatt
C. S. Borar
Ashwani
Prashara
Seema
Nair
Continued recovery
in global oil demand
supported product
margins. High operating
rates, superior product
placement and feedstock
flexibility led to strong
operating performance for
the year.
1.4 MMBPD
Crude refining capacity, the largest
single site refinery complex globally
68.2 MMT
Production meant for sale for
FY 2021-22
12
Manufacturing facilities in India (9)
and Malaysia (3)
21.1
Complexity Index
#1
Largest Petcoke
Gasifier globally
3rd
Largest producer
of PX globally
7th
Largest producer of
PTA globally
98
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Integrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Strategic Advantages and Competitive
Strengths
Operating Strategy
The key priorities of the O2C business are as under:
Deep and unique
integration across sites
Robust portfolio catering to
growing consumption markets
Fully integrated O2C value
chain comprising the highly
integrated complex at Jamnagar,
which is integrated with other
manufacturing O2C assets
One of the few companies
globally with integration from oil
to transportation fuels, polymers
and elastomers, intermediates, and
polyesters
Flexibility to process a variety
of feedstock including crude,
condensate, naphtha, refinery
off-gases, ethane/propane,
vacuum gas oil and straight run
fuel oil
Highly optimised operations
across the entire value chain
from crude selection, product
yield management, logistics to
product placement, leading to
best-in-class profitability
Ability to manage impact of
volatility in commodity prices
and cash flows
World-class manufacturing
facilities
Large global-scale
manufacturing sites based on
competitive technology and
flexible design
Top quartile performance in
costs, safety and operational
excellence
Unparalleled logistics and
supply chain network
Unmatched distribution footprint in
India with multi-modal logistics
11,000+ customers for chemicals and
materials across India
Retailing transportation fuels at 1,460+
outlets spread across India
Global competitiveness and
leadership
World’s 3rd largest producer of
paraxylene and among the world’s top
ten producers of PP and PTA (Source:
IHS Markit)
World’s largest integrated polyester
producer and among the top 10 global
producers of MEG (Source: PCI)
Strong project management
capability
Track record of delivering world-class,
large-scale projects
Transforming
into a Net Carbon
Zero, circular
and sustainable
business
Transition from producing
transportation fuels
to chemical building
blocks integrated
with sustainable
downstream derivatives
Transition from using fossil
fuels to renewables for
captive energy demand
CO2 capture and
conversion to useful
chemicals and materials
Scaling up
recycling in materials
Riding transition from
traditional to advanced
mobility with EV solutions
Accelerate gas economy
through expedited growth
of CNG network
Customer
ownership and
downstream
integration
Scaling up trading and
distribution business
– customer access in
new value chains
Creating industry-
defining value
propositions for expedited
customer acquisition
Move from commodity
product supplier
to customer
ownership through
solutions and services
Alliances and
partnerships for
downstream sustainable
product derivatives
Continuous
optimisation and
cost reduction
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
improvements through
productivity and
minor capex projects
Usher global design
standards to increase
throughput and
future proof assets
101
Vision and Mission
Accelerate new energy and
materials businesses while ensuring
sustainability through circular
economy and target to become
a net carbon zero company by 2035.
Performance
Summary
REVENUE & EBITDA
(` IN CRORE)
11.9
11.9
10.5
5,00,900
4,51,355
3,20,008
53,803
38,170
52,722
FY 2019-20 FY 2020-21 FY 2021-22
Revenue
EBITDA
EBITDA Margin (%)
TOTAL THROUGHPUT
79.8
(MMT)
76.7
71.9
FY 2019-20 FY 2020-21 FY 2021-22
PRODUCTION MEANT
FOR SALE
(MMT)
71.0
68.2
63.6
FY 2019-20 FY 2020-21 FY 2021-22
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Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited
Highlights FY 2021-22
Corporate
Overview
Management
Review
Governance
Financial
Statements
Transfer of gasification assets to Reliance Syngas to unlock value
costs so as to enable cost-efficient
In November 2021, the Board
production of olefins. Syngas is
approved the transfer of RIL’s
also used to produce hydrogen
gasification assets to Reliance
for consumption in the Jamnagar
Syngas Limited (RSL) as a going
refinery.
concern on a slump sale basis
for a lump sum consideration
equal to the carrying value of
the gasification assets as on the
appointed date of the scheme of
arrangement.
Going forward, RIL expects
gasification assets such as syngas
to be increasingly used as a
platform for conversion to high
value chemicals as opposed to
a source of energy. Therefore, the
nature of risk and returns for the
gasification streams are likely to
become distinct from those of the
other businesses of the Company.
In addition, the Company is
exploring various opportunities
to bring in strategic and other
investors in RSL.
As the Company progressively
transitions to renewables as its
primary source of energy, more
syngas will become available
for upgrading to high value
chemicals, including C1 chemicals
and hydrogen, thus sharply
reducing the carbon footprint of
the Jamnagar complex.
The gasification project at
Jamnagar was set up with the
objective of producing syngas to
meet energy requirements and
reduce the volitality in energy
Operational Performance
Delivered strong
performance on the
back of recovery in global
demand
Achieved near full
capacity utilisation,
despite COVID-19 related
operational challenges
Secondary unit
processing maximised
with improvement in
transportation fuel margins
Implemented
Petrochemical Naphtha
(PCN) quality upgrade to
capture premium pricing
Optimised production of
naphtha, gasoline and
xylenes to capture best
margins in changing
market conditions
Processed 10
new crudes, widening
feedstock sources including
feedstock for Fluid Catalytic
Cracking (FCC)
Fuel mix optimisation
ensured minimum impact
from higher LNG prices
Optimised light-feed cracking
on favourable economics
vis-a-vis naphtha
Sustainability
LLDPE received ‘Innovator of
the Year’ award for RELCAT
from Federation of Indian
Petroleum Industries
Implementing digital
platforms to enrich
customer business
experience
Continue to develop a
sustainable petrochemical
business model by participating
in India’s circular economy
Promoting circular economy
& sustainability across the
downstream through industry
wide initiatives and various
re-engineered materials
Focus on innovation to cater to
customers’ requirements and
national goal
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Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Industry Overview
FY 2021-22 was characterised by the
recovery in global demand as a result
of improved consumer sentiment,
vaccination drive and the reopening
of economies, leading to an increase
in crude and petrochemicals
prices. Global refinery operating
rates also improved in line with
the rising demand.
Crude Oil Demand
and Supply
Demand in CY 2021 recovered
sharply by 5.6 mb/d to 97.5 mb/d. In
comparison, demand had fallen by 8.5
mb/d to 91.9 mb/d in CY 2020.
Robust global economic recovery,
rising vaccination rates, easing social
distancing measures and travel
restrictions supported steady demand
recovery in FY 2021-22. The demand
recovery was further supported by
gas to oil switching in the power sector
following the energy crisis and high
natural gas prices beginning October
2021. In the last week of February 2022,
Russian Ukraine conflict began which
led to high oil prices and volatility
due to uncertainties in global oil
supply. Prices rose above $100/bbl
levels due to sanctions on Russia and
expected disruption to Russian oil &
product trade flows.
Global oil supply increased by 1.4 mb/d
to 95.5 mb/d in CY 2021. Oil supply
growth was mainly controlled by
OPEC+ with a mandate to increase
400 kb/d of output each month
from August 2021 to March 2022 in
response to demand. OPEC supply
was lower by 4.2 mb/d in CY 2020 but
increased by 0.7 mb/d in CY 2021. Non-
OPEC supply which fell by 2.6 mb/d
in CY 2020 increased by 0.7 mb/d in
CY 2021 mainly led by Russia. However,
uncertainties to supply rose in March
2022 due to US, Canada sanctions
on Russian oil imports in response to
Russia-Ukraine conflict. This, together
with self-imposed restrictions by
private companies started to impact
trade flows and regional supply.
104
In FY 2021-22, lower oil supply amid higher oil demand growth led to reduction in
global crude inventories and oil market tightness.
Kazakhstan also contributed to the rise in oil prices in 2H FY 2021-22 in spite
of the tapering of demand following the spread of the Omicron variant and
China’s zero tolerance COVID-19 policy.
Global Refining Operations
Global refinery crude throughput (mb/d)
OECD Americas
OECD Europe
China
Rest of the World
World Total
Source: IEA
CY 2021
CY 2020
Change 2021
vs. 2020
17.8
11.0
14.2
34.8
77.8
16.6
10.7
13.8
33.7
74.8
1.2
0.3
0.4
1.1
3.0
Global refinery throughputs increased steadily during FY 2021-22 on higher
utilisation and new capacity additions to meet rising transportation and
petrochemical demand. In CY 2021, refinery throughputs recovered by 3 mb/d after
falling by 7.3 mb/d in CY 2020. Permanent refinery closures amounted to 2.8 mb/d
till the end of 2021 mainly in the US, Europe and Asia.
Refining margins recovered strongly in FY 2021-22 as refinery throughputs lagged
fuel demand recovery.
Crude Oil, LNG and Ethane Prices
CRUDE OIL PRICES
(US$/BBL)
Oil Prices
OPEC+ under performance
US supply outages on Hurricane
OPEC+ production cut begin
Delta Impact
Omicron Impact
Russia -
Ukraine
conflict
Commercial oil
inventories ex. China
fall below 2019 levels
$/bbl
100
90
80
70
60
50
40
30
20
10
9
1
-
N
A
J
9
1
-
R
A
M
9
1
-
Y
A
M
9
1
-
L
U
J
9
1
-
P
E
S
9
1
-
V
O
N
0
2
-
N
A
J
0
2
-
R
A
M
0
2
-
Y
A
M
0
2
-
L
U
J
0
2
-
P
E
S
0
2
-
V
O
N
1
2
-
N
A
J
1
2
-
R
A
M
1
2
-
Y
A
M
1
2
-
L
U
J
1
2
-
P
E
S
1
2
-
V
O
N
2
2
-
N
A
J
2
2
-
R
A
M
Dated Brent
WTI
Dubai
Source: Platts
Crude prices rose sharply in FY 2021-22 with Brent price reaching US$ 118.8/bbl in
March 22 from US$ 64.7/bbl in April 2021. Oil prices rose in response to steady oil
demand growth, continued oil supply management by OPEC+, falling global oil
inventories and also geopolitical impacts such as Russia-Ukraine conflict.
In 2H 2021, US supply outages due to Hurricane Ida also supported oil prices
despite the demand being impacted by COVID-19 variants like Delta.
The energy crisis, high natural gas prices, the failure of OPEC+ to meet its output
targets and rising geopolitical tensions further propelled oil prices. Geopolitical
risks with Russia-Ukraine conflict , the blockade in Libya and protests in
60.0
50.0
40.0
30.0
20.0
10.0
0.0
LNG PRICES
(US$/MMBTU)
Higher LNG supply from US and milder winter
Russia-Ukraine conflict
Lower Russian pipeline gas
supplies and lower European
storage levels, NS2 approval
pending
Lower LNG supply due to unplanned
outages, incremental demand, from
Turkey, Mexico and Brazil
Higher demand from Japan/Korea
due to colder winter and low stocks
Drop in demand due to
COVID impact
Higher Chinese Imports
due to Blue Sky policy
9
1
-
B
E
F
9
1
-
R
A
M
9
1
-
R
P
A
9
1
-
Y
A
M
9
1
-
N
U
J
9
1
-
L
U
J
9
1
-
G
U
A
9
1
-
P
E
S
9
1
-
T
C
O
9
1
-
V
O
N
9
1
-
C
E
D
0
2
-
N
A
J
0
2
-
B
E
F
0
2
-
R
A
M
0
2
-
R
P
A
0
2
-
Y
A
M
0
2
-
N
U
J
0
2
-
L
U
J
0
2
-
G
U
A
0
2
-
P
E
S
0
2
-
T
C
O
0
2
-
V
O
N
0
2
-
C
E
D
1
2
-
N
A
J
1
2
-
B
E
F
1
2
-
R
A
M
1
2
-
R
P
A
1
2
-
Y
A
M
1
2
-
N
U
J
1
2
-
L
U
J
1
2
-
G
U
A
1
2
-
P
E
S
1
2
-
T
C
O
1
2
-
V
O
N
1
2
-
C
E
D
2
2
-
N
A
J
2
2
-
B
E
F
2
2
-
R
A
M
JKM
During the year, LNG prices were highly volatile, with Asian prices seeing a low
of US$5.8/MMBtu in March 2021 and a high of US$51.7/MMBtu in March 2022,
averaging at US$23.37/MMBtu in FY 2021-22. The uptick in price was due to
demand recovery post-COVID, coupled with unplanned LNG outages, lower
Russian pipeline gas flow into Europe and later invasion of Ukraine by Russia in
February. The Company used various optimisation initiatives to minimise the
impact of high energy prices.
US ETHANE PRICES
(US$/GAL)
Ethane tracking higher
gas prices coupled with
increased demand from
exports to China
Ethane prices stay strong
inline with strong gas prices
Demand destruction
amid rise in COVID cases
and lockdowns
Producers in full ethane
recovery mode amid Negative/
Zero Waha gas price
Demand recovery post COVID-19
and ramp-up of new ethane
crackers
Omicron Impact, Lower
gas prices due to milder
than normal start to
winter
0.50
0.45
0.40
0.35
0.30
l
a
g
/
$
0.25
0.20
0.15
0.10
0.05
0.00
MAR-19 MAY-19
JUL-19
SEP-19
NOV-19
JAN-20 MAR-20 MAY-20
JUL-20
SEP-20 NOV-20
JAN-21 MAR-21 MAY-21
JUL-21
SEP-21
NOV-21
JAN-22 MAR-22
During the year, ethane demand-supply growth was accelerated due to the
addition of export facilities, delivery of new Very Large Ethane Carrier Ships
(VLECS) and demand growth of the newly operational cracker in the US. Ethane
prices in FY 2021-22 moved in tandem with that of natural gas for most of the
time, and hence traded at highest-ever prices in the last four years at 46.8 US
cents per gallon (cpg). This was owing to the surge in natural gas prices as
a result of the supply scarcity and colder than expected winter. The average
price of ethane for FY 2021-22 was 34.9 cpg. Despite relatively higher prices,
ethane continued to be the preferred feedstock.
Tanker Freight
The crude tanker market continued
weaker trend due to various factors,
ranging from COVID-19, reduction in
crude imports to China, OPEC cuts,
increasing bunker prices to limited
cargoes being quoted, weighed in on
market sentiment. This also helped to
lower overall crude cost.
Clean Tanker freight rate for shipping
products remained at a 5-year low
in FY 2021-22 as lockdown restrictions
led to uncertainty and dampened
sentiments. Ample new-built tanker
availability also helped long-haul
distillate market movements, keeping
a lid on freight prices
Reliance has been proactively taking
appropriate actions by taking optimal
cover through time charters & COAs’
(Contract of Affreightment) to avoid
freight volatilities and incurring
additional cost to the refinery.
Transportation Fuels
Global Market Environment
Global gasoline demand recovered
steadily in FY 2021-22 as a result
of improving mobility and higher
preference for personal vehicles. In
CY 2021, demand recovered to above
96% of pre-pandemic level (CY 2019
levels) as restrictions on mobility were
lifted gradually on rising vaccinations.
Diesel demand recovery also
continued in FY 2021-22 – on strong
economic growth and rising industrial
activity with demand reaching 98% of
pre-pandemic level in CY 2021.
Jet fuel was the only fuel to remain
significantly below pre-pandemic
level with demand recovering to
only 66% of CY 2019 levels in CY 2021
mainly due to sluggish recovery in
business and international travel.
However, demand was supported by
countries which were opening up and
easing international travel restrictions,
following rising vaccination
coverage and low impact from the
Omicron COVID wave.
105
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited Domestic Market Environment
Margins
Global Cracker Operations
Domestic Market Environment
Corporate
Overview
Management
Review
Governance
Financial
Statements
After the lows of FY 2020-21, Indian fuel demand bounced back in FY 2021-22.
However, the growth was tempered by the second and third pandemic waves,
which led to partial or total lockdown in stretches across the country during 1Q
and 4Q respectively.
India Fuel Consumption Trend (exit quarter trend)
Product (Mn MT)
4Q FY 2019-20
4Q FY 2020-21
4Q FY 2021-22
HSD (Gasoil)
MS (Gasoline)
ATF (Jet fuel)
19.7
7.1
1.9
20.6
7.8
1.4
20.6
7.9
1.4
On the back of sustained economic activities, and the absence of a blanket
nationwide lockdown, business growth was steady through the course of the
year. India’s fuel demand grew by 7.8% and stood at 113 MMT. LPG demand too
maintained an upward growth trajectory.
While inter-city highway traffic has maintained steady momentum, growth in
intra-city travel has surged, as reflected in the consistently growing Motor Spirit
(MS) sale. Despite muted growth in 1Q FY 2021-22 and some set back in 4Q, both
gasoil and gasoline demand has grown steadily with the resurgence of road
traffic. FY 2021-22, diesel demand increased by 5.5% and gasoline demand
increased by 10.4% Y-o-Y. Exit industry volumes are already 4.2% higher than the
pre-COVID average in FY 2019-20. The shift away from ride-sharing and limited
availability of public transport (driven by lower bus frequency and curtailed
rail movement) have increased preference for self-owned vehicles, which has
supported this growth.
Reaching the end of their ongoing investment cycle, both state-owned oil
marketing companies and private players have continued expanding their
network, and taking the total number of retail outlets in India to over 83,000.
FY 2021-22 also emerged as the defining year for Indian Electric Vehicle (EV)
industry. On the back of sustained policy push at both the central and state
levels, increased options in the market and growing charging infrastructure,
EV sales recorded a 218% growth over that in FY 2020-21. Even though the base
is low, the industry is looking at convergence of charging infrastructure and
retail outlets.
Rebounding from its worst ever year, India’s aviation industry, driven primarily
by the domestic sector, grew strongly in the 2H FY 2021-22. Phased allowance
from 70-100% capacity utilisation enabled airlines to ramp up steadily. ATF
demand in FY 2021-22 grew 35% Y-o-Y.
Gasoline margins rose sharply to
US$ 11.4/bbl in FY 2021-22 from
US$ 3/ bbl in FY 2020-21, backed
by steady demand recovery and
improving mobility. Also, limited
exports from China in 2H CY 2021
supported cracks.
Gasoil margins increased to
US$ 12.3/bbl in FY 2021-22 from
US$ 5.7/bbl in FY 2020-21, following
steady demand growth supported
by the strong economic recovery
and rising industrial activity. However,
gasoil margin gains were limited due
to sluggish jet fuel demand recovery
and persistently higher stocks
during most of the year. Cracks were
supported by lower gasoil exports
from China, due to various policy
changes like the imposition of higher
taxes on blended fuels such as light
cycle oil, tightening supervision on
independent refiners, lower crude
import and product export quotas in
2H CY 2021. Gasoil cracks rose strongly
in March 2022 on disruptions to
Russian diesel supply to Europe amid
Russia-Ukraine conflict and trade
sanctions on Russia.
Jet fuel cracks rose to US$ 9.1/bbl in
FY 2021-22 from the unprecedented
low of US$ 1.2/bbl in FY 2020-21.
Jet fuel demand continued to
recover, albeit slowly led by North
America in FY 2021-22.
Asian Cracks for
Transportation Fuels
$/bbl
FY 2021-22
FY 2020-21
Gasoline 92R
Jet
Gasoil 10 ppm
Source: Platts
11.4
9.1
12.3
3.0
1.2
5.7
Global demand for ethylene grew 8%
Y-o-Y to 179 MMT in CY 2021 from 166
MMT in CY 2020, while operating rates
remained unchanged at 86%. New
capacity addition for the year was 12
MMTA, in line with the demand growth.
PP domestic market demand grew by 16% on Y-o-Y basis on account of
healthy demand from the health & hygiene sector, raffia and Biaxially Oriented
Polypropylene (BOPP) packaging. PE demand also registered a growth of 4% on
Y-o-Y basis, driven by e-commerce, FMCG and liquid packaging. PVC demand
grew by 6% Y-o-Y, majorly driven by growth in construction activities and policy
boost for several water and sewage pipeline projects.
Indian E-SBR demand grew by 7% in FY 2021-22 while demand for PBR was up
by 5% for the year. The demand growth was supported by revival in passenger
vehicle, commercial vehicle and replacement market.
Margin
Polymer prices strengthened during FY 2021-22 amidst global demand
boost and regional supply shortages due to lower import availability amid
container shortage. Global operating rate for PP and PE averaged 89% and 87%
respectively during 2021, at par with pre-pandemic levels. Polymer margins
weakened during the year amidst higher feedstock cost. Integrated
PP-Naphtha and HDPE-Naphtha margins contracted by 17% . PVC margins
weakened by 3% during the year.
Southeast Asia Polymer Margins
(US$/MT)
HDPE-Naphtha
PP -Naphtha
PP-Propylene
PVC-EDC- Naphtha
PBR-BD
SBR-BD-Styrene
Source: Platts and ICIS
FY 2021-22
FY 2020-21 % chg Y-o-Y
426
529
235
569
1126
1063
512
637
193
584
727
718
-17
-17
22
-3
55
48
Ethane and Naphtha
Prices
Ethane average prices increased by
63% Y-o-Y to 34.9 cpg in FY 2021-22.
While naphtha average prices in Asia
were up by 82% Y-o-Y led by the rise
of crude price, LNG supply crunch and
related strength in energy prices.
Polymers and Elastomers
Global Market Environment
Global polymer demand – for
polyethylene (PE), polypropylene (PP),
polyvinyl chloride (PVC) – in CY 2021
was 253 MMT, registering an uptick of
4% on Y-o-Y basis. Global PP, PE and
PVC demand grew by 5%, 4% and 4%
respectively in CY 2021, led by Asia,
especially China and India.
Growth in global demand for Styrene-
Butadiene Rubber (E-SBR) was 4%
and Polybutadiene Rubber (PBR) 6%
in FY 2021-22 on the back of strong
automotive sector demand. Global
vehicles production recovered by
3% in CY 2021, and global vehicle
sales recovery was 4%, despite
various setbacks like semiconductor
shortage, supply chain issues and
low inventories.
106
107
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited Intermediates and
Polyesters
Global Market Environment
Global demand for Intermediates
(MEG/PX/PTA) increased by 5% to
157 MMT in CY 2021 from 149 MMT in
CY 2020. PX markets improved in the
latter part of the year due to new
downstream PTA capacity additions.
PTA markets remained healthy and
witnessed 7% overall annual growth,
the demand went up despite rising
inventory in the first half of the year.
MEG demand was impacted due
to intermittent disruption led by
pandemic and energy crisis. Supply
disruptions in the US led to tightening
of China port inventories.
Polyester overall global demand
improved by 7% at 85 MMT. Increase
in vaccination rate and relatively
lower restrictions across the world
have helped improve the global
demand for textiles and apparels.
Global apparel market which shrunk
in CY 2020 by 22% to US $ 1.3 trillion,
has recovered by 16% in CY 2021 to US
$ 1.5 trillion.
Domestic Market
Environment
Domestic Intermediates demand
improved by 32% on account of
recovery in textile and polyester
demand. Removal of restrictions
and improvement in retail demand
led to the recovery of the polyester
downstream industry, which has
shown resilience against repeated
pandemic waves and volatility in raw
material prices. Polyester downstream
operating rates varied from stable to
strong across the value chain barring
an exceptional dip in April-May '21.
Lower polyester imports on account
of high ocean freights supported
demand and margins.
while PX-Naphtha margins firmed by 21% Y-o-Y, but it is well below 5-year
average levels. In 3Q, the imposition of dual control policy in China, emergence
of Omicron coupled with the start-up of large PX capacities (2x2.5 MMTPA)
resulted in supply overhang and weak margins.
PTA markets in China remained oversupplied given the capacity addition of
8.6 MMTA, together with medium to high level market inventories. Global PTA
operating rates remained around 79% in FY 2021-22. PTA prices followed crude
oil price movements in FY 2021-22, with the margin on PX improving gradually
from H1 with the decrease in China inventory. Overall, in FY 2021-22, PTA prices
surged 56% while PTA-PX margins firmed up by 43% Y-o-Y.
MEG margins were under pressure due to oversupply and lower operating
rates. MEG prices surged 36% and MEG-Naphtha margins softened by 12% Y-o-Y
owing to high feedstock prices.
PET markets witnessed an unprecedented trend during the year. Global PET
supplies tightened due to plant shutdown in the US and Europe during the
pandemic, leading to a surge in PET prices by 43%, however margins firmed up
by 11% Y-o-Y constrained by high feedstock prices.
Intermediates and Polyester Margin Trends
FY 2021-22
FY 2020-21 % chg Y-o-Y
207
224
203
195
43
161
172
157
232
203
150
146
21
43
-12
-4
-71
11
(US$/MT)
PX- Naphtha
PTA-PX
MEG-Naphtha
POY-PTA & MEG
PSF-PTA & MEG
PET- PTA & MEG
Source: Platts, ICIS, CCF Group
Business Performance
Production Meant for Sale
Particulars
Transportation
Fuels
Products
Gasoil
Gasoline / Alkylate
Polymers and
Elastomers
Intermediates
and Polyesters
ATF
PP
PE
PVC
Elastomers and Feedstock
PX and By-products
Benzene and Derivatives
PTA
MEG and By-products
Filament
Staple
PET
Fuels, Solids and Others
(in MMT)
FY 2021-22
FY 2020-21
25.8
11.7
3.7
2.9
2.2
0.7
0.4
2.9
0.5
2.2
1.2
1.2
0.8
1.2
10.9
68.2
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
9.7
63.6
Margins
Global economic recovery resulted in
improved petrochemicals demand.
In FY 2021-22, PX prices surged 61%,
Others
Total
108
Corporate
Overview
Management
Review
Governance
Financial
Statements
encouraging safe practices, Jio-
bp has further strengthened its
leadership position in on-demand
fuel delivery, operating under brand
Jio-bp fuel4u. With ~1,200 sites,
Jio-bp commands leadership in
market share, successfully ushering
in channel innovation that has
redefined the range of a retail outlet.
With ~50 mobile dispensing units and
~44,000 packed containers, Jio-bp
supported the functioning of mobile
towers, agriculture, hospitals and
other critical facilities during the peak
of the pandemic and floods.
Building on the first phase, Jio-bp
outlets and mobile dispensing units
delivered over 2.2 million litres of free
fuel for 56,500 notified emergency
response vehicles during the second
wave of the pandemic.
Aviation Turbine Fuel (ATF)
Business
With the domestic aviation industry
recovering steadily, Jio-bp (operating
under air-bpJio) has registered
an annualised volume growth of
19% over industry, staying ahead
of competition and reinforcing
customer trust.
Downstream Chemicals
RIL maintained steady polymer
production with reliable operations
across sites. It maintained operating
rates higher than its peers based on
the market scenario by leveraging
global supply chain. This was
achieved by leveraging high level of
integration from feedstock to finished
goods, strong global business
networks, multi-modal logistics
capabilities and enhanced digital
capability with all stakeholders in the
value chain. RIL maintained its market
share in both polymer and polyester
market. As RIL continued to explore
new products and market segments,
the integrated O2C business model
helps optimise feedstock to run
downstream plants at full capacity.
109
Overall production meant for
sale increased from 63.6 MMT to
68.2 MMT. Most of the increase came
from transportation fuels due to
increase in global demand. RIL's agile
business operations with its ability to
optimise feedstock has helped to run
downstream plants at full throughput.
Transportation Fuels
In FY 2021-22, RIL remained among the
largest producers of transportation
fuels, exporting 34.7 MMT of products
across the globe.
RIL can also produce a large variety
of grades to meet international
market requirements of European
countries, Africa, East Asia including
Australia and the US market which
has the most stringent specifications.
The Company is well recognised as
a trusted supplier of high-quality
transportation fuels with zero cases
of quality and quantity disputes.
RIL has a competitive advantage
as it operates through one of the
most modern and efficient ports –
Jamnagar. The Company marketed
15 MMT of products in the domestic
market in FY 2021-22.
RIL continues to leverage its strong
highway presence and rapidly
growing intra-city footprint to move
towards its target of covering over
90% freight load on Indian roads
despite having a significantly
lower outlet count compared to its
competition. It has worked towards
establishing gasoil customer
ownership by strengthening its
industry leading fleet program
(Transconnect) to target fleet
customers and continuing to
augment on-demand fuel delivery
to target non-transport/off-road
segment. Network push, higher share
of fleet volumes, industry defining
technology and strong Q&Q (Quality
and Quantity) focus have contributed
to the significantly higher per outlet
throughput for RIL.
HSD B2B Business
In FY 2021-22, bulk diesel industry
volumes grew by 10.2% on Y-o-Y
basis though it was 13.5% lower than
pre-pandemic level. Cementing
its presence across geographies,
RIL continued to outperform the
industry, achieving a growth of 13.2%
on Y-o-Y basis and much lower
decline of 2.1% of pre-pandemic level
with market share of 9.4%. Building
on its strong customer connect,
RIL’s O2C business has further
strengthened its relationship across
customer segments. The Company
continues to pursue profitable
growth opportunities in infrastructure,
construction and the mining
segment, providing healthy returns.
Petroleum Retail Business
Reliance BP Mobility Limited (RBML),
operating under brand Jio-bp, a
51:49 joint venture of RIL and bp, with
a network presence of 1,460 outlets
and customer trust in its proposition,
recovered 100% of its pre-pandemic
gasoline and gasoil volumes.
Working on its commitment towards
reducing industry pilferage and
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited
Moving towards being the ‘Preferred Provider’
for all mobility solutions in India
Operating under the brand Jio-
bp, RBML launched its first Jio-bp
branded Mobility Station at Navde,
Navi Mumbai, Maharashtra. Jio-bp
Mobility Stations bring together
a range of services, including
additivated fuel, multiple fuelling
choices and convenience for
consumers on the move.
Operating Strategy
• Bring in best-in-class global
fueling experience to
Indian consumers through
technology-enabled unique
Customer Value Proposition (CVP)
• Take on a leadership role in EV
infrastructure by proactively
offering upcoming technologies
and operating models
• Deploy next-generation
technologies for automation-
led operational and process
efficiency
Towards realising the Net Carbon Zero
ambitions of RIL, Jio-bp is working
on the twin targets of becoming a
leading EV charging infrastructure
provider and building a CNG network
in the country.
Having built the first on-the-go
charging station, first cluster charging
station, first fleet charging hub, launch
of charging app and many other firsts
during the last financial year, Jio-
bp now has over 300 charging and
swapping points across the country.
In spite of the pandemic-led
constraints, Jio-bp has gone full
throttle towards ramping up the
pipeline for future growth of under-
construction outlets. Both the new
outlets and the existing network
of over 1,460 fuel pumps will be
rebranded as Jio-bp over the
next few years. Fuel, convenience
(with embedded wild bean cafe)
and express oil change offering
are gaining strong traction at the
fuel forecourt.
Jio-bp has also announced
partnerships with some of the key
players such as OEMs, last mile
delivery players etc. to collaborate
on increasing EV penetration and
make EV charging and swapping
convenient for customers.
It has partnered with several CGD
companies during the year for
establishing CNG facilities for its
customers at RBML Mobility stations.
5,500 outlets
Proposed network post expansion
1,460 outlets
In the Jio-bp network
Corporate
Overview
Management
Review
Governance
Financial
Statements
Strategic Priorities and Way Forward
Diversified feedstock sourcing, minimising feedstock cost
Progress in FY 2021-22
Medium-term priorities
• Increased crude oil sourcing from the Americas
• Explore strategic terming of advantage
to capture arbitrage opportunity
feedstock
• 10 new crude/SRFO grades processed during the
• Debottlenecking crude processing
year, widening crude sourcing
constraints in CDU for improved sourcing
• Widening of supplemental feedstock sourcing
options for FCC and Coker to minimise cost
• Debottlenecking FCC supplemental feed
processing constraints
• Advantageous Ethane feedstock sourcing from
USA for optimised cracker operation
• Increase production of EDC to reduce
import dependence. Maximise Ethane
sourcing to optimise feedstock cost
Improved product netbacks with wider market reach and quality upgrade
Progress in FY 2021-22
Medium-term priorities
• Diversified product supply to South America
/ West Africa on delivered basis improving
netbacks
• Implementation of PCN quality upgrade for
improved product placement flexibility and
premiums
• Oxyfree and Ethanol Blend Motor Spirit (EBMS)
gasoline production for domestic market
compliance
• Focus on increasing LDPE domestic sales
• Production of niche fuel / petrochemical
grades for improved product netbacks
• Invest in new materials while maximising
product netbacks
• Strengthening further market share of PP
grades namely in ICP/RCP/Fibre-Filaments
• Focus on increasing PP sales to further
promote value-added exports of Woven
Sacks & FIBCs by RIL downstream customers
• Complete import substitution of domestic
• Successfully established grades in Caps and
LDPE capacity
Closure segment
• Focus on optimising ethylene derivative value
between Ethylene Oxide and Monoethylene
Glycol. Increased focus on specialty polyester
products
• Increase tie-up with global PVC suppliers to
further augment domestic sales
• Optimising product mix to maximise Ethylene
Oxide over Monoethylene Glycol
• Improving product and end segment mix
by targeting the growth in differentiated
and specialty polyester products through
downstream value chain
110
111
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Strategic Priorities and Way Forward
Strategic Priorities and Way Forward
Asset sweating and operating cost minimisation
Continuous domestic transportation fuel sales volume push
Progress in FY 2021-22
Medium-term priorities
Progress in FY 2021-22
Medium-term priorities
• Near 100% utilisation of O2C assets with improved
demand recovery
• Eliminated high-cost spot LNG procurement
exploiting in-house fuel flexibility
• In-house catalyst development for LLDPE to
minimise cost
• Low-cost debottlenecking of existing
assets for petrochemical capacity
enhancement
• In-house technology development for O2C
transition sustaining market advantage
• Ensure sustainability through circular
economy and transition to renewable
power and green hydrogen
Digital transformation
Progress in FY 2021-22
Medium-term priorities
• Industrial Internet of Things (IIoT) for Algae to oil
• Process digital twins’ development for
R&D initiatives
• Machine Learning (ML) for improved gasifier
critical process units for improved process
efficiency, safety and reliability
reliability and efficiency
• ML for predicting equipment failures /
• Uber4Oil (on-demand doorstep delivery of
diesel through app) for fuel retail business in
Jio-bp
• Video analytics for remote service standard
catalyst performance minimising unplanned
downtime
• Leveraging AI/ML for O2C business
profitability improvement
• Reinforced fleet management program to
consolidate position in highway segment
• Leverage network growth to garner larger
share of fleet customer volume
• Grew network of mobile dispensing units (MDU)
and packed fuel containers (PFC)
• Ramped up prospect pipeline & OTP pace for
under-construction outlets
• Leverage technology and expedite rollout
to sustain market leadership in mobile
fuelling
• Work aggressively towards proposed
network growth to 5,500 outlets
Build and establish Jio-bp brand
Progress in FY 2021-22
Medium-term priorities
• Launched Mobility Station with array of new
• Country-wide brand launch combined with
customer value propositions
accelerated re-branding exercise
• Initiated network-wide rebranding exercise for
existing outlets, AFS & tank-trucks
• Expedited network footprint of all new
customer value propositions launched
Foray into advanced mobility (EV charging and CNG)
Progress in FY 2021-22
Medium-term priorities
• Launch of multi-format EV charging and
• Ramp-up country wide footprint of EV
and safety management at Jio-bp
• Prioritising the collaborative processes for
battery swap units
charging network
• Aligning and digitising the business services
against three value streams namely Revenue
& Channel, Business Ownership and Product
Ownership
Sustainability and transition to Net Carbon Zero
enhancing the customer experience through
further automation
• Tie-up with leading gas distributors, demand
aggregators, technology providers and OEMs
• Evolve technologies and operating model to
stay abreast with the EV industry
• Build CNG network alongside evaluating co-
location with existing RBML outlets
Progress in FY 2021-22
Medium-term priorities
• Bio-mass utilisation in Circulating Fludized
• Transition to renewable power for O2C assets
Bed Combustion (CFBC) boilers at Hazira and
Dahej, minimising carbon footprint
• Transition to low carbon intensity fuel to
minimise carbon footprint
• New exclusive toll manufacturing business
model to promote entrepreneurship in
recycling
• Green polyolefin products - EcoRepol™ (green
Polypropylene) and EcoRelene™ (green
Polyethylene) trials for various applications
• Commercial Continuous Catalytic Pyrolysis
Oil technology trial plant set up. Final product
to be taken to refinery/crackers for producing
circular polymers through mass balance
attribution approach
• Bio-mass gasification
• CO2 capture for mineralisation or chemicals
• Commissioning of new Toll manufacturing
plant at Andhra Pradesh to produce
Recycled Polyester Staple Fibre and ramping
up recycling capacity to 5 billion bottles per
year
• Develop green polyolefin product portfolio
and ramping up capacities to deliver
application specific green products
• Scale up chemical recycling technology to
promote plastic circularity
112
113
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited Leadership in Adopting Circular Economy in India
Circular polymers
RIL is developing commercial scale continuous
catalytic pyrolysis technology. The process
has been successfully demonstrated at pilot
scale. This can convert unsegregated mixed
waste plastics into Pyrolysis Oil, which will
be processed at the refinery. Credits can be
attributed to various petrochemicals as per
International Sustainability and Carbon Credit
(ISCC) plus mass balance certification to
create circular products. These products are in
demand from multinationals to fulfil statutory
requirements and keep their commitment
to plastic circularity. We plan to scale up this
production to promote plastic circularity.
R|Elan™ Fabric 2.0
Promoting circularity and
wellness sustainably
Through the reporting year, R|Elan™
built upon its long-term sustainability
commitment and undertook
innovative, solution-oriented
initiatives. These included Season 3
of its Circular Design Challenge, 3rd
edition of #EarthTEE activation, launch
of new sustainable products and
digital campaigns in collaboration
with its downstream customers and
partners to promote sustainable,
circular fashion.
Circular Design Challenge 3.0
– India’s largest sustainable
fashion award
In FY 2021-22, for the third time in
a row, R|Elan™ Fashion for Earth
presented the Circular Design
Challenge in partnership with United
Nations Environment Programme at
the FDCI X Lakme Fashion Week. This
edition brought greater recognition
of the R|Elan™ Award for excellence in
circularity to one of the finalists, Ashita
Singhal of Paiwand, for outstanding
innovation in circular fashion.
Showcasing sustainable
fabrics via Designer
Showcase at Lakme Fashion
Week
To promote sustainable fashion
and to make circular fashion
aspirational, R|Elan™ collaborated
with several fashion designers
and influencers through the year,
including Payal Singhal and the
designer duo, Abraham & Thakore.
For the Winter Fashion event at Lakme
Fashion Week, R|Elan™ presented an
exclusive collection titled ‘Assemble,
Disassemble & Reassemble’ made
with R|Elan™ GreenGold -– a next-gen
eco-friendly fabric, made with 100%
recycled post-consumer PET bottles.
“I can’t tell you how difficult it is to
tear myself away from my infant son.
But it is work like this that pulls me. I
also know it is work like this that will
keep my son’s future safe.”
Dia Mirza,
UNEP Goodwill Ambassador
114
Corporate
Overview
Management
Review
Governance
Financial
Statements
Making sustainability cool
through EarthTEE 3
Launched on World Environment Day
2018, the #EarthTee, a t-shirt designed
in collaboration with Anita Dongre
from recycled PET bottles, strove to
make sustainability fashionable in
collaboration with fashion celebrities
and influencers.
New innovative fabric
launches
R|Elan™ fabric 2.0 launched a range of
three fabric collections that combine
the goodness of R|Elan™ GreenGold
with three other technologies that is
‘Good on you. Good for your soul, and
Great for the planet’.
R|Elan™ EcoGold with Ciclo
#RestoreWithRElan
Within the Sustainability category of
R|Elan™, a new product introduced
this year was R|Elan™ Ecogold with
Ciclo. One of the most environment-
friendly fabrics, it enables sustainable
fashion across different applications.
This innovative fabric helps to reduce
the impact of unrecycled textiles on
the environment.
RIL highlighed the importance of
recycling and circularity through
ongoing campaigns on important
days like the World Environment Day,
Earth Day and others. Beginning on
the World Environment Day, RIL ran
a number of interactive campaigns
to create awareness, stressing on
the fact that the fashion we choose,
and our ecosystems are inter-
linked. Inviting everyone to learn
how to #RestoreWithRElan on World
Environment Day, RIL urged the
audience to share images/videos
of their initiatives that can help
restore the ecosystem.
Impact
Driven by our B2B2C marketing concept, R|Elan™
GreenGold continuously engaged with end
consumers on social media through digital posts,
stories, videos and reels that promoted sustainability.
During the year, such communications reached
millions of users on Instagram and Facebook. There
has been a major increase in engagement with the
content and our co-brand partners have reported
significant uptake in the demand for sustainable
products and fashion collections made from
Reliance’s Sustainable materials.
115
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited Scaling up Digital Platforms to Enrich Customer Experience
RIL implemented several new digital initiatives to ensure seamless execution of
business in the virtual working environment.
• Functionality to initiate actions,
generate system exceptions and
escalations, eliminating manual
effort and smooth operations
avoiding last minute issues/
decisions
The historical process data will
also help in streamlining activities,
identifying bottlenecks and
performance of activity Service
Level Agreements (SLAs) on an
ongoing basis, thereby driving
process efficiencies.
Port Operations Platform
Port operations platform has been
deployed on latest open source
based technology with enhanced
features. It will facilitate:
• Vessel nomination, acceptance,
invoicing of services, at Sikka and
GCPL port facilities
• Visibility to the Operations and
Scheduling team for better control
of activities, minimising potential
demurrage
• The historical data from the system
will also help in identifying process
and capacity bottlenecks for
optimisation
Digital Experience for
Customers/Agents
• Credit control management
platform to improve order
execution lead time and risk
management
• R-collection platform integrated
with RIL systems for instant limit
enhancement and utilisation
• Transporter nomination facility
for touchless and paperless order
execution
• Export document tracking platform
for live visibility and timely cargo
clearance
Ensuring Information
Readiness for Resilient
Refinery Planning
The digital initiatives across planning
and optimisation platform modules
allow management of supply and
demand volatility and the price risk.
The digitisation of all inputs required
for rolling plan has ensured faster
response for disruption management
and sensitivity analysis. Platform has
improved risk assessment processes
and also enabled auto price
forecasting based on forward curve.
Domestic Vessels
Replenishment Planning and
Scheduling
Coastal replenishment is one of the
key modes in Domestic Bulk S&D
business for PAN India distribution.
Products are needed to be placed
across all coastal terminals on the
East and West coasts to meet needs
of the Retail network, Direct and other
manufacturing companies / PSU.
An integrated optimisation module
has been implemented enabling the
following key benefits to business.
116
• Product placement at all coastal
locations with optimal distribution
cost
• Optimisation of operational
metrics like tankage hiring cost,
lead time, inventory levels and
vessel utilisation etc.
• Improved visibility and disruption
management by integrating data
pertaining to future demand,
inventory positions, and voyages
Business Operations Center
Business Operations Center has
been set up for close monitoring
and control of Trading and Mid
office business processes. The
centre provides:
• Near real time view of transaction
workflow and operating
parameters
• Specific actions against role
holders on immediate and
upcoming schedule basis
• Capability to track and monitor
contract specific events and
validate system details for contract
execution
Corporate
Overview
Management
Review
Governance
Financial
Statements
• Reinforced on-demand HSD
delivery offer to customer’s
doorstep by ensuring 100% visibility
from order to delivery for retail fuel
customers
Analytics for Process
Optimisation
• SCM Spend Analytics covering
warehousing, shipping, multimodal
and chartering
• Business analytical and
visualisation platforms to enhance
the decision making process
• Trade flow information platform to
increase business sustainability
• Marine insurance management
platform to optimise export cargo
lifecycle management cost
• Rolled out next-gen retina and
face scanning system for remote
monitoring of attendance,
mask compliance and body
temperature of outlet staff
• Deploying drone technology and
smart CCTV analytics for progress
measurement / safety of retail
outlets under construction
Supply Chain Management:
Saving human lives and
delivering sustained value
for stakeholders
The second wave of COVID-19 in 1Q
FY 2021-22 led to a national crisis
over medical oxygen and created
a challenging logistics landscape.
RIL responded to this national
emergency by building new facilities
in its plants for medical oxygen and
importing oxygen in ISO containers
from all over the world through
emergency airlift operations with
the help of the Indian Air Force.
Simultaneously, multimodal logistics
solutions were established to
deliver medical oxygen to various
hospitals across the country in the
shortest possible time, thereby
saving human lives.
Apart from the crisis in shipping
containers, port operations
were affected globally , and port
congestion hit an all-time high,
creating challenges in vessel
schedules reliability, labour
management and so on. The
resulting demand-supply gap led to a
multi-fold increase in shipping freight
in H1 FY 2021-22.
To ensure optimum supply chain cost,
RIL swiftly implemented long-term
supply chain cost planning, flexible
multimodal transportation solutions
and digital monitoring of movement
across the entire supply chain. Long-
term contracts with shipping line
partners and organised extra-loader
ships to manage large volumes
in global exports. This approach
has helped to retain market share
and business margins . During this
time, the Company supported all
stakeholders in the SCM value chain
for vaccinations, treatments, and
timely financial support.
Bio-Degradable & Compostable Polybutylene Adipate
Terephthalate (PBAT) Process & Composites: Niche Applications
for Packaging & Agriculture Sectors
RIL has developed and scaled up to
pilot a novel process for PBAT. Different
grades with varied melt viscosities
showed good performance in
terms of physical and mechanical
properties. The developed grades
were also compounded with various
fillers for ease of downstream
processing and enhancing
product properties required for
applications in flexible as well as
rigid packaging, agriculture mulch
films, among others.
Novel bio-compostable net-bags
have been developed through a net-
extrusion process using PBAT polymer
blends / composites. The process
optimisation and development have
been carried out on conventional
downstream machines with high
output and minimal loss of material
in processing. It offered a cost
competitive product for a green
packaging solution for the fruit &
vegetable (F&V) sector. The developed
net-bags are easy and convenient to
use and have good weight carrying
capacity. These net-bags are ideal
for leafy vegetables, as they maintain
freshness for longer time. This
development is important in view of
replacement of single-use plastic
by sustainable materials. Further,
the R&D team is working on different
variants of net-bags for different
weight carrying capacity to target
applications other than F&V.
117
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Puncture-proof
Tire Inner Liner:
Sealant Elastomer
Development
RIL has developed a new generation
of air impermeable functional
polymer. By preventing tyre
punctures, it will ensure more safety
for vehicles on the move. This
product will add value to next-gen
EV vehicles and contribute to net
carbon zero economy.
Ensuring 100% Fuel
Additivation: A New
Normal for Indian
Fuel Standards
Using over six unique operating
and infrastructure models across
its 40+ supply terminals, Jio-bp has
built world-class bespoke products
developed in globally acclaimed
laboratories, invested in state-of-
the-art technology and built a
country-wide additive supply logistics
network from scratch.
By additivating every single drop of
fuel, Jio-bp is providing international
quality fuel to Indian customers at
no extra cost.
‘Shop’ with Embedded WBC Offering:
Redefining Fuel Forecourt Retailing
To ensure standard, consistent and
quality on-the-move food and
beverage experience, Jio-bp has
launched 'Shop' with embedded WBC
offering at its mobility stations.
This has brought international on-the-
move brand Wild Bean café (WBC)
to India, built over the country-wide
supply chain of Reliance Retail for
compelling daily need offers and
created locally curated delicacies
through own chef.
Jio-bp Pulse Fleet Charging Hub: Leading
from the Front in EV Transition
Jio-bp has developed its own Jio-bp
pulse charge app and set up couple
of India's largest charging hubs (85+
and 120+ charging points) in Delhi
NCR with Blusmart as our primary
customer. The hub allows ease of
self-charging for those taking to EVs.
A mix of slow and fast chargers cater
to the specific needs of vehicles. The
steady state site is already registering
over 250 charging sessions per day.
Express Oil Change: Redefining 2W Oil
Change Industry
RIL has ensured peace of mind
for millions of India’s two-wheeler
users through its latest innovation in
partnership with leading lubricants
major- Castrol. They can now have
free vehicle health check-up and
free oil-change service as well as
the service of professionally trained
experts to assess their vehicles. This
customer ease can be expected to
create a renewed push for lubricant
and gasoline sales.
Outlook
Global downstream
demand is likely to
improve amidst easing
of COVID-19 restrictions,
improvement in mobility,
consumer sentiments and
large economic stimulus
programmes worldwide.
The momentum in
transportation fuel is also
likely to pick up pace as the
global economy returns to
pre-COVID level. Polymer
demand is expected to be
strong, driven mainly by
the growth in healthcare,
e-commerce, packaging,
durables, auto and
infrastructure segments.
Growth in the downstream
polyester chain market
is also expected to
remain steady, making it
possible to achieve higher
operating rates. Although
post-pandemic reopening
of global economy is
expected to provide further
demand growth, however
rising inflationary pressures
due to ongoing geopolitical
events and fears around
economic slowdown could
impact near-term demand
outlook.
118
119
Management Discussion and Analysis — Business OverviewOIL TO CHEMICALSIntegrated Annual Report 2021-22Reliance Industries Limited
Product Flow Chart
Corporate
Overview
Management
Review
Governance
Financial
Statements
A Diverse Set of Products
and End Applications
Natural
Gas
Crude
Oil
Light Ends / Feedstocks
Transportation Fuels
Solids / Other Liquid 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
Petcoke Gasification
Petcoke
Coal
Syngas
Sulphur
Cyclohexane
Hydrogen
SNG
Abbreviations
CBFS
DEG
EDC
EO
FDY
HDPE
HPIB
HTPB
LAB
LDPE
LLDPE
LPG
MEG
MTBE
PBR
PET
PFF
POY
PP
PSF
PTA
PTY
PVC
SBR
SNG
TEG
VCM
Carbon Black feedstock
Di-Ethylene Glycol
Ethylene Di-Chloride
Ethylene Oxide
Fully Drawn Yarn
High Density Polyethylene
High Purity Isobutylene
Hydroxyl
Terminated Polybutadiene
Linear Alkyl Benzene
Low Density Polyethylene
Linear Low-density Polyethylene
Liquefied Petroleum Gas
Mono-Ethylene Glycol
Methyl Tertiary Butyl Ether
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
Vinyl Chloride monomer
VCM
PVC
Styrene
DEG/TEG
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
Fabrics
Apparel
Filler Products/
Non-wovens/
Technical
Textiles
Wool Viscose
Silk Linen
Purchased Raw Materials
Partly Purchased Raw Materials
Existing Products
New Products
120
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
121
Reliance Industries LimitedIntegrated Annual Report 2021-22 Management Discussion and Analysis — Business Overview
Corporate
Overview
Management
Review
Governance
Financial
Statements
OIL AND G S
E&P
The key focus of the E&P business has been the health and safety
of its people and assets during the pandemic while ensuring timely
project delivery, safe and reliable operations and ramping up the
new fields to peak production.
Naresh
Narang
Sanjay
B. Roy
Ravikumar
Prekki
Amit
Mehta
R.
Ravichandran
Gautam
Dhar
The focus of the E&P business has been on safeguarding
health and safety of the people and assets while
simultaneously augmenting gas production.
Despite continuing pandemic challenges, the Satellite
Cluster deepwater fields were successfully commissioned
in April 2021. It is another significant milestone in India’s
energy landscape and showcases Reliance’s continued
commitment in the journey towards a greener gas-based
economy.
With the commissioning of R
Cluster and Satellite Cluster Fields
in December 2020 and April 2021
respectively, production has been
ramped up to 18 MMSCMD gas.
Following the expected
commissioning of MJ Field in
3Q FY 2023, the KG D6 block
will produce >1 BCFe/day by
FY 2023-24, thereby contributing
~30% of India’s gas production
and helping meet ~20% of India’s
demand. This will significantly
reduce the country’s dependence
on imported gas and meet
the growing clean energy
requirements of the nation.
Industry recognition
R Cluster field development
awarded ‘Best Managed Project
of the Year’ and 'Special award
for significant increase in gas
production' by Federation of Indian
Petroleum Industry (FIPI)
Production ramped up to
18 MMSCMD, contributing ~ 20% of
India’s domestic gas production
Satellite Cluster commissioned in
April 2021, two months ahead of
plan despite COVID-19 challenges
Zero LTI
in offshore installation
campaign
122 Reliance Industries Limited
122
123
RETAILManagement Discussion and Analysis — Business OverviewIntegrated Annual Report 2021-22Reliance Industries Limited Vision
To be a major contributor to India’s
Gas based economy supplying ~30% 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.
Performance Summary
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 Block KG D6
Exploration underway in the proven
geological fairways of the contiguous Block
KG UDW1
Gas-based portfolio contributing to India’s
transition towards clean energy
Corporate
Overview
Management
Review
Governance
Financial
Statements
E&P Asset Life Cycle and Portfolio
Exploration &
Appraisal
Project Definition & Field
Development
KG UDW1
KG D6
MJ
Field
Management &
Operations
Field
Abandonment
KG D6
1. R Cluster
2. Sat Cluster
KG D6
1. D1D3
2. MA
CBM Fields
CBM Fields
Tapti Fields
E&P Portfolio
Block
Country
Partner
RIL Stake
JV Acreage
(acres)
Status
Conventional
KG-DWN-98/3
India
bp–33.33%
66.67%
2,90,230
R Cluster Field: Producing
from December 2020
Satellite Cluster: Producing from
April 2021
MJ Field: Development
activities underway
REVENUE
(` IN CRORE)
`7,492
EBITDA
(` IN CRORE)
`5,457
PRODUCTION (RIL’S SHARE)
(BCFe)
188.1
NEC-OSN-97/2
KG-UDWHP-2018/1
Unconventional
India
India
bp–33.33%
66.67%
2,05,520
FDP submitted; under review with GoI
bp-40.00%
60.00%
3,74,093
Exploration activities ongoing
7,492
5,457
188.1
SP(East)- CBM-2001/1
India
SP(West)-CBM-2001/1
India
-
-
100.00%
1,22,317
Development ongoing
100.00%
1,23,552
Producing
3,211
2,140
353
258
119.2
126.6
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
FY 2019-20 FY 2020-21 FY 2021-22
124
125
Management Discussion and Analysis — Business OverviewOIL AND GAS E&PIntegrated Annual Report 2021-22Reliance Industries Limited Industry Overview
Global oil demand rebounded in
CY 2021, as the global economy
began to recover from the impact
of the COVID-19 pandemic. However,
global oil production increased
slower than demand, driving up
prices. The production shortfall was
mainly due to OPEC+ production cuts
that started in late 2020. During 4Q
CY 2021, global demand increased
sharply by 1.1 MMBD to 99 MMBD. This
resulted in withdrawals from global
petroleum inventories that averaged
1.4 MMBD in 2021, leading to higher
crude oil prices.
Average annual price of Brent crude
oil climbed to US$ 70.7/bbl in 2021,
~US$ 30 more than the CY 2020
annual average and highest in
the past three years. West Texas
Intermediate (WTI) crude oil averaged
US$ 3/bbl below Brent in 2021. With an
outbreak of conflict in Europe, Brent
prices rose sharply to above $110/
bbl levels, reaching as high as $130/
bbl in March'22.
Global gas consumption increased
by 4.6% in 2021 to ~3.8 TCM, more than
double the decline seen in 2020,
driven by the economic recovery
and successive extreme weather
events. Insufficient supply coupled
with unexpected outages led to tight
markets and steep price increases.
The year closed with record high
spot prices in Europe and Asia, as
natural gas supply remained very
tight. Henry Hub prices almost
doubled from their 2020 levels to
average US$ 3.9/MMBtu, the highest
since 2014. Asian LNG spot prices rose
more than four-fold to US$ 18/MMBtu
with a 4Q average of over US$ 35/
MMBtu. Record high prices led to
dampening of demand growth in the
second half of 2021.
Emerging Trends and Business Response
Clean energy
Brownfield developments
Digital technologies
Concerns over greenhouse
gas (GHG) emissions have
heightened global focus on green
energy to mitigate the industry’s
environmental impact
In these challenging times,
when prices for oil and gas are
volatile, companies are focusing
on brownfield developments to
improve commerciality
Accelerated adoption of new
technologies as a result of the
COVID-19 pandemic, which has
reinforced the importance for
improved efficiencies
How RIL E&P is geared up?
At RIL, the focus is on building
a gas-based portfolio. Being a
cleaner fuel, gas is seen as a
transition fuel to green energy
126
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.
Two of the fields, R Cluster and
Satellite Cluster, have been
commissioned and production is
being ramped up
Always at the forefront in the
adoption of the latest technologies,
RIL is further enhancing its
capabilities through Digital
Twin, Autonomous Fields, Virtual
Command Centres and other
cutting-edge technologies
Corporate
Overview
Management
Review
Governance
Financial
Statements
Business Performance
Production
JV production
Unit of Measurement
FY 2021-22
FY 2020-21
BCF
MMBL
BCF
224.3
0.2
24.0
-
10.2
11.8
KG D6
Gas
Oil
CBM
Gas
KG D6
With ramp up of gas production
from R Cluster and Satellite
Cluster Fields, E&P's operating
performance improved due to
incremental production and higher
gas price realisation across the
producing assets, leading to higher
Revenue and EBITDA.
The D1-D3 and MA fields in the KG D6
Block produced ~3 TCFe of gas, oil
and condensate, which have set
global benchmarks in operational
performance and excellence
during their operations over the
years. These existing facilities have
been made future ready for the
next 20 years through necessary
upgradations made before
production start-up from R Cluster
and Satellite Cluster fields. The three
integrated projects – R Cluster,
Satellite Cluster and MJ – are
leveraging the hub infrastructure in
place by utilising existing production
facilities and thus reducing
costs. At the onshore terminal,
RIL is undertaking augmentation
of Monoethylene Glycol (MEG)
regeneration and reclamation, and
associated facilities.
KG D6 Deepwater
Production Update
R Cluster Field was commissioned
successfully in December 2020
and achieved peak production of
12.9 MMSCMD with six wells. Satellite
Cluster Field was commissioned
in April 2021, two months ahead of
schedule. All five wells have been
opened, tested and ramped up,
achieving a peak production of
6.1 MMSCMD. Together, the fields are
currently producing ~18 MMSCMD,
and contributing substantially to
domestic production.
KG D6 MJ Deepwater
Development Update
Phase 1 drilling and installation of
Xmas Trees for all 8 wells have been
completed. Phase-2 drilling and
completion activity has commenced
in July 2022. The second and
final installation campaign has
commenced in December 2021.
All subsea structures (Manifolds),
24” rigid pipeline and Turret Mooring
System (TMS) buoy, along with
mooring lines, have been installed.
For the Floating Production Storage
& Offloading (FPSO) vessel , hull
construction has been completed.
All topside modules have been
fabricated and erected on the hull.
Geostationary and Swivel
modules have been installed.
Pre-commissioning and
commissioning activities have
commenced. Reliance expects to
commission MJ Field in 3Q FY 2023.
Abandonment
The D1D3 Field ceased production
in February 2020, following which
the Oil Industry Safety Directorate
(OISD) and Management Committee
(MC) have approved the permanent
Plug & Abandonment (P&A) of wells
and in-situ abandonment of the
associated equipment.
Following cessation of production
in MA Field, freeing flexible flowlines
of hydrocarbons and the flushing
of umbilicals were completed, and
the floating production storage
and offloading (FPSO) unit was
demobilised. The flexible flowlines,
dynamic flexibles, dynamic
umbilicals, subsea structures,
mooring lines and the Submerged
Turret Production (STP) buoy were
decommissioned in accordance
with the Field Decommissioning Plan,
which was approved by the OISD and
the MC. Well P&A has been completed
for all MA wells.
Exploration strategy
RIL and its partner bp acquired Block
KGUDWHP-2018/ (KG-UDW1) under the
OALP II licensing round. The Petroleum
Exploration License (PEL) was issued in
August 2019, with 341 days’ extension
of the Initial Exploration Phase granted
in 2021. Despite the pandemic and
related challenges and constraints,
the 3D Seismic Acquisition campaign
was completed in the Block. Currently,
Data Processing and Interpretation
work is ongoing for prospect
maturation, with a plan to drill the first
exploration well in 2023.
127
Management Discussion and Analysis — Business OverviewOIL AND GAS E&PIntegrated Annual Report 2021-22Reliance Industries Limited New Technologies:
Bio-CBM
RIL is engaged in R&D efforts to
increase recovery from CBM fields.
The current focus of this research
is Bio-CBM. In CBM, methane gas
is produced that is adsorbed and
trapped naturally in coal seams. The
Bio-CBM technology uses microbe
injection to produce in-situ methane
in places where either the coals are
devoid of methane or conventional
CBM extraction is uneconomical.
Lab tests have shown encouraging
results on the potential of methane
production. Research is underway
to verify if this technology can be
scaled up to commercial level. RIL is
leveraging its infrastructure (advance
laboratories), diverse inter-disciplinary
technical skills, CBM production
expertise, CBM fields and knowledge
of regulatory requirements to boost
the Bio-CBM research.
Business Performance
Coal Bed Methane (CBM)
RIL is currently producing Coal Bed
Methane (CBM) from Block SP (West)–
CBM–2001/1. More than 300 wells are
in production, with an average output
of 0.73 MMSCMD gas during the year.
To sustain plateau production, CBM
development is being undertaken in
Blocks SP (West)–CBM–2001/1 and SP
(East)–CBM–2001/1.
Reliance Gas Pipeline 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, thus
providing access to consumers
across the country.
US Shale
During the year, Reliance Eagleford
Upstream Holding, LP (REUHLP) a
wholly owned step-down subsidiary
of RIL, signed an agreement with
Ensign Operating III, LLC to divest its
interest in certain upstream assets in
the Eagleford shale play of Texas, USA.
With this transaction, RIL has divested
all its shale gas assets and exited
from the shale gas business in the US.
Update on Arbitrations
And Other Legal Issues
Due to the continuing COVID-19
related circumstances, there has
not been any material progress in
the following matters: KG D6 Cost
Recovery Arbitration, Public Interest
Litigations (PILs) relating to the 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 the arbitration
award relating to the alleged
migration of gas from KG D6 Block
before the Hon’ble Delhi High Court,
and the Writ Petition filed by RIL before
Hon’ble Delhi High Court relating
to the jurisdiction of the Delhi Anti-
Corruption Bureau.
PMT Arbitration
The Arbitration Tribunal unanimously
decided certain issues in favour
of BG Exploration and Production
India Limited and RIL (together the
‘Claimants’) in its final partial award
dated January 29, 2021. Government
of India filed a challenge and an
appeal before the English High
Court against the January 29, 2021
final partial award, which has been
decided in Claimants' favour on
9 June 2022 (subject to a limited
further right of appeal). In addition,
the Tribunal commenced hearing the
Claimants’ application for increase in
PSC Cost Recovery Limits at the end
of 2021 and will continue hearing the
said application in various hearing
tranches in 2022 and 2023.
Further, arguments have been
ongoing in the execution petition filed
by the Government of India before
the Hon’ble Delhi High Court, seeking
enforcement and execution of the
Tribunal’s 2016 Final Partial Award.
Corporate
Overview
Management
Review
Governance
Financial
Statements
COVID-19 Response
• Provided 40 tricycles to differently
abled persons in Kakinada
• Conducted free medical camps in
Gadimoga where 1,100+ patients
utilised the services
• Reliance Foundation CBM CSR
team continued to complement
government efforts to mitigate
effects of the pandemic on
the community and other key
stakeholders. As part of Mission
COVID-19 Suraksha, 50,000+
masks and 5,000 hand sanitisers
distributed to frontline workers,
community and police officials in
Shahdol and Kotma
• During Madhya Pradesh Chief
Minister’s visit to Shahdol, 18 oxygen
concentrators handed over to
Shahdol district administration,
a gesture acknowledged and
appreciated by the CM
• Financial support worth `51 lakh
provided to Shahdol district
administration towards the
purchase of an emergency
ambulance for the police and for
other COVID-19 related relief work
in the district
• Support worth `3.60 lakh extended
by the Reliance Foundation CBM
CSR team to 15 children who
had lost one or both parents to
COVID-19
For Workforce
For Community
• Weekly RTPCR tests for employees
• Tie-up with hospital for treatment
of COVID-19 positive cases among
employees and their dependents
• Organised awareness camps on
COVID-19 in villages in the vicinity
• Organised disinfection of all
surrounding villages continuously
• Oxygen generation plant installed
• Extended support to the district
administration during the
pandemic by providing cots to the
Government Hospital
• Installed 10 KL oxygen plant at
the District Government Hospital,
Kakinada; plant can supply oxygen
to about 200 patients for 48 hours
continuously
• Developed green belt at
Rajahmundry Airport
and made operational at
OHC, onshore terminal; 12 beds
equipped with oxygen supply.
Also, 10 oxygen concentrators kept
ready to meet any emergency
requirement
• Strict implementation of all
COVID-19 protocols and guidelines,
including social distancing,
masking and sanitisation (or SMS)
at both the workplace and in
vehicles
• Creation of Bio Bubble for safety of
workforce
• Bio Bubble created for
450 employees, with food, medical
and transportation facilities, for the
commissioning of new fields and
steady state operations
• Quarantine facility created for
personnel going offshore
• 4,680 vaccination doses
administered to employees and
family members and 1,190 doses
administered to the community
128
129
Management Discussion and Analysis — Business OverviewOIL AND GAS E&PIntegrated Annual Report 2021-22Reliance Industries Limited • RF efforts recognised with awards;
3 farmers from RF project villages
received awards under various
categories from the Shahdol
district administration; one
awarded `25,000 for best practices
in livestock management at the
district level and two farmers
awarded `10,000 each for
agriculture and horticulture at the
block level
Water
• To boost CBM produce water and
rainwater harvesting, 8 new farm
ponds were dug and old water
harvesting structures (WHS) were
renovated to create a capacity of
2.69 lakh cubic metres harvesting
capacity, benefiting over 651 acres
farm area of 328 households
• To promote community ownership
of development, RF facilitated
81 low-cost community water
harvesting structures. Bori
Bandhan created for communities
in Shahdol and Kotma; 6+ lakh CuM
water harvesting capacity created
to benefit 600+ households by
ensuring irrigation water for 500+
acres of farm area
• Potable water ensured for 2,200
new households round the year
by installing or repairing 153 hand
pumps/submersible pumps in
project villages of Shahdol and
Kotma
• RF supported efficient irrigation
and institutionalised water use
through farmer groups, setting
up 30 sprinkler sets for 30 farmer
groups comprising 136 farmers
from 17 villages of Shahdol that will
ensure irrigation for 287 acres of
farm area
• Improved public amenities for
village residents, particularly
women, by constructing
27 bathrooms near hand pumps in
20 villages of Shahdol and Kotma
CSR Activities
Health
• CBM CSR Shahdol continued to
provide MMU services to 150 project
villages in Shahdol, Kotma and
Shahdol-Phulpur Gas Pipeline
(SHPPL) locations under CBM
project; 1 lakh + consultations
provided
• Undertaken ‘Adopt an Anganwadi’
initiative; Reliance Foundation
(RF) supported 53 Anganwadis
for beautification and renovation
till date; 6 anganwadis were
renovated in FY 2021-22. Initiative
featured in State Government
website, leading to greater
program visibility
Livelihood
• Supported farming households
with various provisions, including
input support, improved farming
technology transfer and inter-
cultural management practices
resulting in sustained income
enhancement of additional 6,000+
households
• Enhancing income through
agroforestry and improving green
cover; 20,000+ saplings planted
on private and common lands, 109
orchards established in farms of
progressive farmers as models for
long-term income sustainability
• Reliance Foundation (RF)
supported establishment of 5,100+
Rural Nutrition Gardens (RNGs)
towards improving the availability
of fresh vegetables for marginal
households
• Promoted fishery for 670
households in 70 villages of
Shahdol and Kotma, providing
1,700+ kg fish fingerlings and feed
for fish in 264 ponds
• Enhanced non-farm income of
1,300+ households in 50 villages of
Shahdol and Kotma, supporting
with 20,000+ poultry chicks as
part of a scheme run with the
Veterinary Department
130
Corporate
Overview
Management
Review
Governance
Financial
Statements
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.
Globally, gas markets are
becoming tighter and gas prices
have seen spikes across Europe,
Asia and also India. With the
resurgence in economic activities,
receding COVID-19 cases ,
ongoing geopolitical conflict in
Europe and gas supplies trailing
demand, gas prices are expected
to remain high in the medium
term.
With all three fields in production,
the KG D6 Block will produce
>1 BCFe/day by FY 2023-24, thereby
contributing ~30% to India’s gas
production and helping meet
~20% of India’s demand. This
will help reduce the country’s
import dependence and meet
the growing clean energy
requirements of the nation.
131
Education
• Felicitated 111 meritorious students
from schools in project villages of
Shahdol to motivate and assist
them in education
• Continued competitive coaching in
offline and online mode to prepare
youth for government employment
in the police or armed forces; 100+
students availed benefits of the
coaching. Also organised physical
training jointly with RF for youth
aspiring for jobs in the police and
armed forces
• Resumed bus service to facilitate
conveyance for girl students after
opening of educational institutions;
two buses operationalised for 370+
girl students from 21 villages of
Shahdol
Management Discussion and Analysis — Business OverviewOIL AND GAS E&PIntegrated Annual Report 2021-22Reliance Industries Limited Risk and Governance
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 as below:
Corporate
Overview
Management
Review
Governance
Financial
Statements
Nikhil R.
Meswani
Hital R.
Meswani
Srikanth
Venkatachari
Laxmidas V.
Merchant
Harish Shah
K. R. Raja
Reliance Risk Management Framework
ensures safety, builds trust and enables
achievement of the Company’s strategic
objectives by managing risks.
We Care is the one common, unifying
thread that runs through everything
we do at Reliance. At Reliance, we
are continuously working to deliver
a sustainable future along with our
stakeholders. Reliance’s integrated
risk management aims at effective
management of risks and also to capture
opportunities.
Enterprise Risk
Management (ERM)
at Reliance
The risk landscape in the current
business environment is changing
dynamically. The Company’s Risk
Management Framework allows
the management to:
• Identify specific risks and assess
the overall potential exposure
• Decide how best to deal with those
risks to manage overall exposure
• Allocate resources and actively
manage those risks
• Obtain assurance over
effectiveness of the management
of risks and reporting
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Governance, Risk, Compliance and Audit (GRCA 2.0) Platform
Purple
Blue
Segment Chief Executive, Executive Vice President
Segment Leader
Turquoise
Process Leader
White
Responsible Manager
Further, the Company has effectively
advanced to ERM 2.0 wherein all
risk are plotted on a single 8 X
8 Risk Matrix categorised into 4
colours which provides a visual
representation of the assessment of
risk. The colours on the risk heat map
determine the minimum levels of
oversight, review and escalation for
notification and endorsement.
Executive Committees provide
oversight and governance through
Group Operational Risk Committee,
Group Financial Risk Committee,
Group Audit & Disclosure Committee,
Group Compliance Committee and
Group People Committee.
(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.)
Business Risk and Assurance
Committees (BRACs) are headed
by Business, Function and Group
leadership which meets on a periodic
basis for management of Business
and Strategic Risk.
Business and Functional Leaders
ensure identification and mitigation
of existing and new risks and its
monitoring on a day-to-day basis
through weekly meetings consisting
of all three lines of defense (LOD).
132
133
Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited
The Company is prone to the following categories of risk:
Strategic and
Commercial Risks
Safety and
Operational Risks
Compliance and
Control Risks
PG 134
PG 139
PG 141
Financial
Risks
PG 142
Risks and Response
Strategic and Commercial Risks
Climate Change and the Energy Transition
Risk Description
Climate change is the biggest threat to humanity's collective and continued well-being. Therefore, the transition
from old energy to new, green and clean energy is inevitable and will trigger major geopolitical shifts, economic
transformations and redefine financial models in the 21st century.
The accelerated pace of transition to a lower-carbon world will be accompanied by far-reaching changes in
regulations, governance norms, market conditions and technology. Societal sentiments against harmful environmental
practices are growing. Regulations mandating the minimum use of renewable energy for operations and incentivising
the use of alternate energy sources coupled with technological advances and changing customer preferences have
the potential to lower demand for fossil fuels and their price, increase RIL's operational costs and prevent access to
strategically important markets and new energy reserves.
Climate change related disruptions, including rising temperatures and sea levels, heat waves, erratic rainfall, floods and
droughts can adversely impact the smooth functioning of RIL's supply chain.
Financial institutions and investors are nudging the world's transition to a low-carbon economy and limiting their
exposure to particular industries or projects. These developments could affect access to capital markets for Reliance
and its partners. The rising sentiment against fossil fuels could impact shareholder opinions and cause fluctuations in
RIL's valuation. RIL could be impacted by growing litigation and activism, necessitating increased environmental and
legal liability provisions. Trade regimes and tariff caps could further impact the Company's financial flows. Measures
to make organisations accountable for their GHG emissions may increase compliance costs arising from technology
investments needed for monitoring, mitigation and sequestering.
Risk Response
Addressing climate change through
energy transition is a strategic focus
of RIL's business continuity plans.
We believe if Old Energy created
the problem of Climate Change,
New Energy is poised to provide a
reliable solution to Climate Mitigation.
Reliance has announced a Net
Carbon Zero target for 2035, going
beyond compliance requirements
and business imperatives. We aim to
invest `75,000 crore by 2024 to:
• Enable at least 100 GW of solar
energy by 2030
• Build four Giga factories to build an
integrated, end-to-end renewable
energy ecosystem
• Invest in enhancing the value
chain, partnerships and future
technologies, including upstream
and downstream industries
• Transform RIL's business to Net
Carbon Zero operations
We have a 15-year vision to rebuild
Reliance as one of the world's leading
New Energy and New Materials
Company. The roadmap includes
creating sustainable energy sources
and materials for India's future needs,
building world-scale assets that
produce clean fuels and materials
of the future and developing next-
generation Carbon Capture and
Storage technologies to convert
carbon dioxide into useful products
and chemicals.
Corporate
Overview
Management
Review
Governance
Financial
Statements
We are developing the Dhirubhai
Ambani Green Energy Giga Complex
on 5,000 acres in Jamnagar,
comprising four Giga Factories.
These include an integrated solar
photovoltaic module factory, an
advanced energy storage battery
factory for intermittent energy, an
Electrolyser Factory for the production
of Green Hydrogen and a Fuel Cell
Factory for converting hydrogen into
motive and stationary power. We
are also setting up infrastructure in
Jamnagar to manufacture ancillary
material and equipment needed
to support the Giga Factories and
enabling independent manufacturers
to join and grow as part of this
ecosystem. Reliance R&D teams
are actively working to make CO2 a
recyclable resource and innovating
lower emission technologies.
As we transition into a New Energy
era, targets for periodic reductions
in emissions are being established,
which will be monitored regularly
through governance mechanisms
that oversee RIL's progress toward Net
Carbon Zero goals.
The transition to a world that is
powered by clean energy is a capital
intensive journey. RIL's strong balance
sheet, operational efficiencies
and competitive edge will help us
to absorb the impact of energy
transition costs, carbon taxes or
lower margins.
RIL keeps its stakeholders abreast
of its climate change goals through
ongoing engagement. We believe
that this alignment is critical if
we are to succeed in creating a
sustainable future for our Company
and our stakeholders and build the
Reliance of tomorrow.
Commodity Prices and Markets
Risk Description
Despite a sharp demand recovery from the lows seen during the pandemic in 2020-21, total oil demand is yet to reach
pre-pandemic levels either globally or in India. This, coupled with commissioning of additional refining capacity
notwithstanding the refinery closures in the West due to poor economics and in China due to pollution, keeps refining
margins under pressure.
The crude oil market remains tight due to production from OPEC Plus countries falling short of their targets and
continued sanctions on Iran and Venezuela. Crude oil stocks have fallen close to 5-year lows. Besides, geopolitical
developments like Russia and US/EU standoff on Ukraine and Houthi drone attacks in the UAE have added to the
price volatility as well as causing a high-risk premium on crude oil. Alongside the above, gas prices also rose sharply
increasing input costs.
Impact of unforeseen events like pandemic on product evacuation, challenges in logistics and thereby probable
risk of stock surplus, plant shutdowns and stringent recycling norms and government regulations can reduce
plastic consumption.
Reliance Retail operates in the consumer sector and a slowdown in macro-economic growth and weak consumer
sentiments/spending could have a bearing on its performance. Government restrictions on account of the COVID-19
pandemic could affect smooth operation of business activities, store operation, and expansion. Sporadic disruptions in
the operating environment and inability to build infrastructure at a pace and scale needed by the rapidly growing Retail
business could hinder operational efficiency and customer service.
Competitive pressure from the retail industry reflected in price wars between various retailers and resulted in traditional
retailers moving from the physical retail world into e-commerce platforms disrupting walk-ins.
Risk Response
Proactive measures by Reliance
such as revised product placement
strategies, placement in deficit
market through exports to diverse
geographical locations mitigated
the risk of non-evacuation with
minimal adverse effect. Robust
supply chain network and additional
temporary warehouses closer to
the customer locations to address
the demand variability issues in the
domestic market. The Company
increased the usage of multimodal
logistics (including coastal) to
fulfil its contractual commitment
to customers. Reliance has either
started to supply or increased
volumes to some countries in Africa
and Latin America. Also, the Company
has been targeting more end users/
buyers for exports and offering
cargoes on delivered basis.
In respect of crude oil, the Company
has increased sourcing from North
America (Canada in particular) as
well as non-conventional feedstocks
134
135
Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited like Straight run Fuel Oil to overcome
the tightness prevailing in heavy
crude oil supplies. Leveraging the
versatility of its assets, the Company
has added more than 10 new grades
of feedstock during the year. To
mitigate the impact of high gas
prices, Reliance did not import LNG
during the year and managed with
domestic gas and liquid fuels. With
the foregoing mitigating measures,
the Company ensured near 100%
capacity utilisation.
Information feedback mechanism
has been strengthened with the
appointing of representatives in
China and the Middle East. Reliance is
focusing on plastic waste collection
and disposal, increasing recycling
footprint in the country.
Reliance Retail undertakes a detailed
analysis of the macro-economic
situation and emerging risks for each
consumption basket and undertakes
suitable mitigation strategies.
Reliance Retail has built a resilient
operating model and operates
an integrated channel strategy
encompassing physical stores, digital
commerce platforms and partner
merchant ecosystem that helps in
engaging with consumers at all times.
Reliance Retail has opened over 2,500
stores and expanded reach through
Digital and New commerce channels
with requisite investments in supply
chain infrastructure and technology.
During the year, business gained
operating efficiency and footfalls as
environment returned to normalcy.
Reliance Retail is ahead of all market
competitors, in terms of 'pricing'. Till
date, it is known as one of the 'lowest
price' operator nationally. Operating
with huge volumes gives it a strong
foundational support and acts as a
competitive advantage to its overall
pricing strategy.
Customer Experience and Retention
Risk Description
Digital Services being a customer oriented business, any sub-optimal customer experience may result in customer
dissatisfaction and increased chances of churn.
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. If the products sold are not safe or otherwise fail to meet customers' expectations, Reliance Retail could lose
customers, incur liability for any injuries suffered by customers and have material impact over brand, reputation and
financial performance.
Risk Response
In spite of the resurgence of the
pandemic, unpredictable and
challenging environment, Digital
Services has further consolidated its
position as one of the world’s largest
and fastest growing mobile and
wireline data network and has India’s
largest subscriber base.
Digital business has adopted multiple
measures for sustained customer
experience including superior usage
and billing experience across all
touchpoints, anytime, anywhere
mobile and wireline broadband
network access, best-in-class
customer service backed by AI
BoTs and app based QRC process,
competitive tariff pricing and
agile model while developing its
systems and platforms.
Customer engagement remains
robust with strong gross additions of
subscribers, significant increase in net
MNP subscribers and increase in per
capita data usage.
The Company has also invested in
newer technologies start-up’s such
as AI / ML, Blockchain, BoT, Speech /
NLP, Metaverse, Mobility & 5G network,
Robotics, Cloud & Edge computing
etc. Use of these technologies will
further enhance customer experience
and value proposition.
Reliance Retail is a consumer centric
organisation and adapts to any
changes in customer preferences
and shopping habits through
market study to stay abreast of the
emerging trends. Entry into new
categories, adapting merchandise to
suit changing consumer demands,
launching of new store formats
are some of the initiatives that are
undertaken from time to time. All our
businesses have taken cognizance
of ‘CUSTOMER SAFETY’ as the top-
most value and priority. All our
products manufactured in-house,
across formats, follow stringent
safety norms and adhere to rigorous
quality checks. Regular screening
and checks for these products are
also undertaken when supplied by
vendors/ third party vendors.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Oversight over Investee Companies/Alliances
Risk Description
Reliance has entered into strategic alliances and other business relationships with various entities to expand its
operations. Lack of oversight over Investee companies or not being able to successfully integrate RIL's acquisitions
might adversely impact its business and competitive position or affect its financial performance or result in significant
costs to integrate.
Risk Response
Reliance incorporates the process
of immediately aligning investment/
investee companies to the Group
and rolls-out the Group governance
framework and integrates the
newly acquired companies in a
structured manner.
Talent to Support Scaling Business
Risk Description
With people at the heart of the business, Reliance's inability to attract, retain or develop employees relative to the scale
and breadth of its operations could adversely affect its business.
Risk Response
Reliance has built a robust in-house
Talent pool for all business-critical
roles and created a rigorous training
regime to have successors ready at
every front end. Open culture and
work environment are fostered in
the organisation.
Data Privacy Risk
Risk Description
Its campus outreach and
engagement initiatives have helped
RIL to secure prime slots on the
campus for graduate engineers as
well as MBAs. Concerted efforts on job
rotations and growth opportunities
have propelled the productivity and
longevity indicators.
RIL has established a ‘Forward
Looking’ culture by forecasting
emerging trends related to people
skills along with continuous training
sessions. This has helped in putting
together a talent pool with large scale
skilling initiatives, digitisation and
succession planning for businesses.
In this digital economy, businesses collect, process, and analyse data from individuals to understand their
customers better and provide customised experiences. Collecting and using data necessitates several concerns
about data privacy.
Stringent Data Privacy laws and regulations are in place that regulate the collection, storage, and handling of personal
information by businesses globally. Presently, Information Technology Act 2000 (amendment 2008) governs the data
privacy requirements in our country and India is on the cusp of adopting a comprehensive personal data protection law.
At Reliance, due to the expansion of B2C businesses, and large scale digitisation, there is an imperative need to handle
personal data of customers, consumers, employees, partners and service providers. While these data helps RIL give
personalised and customised services, it also poses risk of data breach and non-compliances to laws and regulations.
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Management
Review
Governance
Financial
Statements
While Reliance is compliant with the
existing data privacy laws of India, it is
also in the process of implementing
global best practices on Data
Privacy as part of its readiness for the
impending regulation.
Safety and Operational Risks
Health, Safety and Environmental (HSE) Risks in Operations
Risk Description
Risk Response
Reliance makes sure that all its
business processes follow privacy-
by-design principle and makes sure
that the Company handles privacy
information securely and with all
fiduciary responsibilities. Reliance
conducts privacy impact analysis for
all the businesses on a regular basis
and makes sure that the gaps if any
are closed efficiently.
Reliance is quite cognizant of the risks
in handling personal data and takes
utmost care to handle these securely.
Ensuring and safeguarding data
privacy is one of the top priorities
for RIL. Reliance believes in staying
always ahead of the compliance
curve and remaining compliant
to all present and future laws and
regulations related to Data Privacy.
Cybersecurity Risk
Risk Description
COVID-19 pandemic has accelerated the digital transformation and the way the Company works has fundamentally
changed. This has subsequently increased RIL's dependence on digital technologies. While Reliance continues to
focus on large scale digitisation, it brings a lot of concerns around Cyber Security with the use of new technologies,
open source software, adoption of cloud, etc. Consequently, cyber-attack surfaces also increase substantially which
increases the cyber security risks.
Digital services being technology driven, there is an inherent risk of errors, bugs, or security vulnerabilities in products
and internal systems.
Risk Response
The Company realises the
consequence of digital
transformation in terms of increase
of the cyber-attack surface due to
use of new generation technologies
like Cloud, AI, ML, Blockchain etc. and
takes utmost care to ensure that
cyber security controls are part of the
design itself so that the Company is
secure-by-design.
through employees’ mandatory
trainings and training for RIL's service
providers are important controls and
the Company considers this as a
'Human Firewall'. Reliance has also
developed an anti-phishing platform
in-house viz R-Phish, through which
Reliance conducts regular phishing
simulation to make sure that all its
users are phishing resistant.
Measures taken by the Company
include shift-left strategy in ensuring
that security is completely integrated
into the DevOps pipeline, highest
order of security automation and
orchestration to attain efficiency in its
cyber defense, and validation of its
cyber posture by third party experts.
Increased cyber security awareness
All RIL's businesses, manufacturing
units are ISO 27001 compliant for
the last 5 years in a row and all its
retail operations (Reliance Retail and
Petroleum Retail (Jio BP) are certified
with the latest PCI DSS (Payment card
industry Data Security Standard).
Reliance is the only organised and
multi brand retail business in the
country to demonstrate PCI DSS
certification continuously for nine
years in a row.
Multiple layers of proactive and
reactive controls are adopted for
Digital Services to mitigate risk of
vulnerabilities such as Penetration
tests on a routine basis, a Bug-
bounty program since the last 3
years to crowdsource security testing
of live products by independent
security researchers. A mature
cybersecurity program based on
NIST (National Institute of Standards
and Technology) Cybersecurity
Framework has been adopted.
All systems and security tools are
monitored for any cyberattacks via a
24x7 Security Operations Centre.
HSE risks include the effects of natural disasters (floods, earthquakes, among others) and safety lapses on human
capital. The nature of its 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. 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.
HSE risk in retail extends to food safety and waste management also. The nature of retail operations exposes RIL's
employees and contractors to a wide range of occupational health hazards as well as safety risks due to complexity
of operational requirements. Changes in HSE regulatory framework possibly will have lasting effect on Retail Business,
especially in the environmental domain like changes in plastic waste management and e-waste rules.
Risk Response
During the year, RIL's facilities in
the hydrocarbon business have
continued focused efforts to
manage the risks for safe, reliable,
and compliant operations. Safety
and operational risk management
framework continues to play a pivotal
role in consistently managing HSE
risks on a real-time basis.
Reliance entities have devised novel
ways to review and audit the facilities
periodically through virtual and
physical means. Reliance has been
active in networking with industry and
sponsored and participated in the ‘6th
Global Summit on Process Safety by
Centre for Chemical Process Safety’
and continued its contribution in
developing safe industry practices
through participation in Standards
Committees of statutory authorities
(OISD, PNGRB, etc.)
Reliance’s digital safety platform
project has progressed well in
digitalising its key HSE processes
through Industry 4.0 technologies.
This year, Reliance rolled out solutions
for digitalising risk registers, three
lines of defense program across its
key hydrocarbon entities. Reliance
has undertaken significant activities
on new projects in hydrocarbon
business, in its fuel retail business
and New Energy domain, which have
progressed through various phases.
Reliance has taken various measures
to protect health of its workforce
in the pandemic.
The Retail business poses risks
inherent to retail operations involving
fire, breakdown in work event and risk
related to ergonomics. Every member
of the workforce is communicated
on the potential exposure to HSE
risks, and they are an integral part of
risk management. For the Grocery
business, food safety checks have
been implemented to provide
multiple layers of assurance, thereby
ensuring the safety of consumers.
Safety and Environmental Risks During Transportation
Risk Description
With most of the crude being supplied to RIL by sea vessels, 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 operates 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.
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Overview
Management
Review
Governance
Financial
Statements
prudent mix of physical security,
remote surveillance and data-
based audit interventions. Reliance
Retail actively monitors threat and
maintains detailed disaster recovery
and incident response mechanism
plans to ensure business continuity
during any disruption or incident.
Enhanced use of technological
interventions and AI based exception
identification, using CCTV to
provide a less intrusive and highly
accurate risk management solutions
across businesses.
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.
Changes in the regulatory environment, licensing processes and timelines could potentially impede the ease of
doing business.
Risk Response
Reliance has adopted a digitally-
enabled comprehensive compliance
management framework. It is
integrated with business processes,
risks and controls. Changes in
regulations, including COVID-19
induced changes, are also tracked
and integrated within the Reliance
Compliance Management System.
Effective control and efficient
oversight of the senior management
is ensured by cascading the
responsibility matrix till the last
performer of the activity. Apart
from assurance through Three
lines of defense, compliances
are also periodically monitored
through the Segment Compliance
Committees and the Group
Compliance Committee.
Regular interactions with various
trade associations/ councils help in
anticipating regulatory environment
and through attuning to any
policy changes.
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.
Risk Response
RIL has a strong vessel vetting,
incident monitoring and emergency
response system. A robust ship
vetting programme ensures the
vessels that are contracted to carry
RIL cargo or those calling Sikka port
to load products ‘Free-on-board’
are screened based on risks prior to
their induction. The third-party ship
vetting system, based on extensive
data analysis, provides a risk rating
benchmarked against other similar
vessels. This allows a clear picture of
the quality of the vessel and whether
it is acceptable to RIL.
Periodic vendor management audits
are carried out for time charters and
STS service providers in accordance
with the Marine Assurance Framework.
Where physical inspection of time-
charter vessels is not feasible due to
COVID-19 protocol, a desktop review
is carried out.
Emergency Response system has
been tried out in real scenario and
found to be adequate. Incident
Management includes root cause
analysis and ensuring ship-owners'
addressal of the same. The data
is further used in assisting legal/
operations in case of any potential
losses to RIL as a result of the incident.
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.
Physical Security and Natural Calamity Risks
Risk Description
Due to the geographical spread of operations, both onshore as well as offshore, Reliance is vulnerable to manmade
and natural disasters. It is an attractive target for activities related to terrorism, criminal and violent protests, which could
cause harm to people, infrastructure and disrupt business operations. Pandemic conditions can also have a severe
impact. Therefore, it is important to proactively focus on safeguarding people and infrastructure from all internal and
external threats.
Prompt and adequate response is required to deal with all the internal and external crises and at the same time have
the situational awareness to do so. Business continuity plans are critical to ensure that business operations are not
disrupted and if required, are restored at the earliest. Otherwise, this could adversely impact the Company’s operations
and reputation.
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.
Risk Response
Global Corporate Security (GCS)
focuses on adopting pre-emptive de-
risking strategies to safeguard and
secure the Company. GCS has robust
business continuity management
plans and capability to handle
disasters, natural calamities, and any
other disruptions or incidents.
seamless communication and AI
based analytics across the enterprise.
The COVID-19 crisis posed unique,
unprecedented challenges which
were successfully overcome by
adopting new, revised procedures
and protocols in handling men and
material at all sites.
GCS is responsible for securing the
people, assets and operations of RIL.
This is accomplished by continuous
situational awareness to proactively
mitigate risks and constantly
review and upgrade security plans.
These are supported by deploying
manpower along with an integrated
security platform with wide area
high end electronic sensors, drones,
Digital Services have developed
and implemented an Integrated
Disaster Recovery and Emergency
Response Process. Integrated
response is facilitated by various
teams to keep the networks functional
and customer services intact. It
has also implemented measures
for prevention and detection of
any physical security threats which
includes patrolling the vulnerable
areas, Real-time situational
awareness by deploying alarms
management and monitoring
through centralised Networks
Operations Centre (NoC). Disaster
recovery processes and drills are
also conducted for managing
unscheduled downtime. Security
& Loss Prevention (SLP) and Field
Operations teams proactively support
in reducing pilferage, theft and
losses, alarm alerts, video based
surveillance, GPS based trackers and
consumption monitoring.
Reliance Retail SLP de-risks,
safeguards and secures the Retail
business of the Company with a
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Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Insurance – Risk
Mitigation
SEBI – Developments
During the Year
Reliance operations may be subject
to a number of circumstances which
are not wholly within the Company's
control and which could adversely
affect its operations. To cover such
eventualities, Reliance maintains
a robust risk mitigation practice
by transferring the insurable risk to
insurer. Mostly protection is on All Risk
basis which includes cover against
fire, explosions, natural catastrophes,
breakdown, terrorism etc. Entire
insurance program is designed
in such a way that adequate
protection is available for all assets
belonging to Reliance and against
the liability arising out of business
operations. Protection design is
best-in-class and takes care of entire
Reliance’s operations.
During the year, SEBI came out
with SEBI (Listing Obligations and
Disclosure Requirements) (Second
Amendment) Regulations 2021 w.e.f.
May 05, 2021 including requirements
related to Risk Management.
Also, it may be mentioned that these
risk management practices have
been adopted by the Company since
year 2018, largely on lines of global
best practices.
Leading Edge Technology
– Governance, Risk,
Compliance and Audit
(GRCA 2.0) Platform
THe GRCA 2.0 Platform, which is an
in-house developed platform on
open source technology, has enabled
real-time actionable dashboards
and real-time monitoring of risks
and controls across three lines
of defense. The platform along
with robust ERP system and data
analytics capabilities is used for risk
management. The platform enables
control evaluation via automated
real time monitoring of exception
alerts, timely resolution and is
scalable and agile.
Looking Ahead
The world is entering into a new
energy era, which is going to be
highly disruptive. New Energy and New
Materials will help RIL in its mission
to heal the environment. It is an
expression of Reliance’s commitment
that We Care for our planet. JIO has
developed deep expertise in multiple
emerging technologies like 5G, AI/
ML and blockchain and Mixed Reality.
JIO PLATFORMS is blossoming into a
global technology player. Reliance
Retail continues to be amongst
the fastest growing retailers in the
world. Reliance’s risk management
is facilitating better risk mitigation
strategies and assurance over the
effectiveness of risk management
across all categories of risks. Reliance
has navigated through the Black
Swan event with record growth and
unmatched innovative response
and is much more resilient for future
in this Brittle, Anxious, Nonlinear,
Incomprehensible (BANI) world.
Reliance’s risk management is
agile for course correction and is
scalable to support new businesses
and ventures, including dealing
with upside risks.
Financial Risks
Treasury Risks
Risk Description
As part of managing the market facing assets and liabilities, Treasury is exposed to the following key risks:
Liquidity Risk
As the global economy continues to recover from COVID-19, Central banks maintained accommodative stance during
the year resulting in low interest rates and ample liquidity. The RBI is expected to remain dovish in the near term to
support growth despite global rate hikes. Overall liquidity situation is also expected to remain comfortably in surplus.
Interest Rate Risk
Reliance borrows funds from domestic and international markets to meet its funding requirements. Given the
accommodative stance from Central banks, interest rates remained low during the year and RIL benefited from it. RIL is
now subject to risks arising from fluctuations in interest rates.
Foreign Exchange (FX) Risk
Reliance prepares its financial statements in Indian Rupee (INR), but most of the payables and receivables of the
Hydrocarbon business are in US dollars. Foreign currency liabilities are availed to fund its capital investments and
working capital requirements. Rupee depreciation impacts the landed cost of the foreign currency liabilities. The
depreciation for this year has been 3.7%.
Credit Risk
Reliance deploys surplus liquidity primarily in Government securities, State Government securities, AAA Corporate bonds
and Debt mutual funds. Corporate bonds and Debt Mutual Fund investments bear credit risk.
Risk Response
The Company continues to maintain
sufficient liquidity buffer to meet
additional demands that may
emerge on account of the growth
and new businesses. Reliance issued
fixed rate Long-term senior unsecured
notes of US$4.0 billion, primarily for
refinancing maturities.
Interest rate risk is managed
actively through financial derivative
instruments available to convert
floating rate liabilities into fixed rate
liabilities or vice-versa. FX bonds
issuance of US$4.0 billion was done
at a fixed coupon to lock in the
prevailing low levels of interest rates
and credit spreads.
Foreign Exchange (FX) risk arising from
the mismatch of foreign currency
assets, liabilities and earnings is
tracked and managed as per the
Internal Risk Management Framework.
Direct investments are restricted to
Board approved select AAA rated
corporates. Debt Mutual Fund
investments are managed and
monitored based on a tight internal
Risk Management Framework
and restricted to high credit
quality schemes.
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Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited Awards and Recognition
Leadership Awards
• Reliance Industries Limited named
as India's No.1 Company in the
Forbes 2021 World's Best
Employers list
• RIL certified once again as a Great
Place To Work® by GPTW Institute
among India's Best Workplaces in
Manufacturing 2021
• RIL ranked among 15 organisations
that featured in ‘India’s Best
Employer’s Among Nation
Builders List 2021’
• Reliance ranked among LinkedIn's
‘Top Companies 2021 List’, sixth time
in a row
• Sh. Srikanth Venkatachari
(Joint CFO-RIL) won the CFO of the
Year Award by Financial Express
Corporate
Overview
Management
Review
Governance
Financial
Statements
Retail Awards
• Reliance Retail awarded the ‘Most Admired Retail
Group’ by IMAGES
• Reliance Digital awarded the ‘Most Admired Emerging
Retail Company of the Year’ at MAPIC India Retail
Awards
• Reliance Digital awarded the ‘Best Brand’ at the
Economic Times Best Brands Awards.
• Reliance Retail won ‘2022 Association for Talent
Development (ATD)’
• Reliance Retail certified as Great Place To Work®
• Ranked 3rd amongst most innovative firms in
Asia-Pacific by Fast Company Business Media
Reliance Retail awarded
‘Most Admired Retail Group’ by IMAGES
Reliance Digital awarded the ‘Most Admired Emerging Retail
Company of the Year’ at MAPIC India Retail Awards
Reliance Retail won ‘2022 Association for Talent
Development (ATD)’
Digital Awards
RIL certified once again as a Great Place To Work® by GPTW Institute among India's Best
Workplaces in Manufacturing 2021
Sh. Srikanth Venkatachari (Joint CFO-RIL) won the CFO of the Year Award by Financial Express
Technology, Patents, R&D and Innovation
Hazira Manufacturing Division
awarded for ‘CII Digital
Transformation (DX) Innovative Best
Practice 2021’ under Innovation in
Supply chain and Logistics
• Hazira Manufacturing Division
• Jamnagar Manufacturing Division
• R&D Team won 'Global Waste
awarded for ‘CII Digital
Transformation (DX) Innovative Best
Practice 2021’ under Innovation in
Supply chain and Logistics
• Reliance Foundation received
the ‘CII DX Award 2021’ under
‘Innovation in CSR through Digital
Transformation’ category for
improving rural livelihoods
won Gold Medal in ‘National
Awards for Manufacturing
Competitiveness 2020-21’
organised by International
Research Institute for
Manufacturing (IRIM)
• R&D Planning Team awarded
'CII Innovation Award' for Novel
Adsorbent for Dowtherm & NMP
Purification & RELOX catalyst
commercialisation
Management Best Technology of
the Year Awards 2021', organised
by World Waste-to-Wealth Summit
2021
• R&D Team received 'Innovator of
the Year' award from Federation of
Indian Petroleum Industry (FIPI).
• R&D Team awarded 'IP Excellence
Award, 2021', organised by Questel
Orbit
144
Jio Platforms Limited listed in the TIME 100 Most Influential Companies 2021 list within the ‘Innovators’ category
Jio claimed the title of India’s Strongest Brand as well as the world’s Strongest Telecom Brand, according to the Brand
Finance 2021 report
Reliance Jio was selected as the Digital Enterprise of the Year by Drivers of Digital Awards and Summit 2021
• Jio Platforms Limited listed in
the TIME 100 Most Influential
Companies 2021 list within the
‘Innovators’ category
• Jio claimed the title of India’s
Strongest Brand as well as the
world’s Strongest Telecom Brand,
according to the Brand Finance
2021 report
• Reliance Jio was selected as
the Digital Enterprise of the Year
by Drivers of Digital Awards and
Summit 2021
• Reliance Jio’s MyJio App won
Silver in the Most Effective App
for Consumers category at The
Maddies Awards 2021
• Reliance Jio won a Gold Medal
in the Most Admired Brand of the
Year category at the ACEF-Global
Customer Engagement Forum and
Awards 2021
• Reliance Jio Infocomm Limited
was recognised as an Essential
Worker Hero of the Year and
conferred a Gold Globee Award for
‘Ensured 400+ Million Customers
Stay Connected during COVID-19
Lockdown’ at the 11th Annual 2021
Communications Excellence
Awards organised by the Globee®
Awards
• MyGov Corona Helpdesk by Jio
Haptik won Gold in the Most
Effective Chatbot Solution category
at The Maddies Awards 2021
• Reliance Jio was recognised as
the 'D&I Company of the Year
in Telecommunications' at the
Diversity & Inclusion Awards 2021
• The JioFiber Campaign was
recognised as the Best Multi
Channel Campaign by an IT/
ITES/IOT Enterprise at the mCube
Awards 2021
• Jio won 8th edition of 'e4m Indian
Marketing Awards' under the Long
Term Marketing Strategy category
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Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited Media and
Entertainment Awards
Energy and Water
Conservation/Efficiency
Corporate
Overview
Management
Review
Governance
Financial
Statements
Network18 - Mission Paani Award
CNN ENBA - India's Most Trusted English News Channel triumphs
• CNBC TV18 won the Gold for English
Business News Channel of the Year
at ENBA
• News18 India’s ‘Desh Nahin Jhukne
Denge’ won the ENBA Silver for Best
Hindi Prime Time Show
• CNN News18 won the bronze for
• CNN News18's 'The Race for
English News Channel of the Year
at ENBA
• CNN News18’s Marya Shakil and
Anand Narsimhan won the ENBA
Gold and Silver for the Best English
Anchor, respectively
• News18 India’s Kishore Ajwani won
the Silver in the Hindi News Editor of
the Year categories at ENBA
• CNBC TV18's show 'India Business
Hour' won the award for Best News
Programme at Asian Academy
Creative Awards and Gold at
ENBA for the Best English Business
Programme
Whitehouse’ won Gold for the
Best International News Coverage
English at ENBA
• CNN News18's 'The Right Stand’ won
Silver for the Best English Prime
Time Show at ENBA
• News18 India won the Silver Special
Award for ‘Hindi Channel of the
Year for Fact Checking Practice’ at
ENBA
• News18 India won the ENBA Gold for
Best Spot News Reporting in Hindi
for the show ‘Operation Giddh’
• News18 Kannada and News18
Assam Northeast won the Gold in
their regions for the Best In-depth
Series for Regional Programs
• Voot won the award for ‘Best Digital
Brand Campaign Of The Year’ at
OTT & Digital Marketing Innovation
Awards for The Gone Game Social
Media Marketing Campaign
• Colors Tamil won the ‘Promax Gold
Award’ for Best Launch Campaign
for its show 'Kodeeswari'
• Mission Paani was recognized
as ‘The Best Media Initiative’ at
the 3rd National Water Awards in
the presence of the Honourable
President of India
146
RIL E&P, KG-D6 awarded for ‘Significant increase in Gas production’ by FIPI for the year 2021
Dahej Manufacturing Division won Excellence Award in ‘Energy Conservation and Management’ in the Petrochemicals Sector from FICCI
Jamnagar Manufacturing Division won Platinum Award in ‘Apex India Green Leaf – Environment Excellence’ in the C2 Complex
• Dahej Manufacturing Division
won Excellence Award in ‘Energy
Conservation and Management’
in the Petrochemicals Sector from
FICCI
• Nagothane Manufacturing Division
won First prize in ‘16th State level
Energy conservation 2020-21’
organised by Maharashtra Energy
Development Agency
• Nagothane Manufacturing Division,
PP Plant secured 1st position in the
category of ‘Internal Stream Factor’
in the annual Spheripol Global
Benchmarking Survey, 2020
• Jamnagar Manufacturing Division
won Platinum Award in ‘Apex India
Green Leaf - Excellence in Energy
Efficiency’ in the SEZ Refinery
• Jamnagar Manufacturing Division
• R Cluster field development
awarded ‘Best Managed Project
of the Year’ and 'Special award
for significant increase in gas
production' by Federation of Indian
Petroleum Industry (FIPI)
won Platinum Award in ‘Apex
India Green Leaf – Environment
Excellence’ in the C2 Complex
• Jamnagar Manufacturing Division
won Gold Award in ‘Apex India
Green Leaf – Water stewardship’
Health, Safety and Environment
Dahej Manufacturing Division conferred
Platinum Award in ‘Safety Systems Excellence’
by FICCI
Vadodara Manufacturing Division won
Gold in ‘Apex India Green Leaf 2020’ for
Environment Excellence
• Barabanki Manufacturing Division
won Platinum Award under Apex
India Green Leaf Award 2020 for
‘Plastic waste Management’ in
Manmade fibre industry sector
• Dahej Manufacturing Division won
Platinum Award in ‘Safety Systems
Excellence’ from FICCI
• Dahej Manufacturing Division
won Platinum Award in ‘Apex India
Green Leaf Environment Excellence
2020’ in the Petrochemical Sector
• Nagothane Manufacturing Division
won award for ‘Excellence in
Health, Safety and Environment’ in
the Petrochemicals Sector
• Jamnagar Manufacturing Division
awarded ‘Best In-Class Safety
Excellence Award’ at the National
Awards for Excellence
• Patalganga Manufacturing Division
won Greentech Effective Safety
Culture Award 2021
• Vadodara Manufacturing Division
won Gold in ‘Apex India Green Leaf
2020’ for Environment Excellence
• Jamnagar Manufacturing Division
awarded ‘Manufacturing ICON
Award’ at the National Awards for
Excellence
• RIL E&P, awarded ‘Best Managed
Project of the Year’ for R Cluster
field development by Federation of
Indian Petroleum Industry (FIPI)"
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Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited Sustainability
JioGenNext Alumni Startups
Corporate
Overview
Management
Review
Governance
Financial
Statements
• RIL won ‘Plastic Packaging Waste
Recycling Product Leadership
Award 2022’ from Frost & Sullivan
• Jamnagar Manufacturing Division
won Gold Award in ‘Apex India
Green Leaf – Afforestation’
• Hazira Manufacturing Division
awarded for ‘Excellence in 3R
(Manage Own Waste)’ in the
Manufacturing sector 2021
• Jamnagar Manufacturing
Division won Gold in ‘India Green
Manufacturing Challenge 2020-21’
organised by IRIM
Hazira Manufacturing Division awarded for ‘Excellence in 3R (Manage Own Waste)’ in the Manufacturing sector 2021
Jamnagar Manufacturing Division won Gold Award in ‘Apex India Green Leaf – Afforestation’
CSR Awards
• The Best Employee Engagement
Team of the Year award went
to Reliance Jio CHRO Innovation
award for its Khayal Rakhna
initiative for contributing to a social
cause
• Reliance Foundation received the
Gold Globee® Business Excellence
2021 award for its work-from-home
implementation, which includes
Khayal Rakhna initiative
• Reliance Foundation granted
'Sports for Social Change' award
instituted by The Hindu media
Group
• Reliance Foundation recognised
for its 'Corporate Leadership in ESG'
at The CSR Journal – Excellence
Awards 2021
• Reliance Foundation conferred
IAA Olive Crown Award 2022
under ‘Green NGO of the Year
- Silver’ category for its green
initiatives aimed at conserving
natural resources and promoting
ecological sustainability across
India
• Machli, AI-based Mobile
Application for marine fisherfolk
conferred mBillionth South Asia
Award for the year 2020-21 in
the category ‘Agriculture &
Environment' for providing a one-
stop solution to all needs of the
fishing community
• Reliance received the Golden
Peacock Award for Corporate
Social Responsibility – 2021
• RIL declared joint winner in the
‘Excellence in Community Impact’
category for its comprehensive
work across the areas of Rural
Transformation, Health, Education,
Sports for Development, Disaster
Response with a special focus on
COVID-19 response including the
programs of Mission Anna Seva &
Mission COVID-19 Suraksha
• Reliance Foundation’s Machli
App announced winner at World
Summit Awards 2021 for providing
digital solutions , contributing to
the achievement of the United
Nations Sustainable Development
Goals
• Sir H N Reliance Foundation
Hospital's vaccination programme
won the 'Best Vaccine programme
by a private hospital' from India
Today Healthgiri awards
148
RIL's startup alumni have continued
to garner media, academic and
industry attention. This is a testimony
to their effort and ability to thrive in a
competitive market.
• Slang Labs raised an undisclosed
round of funding from Google
Assistant Investments Program
along with 100x Entrepreneurs
and participation from existing
investor Endiya Partners and angel
investors
• Ayushi Mishra of Drona Maps won
the 'Startup of the year' award in
the rural governance category
at the MeitY-NASSCOM Startup
Women Entrepreneurs Awards
2020-21
• Qzense Labs and Dozee featured
in the inaugural edition of
'Forbes Asia 100 To Watch' list
which spotlights notable small
companies and startups on the
rise across the Asia-Pacific region
• Skill assessment platform for
recruiting and hiring talent,
DoSelect was acquired by Naukri.
com’s parent company InfoEdge.
This acquisition will add a powerful
layer of tech-led assessment to
the existing Naukri.com platform
and evolve DoSelect to become
the de facto solution for tech
companies to discover, access and
hire the best talent
• Fynd, the online shopping
• Uptime AI Inc was recognised as
today’s leading tech innovators in
the Energy and Natural Resources
(ENR) sector at KPMG's ENRich 2021
Startup Search
• Dozee has raised `71 crore in an
additional funding round led by
Doordash’s Gokul Rajaram to make
critical care more easily accessible
and available in Indian hospitals
and will launch new products
• Aarca Research, a healthtech
startup from JioGenNext’s MAP ‘21
programme, announced pivotal
clinical validation data showing
the company’s non-invasive test’s
accuracy for early detection of
metabolic comorbidities
• ThinkerBell Labs’ Annie, the self-
learning Braille literacy device,
was featured in Shark Tank India
(Season 1 Episode 13). Annie, is the
world’s first Braille literacy device
that helps visually impaired people
learn to read, write, and type in
Braille on their own in any medium
of instruction. They were able to
successfully raise `1.05 crore for 3%
equity
marketplace, was the subject of
a Harvard Business School case
study written by Prof. Ranjay Gulati,
Kairavi Dey and Rachna Tahilyani.
The case study delved into several
aspects of the business, including
how they’re moving forward post-
investment by RIL. The case study
also explores how the co-founders
of Fynd went about building their
offerings, enabling retail stores and
much more
• Data analytics and consulting
company GlobalData predicts
Orbo to potentially become a
unicorn in the AI space
• Electric Vehicle startup Ather
Energy acquired rights to the
AiKaan OTA (Over-The-Air) platform
from JioGenNext alumni AiKaan
Labs
• JioGenNext alumni Patch becomes
CleverTap's first acquisition. Patch is
a unique technology that enables
in-app voice, chat and more
• Vidcare, an at-home diagnostics
company from MAP - JioGenNext's
new Market Access Program,
recently participated in Sling Shot
2021, Asia's most exciting deep tech
startup competition and won the
P&G Health Vision Award and a
cash prize of SG$ 20,000
149
Management Discussion and AnalysisIntegrated Annual Report 2021-22Reliance Industries Limited Integrated Approach to Sustainable Growth
Integrated
Approach to
Sustainable Growth
We Care
The pervasive unifying thread that
runs through everything that Reliance does is the spirit of 'We Care'.
For Reliance, 'We Care' is not just about caring for the financial and economic
well-being of the Company and its stakeholders. It is also about taking
cognisance of the non-financial and social parameters, the convergence of
which is critical to optimise trust and goodwill with its stakeholders and the larger
ecosystem. The Company's unique strength lies in its ability to balance financial
and non-financial goals. It gives Reliance the edge to tap opportunities across
the spectrum to strengthen its long-term sustainable value creation potential
while meeting the needs of its diverse stakeholders.
Given the complexity of Reliance's
operations and its growth aspirations,
it must embrace the latest technology
advances, invest in robust research
capabilities, nurture communities
and stay abreast of ever-evolving
customer preferences. The Company
must also create a mutually
rewarding experience for employees
and reduce the environmental
impact of every action it undertakes.
Reliance understands the importance
of monitoring and mitigating risks
and identifying opportunities that
can directly or indirectly impact
its present and future existence. Its
approach has always been holistic so
that the interdependencies between
the different aspects of business
and the cause-effect relationship
are synchronous. Its determination
to walk this balanced path and grow
while keeping 'Care' at the core are
reflected in the Company's resilient
and sustained financial performance.
The disclosures made in this
part of the report are shaped
by industry best practices and
universally accepted standards and
frameworks such as Global Reporting
Initiative(GRI), International Integrated
Reporting Council (IIRC), Task Force on
Climate-Related Financial Disclosures
(TCFD), United Nations Sustainable
Development Goals (SDGs) and
World Economic Forum's International
Business Council (WEF-IBC) metrics.
In this report, Reliance has
enumerated its value creation story
by aligning to the six capitals of the
framework laid down by the IIRC
covering Natural Capital, Human
Capital, Manufactured Capital,
Intellectual Capital, Financial Capital
and Social and Relationship Capital.
This section focuses on Reliance's
value creation from the lens of
Non-financial Capitals of IIRC
framework. The details of Financial
Capital is described in the Financial
Performance and Review (Page 44)
section of this report.
Extending 'Care'
during COVID-19
Reliance's Integrated
Approach to
ESG governance
Responding to the
Material Issues
Driving the ESG
Growth in Reliance
152
155
162
166
NATURAL CAPITAL
HUMAN CAPITAL
Nurturing the 'One Reliance'
Family: Creating a growth-
driven workplace with care
and empathy
Highlights FY 2021-22
Management approach
Health, safety and
employee well-being
Diversity and inclusion
Talent management
Way Forward
176
177
177
178
179
180
187
Caring for our planet:
Building a more
sustainable world
Towards a cleaner future
Highlights FY 2021-22
Management approach
Environmental performance
Energy efficiency of
operations
Climate change
Ecosystems and biodiversity
Waste management and
circular economy
Towards circularity
Water and
effluent management
Way Forward
168
168
169
169
169
170
171
172
172
173
175
175
MANUFACTURED
CAPITAL
INTELLECTUAL
CAPITAL
Research and development for
a sustainable future
194
Reliance research and
development: A crucial driver
of sustained value creation
Highlights FY 2021-22
Innovation and technology
Leveraging its intellectual
capital to fight COVID-19
R&D focus areas
Way Forward
194
195
195
195
196
201
FINANCIAL CAPITAL
Read Financial Performance
and Review for more details
PG 44
Independent
Assurance Statement
216
Committed to growing with
care for the planet
Highlights FY 2021-22
Business performance
Strengthening the
framework to build a
digital-first company
Way Forward
188
189
189
192
193
SOCIAL AND
RELATIONSHIP CAPITAL
Caring for the community:
Building a stronger India
Highlights FY 2021-22
Management approach
Community development
Sustainable supply
chain management
Nurturing digital ecosystems
Customer satisfaction
Way Forward
202
203
203
203
210
212
213
215
150
Reliance Industries Limited
Integrated Annual Report 2021-22
151
Reliance Industries –
Extending 'Care' during COVID-19
The world has grappled with a health and humanitarian crisis rarely
seen in history as it battled the COVID-19 pandemic in the past two
years. For Reliance, caring for its stakeholders during these troubled
times took centre stage. Just as people around the globe were
struggling to manage the first wave of the pandemic, the debilitating
second wave struck the world and India in 2021. Against this backdrop,
Reliance's enduring commitment to 'Serve' or deliver 'Seva' to India
and humanity became even more crucial. It formed the nucleus of
proactive support to communities undertaken by the Company.
Drawing on its combined strengths,
the 'One Reliance' family worked
round the clock to quickly mobilise
efforts on the ground to deliver 'CARE'
and support the nation's fight against
the pandemic. Since its inception, the
Company's dedication to inclusive
growth, sustainable development and
meeting stakeholder expectations
have been a part of its core values.
Reliance's commitment to its
stakeholders includes but is not
limited to the communities in which
it operates, the employees who drive
its growth, the suppliers and partners
who help achieve its business goals
and the customers who are the lifeline
of the Company. Reliance's spirit of
'WE CARE' encompasses all Indians
and the humanity at large. Today as
India and the world emerge out of
the shadows of COVID-19, the spirit
of resilience has become the new
lodestone guiding Reliance in the
post-pandemic era.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Employee Care
During the pandemic, Reliance
extended care to its employees and
the 'One Reliance' family through a
four-pronged approach that covered
communications, risk reduction,
creating Infrastructure, and ensuring
health and well-being, with a focus
on mental health.
• In addition to implementing
stringent social distancing norms,
all work locations were sanitised
every three hours. Materials
entering sites and townships were
fumigated to ensure safety.
• To contain the spread of the virus,
Reliance ran daily temperature
checks and ran a separate
Outpatient Department for
employees with symptoms.
• Reliance initiated an online
symptom-checker where the
employees filled questionnaires
daily to identify high-risk cases and
extend support, as required.
• The Company adopted robust
testing modalities in collaboration
with the state-of-the-art Reliance
Life Science Labs to maximise
testing capacity.
• Reliance developed dedicated
COVID-19 care centres across
various locations housing over
2,000 beds for critical patients.
• The Company implemented a
COVID Pass Authenticator that has
been integrated with the online
symptom checker and testing data.
• The Company announced an
initiative, 'Reliance Family Support
and Welfare Scheme', under which
it extends support to the bereaved
family members of the employees
who succumbed to COVID-19.
• The Company made provisions
for special COVID leave that
employees can avail if they or
their family members are affected
by the pandemic.
• For off-roll workforce members
who succumbed to the pandemic,
the Company, through Reliance
Foundation, extended its support
to the bereaved families by
contributing a lump sum payment
of `10 lakh directly to the nominee
of the deceased.
• In line with the Government of
India's guidelines, Reliance rolled
out its vaccination programme,
called Mission Vaccine Suraksha, for
all its employees and eligible family
members. As of FY 2021-22, nearly
100% of the eligible employees
have been administered the
first dose under Mission Vaccine
Suraksha and 96% of all the eligible
employees are fully vaccinated.
• To address physical and mental
health challenges, Reliance
implemented webinars on lifestyle
disorders and ways to manage the
post-pandemic impact, Diabetes
Control Mission, BMI reduction
programme, and lifestyle clinic,
amongst others.
• Teleconsultations with specialists
were conducted via the
JioHealthHub app.
• Yoga and meditation sessions and
peer-to-peer discussion platforms
were facilitated.
152
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Community Care
Mission Oxygen: setting up
the largest production unit of
medical-grade liquid oxygen
from a single location in India
Availability of medical grade oxygen
for impacted patients was a life-saving
need during COVID-19, especially
during the second wave. Under the
dedicated personal supervision of
the Chairman and Managing Director,
Shri Mukesh D. Ambani, the Company
re-engineered its existing facilities
to set up the largest production
facilities in India to produce and
deliver medical oxygen from a
single location in record time. The
Company adopted a two-pronged
approach to strengthening the
availability of medical-grade oxygen
in India, including:
• Refocusing several industrial
processes at Reliance's Jamnagar
and other facilities for rapid scale-
up in the production of medical-
grade liquid oxygen.
• Managing the supply chain
by augmenting loading and
transportation capacities to
ensure the swift and safe supply
of oxygen to states and Union
Territories across India.
Despite not being a manufacturer of
medical-grade oxygen historically,
the Company's engineers quickly
reconfigured and optimised
operations, which were initially
designed for refining and producing
petrochemical grade oxygen to
produce high-purity medical-grade
oxygen during the second wave of the
pandemic. Reliance also converted
nitrogen tankers into transport trucks
for medical-grade oxygen through
innovative and safe processes
approved by the Petroleum and
Explosives Safety Organisation (PESO),
the relevant regulatory body of the
Government of India.
In the words of Chairman and Managing
Director Shri Mukesh D. Ambani, "For me
and all of us at Reliance, nothing is
more important than saving every
life as India battles against a new
wave of the COVID-19 pandemic.
There is an immediate need to
maximise India's production and
transportation capacities for medical
grade oxygen. I am proud of our
engineers at Jamnagar who have
worked tirelessly, with a great sense
of patriotic urgency, to meet this
new challenge. I am truly humbled
by the determination and sense of
purpose shown by the bright, young
members of the Reliance family
who have once again risen to the
occasion and delivered when India
needs it the most."
Expanding COVID Care
Facilities
• As the second wave of COVID-19
infections gripped the country,
Reliance BP Mobility Limited
(RBML, Operating under the brand
name Jio-bp) reintroduced its
programme of supplying fuel
free of cost to COVID emergency
services vehicles. Under the
pan-India programme, a total
of 2,203.59 KL was dispensed to
56,283 emergency vehicles (53,272
HSD and 3,011 MS) from May 13
to June 30, 2021.
• Reliance procured and
administered 40+ lakh vaccine
doses. Of this, 9.4 lakh doses were
given to various state governments
and 2 lakh to the armed forces.
Ramped up from zero to produce 11% of the liquid medical-grade oxygen
requirements of the country, including establishing the entire supply chain to
meet the urgent need
Set up capacity of
2,000+ beds
for COVID-19 care
Distributed
8.5+ crore
Meals
Distributed
1.4+ crore
Masks
Increased capacity of Reliance-led
COVID-19 testing labs to
15,000+
Distributed
2,00,000+
gloves and
5,00,000+
ORS packets
154
Corporate
Overview
Management
Review
Governance
Financial
Statements
Reliance's Integrated Approach to
ESG Governance
Since its inception, Reliance has been
committed to sustainable growth,
which has only been possible due
to the underpinning governance.
The Company recognises the role of
robust governance mechanisms for
long-term value creation. Efficient
corporate governance has acted as
a pillar of Reliance's sustained growth
throughout the year.
Reliance's Corporate Governance
practices are driven by the principles
of transparency, accountability,
and integrity. This is operationalised
by relevant policies and Standard
Operating Procedures (SOPs) to
ensure compliance and good
governance for all stakeholders.
Board Governance
Reliance’s senior leadership
comprises of a 14-member Board
which is responsible for direction
and oversight of Reliance. The
Board of Directors come from
diverse backgrounds with unique
competencies and rich experience.
The induction into the Board of
Directors is instituted by the Board
level Human Resources, Nomination
and Remuneration Committee. This
Committee oversees aspects which
include formulation of 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. The Committee has
also developed a set of criteria for
evaluating the performance of the
Board of Directors, including that of
Independent Directors. Attendance,
familiarity with the business, and
engagement are some of the key
parameters defined for evaluating
the Board's performance. The Board
of Directors, through its Committees,
oversee the ESG initiatives
and performance.
Board diversity in skill-set, nationality,
experience, and perspective is
important for effective leadership and
governance. A diverse Board provides
guidance and effective oversight
over the Company's operations.
It enhances responsiveness to
stakeholder needs, collaboration
across departments, and provides
expertise leading to the continuous
growth of the Company. Presently,
the Board consists of two eminent
women directors.
Regulatory Issues and
Compliance
Regulatory compliance at Reliance
has been of utmost importance,
especially in an evolving regulatory
scenario. Reliance’s Regulatory
compliance risk is addressed by the
Reliance Compliance Management
System. It is a digitally enabled
comprehensive compliance
management framework that's
integrated with business processes,
risks and controls and updated on
a regular basis.
Changes in regulations are
also monitored on an ongoing
basis by the Group Compliance
Committee. The Directors get
monthly or quarterly information
on key statutory and regulatory
developments, as well as
key judicial rulings affecting
interpretation of important laws.
More information is available on
https://www.ril.com/ar2020-21/pdf/
Risk%20and%20Governance.pdf
ESG Governance
Reliance is on a continuous
improvement journey to create long-
term value for its stakeholders. The key
decisions that are taken pertaining to
ESG include indepth analysis through an
Integrated Profit and Loss lens. Reliance
has integrated ESG into its governance
structure so that the Company can
have a better oversight and strengthen
management responsibility for
business-related ESG challenges and
opportunities.
The Corporate Social Responsibility
& Governance (CSR&G) Committee
oversees the implementation of
sustainability activities. Business
Responsibility Report (BRR) describing
the initiatives taken by the Company
from an environmental, social and
governance perspective is reviewed
and recommended to the Board by the
CSR&G Committee. The progress on the
Company’s CSR initiatives is periodically
reviewed by the CSR&G Committee
and the Company’s Board of Directors.
RIL continuously enhances its existing
systems and processes to capture
the impact of its social/economic and
developmental initiatives. The Risk
Management Committee oversees
the ESG related risks and risk mitigation
measures. Further, the Health, Safety
& Environment (HSE) Committee
reviews the environment related
policies and matters.
Detailed information on various Board
Committees is available on https://
www.ril.com/OurCompany/Leadership/
BoardCommittees.aspx and the Corporate
Governance section of this report.
Policies and Codes
Policies and codes are the essential
components that help operationalise
governance frameworks. Reliance's
policies and codes signify the Company's
commitment to the highest business
ethics and corporate values and are
communicated transparently to all the
relevant stakeholders. A detailed list of
policies is available in the Corporate
Governance Section of this report.
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
announced its National Hydrogen Mission, which aims to boost green hydrogen
production. As a Company that is always focused on growing businesses of the
future and making India a stronger economy, Reliance will lead by leveraging
its strengths that include finance, talent, technology, and proven project
execution capabilities. The Company aims to play a meaningful role in meeting
the country's growing energy demand sustainably by making its New Energy
business truly global.
Reliance's Strategy
As a part of Reliance’s long-term strategy on emission reduction, the Company
is committed to reducing its overall operational GHG footprint – Scope 1 or
direct emissions and Scope 2 or indirect emissions from energy purchase.
The O2C Net Zero plan is anchored on six key strategic initiatives, which
are as follows:
Improving energy efficiency
Energy transition to clean and green renewable energy
from fossil fuels
Repurposing of petcoke gasification streams to utilise syngas for
producing chemicals and hydrogen
Producing syngas on a renewable basis through
biomass gasification
Using Carbon Dioxide (CO2) as a recyclable resource and
adopting Carbon Capture Utilisation and Sequestration
(CCUS) pathways such as but not limited to synthetic fuels
and chemicals, mineral carbonation in construction materials,
algae cultivation for biofuels and food supplements, and other
technology-led solutions
Generating carbon credits and using them to offset hard-to-
abate emissions
The Company is already accelerating
its progress through resource
efficiency and energy conservation.
As the business evolves towards
its Net Zero target, digitalisation
is one factor that enables the
ecosystem. Reliance is using its
global collaboration to help establish
the feasibility and successful
deployment of CCUS.
The Company's initiatives will
contribute towards the United Nations
Sustainable Development Goals (UN
SDGs) to combat climate change,
ensuring sustainable consumption
and production patterns, and
ensuring access to affordable,
reliable, sustainable, and modern
energy for all.
Reliance's Approach
Reliance is on the path of
transformation to move its legacy
businesses to Net Zero operations
and improve it further with the
best Corporate Governance and
sustainability systems.
The Company has already enlisted
eight global technocrats, many of
whom are advisers to governments
worldwide, as part of a nine member
New Energy Council. This Council will
be vital in leading an accelerated
transition and providing futuristic
solutions to practical problems that
may arise along the way.
Reliance's approach is to create a
New Energy ecosystem, transition
to clean energy and convert clean
energy to Green Chemicals.
Code of Conduct
With strict adherence to its
Code of Conduct Policy, RIL
maintains its reputation and
continues to earn the trust of its
stakeholders. A robust Code of
Conduct Policy ensures integrity,
accountability, and transparency
in the Company. RIL's code
lays down the responsibilities
and expectations for the
Directors, Business Partners,
Employees, Suppliers, and
other stakeholders. To deal with
ethical transgressions in the
organisation, the Company has
established the Vigil Mechanism,
Whistle blower Policy, and Ethics &
Compliance Task Force (ECTF).
More information is available at
https://www.ril.com/DownloadFiles/
IRStatutory/Code-of-Conduct.pdf
Details of Reliance's governance
policies and codes can be accessed
on its website: https://www.ril.com/
investorrelations/downloads.aspx
Towards Clean and Alternative Energy:
Reliance Net Zero
Reliance's Goal
Reliance's Commitment
Reliance believes that although
climate change is a global threat,
but tackling it in a timely manner
can offer an opportunity to create
a healthier, happier, more secure
and resilient future. Therefore, the
global New Energy agenda has to
transcend from dialogue to action
and commitment through urgent
on-ground implementation. Led by
this vision, Reliance had announced
a target to be Net Zero by 2035.
To achieve this ambitious goal,
Reliance announced to:
• Establish and enable 100 GW of
solar energy by 2030
• Build Giga Factories to create and
offer a fully-integrated, end-to-
end renewable energy ecosystem
• Invest in value chain, partnerships
and future technologies,
including upstream and
downstream industries
• Transform its business to Net
Carbon Zero operations
As the world develops new
technologies to combat the effects
of climate change, Reliance has
embraced the need of the hour and
spearheaded its initiatives towards
decarbonisation. The Company is
transforming itself, embracing new-
age technologies and establishing
a comprehensive green energy
ecosystem in India, ranging from
solar modules and batteries to
hydrogen fuel cells.
Reliance sees investments in
renewables and alternative energy
as an active way to ensure positive
outcomes for future generations.
With renewables and alternative
energy dominating the future power
generation mix, the Company is
changing the way it operates.
As one of the biggest energy markets
globally, India will play a key role
in transforming the world's energy
landscape. The country has already
156
157
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited The Company has made substantial
progress on photosynthetic biological
pathways to convert CO2 emissions
at Jamnagar into high-value proteins,
nutraceuticals, advanced materials,
and fuels. The Company is taking
strong strides in its journey to develop
the next-gen Carbon Capture and
Storage (CCS) technologies. It is
also evaluating options to convert
novel catalytic and electrochemical
transformations to use CO2 as a
valuable feedstock.
Reliance has also embarked on
making changes in the present
business, using less carbon-intensive
alternatives and changing the legacy
business model. Promoting a net-
zero strategy in energy production
and consumption is a key focus area
for the Company. Championing an
aggressive energy transition, Reliance
sees a significant opportunity in
hydrogen and alternate energy as
the key to developing its business
of the future. While doing so, the
Company is selecting meaningful
technologies for building a portfolio
that has the most efficient, smart and
sustainable solutions.
Alignment with WEF-IBC Core Metrics
Theme
Report Section
Pillar-1
Governance
Governing Purpose
Corporate governance section PG 218 ;
Value-creation model PG 28
Quality of governing body
Corporate governance section PG 218 ;
Stakeholder Engagement
Responding to the Material Issues PG 162
Ethical behaviour
Risk and opportunity
oversight
Corporate governance section PG 218 ;
Human capital PG 176
Management Discussion and Analysis
Report; PG 42 ; Progress towards Task Force
on Climate Related Financial Disclosures
(TCFD) PG 158
Pillar-2
Planet
Climate Change
Natural capital PG 168 ; Progress
towards Task Force on Climate
Related Financial Disclosures
(TCFD) PG 158
Pillar-3
People
Dignity and Equality
Corporate governance
section PG 218 ; Human capital PG 176
Health and well-being
Human capital PG 176
Skills for the future
Human capital PG 176
Pillar-4
Prosperity
Employment and wealth
generation
Innovation of better
products and services
Human capital PG 176 ; Value-creation
model PG 28 ; Consolidated Statement
of Cash Flow PG 402
Intellectual capital PG 194
Progress Towards Task Force on Climate Related
Financial Disclosures (TCFD)
In its quest to strengthen climate-
related disclosures and the
management and reporting of
climate-related risks in response
to the TCFD recommendations, the
Company is further strengthening
its endeavour to move towards
Net Zero. In line with the TCFD
risk methodology, it takes into
cognisance climate-related risks that
may hamper the Company's growth.
It has instituted steps to hedge
such identified risks using proper
lines of control.
Governance
Governance is one of the most
vital components of a company's
climate risk framework. This pillar
covers the Governance framework,
roles, responsibilities, and decision-
making procedures by which a
company adheres to its climate-
related commitments. Reliance
has a robust Governance structure
to identify and mitigate climate-
related risks and opportunities. The
Company's material issues that
may impact climate change are
assessed at regular intervals. The
Governance structure followed at
Reliance to oversee climate change
risk mitigation includes:
Corporate
Overview
Management
Review
Governance
Financial
Statements
CSR &G
committee
HSE
Committee
Risk
Management
Committee
Climate
related
governance
The HSE Committee has broad oversight on climate-related governance.
The HSE Committee, CSR & Governance and the Risk Management Committee
oversees Company's ESG initiatives.
Strategy
Reliance conducts a deep analysis
of the climate-related nuances
of all its businesses to formulate
critical strategic advantages and
competitive strengths of each
segment. The structured materiality
assessment process also helps
determine issues vital to individual
business units and Reliance. The
Company has outlined its way
to decarbonise in Reliance's
Net Zero Strategy.
A detailed discussion on the
Company's New Energy Business to
achieve Net Zero by 2035 is provided
in the MD&A section of this report.
Risk and Opportunities
Climate-related risks pose threats
that have financial implications for
organisations, such as direct damage
to assets and indirect impacts on
the supply chain. Reliance identifies
such risks at the Corporate and
site levels through integrated work
processes and group-wide risk
management. It applies an Enterprise
Risk Management (ERM) framework
using top-down and bottom-up
approaches to anticipate any
issues and mitigate their impacts
in advance. Climate-related risk
management initiatives are analysed
through the lens of physical and
transition risks. To facilitate continuous
and real-time risk assessment,
Reliance has implemented a
'Three Lines of Defense' model
that encapsulates:
• First line of defense by Business/
Process managers through
Self-verification
• Second line of defense by the
Risk Management team through
Functional Assurance
• Third line of defense by the
Internal Audit and Management
Assurance Function offering
Independent Assurance
Reliance’s business operations face
risks from natural calamities due to
the vast spread of its operational
locations. Natural calamities which
are largely resultant of climate
change are being manifested in
terms of heat waves, erratic rainfall,
cyclones, floods, and drought.
The Company has created Global
Corporate Security (GCS). It is a
dedicated and distinct function that
focuses on adopting pre-emptive,
de-risking strategies to safeguard
and secure the Company from
disasters, natural calamities, and
any other disruptions or incidents
as a part of business continuity
management. GCS ensures that the
people, assets, and operations of
Reliance are secure.
To combat climate change, Reliance
has embarked on an ambitious
journey to transition to new, green,
and clean energy. However, this
transition to a lower carbon economy
brings its own set of risks which
include dynamic policy, legal,
regulatory, technology and market
developments and changes to
facilitate this transition.
Reliance sees a significant
opportunity in hydrogen and
alternate energy. Details on the
Company’s energy transition plan
is provided in the Natural Capital
section and the details on creating a
green energy ecosystem is in the New
Energy section.
Metrics and Targets
The disclosure on Metrics provides
information on how the Company
is progressing towards targeted
climate-related indicators. These are
the mechanisms for measuring and
disclosing the progress in line with the
commitments or ambitions set for
managing and mitigating the impact
of climate-related risks. Reliance
consistently discloses its metrics,
goals, and progress against them in
its Annual Integrated Report.
Reliance's assured climate-related
parameters and performance
metrics can be found in the section
on Natural Capital on PG 168-175
of this report.
158
159
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited We Care: Maximising Shared Value
Reliance adopts a stakeholder centric approach when making business decisions. Understanding stakeholder
expectations and aligning business objectives are critical to Reliance's growth. The Company regularly engages with its
stakeholders to seek constructive feedback and systematically identify and resolve their concerns.
Reliance has developed robust processes to communicate and engage with various stakeholder groups and instituted
necessary measures to meet their requirements and expectations appropriately. The Company strives for economic
and ecological sustainability through these interactions and pre-empt and manage future uncertainties.
Reliance's Stakeholder engagement approach and inter-linkage with the Capitals:
Stakeholder
Group
Employees
Investors
Customers
Suppliers
NGOs
Communities
Corporate
Overview
Management
Review
Governance
Financial
Statements
For Reliance, employees
are at its core and one of
its most valuable assets
driving its consistent
success. Reliance is
committed to providing
a progressive workplace
focused on its employees'
overall development
and well-being.
Investors play a critical
role in bolstering the
Company's financial
position and ensuring
its operational success.
Reliance is committed
to creating value for its
shareholders through
implementing scalable
business strategies.
Reliance places a great
emphasis on ensuring that
the requirements of its
customers are understood
and met. Reliance aspires
to be the brand of choice
for all its customers
and remain relevant
through its customer-
centric approach.
• Human Resources
• Corporate Services
• Medical Services
• Security
• Investor Relations
• Secretarial
and Compliance
Business Teams:
• Retail
• Digital Services
• O2C
• Oil and Gas E&P
Reliance fosters long-
term relationships with
its suppliers and ensures
compliance with the
Business Partner Code
of Conduct policies. The
Company believes that
its suppliers enable the
organisation to source
responsibly and adhere to
the highest standards.
• Crude, feedstock,
and fuel sourcing
• Procurement
and contracting
Reliance works together
with Non-Governmental
Organisations (NGOs) to
achieve holistic growth
and broaden the scope of
its objectives.
Reliance strives to provide
value to local communities
to maintain its social
licence to operate. By
contributing to the
upliftment and growth of its
surrounding communities,
the Company aspires to
prosper with them.
• Reliance Foundation
• Reliance
Foundation Youth Sports
• Reliance Foundation
Institution of
Education and Research
• CSR Divisions: Retail,
Digital Services, O2C,
Oil and Gas E&P
• Manufacturing
division CSR teams
• Reliance Foundation
• Reliance
Foundation Youth Sports
• Reliance Foundation
Institution of
Education and Research
Personal/group interactions,
mailers, trainings,
employee satisfaction
survey, townhalls
Meetings, conferences,
investor calls, roadshows
and correspondence
Meetings,
surveys, web portals
Annually, Quarterly,
monthly, need-
based, real-time
Annually, half-
yearly, quarterly,
monthly, need-based
Annually, monthly,
need-based, real-time
Meetings and through
Annual Reports or
compliance filings
Meetings and correspondence,
participatory development
activities, project planning and
implementation meetings,
capacity building and
communities of practice
Meetings, newsletters,
surveys, fieldwork and
trainings, digital services,
virtual engagement
Industry representations,
filings, correspondence,
meetings
Real-time, need-based
Annually,
ongoing partnerships
Annually,
ongoing partnerships
Annually,
ongoing engagements
Employee well-being,
health and safety,
performance reviews,
career development
conversations,
training, and upskilling
Financial performance,
growth plans and
strategies, shareholder
returns and dividends
Customer experience,
product and service
quality, Reliance's
response to demands
and expectations
Terms and conditions,
procedures, and payments
Community development,
Public infrastructure
development, community
health and well-being,
enable communities to
achieve their potential
Community needs and
expectations, financial and
medical support, health,
nutrition, and livelihood
enhancing efforts, building
capacities and training
Compliance with regulatory
requirements, collaboration
in government-led sectoral
plans and programmes
Government and
Regulatory Authorities
Government policies
and regulations impact
Reliance's operations and
open up new avenues
for the Company to
pursue its goals.
• Secretarial and
Business Compliance
• Legal
Functions
Engagement
Channels
Frequency
Key Factors
Impact on Capitals
160
161
Natural Capital
Intellectual Capital
Human Capital
Social and Relationship Capital
Manufactured Capital
Financial Capital
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited
Responding to the
Material Issues
Reliance has always strived to address issues concerning its
stakeholders and the growth of its businesses. The Company
consistently works towards creating a long-term value for all its
stakeholders by responding to their needs and expectations.
Materiality is principle that determines
which topics or issues directly or
indirectly impact an organisation’s
ability to create value for all
stakeholders and stay competitive.
The Company conducts in-depth
materiality assessment at defined
intervals to identify the topics that
are pertinent to its business and
stakeholders. At Reliance, materiality
assessment entails finding and
evaluating a wide range of potential
economic, environmental, and
social issues that could impact the
Company’s performance and its
stakeholders and then prioritising
them into important material topics.
Approach towards
Materiality
Reliance operates in dynamic
environments, and the assessment
of material topics is an ongoing
process that helps the Company
in prioritising the topics depending
on its criticality. Reliance conducted
a materiality assessment for the
listed entity during FY 2021-22. The
selection of material topics involved
identifying probable material issues
considering international reporting
standards and the priorities of peers.
Subsequently, key internal and
external stakeholders that have an
impact and influence on Reliance
were identified for the materiality
assessment. Inputs of the identified
stakeholders on the probable
material issues were captured
through relevant stakeholder
engagement mechanisms. A
detailed analysis of each probable
material issue was undertaken,
considering the inputs of stakeholders
and management. Further, the
material topics were prioritised
considering both management and
stakeholder perspectives.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Methodology
Peer
Benchmarking
Identified a list of industry peers as well
as international standards viz. GRI and
SASB and conducted a benchmarking
for material topics.
Identification of important
stakeholders
Identified key internal and external
stakeholder groups for RIL and
communicated with them regarding the
materiality assessment exercise.
Stakeholders' survey for
determining the impact of
probable material topics
Created questionnaires for relevant
stakeholder groups and collected
response from each stakeholder group.
Evaluation of stakeholder
perception of Reliance’s impact
with respect to material topics
Collated stakeholders' responses
and carried out a detailed analysis
of the responses.
Prioritisation of material
topics for RIL
Created a prioritised list of material
topics based on the results of
the analysis. These topics will be
considered as material for RIL.
Key external stakeholder groups identified
• Shareholders/ Investors
• Government regulators
• Customers
• Employees
• Local communities
• Suppliers
• NGOs
Internal Stakeholder Questionnaire
Comprehensive questionnaire
divided into 3 parts:
• Part A: Prioritising identified stakeholders
• Part B: Prioritising enlisted business impacts
• Part C: Rating material topics
External Stakeholder Questionnaire
• Short questionnaire for rating of enlisted
material topics
162
163
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Through the focused materiality assessment process, RIL has identified the following key issues that are material to the
growth of the Company and the well-being of all its stakeholders.
Social
Why the issue is material to Reliance
Corporate
Overview
Management
Review
Governance
Financial
Statements
Matrix
25
21
15
14
2
19
6
18
16
7
1
24
10
5
9
8
13
11
23
20
17
12
22
4
3
l
s
r
e
d
o
h
e
k
a
t
S
o
t
e
c
n
a
t
r
o
p
m
I
Importance to Organisation
Environment
Why the issue is material to Reliance
Natural Capital
Financial Capital
Human Capital
Manufactured Capital
Intellectual Capital
Social and
Relationship Capital
Risk Management
Governance
1. Climate change
13. Customer Satisfaction
2. Managing Environmental
Impacts
3. Energy Efficiency of
operations
4. Water and effluent
management
5. Raw material security
6. Ecosystem and
biodiversity
7.
Innovation and
Technology
14. Data privacy and
cybersecurity
15. Security and Asset
management
16. Talent Management
17. Community Development
18. Labour Management
19. Human Rights
20. Business Ethics, Integrity
and Transparency
8. Waste management &
Circular economy
21. Regulatory issues and
compliance
9. Sustainable supply chain
22. Grievance Redressal
management
Mechanisms
10. Disaster Preparedness
and Management
11. Health, safety and
employee well-being
12. Diversity and inclusion
23. Risk Management
24. Economic Performance
25. Code of conduct
1
Climate Change
4
Water and Effluent
Management
8
Waste Management &
Circular Economy
With the increasing awareness around
climate change, it is crucial for Reliance to
address the challenges by taking conscious
efforts to ensure that the Company continues
to respond to the issues arising out of
climate change and develop a pathway to
decarbonise its operations.
Water availability and accessibility are key
concerns. Being a responsible corporate,
Reliance needs to map and manage the
water used across its operations and ensure
that the consumption is socially equitable
and environmentally sustainable.
2
Managing Environmental
Impacts
Being a company with a vision to contribute
materialy to the future of India, it is critical
for Reliance to continue its environmental
management efforts that are aimed at creating
positive impacts and minimising negative
impacts that may result from unpredictable
spills or unmanaged GHG emissions.
3
Energy Efficiency
of Operations
While the world is moving towards optimal
eco-efficiency, it is important that Reliance
manages its raw material and assets in the
most efficient manner to generate superior
returns while reducing carbon footprint
through its energy efficient operations.
164
5
Raw Material Security
Efficient reuse of materials to minimise
dependency on raw materials and predicting
future requirements is essential for Reliance
to ensure raw material security and efficient
consumption.
6
Ecosystem and Biodiversity
Ecosystem and biodiversity loss can have a
grave impact on a company’s reputational
risk. Hence, it is important that Reliance
continues its conscious efforts to ensure
proper care is being taken by the Company
to preserve flora and fauna within its
geographical scope.
In a decade where waste management
is a critical issue and moving towards a
circular economy can be an alternative, it is
critical for Reliance to continue innovating
its processes to materialise its vision of
scaling up the recycling of its materials and
maximising circularity across the value chain.
9
Sustainable Supply Chain
Management
With its extensive supplier footprint spread
across the globe, it is important for Reliance
to address the issues of quality, safety,
environmental impacts, and social aspects
such as human rights and fair wages.
10
Disaster Preparedness and
Management
With the criticality of climate change impacts
being manifested in unpredictable weather
patterns, cyclones, droughts, and downpour,
it has become important for Reliance
to continue its endeavours in planning,
organising, coordinating, and implementing
measures for the prevention and mitigation
of disasters.
7
Innovation and Technology
13
Customer Satisfaction
16
Talent Management
To meet the needs of its stakeholders and
achieve consistent growth, it is critical
for Reliance to strengthen its innovation
capabilities and leverage cutting-edge
technologies to remain relevant in the ever-
evolving macro-economic environment.
11
Health, Safety, and Employee
Well-being
Employee health and safety is a non-
negotiable aspect for Reliance to ensure that
its human capital is provided with a working
environment that places utmost emphasis
on their mental and physical well-being.
12
Diversity and Inclusion
For Reliance, it is essential to promote
a progressive and inclusive workplace
that onboards people from diverse
backgrounds and provides them meaningful
growth opportunities, thereby resulting in
organisational growth.
To remain competitive in a fast-changing
business environment, it is important for
Reliance to position itself as a customer-
focused organisation by offering them a
wide range of choices, outstanding value
proposition, and unmatched experience
across all its business segments.
14
Data Privacy and
Cybersecurity
To protect its businesses, customers,
infrastructure, and internal users from
security threats, it is critical for Reliance to
focus on data privacy and cybersecurity by
implementing measures and strengthening
its systems and processes.
15
Security and Asset
Management
Security and asset protection is an essential
aspect for Reliance to ensure safety of all its
assets and reliability in operations.
Governance
Why the issue is material to Reliance
20
Business Ethics, Integrity and
Transparency
22
Grievance Redressal
Mechanisms
Establishing effective grievance redressal
mechanisms is essential for Reliance to track
the issues raised by stakeholders and take
immediate actions to resolve their concerns.
To strengthen its talent pool, it is critical for
Reliance to invest in uninterrupted growth
and development, which is supported by
meaningful engagement activities and
learning opportunities.
17
Community Development
Being a responsible organisation, community
development is an indispensable aspect for
Reliance. It is essential for the Company to
continue implementing community-facing
programmes that can benefit society and
result in true economic growth.
18
Labour Management
As a people-centric entity, managing and
maintaining cordial labour relations is
important for Reliance to ensure that the
needs and rights of its entire workforce are
addressed.
19
Human Rights
To ensure ethical conduct, it is important for
Reliance to confirm that all its businesses
comply with the applicable national and
local laws surrounding human rights and
implement measures to avoid incidents of
human rights violations.
24
Economic Performance
The Company’s undeterred focus on financial
and operational performance is essential for
maximising stakeholder value and ensuring
consistent growth of the organisation, year
after year.
At Reliance, ethics and integrity have always
been the key values that have enabled the
organisation to gain stakeholder trust and
build a strong reputation. These aspects
are critical for Reliance to ensure that the
organisation conducts business in an
ethical and transparent manner to remain
successful over the long run.
21
Regulatory Issues and
Compliance
Compliance is the foundation to build the
reputation of the Company. It is crucial for
Reliance to continue to ensure regulatory
compliance to build trust among its
stakeholder groups while also ensuring that
its operations are in line with relevant and
applicable laws to avoid legal violations.
23
Risk Management
25
Code of Conduct
Risk management is of paramount
importance for Reliance to ensure that the
Company is safe from volatility, the current
and emerging risks and uncertainties
surrounding its business. Having a robust
risk management system and effective
monitoring protocols will ensure Reliance
continues to manage its existing risks while
parallelly identifying any new risks that may
impact its ability to create value over the
long run.
Code of Conduct embodies a company’s
vision and mission and defines business
practice principles. For an organisation like
Reliance, it helps dovetail the Company
ethos, set the highest standard of values, and
create a healthy business relationship with all
stakeholders.
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited
Driving ESG Growth in Reliance
Interplay of Capitals
Natural Capital
Human Capital
Manufactured Capital
Intellectual Capital
Financial Capital
Social and
Relationship Capital
Plans of adding direct and indirect
jobs to the economy through the
energy transition
Decarbonisation of
legacy businesses
R&D in technology that produces
biofuel using various organic
feedstock wastes
Heavy investment in renewable
energy, operational eco-efficiency
Deployment of Electric Vehicles for
deliveries by Reliance Retail
Corporate
Overview
Management
Review
Governance
Financial
Statements
Skilled workforce addition to
drive Reliance's vision in New and
Alternate Energy
Adequate training on Asset
Management to ensure
compliance and maximise
asset availability
Creation of IP, technology expertise
backed by a strong talent pool
Talent pool to ensure
business resilience
Performance measures that integrate
business value streams, P&Ls, and
financial reporting available across the
enterprise to the individual
Appropriate customer, supplier,
and business partner engagement
continuing the Reliance legacy that is
built on trust and relationships
Target of developing infrastructure
for New and Alternate Energy, four
Giga factories in the pipeline
Digitalisation of processes,
enhancing employee safety in
critical operations
Development of commercial-
scale continuous catalytic
pyrolysis technology
• Revenue: `7,92,756 crore
• Capital expenditure: `1,45,352 crore
• EBITDA: `1,25,687 crore
Increase Jio bandwidth to ensure
maximum accessibility
R&D for net bags and bag
on roll applications using
biodegradable plastic
Best-in-class Electronic Lab
Notebook (ELN) integrated with
the Laboratory Information
Management System (LIMS),
giving research employees
better amenities
Developed Multizone Catalytic
Cracking (MCC), an in-house disruptive
innovation, for converting various
hydrocarbons to generate chemical
building blocks. Jio has indigenously
developed and launched a full stack
of digital products, platforms and
services backed by AI/ML,Block-
chain, IoT, NLP etc.
Developed a technology (under
RIL’s flagship programme Algae to
Oil) that converts sunlight, CO2 and
sea water to renewable bio-crude.
This technology has the potential to
convert CO2 to valuable products to
combat climate change
R&D to create medical grade
oxygen for community support
during COVID-19
Investment to build a New Clean
Energy business
Increased HSE expenditure,
ensuring adequate
funds for environmental
initiatives and associated
infrastructure development
Investment in setting up Integrated
Renewable manufacturing facilities
for Solar PV Module (Manufacture
of Polysilicon, Wafer, Cell & Module);
Electrolyser; Energy-storage Battery;
Hydrogen value chain
Reliance increased its expenditure
on Research and Development to
`2,608 crore this year to encourage
new ideas, innovation, and
pioneering technologies
Financial support for the family
members of deceased employees,
ensuring the well-being of all
Watershed projects completed
in several villages ensuring water
accessibility and quality
Reliance Foundation's Mission
Vaccine Suraksha ensured
vaccinations for family
members of employees
Partnered with WhatsApp to
simplify the entire 'Prepaid
Recharge' process for its
digital business
Developed JioPhone Next
which is the world's most
affordable smartphone
In FY 2021-22, JioGenNext
announced its Market Access
Programme (MAP '21) with 11 high-
potential businesses
166
167
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited NATURAL
CAPITAL
Caring for Our Planet: Building a More Sustainable World
The unchecked rise in global temperatures and the resulting climatic disruptions
are impacting people, communities, and the business environment in multiple
ways. However, it is heartening to note the growing awareness among individuals,
communities, governments and businesses who are coming together in constructive
and impactful ways to contain the damage. Urgent affirmative action undertaken
at the national and international levels is helping build a more robust and carbon-
efficient foundation to secure the future of the planet. Recognising the urgent need of
containing the impact of climate change, a rapid transition from fossil fuels to a new
era of green, clean and renewable energy is imperative. Reliance understands that the
global new energy agenda needs to move from dialogue to action and commitment
to urgent implementation on the ground.
Material Topics
• Energy Efficiency of Operations
• Climate Change
• Managing Environmental Impact
• Water and Effluent management
• Waste Management and
Circular Economy
• Ecosystems and Biodiversity
United Nations SDGs
“The world is entering a new
energy era, which is going to
be highly disruptive. The age
of fossil fuels, which powered
economic growth globally for
nearly three centuries, cannot
continue much longer”.
Shri Mukesh D. Ambani
Chairman and Managing Director
Towards a Cleaner Future
Reliance has started developing the
Dhirubhai Ambani Green Energy Giga
Complex on 5,000 acres in Jamnagar,
Gujarat. It is planned to be among the
world’s largest Integrated Renewable
Energy manufacturing facilities.
Under the plan, the Company
aims to build four Giga factories to
manufacture and integrate critical
components of the New Energy
ecosystem with the aim of bridging
the green energy divide in India and
globally. Reliance aims to invest in
Giga factories in Solar, Battery, and
Hydrogen value chains.
Reliance is taking proactive steps to
demonstrate its care for the planet
and manage the criticality of climate
change. Chairman and Managing
Director Shri Mukesh D. Ambani
outlined the Company’s mega-
investment in the New Green Energy
business at its 44th Annual General
Meeting (AGM). Having committed
to Net Zero by 2035, he detailed an
ambitious strategy and roadmap for
implementing this vision. Reliance
announced an investment of `75,000
crore to build an end-to-end green
energy ecosystem.
The Company has re-engineered
its traditional energy business
completely and is poised to
become a global leader in Clean
and Green Energy and Materials. Its
energy transition strategy focuses
on accelerating the adoption of
clean energy through a path of 'Just
Transition'. It focuses on addressing
associated risks and ensuring that the
transition is fair, inclusive and creates
value for all stakeholders, leaving
no one behind. This commitment
extends Reliance’s philosophy of
'We Care' to chart the way for the
planet to survive and thrive again.
168
Highlights FY 2021-22
Committed to
invest in Solar
and Hydrogen
Giga factories,
value chain,
partnerships
and future
technologies
352%
Increase in Renewable Energy
Consumption in RIL
2.11 million GJ
Energy savings through conservation
efforts in RIL
1.64%
Reduction in GHG emission in RIL
RJIL received 'A-' in
CDP 2021 which is
in the Leadership
band
This is higher than the Asia regional
average of 'B-', and higher than the
Media, telecommunications & data
centre services sector average of 'B'.
Corporate
Overview
Management
Review
Governance
Financial
Statements
The Company will also invest
in enhancing the value chain,
partnerships, and future technologies,
including upstream and downstream
industries. Its multifaceted
projects include:
• Integrated PV manufacturing from
The Board level CSR and Governance
committee has oversight on
Foundations and its related disclosures.
The Board level monitoring at regular
intervals is a testimony to the proactive
approach taken by Reliance to ensure
responsible and sustainable growth.
sand to PV modules, including
building an ecosystem of
ancillary units
Environmental
Performance
• Battery chemicals and components,
cells and pack manufacturing and
energy storage system
Managing Environmental
Impact
• Electrolyser and
Hydrogen value chain
• Power generation to ensure round-
the-clock availability
• Power generation for
production of Hydrogen
• Conversion of
Hydrogen to chemicals
• Power electronics systems
required to support renewable
energy such as inverters, chargers,
DC-DC converters
• Renewable energy for mobility
Management Approach
Reliance has a robust governance
framework to track, assess, and
improve how it manages its
natural capital consumption. The
Company has implemented annual
environmental and sustainability
action plans that are regularly
assessed and revised.
Reliance adopts a comprehensive
strategy at the Group level that
establishes company-wide HSE
objectives and processes for plant
operations to promote operational
discipline and performance. The
Company has developed a well-
defined HSE audit programme to verify
that management standards are
followed across its operations.
The Group Safety and Operational Risk
team monitor the quarterly evaluation
of business plans. They also regularly
perform independent reviews of
environmental aspects at the segment
and site levels. The asset lifecycle
is covered by a comprehensive
review system, which includes the
phases of implementation, operation,
and closure. Reliance continues to
strengthen its compliance systems
and processes through rigorous
internal and external audits.
Reducing the environmental footprint
across Reliance's businesses is key
to its operational performance.
The Company's environmental and
sustainability stewardship ensures that
its manufacturing sites meet consent
terms and environmental regulations
beyond compliance. Reliance
complies with all applicable laws and
regulations and periodically audits
operations to confirm compliance. The
Company ensures that its employees
are regularly trained and updated
on changing laws and regulations,
measures to prevent pollution,
minimise waste and other solutions to
reduce environmental impact.
The Company adopts comprehensive
measures and advanced technology
to reduce waste, energy and water
usage. It is also focused on reducing
and eliminating flaring and venting
of feed and product gases, including
volatile organic compounds. Reliance
tracks, streamlines and manages GHG
emissions across its manufacturing
units. Retrofitting investments are made
across every manufacturing division
to reduce the environmental impact
and energy consumption. Real-time
monitoring of stack emissions through
Continuous Emission Monitoring
System (CEMS) has enabled Reliance
to adhere to local standards for
parameters like SOx, NOx and TPM
emissions. Initiatives like converting
organic waste into bio-manure
through vermicomposting, stringent
monitoring measures to prevent
spills during storage, safe handling
and transportation of hydrocarbon
materials, have significantly reduced
the negative environmental impacts of
its operations.
169
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited NATURAL CAPITAL
The air emissions recorded for RIL includes:
Parameter
Unit
FY 2021-22
FY 2020-21
FY 2019-2020
FY 2018-19
TPM
SOx
NOx
VOC
‘000 ton
‘000 ton
‘000 ton
‘000 ton
1.81
20.74
37.85
46.66
2.02
21.61
39.88
41.31
1.85
22.53
42.01
46.15
2.29
22.61
34.43
41.88
Energy Efficiency of
Operations
Reliance recognises its obligation
towards climate change-related risks.
As a global player, it is incumbent
upon Reliance to overcome the
challenges of transitioning to a lower
carbon regime. The Company has
in place best-in-class technologies
and good operations & maintenance
(O&M) practices that ensure optimal
energy consumption at applicable
sites. During FY 2021-22, the energy
efficiency improvement initiatives
resulted in energy savings of 2.11
million GJ for RIL.
Dedicated Energy Teams pursue
relentless monitoring of energy
performance at all sites and at the
group level. The Company uses
in-house mechanisms to monitor
different energy usage parameters in
real-time. Along with tools to facilitate
decision-making, simulation and
visualisation of energy efficiency,
the monitoring system is also
integrated with production control
systems that make the Company’s
energy management system agile,
flexible, and effective. Energy audits
and benchmarking studies are also
conducted periodically to identify
performance gaps.
RIL adopts a strategy to manage energy based on the five tenets of
energy management:
Eliminate unnecessary energy use through process and heat
integration, quick restoration of equipment performance,
consumption optimisation using simulation models, and
reduce-recover-reuse programmes.
Improve energy usage efficiency using simulation tools,
deploying best practices, and upgrading equipment
and technology.
Adjust operations to reduce energy consumption by
redesigning the product basket and optimise the use of
installed capacity.
Optimise the cost of energy consumed through an
enterprise-wide fuel planning and scheduling mechanism.
Reduce carbon intensity by judicious selection of energy
sources and ramping up renewable energy use to offset
emissions from fossil fuels.
Across manufacturing sites, the
Company has taken up energy
optimisation and waste heat recovery
projects, co-firing biomass with
fossil fuel, opportunistic equipment
upgrades and flare gas recovery
to improve energy efficiency and
resource conservation. The O2C
manufacturing sites at Barabanki,
Dahej, Hazira and Hoshiarpur have
utilised 3.09 million GJ of bio-energy.
The Company has also achieved a
16% reduction in flaring at E&P and
O2C sites compared to FY 2020-21.
This year the volume of flared and
vented hydrocarbons was 1,32,491 MT.
530.20 million GJ
Total Energy Consumption in RIL
3.12 million GJ
Renewable Energy Consumption
in RIL
Reliance Retail has undertaken several
measures, including the upgradation
of conventional equipment and
rooftop insulation of warehouses
to improve energy efficiency. The
Retail team is encouraging the use
of day lights and HVLS fans to reduce
the overall energy consumption of
warehouses and stores.
The Reliance digital business
accounts for one of the lowest
carbon intensity per TB of data
usage with the right energy systems
in place. In the last financial year,
Jio had a total energy consumption
of 6.69 million MWh out of which
65,283.53 MWh was wheeled from
renewable sources.
Reliance Jio Infocomm Limited’s
energy efficiency projects and
measures are an important part of
achieving its carbon reduction goals
and Net Zero emissions milestone. As
a fast growing telecommunications
company in India, it has introduced
initiatives and measures to optimise
energy consumption at all facilities.
Corporate
Overview
Management
Review
Governance
Financial
Statements
These include:
• Energy saving technology feature
implementation in 2.3 GHz Time
Division Duplex band which entails
turning off radios during non traffic
hours (02:00 AM and 05:00 AM).
• Hot Aisle and Cold Aisle separation
by installing cold air containment to
avoid mixing of cold and hot air.
• Smart lighting system and motion
sensors implementation for lighting
load reduction in all Server Halls.
• Diesel Generator (DG)
demobilisation implementation for
identified sites where low utilised
DGs are replaced with a 100 AH
additional Li-ion battery.
• Optimising DG run hours by
prioritizing site operation on battery
before DG in absence of grid power.
RIL's GHG Emissions
Climate Change
Parameter
Unit
FY 2021-22
FY
2020-21
FY
2019-20
FY
2018-19
Reliance has always been cognisant
of the impending climate change
and the effect it can have on the
future. In FY 2021-22, the Company
ensured that it will continue its
business-wise endeavours so that it
is on its track to become a Net Zero
organisation. It understands that
controlling the increase of global
temperatures by 1.50C above pre-
industrial levels is no longer a choice
but a necessity and Reliance has
been extremely proactive in taking
exemplary strides to decarbonise
its operation. The Reliance O2C
business is deploying several energy
conservation solutions using next-
generation digital technologies. It
has integrated Internet of Things (IoT)
and Machine Learning (ML) solutions
in oil fields, repurposed petcoke
gasification to utilise synthesis gas
to produce chemicals and hydrogen
and generate synthesis gas on a
renewable basis through biomass
gasification . Reliance Retail has
initiated the use of battery-operated
equipment for material handling to
eliminate fossil fuel consumption.
It ensures that idle trucks in waiting
areas turn off their ignitions, reducing
emissions, noise levels and fuel
consumption. The heavy investments
have been instrumental in helping
Reliance manage its footprint.
Scope 1 CO2e
Scope 2 CO2e
million ton
43.96
44.67
47.50
29.69
million ton
1.19
1.25
1.45
1.14
significantly to the renewable energy
generation, and generated 13,60,181 GJ
in FY 2021-22. Reliance also co-fired
biomass with coal at its Dahej and
Hazira manufacturing units to reduce
dependence on natural resources.
Speaking at the International Climate
Summit 2021, Reliance Chairman and
Managing Director Shri Mukesh D.
Ambani expressed his optimism that
India can become the first country in
the world to produce Green Hydrogen
at less than US$ 1 per 1 kg in 1 decade
to meet the 1-1-1 target. India has
set the goal to reach 450 GW of
renewable energy capacity by 2030.
Reliance has committed to enable at
least 100 GW of solar energy by 2030,
leading to creation of a pan-India
network of kilowatt and megawatt-
scale solar energy producers who
can produce Green Hydrogen for
local consumption. This endeavour
by Reliance is aligned with its vision of
making India the first country globally
to make hydrogen affordable.
Reliance Jio has also been a
forerunner when it comes to
decarbonising its operation. Reliance
Jio Infocomm Limited (RJIL) has
received its highest ‘A-’ rating in CDP’s
2021 global rating of companies on
the way it manages its environmental
impacts. Jio is the only telecom and
digital services firm in India to receive
a leadership rating on CDP’s Global
Environment Impact. The Science
Based Targets initiative (SBTi) has
validated the corporate greenhouse
gas emissions reduction target(s)
submitted by RJIL. In FY 2021-22, the
Scope 1 emissions were 0.49 million
tonnes of CO2 and Scope 2 emissions
were 3.36 million tonnes of CO2. Jio
also calculates its Scope 3 emissions,
which accounted for 4.55 million
tonnes of CO2 in FY 2021-22. Jio has
also been able to reduce 51,574
tonnes of CO2 emission by procuring
power from renewable sources.
Reliance continues to meet
its growing energy demands
with sources that have minimal
environmental impacts. The total
renewable energy consumption
increased by 352% Y-o-Y. Hazira
manufacturing unit contributes
170
171
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
recycling alternatives such as Waste
to Oil (W2O) and Hydrothermal
Liquefaction (HTL), among others.
Reduce: Reduction of usage of
packaging material and packaging
material waste.
Reliance supports projects that
encourage circularity, such as the
development of the R|ELANTM fabric, in
recognition of the growing consumer
preference for environmentally-
friendly products. The Company
is also developing commercial
scale continuous catalytic pyrolysis
technology. The process has been
successfully demonstrated as a pilot
delivering promising results to convert
unsegregated mixed waste plastics
into Pyrolysis Oil. These products have
significant scope in accelerating
global circularity.
Reliance Retail’s packaging is based
on the core principle of a Sustainable
Circular Economy. The 3Rs for Retail
business stands for:
Reuse: Multi-use packaging instead
of single-use/ single time packaging.
Recycle: Converting waste
packaging into materials for new
packaging items.
Packaging Design Approach
Targeted for Sustainable
Packaging
For Reliance’s brand Hamleys, the
plush toys developed out of India
are made of 100% sustainable fibre
sourced from the Company.
30% (~54K units) of Hamley’s
e-commerce orders are fulfilled by
Reliance’s re-useable gamified, up
cycled packaging.
NATURAL CAPITAL
Waste Management and
Circular Economy
Reliance is a firm believer in the 3Rs
of a circular economy – Reduce,
Reuse, Recycle. The Company
collects, sorts, and recycles plastics
to reduce dependency on new
and virgin resources to improve
circularity in plastics.
The Company strongly focuses
on responsible and efficient
resource consumption. The waste
management initiatives go far
beyond regulatory compliances to
strengthen the circular economy.
Some of the initiatives taken by the
Company include:
• Recron ® GreenGold™ Polyester
Staple Fibre (rPSF): Reliance recycles
over 2 billion PET bottles every year
to make Recron GreenGold Fibre.
Reliance has adopted an innovative
asset-light business model to
support entrepreneurs for setting
up toll manufacturing plant with
minimal market risk and augment
its recycling capacity.
• Green Polyolefin (gPO): Reliance
is developing green polyolefin
products, which are introduced
to the market as sustainable
packaging solutions for non-food
and non-pharma applications.
These products can be used in the
automotive segment, appliances,
paint pails, warehousing pellets, PE
films, HDPE blow moulding, HDPE
injection moulding and raffia bags.
• Waste to Road (W2R): Reliance has
developed an innovative product
for hard to recycle end-of-life
plastics called ReRoute™, which is
used in preparing roads.
• Reliance has collaborated with
India’s CSIR-National Chemical
Laboratory (CSIR-NCL) to recycle
COVID-19 PPE waste. Useful products
such as automotive components
and flowerpots are being made
from the recycled PPEs.
• Hazardous waste from Reliance
operations is recycled as alternate
fuels and raw material (AFR) for the
cement industry.
In FY 2021-22, the volume of waste disposed and recycled across the
Company’s operations for RIL and Jio stood at :
Parameter
Unit
FY 2021-22
RIL
Hazardous waste (disposed)
Hazardous Waste diverted from disposal
Non-Hazardous waste (disposed)
Reliance Jio
Hazardous waste (disposed)
Non-hazardous waste (disposed)
'000 MT
'000 MT
'000 MT
'000 MT
'000 MT
15.70
58.66
797.55
2.01
1.38
Additionally, Reliance Retail is
extremely conscious about the waste
it may generate and is proactive in
managing waste at every stage of
its product lifecycle. Re-usable totes
and crates are used to a large extent
to reduce generation of packaging
wastage. Supplier cartons are
re-used where possible. Reliance
Retail’s vision is to move towards 100%
paperless operations at its facilities.
Reliance Jewels uses carry bags
and envelopes made with recycled
paper at its stores.
Towards Circularity
To grow responsibly in magnitude and
scale while satisfying all stakeholders
expectations lie at the core of
Reliance’s operation. The Company
recognises the need to move to
a low-carbon economy. It takes
proactive initiatives to accelerate
the change and has enhanced its
internal governance framework to
minimise and mitigate risk. Reliance is
working on a multipronged approach
covering various aspects of the
circular economy through a cradle-
to-cradle approach. It has identified
short, medium and long term
strategies to accelerate the progress
of circularity 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. In the long term,
the Company is looking at chemical
173
Jio-bp has made strategic
engagements to enable the Electric
Mobility ecosystem. Jio-bp has tied-
up with BluSmart, an all EV ride hailing
company operating in Delhi NCR for
providing their fleet with state-of-the-
art charging facilities.
Jio-bp also operationalised battery
swapping service under Vehicle as a
Service (VaaS) model with Swiggy, so
that their driver partners seamlessly
deliver food to customers and reduce
carbon footprints.
Jio-bp signed MoU with the Mahindra
Group in December 2021 to explore
the development of EV products
and services, alongside identifying
synergies in low-carbon and
conventional fuels. A MoU was also
signed with Piaggio and moEVing
for exploring some of the exciting
solutions in electric mobility space.
Ecosystems and
Biodiversity
Reliance conducts periodic
environmental impact studies for
biodiversity and marine ecosystems
surrounding its greenfield and
brownfield projects to assess the
ecological status and mitigate
negative impacts, if any, on the
neighbouring ecosystem.
The impactful greenbelt development
and habitat restoration efforts have
borne fruits as more than 2.3 crore
saplings have been planted across
India, covering more than 2,600 Ha of
green belt area till date. In FY 2021-22,
6 lakh + saplings were planted across
various sites, and 70 Ha of green belt
area was developed.
6 lakh+
(2.3+ crore since inception) Saplings
planted across various sites in India
during FY 2021-22
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited NATURAL CAPITAL
Green Initiatives - Packaging Design & Application
Pallet
Shelving Bin
Delivery Tote
Delivery Bags
Tote Partition
Protective Pack
Pallets are
developed with
30% recycled
HDPE instead
of 100% new
polymer
Multiple use
plastic bins
instead of
corrugated
paper bin box
Multi use Totes
deployed for
primary &
secondary
movement in
place of single
use plastic bags
and corrugated
boxes
Development
of multiple
use customer
delivery bags.
Each delivery
bag is made
from R Elan Green
Gold fabric using
~10 PCR_PET
bottles
Minimum use
of corrugated
paper partition to
avoid damages
due to rattling,
replacing
conventional
(non-
biodegradable)
Bubble Film
& Inflated Air
Packaging
In-house
corrugated
packaging waste
in shredded
protective
packaging
Recycle
Reuse
Reuse
Recycle
Reduce
Recycle
Reliance converts more than 2 billion
post-consumer PET bottles. Reliance
plans to double its PET recycling
capacity to 5 billion PET bottles by
setting up a recycled polyester staple
fibre (PSF) manufacturing facility in
Andhra Pradesh. Reliance’s R|Elan™
Green Gold converts polyester from
ocean bound plastic into high quality
branded polyester. The Company
introduced a new product, R|Elan™
Ecogold, with Ciclo, one of the most
environment-friendly fabrics that
encourages sustainable fashion
across different segments.
Reliance is driving various initiatives
such as Fashion for Earth in
partnership with Lakmé Fashion
Week and the United Nations in
India, Hub Excellence Programme
and Circular Design Challenge to
inculcate circularity and sustainability
concepts in polymer, textile, and
fashion industries.
Satyajit Vetoskar’s ‘Bandit’ label of
accessories at the FDCI x Lakmé
Fashion Week in March 2021 was
the winner of the Circular Design
Challenge. David Abraham and
Rakesh Thakore for their label
Abraham and Thakore presented
a collection created from recycled
PET under the theme “Assemble,
Disassemble and Reassemble” as a
pre-launch initiative.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Water and Effluent
Management
Water is a critical resource used
in the operations. With Reliance’s
philosophy to reduce freshwater
dependence, the Company has
commissioned state-of-the-art
technologies to reduce specific
freshwater consumption, maximise
recyclability and minimise external
discharge. The world-class
desalination unit at Jamnagar
provides strategic advantage in terms
of water management.
Reliance continues to focus on
maximising wastewater recyclability
and reusability of treated water.
The treated effluent is reused in
cooling towers, horticulture activities
and firewater networks. Rainwater
harvesting capacities are being
augmented to 3,17,669 kL across
RIL. All the manufacturing divisions
have water efficient faucets and
reuse treated wastewater for
domestic purposes.
Reliance Retail in FY 2021-22 has made
significant Investments in automation
to improve operational efficiency and
productivity in its quest to reduce
overall water consumption. The
Company has employed mechanised
crate washers at fruits and vegetable
processing centres that have reduced
the consumption of water.
In FY 2021-22, the total water
withdrawn for RIL stands at
224.19 million kilolitre out of which
32.94 million kilolitre was discharged
and 103.54 million kilolitre was
recycled. Additionally, the E&P vertical
reported on 5.25 million kilolitre of
produced water.
RIL'S WATER CONSUMPTION
BY SOURCE
(%)
7.42 1.07
Way Forward
Reliance is going through a
transformative phase. With
its commitment to be Net
Zero by 2035, it is investing
heavily across all the levers
of decarbonisation and
changing its business which
previously was heavily
dependent on fossil fuels
to new avenues of energy.
The Company has planned
significant investments in
the next decade and will
work along with strategic
collaborators/partners to
help India and the world
transition to clean and
green energy.
51.25
40.08
0.14
0.03
Groundwater
Surface water
Rain water
Seawater
Desalination
Third Party Water
174
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Integrated Approach to Sustainable Growth
Corporate
Overview
Management
Review
Governance
Financial
Statements
HUMAN
CAPITAL
Nurturing the ‘One Reliance’ Family:
Creating a Growth-driven Workplace
with Care and Empathy
Reliance has always believed that its greatest strength is the ONE RELIANCE
family that has powered its inclusive growth since the beginning.
The Company regards its people as its most valuable asset. Therefore,
caring for its people holistically, enabling them to build meaningful
careers and ensuring their overall well-being, is central to the Company’s
organisational culture, strategic priorities and future aspirations. In turn,
led by the organisational spirit of service and care, every member of the
Reliance Family goes that extra mile to create value for society and serve as
a Goodwill Ambassador of the Company.
Material Topics
• Health, Safety and
Employee Well-being
• Diversity and Inclusion
• Talent Management
• Labour Management
and Human Rights
• Business Ethics, Integrity
and Transparency
• Grievance Redressal Mechanism
United Nations SDGs
As one of India’s largest private-
sector employers, Reliance focuses on
fostering the sustained development
of its human capital through a well-
defined strategy underlined with
care, empathy, inclusiveness and
respect. The Company’s culture of
boldly embracing the future and
empowering successive generations
to take up seemingly unsurmountable
challenges helps it attract some
of the best minds from across the
world. Reliance nurtures a progressive
people environment, where purpose-
driven talent is empowered by a
strong, consistent, and meritocratic
Human Resources (HR) framework.
Over the years, Reliance has
continued to place a great emphasis
on enriching its human capital.
The Company ensures that its
people have an encouraging work
culture and continuous learning
opportunities. Additionally, it has
invested in creating a world-
class workplace that interweaves
productivity, health and safety, and a
deep sense of belonging.
Reliance believes that its success is
inextricably related to the success
of its people. Continuous learning,
structured career advancement
opportunities and an industry-
leading employee value proposition
are part of its value creation strategy
for its people. The entrepreneurial
culture at Reliance has nurtured an
energised and motivated talent pool
that is translating opportunities into
reality for the Company every day
while carving enriching professional
paths for themselves.
Highlights FY 2021-22
TOTAL WORKFORCE STRENGTH
FOR FY 2021-22
3,42,982
Reliance Group
22,642
RIL
2,15,614
Retail
83,347
Jio
INCREASE IN NEW RECRUITS AS
AGAINST THE PREVIOUS YEAR
56%
RIL
132%
Retail
67%
Increase in Women workforce
at Retail
116%
Increase in total person -hours of
training in Jio
Management Approach
The Company has strong systems
and processes to monitor and
improve its workforce’s quality
continuously and implement
measures required to support a
dynamic business environment.
One of the significant challenges
the Company faced was
ensuring people’s mental health
and well-being during COVID-19.
During the year, Reliance periodically
assessed employee sentiment
studies through feedback on wellness
& safety, learning, productivity,
communications, and overall
organisational response to the
pandemic. Additionally, various
cohort-specific measurement
frameworks were launched to receive
feedback across the employee
lifecycle at multiple touchpoints.
These included new joiner experience,
exit feedback, and cadre experience
surveys targeting the campus cadres’
learning journey, Reliance Emerging
Leaders, Graduate Engineering
Trainees, Chartered Accountancy
Trainees, Executive Trainees, and
others. Over the last year, Reliance
has received overwhelmingly positive
feedback from eligible employees
and has endeavoured to ensure
consistent action planning and
remedial measures for any gap
areas identified.
176 Reliance Industries Limited
177
Integrated Annual Report 2021-22 HUMAN CAPITAL
Safety Parameters
(FY 2021-22)
Lost Time Injury
Lost Time Injury
Frequency Rate (per million man-hours)
RIL
35
0.13
Retail
49
0.06
Jio
5
0.07
In Malaysia, there were 46 injuries and the LTIFR was 4.73 per million man-
hours. In December 2021, there was a fatality at one of our RIL sites, involving
1 contractor workman. The incident has been thoroughly analysed and
corrective actions have been taken to strengthen our systems further to
prevent recurrence of such incidents in future.
R-Swasthya
Reliance has taken several measures to institutionalise care and ensure
the holistic well-being of all its employees. The R-Swasthya initiative is an
integrated approach based on the five pillars of well-being mainly, Physical,
Mental, Financial, Social and Spiritual wellness.
R-SWASTHYA - FRAMEWORK
Enabling
Work Environment
Authentic
Leadership
PHYSICAL
COVID Support &
Vaccination
Lifestyle Diseases
Initiatives
PME
S a fety &
S ecurity
n
ent
P
s
y
c
R
h
e
o
s
l
o
i
l
i
g
i
c
a
l
MENTAL
De-Stigmatise
Mental First-Aid
Employee Assistance
Programme
Manager
Awareness
& Sensitisation
Happiness
&
Well-being
e
n
c
e
SPIRITUAL
Meditation Sessions
Spiritual Connect
Session
tio
illm
c
e
p
s
o
r
t
n
f
l
u
F
&
I
F
i
n
S
t
a
a
n
cial
bility
FINANCIAL
Finance Awareness
Sessions
Cohort Based
Sessions
c tio n &
g n ess
g i n
e
n
n
n
C o
B e l o
SOCIAL
Platforms
for connection
Volunteering
Supportive
Managers
Autonomy &
Fulfillment
Health, Safety and
Employee Well-being
Reliance's Health, Safety, and
Environment (HSE) Policy reflects the
importance of human value. The HSE
Policy is enabled by the Operating
Management System (OMS). The
OMS is a framework to deliver
and sustain conformance to the
essentials at all times and achieve
excellence in operating activities
and processes. The OMS provides a
systematic approach to consistently
reduce Health, Safety, Security, and
Environment (HSSE) risks in operating
activities. Risk management is at the
heart of the OMS and implementation
of a standardised Risk Management
process has brought enhanced risk
understanding down to the asset
facing personnel who understand
and manage operating risk on a
real time basis.
The governance of OMS is entrusted
to a fully equipped and well-qualified
HSE and Process Safety organisation
embedded within the operating
entities. A Safety & Operational Risk
function has been put in place at the
corporate level to bring in technical
expertise and to provide independent
assurance. This function facilitates
aligning the requirements of OMS
with global and national standards
such as OSHA, API, PESO, PNGRB,
OISD and NFPA.
The Company implemented a
three lines of defense approach to
have an independent view of OMS
implementation requirements in the
operating and maintenance activities.
The principles set out in OMS have
been imbibed in operations and are
helping to achieve safe, compliant
and reliable operations. The OMS
framework is based on the principle
of continual improvement. Systems
and processes have been put in
place to analyse incidents and
implement learnings to further
improve the operations from safety
and reliability point of view.
178
Corporate
Overview
Management
Review
Governance
Financial
Statements
The programme is a focused effort to
develop the capabilities of managers
to ensure mental well-being in the
organisation. In the spirit of self-
reliance, the programme includes
interventions that train individuals
on self-care and build resilience to
deal with life and work challenges.
R-Swasthya serves as a platform
where communities of trust can be
formed, inculcating a deep sense of
psychological safety necessary for
people to thrive. These are spaces
where employees can lean on each
other and provide mutual support
when facing stress and anxiety. In
addition, the programme helps
develop well-being champions
who can act as listening posts
and support employees without
prejudice and judgement.
Several unique initiatives under
R-Swasthya were rolled out for the
employees and their families during
the year. Over 15,000 employees and
families attended about 60 webinars.
Additionally, engagements on mental
wellness, education and awareness,
physical health, financial planning,
mindfulness, and others were
organised throughout the year.
A 21 Day
Campaign to Mark
International Day of
Happiness
The Company launched a 21-day
campaign on the International Day of
Happiness for the Reliance Family. The
campaign was curated to encourage
employees and their families to
develop healthy habits focusing on
mental, physical, financial, social, and
spiritual wellness. More than 2000
employees joined this initiative, where
a new activity was shared every day
and participants were encouraged to
socialise and share the learnings of
their experience with others through
various platforms.
Reliance Retail has implemented
measures to provide a safe and
healthy workplace and access
to benefits. With the onset of the
pandemic, the Company moved to
a remote working environment and
offered employees with benefits of
location flexibility, extended maternity
leaves, guidance on accessing
doctors on the Reliance network
and coordination for hospitalisation
and medicines among many other
initiatives. It extended its well-being
benefits to all employees to ensure
their physical and mental well-being.
As part of this, several webinars
were conducted for employees on
Empathy, Physical well-being, Mental
health and Behavioural and Mental
adjustments to remote working
models. Structured communication
around vaccination ensured eligible
employees register themselves and
their family members for vaccinations
through the government app – CoWIN
or Aarogya Setu as applicable and
follow the mandated process.
In FY 2021-22, key initiatives
undertaken to promote health
and well-being across the
Company included:
• Providing psychological and
financial support through
emergency assistance or
additional insurance coverage on a
case-to-case basis
• Scaling internal counselling
capabilities with external partners,
giving employees time offs
and breaks for mental well-
being and self-care
• Setting up adequate IT
infrastructure support to enable
employees to work-from-
home efficiently
• Launch of ‘Project Sakhi’ shaped by
three key pillars – Women Safety
and Hygiene, 24*7 Outreach and
Career Progression to reinforce
safety, hygiene and well-being of
women store employees
• One tap ‘StreeShakti’ WhatsApp
group created for the safety and
well-being of women employees at
the stores through which updates
are shared on the group regularly
Diversity and Inclusion
Reliance’s philosophy of 'We Care'
has helped it draw talent who
not only bring expertise and
experience to the Company but
also have shared values. It takes
pride in its diverse workforce that
transcends nationalities, cultures,
genders, abilities, generations,
and experiences.
Reliance strives to build a conducive
environment where each employee
has the chance to participate,
contribute and grow while tapping
its rich and diversified human capital
to realise its aspirations and build a
long-term competitive edge. Diversity
and Inclusion (D&I) at Reliance is
incorporated into the Company’s
people strategy and focuses on three
key dimensions of gender, ability,
and generation.
The Reliance Group’s Diversity &
Inclusion (DEI) Charter was launched
by Ms Isha Ambani, affirming
Reliance’s unwavering commitment
to the values of Diversity, Equity and
Inclusion. The Company follows a
5E framework (Educate, Encourage,
Enable, Experience and Effectiveness)
to support a more inclusive workplace
for all. Group D&I efforts focused on
demonstrating “intended inclusivity”
and further strengthening the culture
of allyship through interventions such
as inclusive leadership program,
inspiring leader connects, created
various platforms for employees
to connect/share and learn and a
Group D&I Portal to showcase the
One Reliance Inclusion Story to all
and ensuring people can access
information relevant to them based
on their life stage and career stage.
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HUMAN CAPITAL
Empowering Women at Reliance
through R-Aadya
Approach: R-Aadya is a gender inclusion programme which firmly believes
that each gender has a unique set of realities and ways of knowing and
understanding the world. The initiative focuses on gender specific needs
and challenges; and through a set of development interventions aims at
addressing the specific personal life stages and career stage needs of women
employees in partnership with all the stakeholders.
Impact: The programme reached out to nearly 5,000 employees resulting in a
allyship in the organisation with an increased awareness on inclusion, equality,
equity and diversity.
Talent Management
Onboarding the right talent and
investing in their growth is key to
Reliance’s people strategy. The
Company seeks out and develops
high-potential employees, providing
them with accelerated learning and
development opportunities.
Talent Development has always
remained a key enabler for achieving
business and talent outcomes. The
Company focuses on four key areas
to promote the culture of continuous
improvement and development
among the employees.
Four key focus areas of Reliance:
Building Future
Readiness and Talent
Sustainability
Building Leaders of
Tomorrow
Nurturing Young
Talent
Fostering Talent
in the Virtual
Ecosystem
Building future readiness
and talent sustainability
Reliance aspires to be a global
leader in the energy and materials
space, sustaining the leadership
position of O2C, and achieving Net
Zero. The Company operates in a
highly volatile and disruptive industry
scenario which requires sharp focus
on building capabilities across the
value chain. Therefore, upskilling
for future-readiness is a critical
business imperative.
Reliance’s key initiatives:
A.
Upskilling for new-age
technologies, power skills
and domain knowledge
During the year, the Company
launched several deep skilling
initiatives to develop and
strengthen digital and data
skills of its employees both at
an organisation level as well as
for specific focus groups. These
include training for specialised
skills to enhance Digital, Data
and Design Thinking capabilities
among employees.
The ‘Power Skills of Future’
initiative aims at developing
critical behavioural skills.
Immersive mini simulations on
ten future skills were launched
during the year, benefiting more
than 3,500 employees.
Reliance Retail has adopted a top-
down approach to demonstrate the
spirit of inclusion & diversity. As a
starting point, more than 200 senior
leaders have been sensitised on
‘Unconscious Biases’, which often
serve as impediments to building an
inclusive workplace. Reliance Retail
has implemented two significant
flagship programmes, ‘Jagriti’ and
‘Pragati’, to enable women employees
to grow to managerial roles at stores.
These programmes are designed
to empower women employees to
overcome their mental barriers and
inhibitions and generate belief in their
abilities to become managers and
successfully lead stores and teams.
Select women employees were put
through various training programmes
and promoted as store and
department managers to encourage
more women to take on leadership
roles and boost gender diversity.
Currently, there are over 370 stores led
by women managers, of which the
Grocery business has 204 women-
led stores, followed by Trends with 76.
There has been a perceptible and
definitive improvement in hygiene,
discipline and working conditions
at these stores.
Reliance Retail has gone a step
further. Its ‘Sahakari Bhandar’ has
employed close to 100 differently-
abled boys and girls under the
programme ‘Saksham’, transforming
their lives right from training to
employment and then engagement.
There are exclusive rewards &
recognition programmes designed
for them at the workplace as well
as cultural activities to ensure their
continued engagement.
'HerCircle'
A first-of-its-kind digital networking
platform launched by Smt. Nita
Ambani aims to accelerate women’s
empowerment and strengthen the
bonds of sisterhood globally. It offers
women from all over the world a
joyful and safe space for interaction,
engagement, collaboration and an
extended mutual support group.
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Review
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Financial
Statements
Reliance also launched ‘Learning
Challenge’, an innovative
effort to develop critical power
skills. The challenge witnessed
participation from over
12,500 employees.
Based on business needs, 177
future domain skills have been
identified across the organisation,
64% of which are addressed
through relevant initiatives. Some
of the training initiatives include
IWCF and BOSIET HUET (E&P),
Techno-Commercial Expertise in
Procurement Risk Management,
Business Acumen, Export
Import management (P&C),
Value-Based Selling, Customer
Centricity and Business Risk
Management (Petchem).
Further, continuous learning is
at the centre of all the talent
development interventions at
Reliance Retail. The intent is to
inspire a pull-based learning
culture in which employees
are provided with multiple
opportunities and mediums
to learn. The learning strategy
has been defined as per the
role-based employee lifecycle
from new role readiness
programmes to next role
readiness programmes.
The objective for defining
a structured capability
development strategy is two-fold:
• Encourage people’s
productivity by creating
a sustainable learning
environment within
the organisation.
• Enable employees to learn the
knowledge and skill they need
to excel in their position using
digital tools and technology.
Healing while
learning through
powerful business
stories
Approach: The Petchem Academy
launched a monthly initiative 'Story
Sutra' to cover a business story by
employees. Till date, 7 episodes have
been successfully concluded with
participation by more than 1,000
employees. Every episode received
average participant rating of more
than 4.6 on the scale of 5.
Impact:
• Uplifting and changing
employees’ mood.
• Improving the information retention
up to 22 times more by weaving it
through stories instead of sharing
the facts alone.
• Improving decision making
of the employees.
Employee Development Journey... in the flow of work & life
Learning agenda is no more Push-based, its Pull based. It is employee-centric and meets the organisation's talent needs!
Ready to Jumpstart
• RINO: Online induction
to assimilate the
Reliance culture and
way of work
• Role readiness
certification
"My First 90 Days"
Aspire to Grow
• Preparing for future role
• Aspirational for future
career opportunities
• Developmental
interventions to meet the
employees' aspirations
• Talent marketplace for
certified talent pool
Strive to Perform
• Continuous Learning in current role
• Capability based Learning/Precision
Learning system to fill the gaps
• Functional & Behavioral capabilities
Equip with Future
Skills
• Future skill ready
• Learner need
based skill
system
• Self nomination
based
Build Leadership Capabilities
• Build capabilities based on
the Leadership Archetypes
• Future ready Leader
• Coaching - Performance,
Transition, Succession
• 4 levels of leadership
Organisation's
Talent Needs
Employee
Aspirations
Employee
Capabilities
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Nurturing Talent
through the Career
Acceleration
Programme (CAP)
Approach: Reliance’s CAP initiative
is designed to identify high potential
employees. The programme is a
journey of learning and self-reflection
with preparatory assistance and
access to previous CAPs.
Impact:
• The programme expanded to over
8,000+ employees this year.
• Participants get an opportunity
to work on cross-functional
assignments and roles.
• The programme, till date, has
boosted the career progression of
over 70% of the participants.
• The programme has been
instrumental in retaining high
performing and potential talent
with average retention being 96%
over the years.
HUMAN CAPITAL
B.
Talent reviews and
succession planning
Reliance emphasises robust
succession planning to identify
high potential talent and prepare
them for critical leadership
positions. Sustained efforts were
taken to ensure that high calibre
employees led critical roles within
the organisation.
Building leaders of tomorrow
The Company follows a
structured and comprehensive
leadership development
approach that focuses on
building and empowering
leaders at all levels. Some of the
interventions undertaken include:
• Career Acceleration
Programme (CAP), the
Company's flagship leadership
development programme,
which identifies high potential
talent through rigorous
evaluation and supports
their development to fast-
track their growth.
• Step-Up, a development
programme aims at building
transitional leadership
capability for First Level, Senior
Level and Group Leader
roles. The programme was
redesigned as an end-to-end
digital learning journey for
the participants.
• R-Aadya, the leadership
programme, seeks to address
the unique challenges women
leaders face and build a more
inclusive environment.
• The First Line Young
Engineers at Reliance (FLYER)
programme seeks to build
commercial and business
acumen among engineering
talent to groom them as
effective technical leaders.
Nurturing young talent
Reliance emphasises young
talent and offers entry-level
programmes at prominent
institutions, enabling fresh
graduates from campuses to join
the organisation and contribute
to its expansive ecosystem.
Reliance continues to nurture
talent through entry-level
programmes, with hiring efforts
ramped up in FY 2021-22:
• Graduate Engineer Trainee
(GET) programme for
engineering talent.
• Reliance Emerging Leaders
Programme (RELP) for
management graduates.
The young talent undergoes a
careful selection process and
a unique gamified orientation
into the world of Reliance. They
are mentored by senior leaders
and experts, and are involved
in live projects to develop their
capabilities to prepare them for
future leadership roles.
• Base Camp is responsible for
onboarding all new hires at
Reliance to quickly acclimatise
them to the Company’s
culture and equip them
with the necessary tools for
smooth transitioning. The
flagship programme under
Base Camp is the Discover
Reliance session that is offered
both as a virtual session and
self-paced learning module.
During FY 2021-22, 100% of the
newly joined employees have
completed all the trainings.
Corporate
Overview
Management
Review
Governance
Financial
Statements
• Reliance's initiative 'The
Ultimate Pitch' has been a
huge success in nurturing
entrepreneurial thinking
and innovation among
India’s youth. The initiative's
7th season was hosted in a
3D virtual setup, witnessing
15,200+ student registrations
and 1,600+ ideas across 350+
B-School campuses.
Fostering talent in the virtual
ecosystem
To ensure the continued
development of talent in the
face of changing realities,
all the initiatives seamlessly
operated in the virtual mode of
delivery, with the focus of efforts
pinned on holistic development
and well-being.
• In line with its philosophy of
nurturing a digitally enabled
learning value chain, Reliance
leverages both internally and
externally curated content to
deliver an excellent learner
experience. The Company
has partnered with the world’s
best learning content partners
to meet the requirements
of effective learning. In FY
2021-22, employees from
the Hydrocarbons division
consumed more than 2.4 lakh
hours of digital learning content
across various platforms:
- LinkedIn Learning - Over
1,09,000 employees
are actively engaged
in developing micro-
skills via the platform
across the company
- Coursera- Over 26,000
employees are deep-skilling
through intense learning
journeys to build skill
proficiency via this medium
- Learnet – Over 51,000
employees are active on the
social learning platform and
are committed to blogging,
sharing, and learning
via the platform
These mediums have
democratised learning which is
accessible anytime, anywhere
and on any device. They are
available to anyone and provide
a superior learner experience.
• The talent initiatives also
involved the parents and
spouses of the participating
employees in the efforts
towards employee
development and well-
being by sending them
acknowledgements.
• Reliance deploys a structured
role and skill-based approach
for building people manager
capabilities. This includes
interventions for first-time,
asset facing and experienced
people managers. Over 2,200
unique people managers
were benefitted through 800+
trainings during the year.
• The Company’s initiative
‘Ascender’ focuses on key
behavioural skills such as
communication, prioritisation,
and planning. They are offered
both as self-learning paths
and instructor led sessions.
During the fiscal, over 10,000
participants were covered
through this initiative.
• Reliance Retail has developed a
strong managerial talent pool
in its Grocery Business stores
through its Flagship ‘Graduate
Store Trainee Programme.’ The
programme allows final-year
students to strengthen their
managerial skills through the
‘earn-while-you-learn’ scheme,
which consists of blended
learning tools spread over
nine months and includes
e-learning courses, on-the-job
trainings, job shadowing, and
specially designed projects.
The initiative launched in
2019, presently employs over
200 persons and is further
looking to hire at least 800
trainees next year. Additionally,
Reliance Retail is committed
to providing employment
opportunities across India
with a special focus on Tier 2,
3 and 4 towns over and above
the metro cities.
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HUMAN CAPITAL
Grooming Future Leaders
Corporate
Overview
Management
Review
Governance
Financial
Statements
HR and L&D Key Parameters
Parameter
Number of employees
Number of new hires
Number of voluntary separations#
Differently-abled employees
Number of Female employees
Paternity leaves taken by employees
Employees back in the same year after Paternity Leave
Maternity leave taken by employees
Employees back in the same year after Maternity Leave
RIL*
22,642
1,843
1,785
45
1,303
463
463
43
43
Jio
Retail
83,347
57,883
28,473
0
8,280
2,504
2,456
213
208
2,15,614
1,68,910
69,266
1,351
48,882
902
814
251
226
Reliance
Group**
3,42,982
2,32,822
--
1,410
63,167
4,090
3,954
608
578
Total man hours of training (in Hours)
7,65,273
88,41,082
1,31,37,620
2,27,78,582
* RIL in this context only includes India operations.
** Consolidated data for the Group includes RIL, Jio, Retail, Media and Malaysia operations.
# Voluntary separations exclude death, retirement and other involuntary separations.
Reliance is committed to talent management and investing in people. The Company recognises that it can play a
fundamental role in providing skill building opportunities to the young or unskilled workforce. Reliance takes immense
pride in developing skillsets relevant for India and Indians in evolving economic models. This is reflected in the 2.2+ Crore
person-hours of training imparted during the reporting year. The Company has a substantial workforce that is under the
age of 30 (representing 55.2%), and in the consumer facing businesses the Company also provides job opportunities to
the employees in the Non-Supervisory category (over 50% as shown in the graphs below). Nonetheless, there are factors
which contribute to separations and the Company recognises that these are inevitable and monitors them as an
important matrix for employee retention.
For RIL, the most common reasons for the voluntary separations have been identified as – diverse career advancement
opportunities available in the market, pursuing higher education, and relocating to areas closer to home.
In the digital services business voluntary separations was primarily driven by specific frontline non-supervisory roles
pertaining to sales and service.
Retail employs a young staff, typically in the twenties. With reopening of the economy, multiple opportunities opened
up for young employees, enabling them to explore new sectors and workforce models. Retail implemented significant
engagement programs to secure critical talent. Retail’s people practices have allowed it to get certified by the Great
Place to Work Institute as one of the Top 100 Best Workplaces in the country.
Employees by Skill Breakdown
RIL
(%)
3.6
20.2
15.5
JIO
(%)
0.3 1.4
17.2
RETAIL
(%)
0.3 8.6
17.4
0.4
1.2
184
59.1
Leader
Manager
Executive
Trainee
Apprentice
Non-Supervisory
26.0
55.1
Sr. Leader
Leader
Manager
Supervisory
Non-Supervisory
73.7
Leader
Executive
Manager
Non-Supervisory
'Spectrum', Reliance Hydrocarbons’ annual dedication to the Company’s culture of continuous and holistic
development, ran its 6th edition on the theme of 'Learning Unlimited'. The two week-long learning intervention witnessed
deep leadership involvement of 100+ leaders as speakers, guides, and content designers. This initiative delivered
business-led, future-focused immersive learnings through innovative new formats covering 13,000+ learners in
65+ sessions. Eminent industry leaders such as Smt. Arundhati Bhattacharya, Ex Chairperson SBI and Independent
Director, Reliance, led “Spectrum Talks”. The marquee event saw the participation of 1,200 Company employees.
v
Immersive Learning
Inspiring micro learning, leadership
talks, SME Sessions, Simulations,
Speed Monitoring, Idea Hackathon,
Day in the life of Leader, and more
New-age Gateway
3D and 360-degree gateway
enhanced the experience manifold
Leadership Presence
Strong presence as speakers,
facilitators, and content designers
v
Future-focused Approach
Centred around themes
of future of business
and future skills
Engaging Families
Open to families with a variety of
sessions and activities
Continued Learning
The Spectrum Reflection campaign
keeps the spirit of the programme
alive beyond the event by making the
content available to all
Reliance continues to celebrate ‘Inspire’ in September 2021 to recognise internal facilitators. During Inspire 2021, over 1,200 internal
facilitators were thanked for their contribution to the learning agenda. Additionally, 800 People Managers who played an active
role in their team’s learning were recognised as Learning Enablers.
Digitally enabled people
transformation
Reliance is building a world-class
digitally enabled platform, aptly
named PeopleFirst, that places
‘people at the centre’.
PeopleFirst aims to provide a highly
personalised and curated employee
experience to help people find their
purpose and passion at work, and
reinforces growth and well-being.
It has simplified employee services
and brought them to the fingertips
of each employee, no matter their
location or role.
The platform acts as a world-class
real time integrated performance
management system, with wide
customisation choices by business
and workforce, linking individual
performance to business outcomes,
feedback from primary and
agile project teams and many
more features.
In the near future, the Company will
have visibility on employee skills,
automated, dynamic and individual
career maps for each employee,
and integrated learning needs with
personal aspirations.
PeopleFirst will facilitate swifter
adoption of 'future of work' practices
and seamless access to all
infrastructure and benefits.
Fostering employee
centric innovation
platform
The spirit of innovation is central to
Reliance's credo. The core element of
the organisation’s DNA is Innovation
which enables the Company to
add value to all its stakeholders. Be
it inspiring the first generation of
retail investors in India, setting up the
world’s largest grassroots refinery,
or ushering in the Fourth Industrial
Revolution, Reliance’s disruptive
innovations continue to fulfil the
aspirations of millions of Indians.
Innovation within the Company
endeavours to catalyse ‘integrated
innovation-led exponential growth’.
Reliance leverages cutting-edge
digital technologies to develop and
deploy relevant programmes that
empower all its stakeholders and
foster a culture of innovation.
1 Mission Kurukshetra (MK) aspires
to equip all members of Reliance
with new-age tools to innovate,
thereby democratising creativity
and resourcefulness. It is an
interactive digital platform
through which ideas, big or
small, are submitted, refined,
and executed to create a lasting
positive impact. Through MK,
human capital practice hands-
on creative problem solving and
climb the upskilling ladder.
Launched in 2014, MK is now
a treasure trove of more than
35,700 path-breaking ideas
that have the potential to
springboard the organisation.
2,775 new ideas were submitted
in FY 2021-22 under MK.
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Overview
Management
Review
Governance
Financial
Statements
Our recognitions
• Reliance has been recognised
with the Great Place to Work®
certification from the Great Place
to Work® Institute, based on their
Trust Index© assessment. This is
the second time that Reliance
has been Great Place to Work—
Certified™. RIL was also one among
15 organisations that featured in
their ‘India’s Best Employers Among
Nation Builders List-2021’.
• Reliance has been featured in
LinkedIn's Top Companies list of
2022. The Company has achieved
this feat for the 6th time in a row.
• Reliance is ranked #52 globally in
the Forbes “World’s Best Employers
2021” list, making it the top-most
Indian Company on the list.
• Reliance Foundation and Jio won
two awards for their Diversity &
Inclusion initiatives at the 3rd D&I
Summit & Awards.
Way Forward
As Reliance reimagines its
future, the Company is also
strengthening its talent
development frameworks to
groom the next generation
of leaders and workforce.
The Company will continue
to create opportunities to
increase the diversity in the
workforce.
Reliance will continue to
extend support to help tackle
any COVID-19 challenges and
better adapt to the post-
pandemic world. Building
this relationship of trust and
shared values with its people
empowers the Company
to realise its aspiration of
creating a more sustainable
and inclusive future for India
and the world.
HUMAN CAPITAL
Labour management and
human rights
Reliance adheres to the principles
of the United Nations Global
Compact (UNGC) in human rights,
labour practices, environmental
protection, and anti-corruption. The
Company’s operational units comply
with local and national regulations.
Further, the Company’s Values and
Behaviours, and the Code of Conduct
provide necessary policy and
operating framework for execution
of its strategic vision. The collective
bargaining agreements encompass
nearly all non-supervisory
permanent employees across all
manufacturing facilities.
There were zero occurrences of child
labour, forced labour, involuntary
labour, sexual harassment, or
discriminatory employment
throughout the reporting period. Men
and women selected for the same
cadre programme receive equal pay
at the entry-level.
Business ethics, integrity
and transparency
Reliance has robust governance
and Code of Conduct policies for
its human capital. The Company’s
Board level Human Resources,
Nomination and Remuneration
Committee periodically reviews and
evaluates overall human resources
and associated policies from time to
time. Further, the decisions relating
to the employee Code of Conduct
are monitored through Ethics and
Compliance Task Force (ECTF), which
consists of an Executive Director,
General Counsel, Group Controller,
and Group Company Secretary.
This Task Force evaluates incidents
of suspected or actual violations of
the Code of Conduct and reports
them to the Audit Committee every
quarter. In addition to this, Reliance
2 Having pledged to achieve
Net Zero emissions by 2035,
Reliance is well on course to help
decarbonise India’s growing
economy and make the human
experience more pleasant for all
through its New Energy business.
Reliance’s New Energy Council
(NEC) has been set up to guide
the science, technology, and
innovation vision and to construct
pathways to sustainability. Global
thought-leaders and new energy
pioneers will join forces with the
Company to accelerate the
shift away from fossil fuels and
leverage technology to drive
innovation-led growth in India.
The NEC comprises leading
lights in sustainability such as
Dr. Alan Finkel (Special Adviser
to the Australian Government
on Low Emissions Technologies
& Former Chief Scientist,
Australia), Dr. David Milstein
(Professorial Chair at Weizmann
Institute of Science & Founder of
Molecular Design Centre, Israel),
Dr. Geoffrey Maitland (Professor
at Imperial College London,
Founder Qatar Carbonates
and Carbon Storage Research
Centre), Mr. Henrik Stiesdal
(Professor at Technical University
of Denmark’s Department of
Wind Energy), Dr. Martin Green
(Professor at University of
New South Wales, Australia),
Dr. Rachid Yazami (Entrepreneur,
former Professor & Principal
Scientist at NTU Singapore), and
Dr. Robert Armstrong (Professor
of Chemical Engineering and
Director, MIT Energy Initiative,
USA). The Company is committed
to furthering the Hon'ble Prime
Minister’s goal of reaching
450 GW of renewable energy
by the end of this decade and
ensuring that the post-pandemic
recovery is green and equitable.
has mandatory e-learning courses,
which aim to equip its employees
with the required understanding
and knowledge to effectively
conduct its business in an ethical
manner and prevent, identify, and
respond to violations.
Grievance redressal
mechanism
To deal with concerns of ethics,
non-compliance, and violations of
its Code of Conduct, Reliance has
established a vigil mechanism and a
whistle blower policy for its employees
and directors. The whistle-blower
can make a protected disclosure
through an e-mail or dedicated
telephone line or a letter to the ECTF
or to the Chairman of the Audit
Committee. RIL’s Code of Conduct,
Vigil mechanism and Whistle blower
policy form the foundation of the
Company’s commitment towards
ethical conduct at all levels.
Employee volunteering
Several studies indicate that
employee volunteering instils
a sense of purpose amongst
employees and has the potential
to increase productivity and higher
workplace morale. Throughout the
year, Reliance organised numerous
employee volunteering activities to
provide them with a meaningful and
gratifying experience. These activities
saw increased participation of
employees from all levels across the
Company. The Reliance Foundation
organised the engagements to
promote various causes through
partner NGOs around the country.
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MANUFACTURED
CAPITAL
Committed to Growing with Care for the Planet
Reliance believes that the global new energy agenda needs to move
from dialogue to action, from commitment to urgent implementation
on the ground. Therefore, it has made a bold commitment to meet its
ambitious Net Zero target by 2035.
Material Topics
• Raw Material Security
• Security and Asset Management
United Nations SDGs
Reliance is conscious of the need to
build environmentally responsible
capabilities and robust state-of-the-
art infrastructures that make judicious
use of nature's resources to build
world-class products and services.
Reliance has always focused on
the efficient use of resources and
advanced digital technologies in
its operations. The Company has
strategies in place to ensure efficient
use of all capital goods, enhancing
flexibility of operations, meeting
ever evolving consumer demands,
and contributing to addressing
global challenges such as climate
change. The Company strives for
total system optimisation and
economies by improving its assets'
efficiency, performance, and lifecycle.
As a Company, its philosophy of
'We Care' has ensured that its facilities
are technologically advanced,
innovative, flexible and limit their
environmental footprint.
Owing to the diverse set of
businesses Reliance operates
in, the Company relies heavily
on the optimum utilisation of its
manufactured capital to ensure
sustained growth across businesses.
Reliance Retail has crossed 15,000
stores milestone and has a direct
presence across 7,000+ cities, with
services in 98% of India's pin codes.
Extensive supply chain network,
largest network of stores, digital
and new commerce platform offers
Retail strategic advantages over its
competitors. Exploration & Production
(E&P) has R Cluster Field and Satellite
Cluster field together producing
~18 MMSCMD. The Company's O2C
business includes the world’s largest
and most integrated O2C Complex at
Jamnagar Supersite with 1.4 MMBPD
crude refining capacity.
Corporate
Overview
Management
Review
Governance
Financial
Statements
communication and digital
technologies have helped steady
business growth. It has created a full
stack of digital products, platforms,
and services to serve evolving
consumers and business needs.
Jio partners with globally established
and new age platforms across the
full suite of digital and connectivity
services. Some of the major
partnerships and milestones are
mentioned below:
Reliance Jio and Google cloud have
embarked on a comprehensive,
long-term strategic relationship with
a goal of powering 5G in enterprise
and consumer segments nationwide.
Google Cloud will provide a complete
end-to-end cloud offering for fully
automated lifecycle management of
Jio’s 5G network and services.
Highlights FY 2021-22
Reliance Retail crossed
15,000
stores milestone
1,732 MHz
Increased Jio’s spectrum footprint
1.4 MMBPD
Crude refining capacity
Largest
Petcoke Gasifier
globally
68.2 MMT
Production meant for sale
Satellite
Cluster field
commissioned
in April 2021
Reliance has always been a
frontrunner in leveraging digital
technologies to tap new market
opportunities and improve business
operations. The launch of Jio in
2016 with the aim of bridging the
digital divide in India is a testimony
to the Company’s focus on digital
technologies. Post the 2021 spectrum
auction, Jio's spectrum footprint has
increased 56% to 1,732 MHz, which
bolsters its network capacity to
meet the ever increasing demand
for data services.
Business Performance
Digital Services
The year 2021 marks five years
since Jio began its commercial
operations in September 2016.
Over these five years, Jio changed
the communication landscape of
India. With 410.2 million subscribers,
Jio’s services span geographies,
income, and social classes. One of
the most important factors behind
the steady growth of Reliance Jio
is its customer centricity on the
back of three key pillars: innovative
products/services, affordable tariffs
and plans, and network expansion
and augmentation .
Jio has built a network to serve every
citizen, home, and enterprise across
the country with over 99% population
coverage for mobility network.
JioFiber services has increased its
homes passed to almost 20 million.
Jio’s widest and deepest market
presence and ahead of the curve
investment in next-generation
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In addition, Jio and Google Cloud
will collaborate to bring a portfolio
of 5G edge computing solutions to
help industries address business
problems. Reliance will also augment
its compute workload for the Retail
business taking advantage of
Google’s AI/ML, e-commerce, and
demand forecasting offerings.
This will help Reliance leverage
Google Cloud with increased
reliability and performance, and
the scale-up needed to respond to
customer demand.
JioPhone Next jointly designed by Jio
Platforms and Google was launched
during the reporting period. JioPhone
Next is among the most affordable
smartphone anywhere globally
with a unique financing option and
unprecedented features like an all
new Pragati OS.
Jio also partnered with WhatsApp
to simplify its entire 'Prepaid
Recharge' process.
Jio has relentlessly driven network
improvements for enhanced
customer experience through network
automation, Next-Gen platform
deployment, advanced analytics,
and data sciences.
Jio’s 5G stack is a comprehensive
5G solution which is fully cloud
native, software defined and digitally
managed. 5G coverage planning
has been completed for 1,000 top
cities across the country based on
targeted customer consumption
and revenue potential using heat
maps, 3D maps and ray tracing
technology. Within two years of its
launch, Jio has become the largest
fibre broadband provider with over
5 million connected homes with an
average data usage of almost 300 GB
per home, per month.
O2C
Reliance’s O2C structure enables
an integrated decision-making
approach to maximise and optimise
the entire value chain. The integrated
O2C business consists of state-
of-the-art manufacturing assets,
including a refinery with an integrated
off-gas cracker and gasification
unit, aromatics, multi-feed and gas
crackers, downstream manufacturing
facilities, logistics and supply-chain
infrastructure.
O2C business includes the world's
largest and most integrated O2C
complex at the Jamnagar Supersite.
O2C will focus on transforming into
a Net Zero entity by transitioning
from fossil fuels to renewables for
energy demand and adopting a
circular and sustainable business
model. Optimisation, cost reduction
and debottlenecking are other focus
areas of the O2C business.
Reliance Retail continued its
investments in network and
infrastructure expansion. The business
added ~7 new stores every day during
the financial year and crossed the
15,000 store milestone. Retail is trusted
by more than 193 million registered
customers. It has also bolstered retail
capabilities through acquisitions,
partnerships, and strategic
investments. During FY 2021-22, it
invested over ` 9,700 crore. Retail
made significant investments in a
broad range of companies, including
Just Dial, 7-Eleven, Milkbasket,
Kalanikethan and Ritu Kumar. It also
invested US$ 200 million in Dunzo,
India's leading last-mile delivery and
quick commerce player, for a 25.8%
stake on a fully diluted basis.
`9,700 crore*
Invested in Reliance Retail in
FY 2021-22 to bolster capabilities and
brand portfolio
New Energy
Reliance Retail
Reliance Retail is India’s largest
and most profitable retailer with a
diverse omni-channel presence
via integrated store concepts
and digital commerce platforms.
Retail’s performance demonstrates
a robust business model, superior
understanding of evolving consumer
needs and highly capable staff. The
Company operates in consumer
electronics, fashion and lifestyle,
grocery, pharma, and connectivity
consumption baskets.
Retail's strategic advantage and
competitive strength include its
largest store network and strong
supplier relationships that straddle
across the value chain. The
Company's extensive supply chain
covers the length and breadth of the
country and supports product design
and development, serves customers
across segments and deploys
cutting edge technology to improve
business efficiencies.
Having committed to Net Zero
by 2035, the Company detailed
an ambitious strategy and
roadmap to achieve the target
at Reliance Industries’ 44th Annual
General Meeting (AGM).
In this context, Reliance aims to build
four Giga factories to manufacture
and integrate critical components of
the new energy ecosystem.
• Solar Photovoltaic Giga Factory
• Advanced Energy
Storage Giga Factory
• Electrolyser and
Hydrogen value chain
Its existing infrastructure and
materials will support the four Giga
factories. The Company's Jamnagar
complex will provide infrastructure
and utilities to manufacture ancillary
material and equipment needed to
support these Giga factories so that
all critical materials are available
in time. The Company will also
help independent manufacturers
to build capabilities to be part
of the ecosystem.
Over the years, Reliance has
demonstrated significant
engineering, project management
and construction capabilities
combining physical and digital
technologies. Reliance aspires to
repurpose these capabilities, along
with major international organisations
to execute and deliver world-class,
renewable energy solutions.
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Security and Asset
Management
The protection and security of assets
across businesses are critical for
Reliance to ensure the reliability of
its operations. The Company uses
analytics-led and technology-driven
measures to ensure the safety of
all assets. The Company's Group
Security function and teams provide
assurance to businesses at all levels
to manage security risks through
continuous monitoring and assessing
emerging risks. The Company has
instituted management plans for
robust disaster recovery, crisis, and
business continuity.
The Company is a forerunner in
adopting advanced technologies
and smart manufacturing processes
in its value chain. It uses advanced
technologies such as machine
learning-based solutions to predict
equipment and process health to
take corrective/preventive actions
and the use of drones for inspection
of inaccessible points. Secured
Connected System (RelianceSCS),
Company's smart manufacturing
system, is based on real-time
information using advanced
analytics to predict the future state
of operations established on the
foundation of securely connected
sensors and systems. In addition,
Global Corporate Security (GCS)
officers are engaged round the clock
to ensure the safety of employees,
assets and operations.
Way Forward
The Company's undeterred
focus on efficient use of
its manufactured capital
has helped deliver robust
operational and financial
performance across all
businesses. Reliance remains
steadfast on its Net Zero
commitment. It will focus on
the next big value creation
engine - New Energy and
New Materials business
through its mega-investment.
In 2016, the Company
launched Jio with the aim of
bridging the digital divide in
India. Now, RIL has launched
a New Energy business to
bridge the green energy
divide in India and globally.
Reliance will continue to
focus on providing a superior
customer experience across
its businesses. It will continue
to bolster its manufactured
capital through investments,
acquisitions, strategic
partnerships and
environmentally conscious
ways to meet consumer
demands and tap emerging
opportunities into sustainable
business ventures.
Exploration and
Production (E&P)
Reliance is India's leading deepwater
E&P operator with best-in-class
safety and reliability track record. The
Company is committed to maximising
shareholder value and conducting
business in an environmentally
responsible manner.
Highlights of FY 2021-22:
• Satellite Cluster field was
commissioned in April 2021, two
months ahead of schedule, with peak
production of 6.1 MMSCMD. Together
with R-cluster field, the fields are
currently producing ~18 MMSCMD
and contributing ~20% of India’s
domestic production.
• Exploration is underway in the proven
geological fairways.
• Reliance has divested all its shale
gas assets and exited from the
business in the USA.
With the expected commissioning of
the MJ field in 3Q, FY 2023, the KG D6
block will produce more than 1 BCFe/
day by FY 2024, thereby contributing
~30% of India’s gas production. This
will help to meet a significant portion
of India’s demand and reduce the
country’s dependence on imported gas
and meet the growing clean energy
requirements of the nation.
Strengthening the
Framework to Build a
Digital-first Company
Raw Material Security
Reliance strives to enhance raw
material utilisation by adopting
the 3R philosophy. Efficient waste
management is well ingrained into
its business model, which helps
in minimising dependency on
raw material. The Company has
deployed IT systems to understand
current trends and predict future
requirements based on real-time
data tracking and monitoring
of business operations. The
Company’s O2C business focuses
on cost reduction, debottlenecking
and optimisation to enhance its
competitive advantage. Reliance
also makes strategic investments
in various companies to ensure raw
material security.
Reliance has partnered with several
companies to build an entire
green energy ecosystem. The key
acquisitions and investments are
mentioned in the New Energy section
on page 22 and 23 of the report.
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited INTELLECTUAL
CAPITAL
Research and Development for a Sustainable Future
Led by its philosophy of 'We Care', Reliance strives to make its products
and services affordable and accessible for all by reducing complexity,
leveraging technology, and exploring sustainable options through its
Research and Development (R&D) initiatives and investments.
The Company's R&D strengths are the foundation that enables it to build the
edifice of a great company that brings exceptional products and services
to customers far and wide. The Company's Intellectual Capital fuels its
ambition to develop innovative products, processes and catalysts to build
a sustainable and profitable business. Reliance encourages new ideas,
innovation, and pioneering technologies to create sustainable and long-
term value for its stakeholders.
Material Topics
• Innovation and Technology
• Data Privacy and Cyber Security
United Nations SDGs
Reliance has more than 1,000
scientists and engineers to support
R&D activities. The Company runs
initiatives and campus recruitment
drives to continually attract the best
minds to expand its R&D capabilities.
Reliance laboratories and R&D
facilities are equipped with advanced
infrastructure that provides the
optimal environment to accelerate
the development of innovative
products and services for customers
and the greater well-being of the
planet, communities and the country.
Reliance Research and
Development: A Crucial
Driver of Sustained Value
Creation
Shareholder
Value
R&D will build an IP portfolio
to provide a long-term
competitive advantage
Customer
Value
R&D will support all
technologies to create
customer value with
short-term as well as
long-term projects
Societal
Value
R&D will help businesses
to reach all segments of
society through products
developed for masses
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Corporate
Overview
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Review
Governance
Financial
Statements
Highlights FY 2021-22
Innovation and
Technology
1,000+
Researchers and Scientists
152Patent applications filed
123Patents granted
`2,608 crore
R&D expenditure
Won the CII Innovation
Award
For Reliance's Novel Adsorbent for
Dowtherm & NMP Purification &
RELOX catalyst commercialisation
for PET production
Reliance believes that innovation
and technology will pave the way
for its steady growth. The spirit of
innovation is central to Reliance's
value system. Innovation, a core
element of the organisation's DNA
enables the Company to create value
for all stakeholders. As a result, the
Company invests significantly in R&D
efforts. The Company always looks for
market opportunities and leverage its
intellectual capital to tap the same.
Be it inspiring the first generation of
retail investors in India, setting up the
world’s largest grassroots refinery,
Reliance’s disruptive innovations
fulfil the aspirations of millions of
Indians. Its continuous innovation
efforts include advancement in
biological science to tackle climate
change, deriving value out of waste to
promote circular economy, affordable
and clean energy initiatives, among
many others. As a consequence of
the Company's relentless efforts, it
has witnessed several breakthroughs
over the years. In FY 2021-22 a total of
123 patents were granted to Reliance
and 152 new patent applications filed
in various jurisdictions. Reliance has
been granted 1,323 patents till date.
Reliance has a robust internal
Intellectual Property (IP) governance
framework that ensures that these
patents are in close alignment with
the organisation’s business objectives.
The IP governance framework helps in
meeting all compliance requirements
in areas such as confidential
information management, third
party engagement management,
regulatory requirements across the
globe, among others.
Reliance has implemented various
digital initiatives to support its R&D
efforts. The R&D team has adopted
a benchmarked Intellectual Property
management system that provides
enterprise-wide end-to-end
workflow management, streamlining
and automating various portfolio
management processes. This system
also acts as a centralised repository
of various intellectual properties. The
Company's R&D has implemented
best-in-class Electronic Lab Notebook
(ELN) which is seamlessly integrated
with the Laboratory Information
Management System (LIMS). The ELN
application provides scientists with
a robust platform to capture and
store structured and unstructured
data as they conduct experiments
or execute laboratory procedures.
ELN user interface is flexible and can
be tailored by creating experiment
templates that allow the scientist to
easily enter information and directly
capture results from analytical
instruments and barcode systems for
sample lifecycle management.
Leveraging its Intellectual
Capital to Fight COVID-19
The outbreak of COVID-19 disrupted
every economy worldwide and tested
human vulnerabilities. Nevertheless,
governments and businesses left
no stone unturned to minimise the
impact of COVID-19 on health and
the economy. Reliance, a responsible
organisation, leveraged its intellectual
capital to contribute to the country's
fight against COVID-19.
Reliance’s scientists analysed more
than 1,000 genomes of the virus. The
knowledge base was used to develop
novel cost-effective diagnostic
kits called ‘R-Green’ and ‘R-Green
pro one’. These kits have received
ICMR approval and showed a high
degree of accuracy and specificity
during validation studies. Reliance
has also collaborated with IIIM-CSIR
(Jammu) to develop an RT-LAMP
Kit to facilitate the point-of-care
diagnosis of COVID-19.
The R&D team actively contributes
to the Company's technical wisdom
to facilitate innovation globally
by publishing research articles
on diagnostics and treatment.
Application of natural-astaxanthin for
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Reliance has also developed
Microbial cell factories for
fermentation production of one of
the strongest biomaterials such
as Spider Silk for advanced fabric
and personal care application.
Collaboration with some of the
leading personal care brands is
ongoing for developing unique skin
and hair care formulations using this
recombinant spider silk.
The Company also leverages
advanced analytical science to fast-
track innovation in biology. 'Digital
tongue' is an algorithm for prediction
of taste of the proteins and proving
enzyme-system to bias taste of food
towards customer's requirement.
Several ML (Machine Language)
tools were developed and used in
computational biology platforms to
fabricate DNA to make novel products
from microbial cell factories.
The CRISPR platform demonstrated
genome alteration of algae
and cyanobacteria using
programmable nucleases. The
R&D team is working relentlessly
for developing molecular tools and
applications of the technology for
agricultural and synthetic biology
product development.
The team is applying this technology
for higher algal biomass and novel
product development in crops
that conventional methods cannot
produce. The Company aims to use
this path breaking technology to solve
significant challenges.
Coal which cannot be mined and, if
not redeemed for its value in the form
of methane production, would be a
waste of natural resources. Reliance's
Bio CBM process is targeted at
converting coal that cannot be mined
to methane, which will help improve
the country's energy security and
even help reduce GHG emissions.
Earlier, a benign process was used
to recover high-value metals,
vanadium and nickel, from petcoke
cinder, which is a leftover by the
product from entrained flow
gasifiers. Hydro process demands
a large quantity of acid or alkali for
leaching, and pyro process involves
very high temperature (> 1,700OC).
The R&D team has developed a
hybrid process where salt roasting
at low temperature, followed by
hydrometallurgical processing steps,
leads to the extraction of vanadium
and nickel at a significantly lower cost
than the conventional process. R&D
team is also pursuing various national
and international collaborative
projects to utilise CO2.
Chemical Recycling
of Multilayer
Packaging Material
Approach: The Polymer R&D team
developed a novel process using
in-house developed chemical
‘RESOLVE’ for separation of polymer
layers in multilayer packaging.
The process is a simple two-step
approach using ‘RELSOLVE’ separating
medium and it avoids the complex
multistep process involving various
solvents and antisolvents for the
recovery of the polymer layers.
Impact: The process helps in
recovering the polymer layer in pure
form without dissolution.
197
Circular Economy
The single use plastic in food
packaging and consumer goods
mostly ends up in landfills. Reliance
recognises the negative impact of
single use plastic on the environment.
Reliance is exploring sustainable
solutions to reuse plastic waste
to promote and adopt a circular
economy to tackle this menace.
The Company's R&D team and the
Sustainability Solutions team in the
Reliance-Petchem business have
launched ReRouteTM, the only product
of its kind in the market today that
can be used to make bituminous
concrete road surfacing using the
'dry mix' process.
The R&D team also developed net
bags and bag on roll applications
using biodegradable plastic. These
have been tested at Reliance Retail
stores. The materials showed excellent
properties required for flexible as
well as rigid packaging. Innovations
in biodegradable plastic technology
have also moved from bench scale to
pilot scale development.
Reliance's low temperature
continuous catalytic pyrolysis
technology can convert plastic waste
containing multi-layer film polymers
into stable oil. The technology does
not require any feed segregation
or clean up. Additionally, this novel
process gives a higher yield and
enhanced stability. The produced
stable oil can be readily processed in
a refinery or petrochemical units such
as FCC, Coker, Steam cracker, etc.
Reliance uses RCAT HTL technology to
produce biofuel using various organic
feedstock wastes to derive value
from the waste. Produced biofuel
can be utilised for heat and power
applications or as a transportation
fuel. Biofuel generated using the
technology has been successfully
tested in commercial engines,
and the technology is ready for
commercialisation. The technology
has the potential to significantly
contribute to the Company's Net Zero
goal by achieving a 25% blend in its
refining capacity.
Discarded PET based fabrics
have a detrimental impact on
the environment. As an essential
step towards a circular economy
and addressing the challenge of
discarded PET based fabrics, the
Company's R&D is targeting to
separate PET from mixed fabric
blends and convert it back to fibers
and into fabric. The R&D team has
also developed a process to recycle
waste tyres and is exploring ways to
convert waste recyclable polyester
material into valuable chemicals to
make polyurethane with improved
physical properties. The team
developed a bench process using
a Reliance proprietary solvent to
separate different layers of polymer.
Separate layers can be recycled as
per their different functionalities and
processability.
COVID-19 management published in
‘Biomedicine and Pharmacotherapy’
journal is recognised as top 100
research paper. The paper is listed
in WHO’s global repository. The
flow-virometry-based method
proposed by Reliance for robotics-
based high-throughput sample
testing has received accolades from
international communities, such as
the Future Virology journal.
PSA based oxygen concentrators
can produce oxygen with 93% (+- 3%)
purity. The unit is an excellent solution
during hospitalisation situation due
to COVID-19 to maintain the SpO2
level of a patient. Reliance R&D has
designed oxygen generator with a
purity of 90% to 95% with 5 LPM oxygen
leveraging its expertise in adsorption
technology. As adsorbents contribute
significantly to the cost of the PSA unit,
the Company’s R&D team is working
extensively for in-house adsorbent
development for oxygen PSA systems.
R&D Focus Areas
Bio-innovations
Reliance recognises that
advancements in biological science
could transform economies and
societies to tackle climate change
issue. At Reliance, the core biology
stream was integrated with digital
sciences and engineering for
196
development of Next-Gen tools and
eco-friendly technologies for a safe
and healthy planet.
Reliance's synthetic biology platform
aims for innovation-led growth
via hybridising competencies
developed in genetic engineering,
photosynthesis, omics, big-data
analytics and robotics. The platform
has helped improve productivity
outcomes for novel products and
create new business opportunities
in food, personal care and next-
generation biomaterials. Reliance
demonstrated robust and scalable
year-round outdoor algal cultivation
continuously for more than four years.
Reliance has successfully
demonstrated the application of
algae biomass for food and feed
application in a sustainable and
eco-friendly way. It has also initiated
work to commercialise super protein
powder from algae for various Indian
and global snacks, health drinks, and
texturised meat substitutes. Algal
biomass produced in a sustainable
way using seawater, sunlight, and
CO2 was harvested and processed
to develop a rich and appropriate
source of highly nutritious food and
feed ingredients. The ingredients
have successfully replaced the
prevalent and environmentally
regressive fish meal ingredient from
various applications.
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited INTELLECTUAL CAPITAL
Industry and Infrastructure
Reliance has its pulse on evolving
consumer needs, and it leverages
its intellectual capital to develop
novel solutions for industry and
infrastructure use. Following are
the key initiatives undertaken
by the R&D team:
• R&D team has developed a novel
functional emulsion based SBR
rubber. Reactive silica composite
prepared from this reactive product
has low rolling resistance and
excellent abrasion properties.
• Poly Vinyl Chloride (PVC) is generally
processed with a higher quantity of
external plasticisers to make it more
flexible and processable. However,
this flexible PVC polymer has poor
leaching properties. Reliance has
developed internally plasticised-
PVC (IP-PVC), which does not need
external plasticisers. Additionally,
IP-PVC does not lose its inherent
properties of flexibility and neither
does it leach any plasticiser into
the environment.
• R&D team has developed quick and
visible methods for identification
of industrial popcorn samples
from normal elastomer/polymer
samples, thereby, enhancing the
safety quotient of the elastomers or
polymer processes.
• R&D team has developed a
novel polymer, disentangled high
molecular weight polyethylene
(DPE), for lightweight helmets, cut-
resistant gloves.
• The chlorination of PVC produces
chlorinated Polyvinyl Chloride
(CPVC). UV-light meditated
photochlorination of PVC to CPVC
is a common industrial practice
to produce CPVC resin. Reliance
has developed in-house visible
light mediated photochlorination
by replacing hazardous UV light.
The CPVC has improved resin
properties than the commercially
available option.
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• R&D team has developed
an innovative, green, and
commercially viable process
to produce selective infrared
transmitting polymeric materials.
The NIR-transmitting material is
produced through solid-state
reactive processing and is cheaper,
non-toxic, air and moisture stable
with the added advantage
of the flexibility to mould into
the desired shape.
• R&D team is developing
technologies to make low-
cost carbon fibers using
various raw materials.
• There is a growing demand for
novel solutions that provide
protection to process and structural
components from corrosive
environment. R&D team has
developed thermoset composite
solutions that can be coated on
surfaces to provide adequate
protection from mild to the harsh
corrosive environments.
Affordable and Clean Energy
Reliance believes that climate
change presents an opportunity
to create a healthier, happier, and
sustainable planet. Affordable and
clean energy options will realise this
opportunity for humanity. The R&D
team has been operating a large
pilot facility near Jamnagar, where it
converts sunlight, CO2 and seawater
to renewable bio-crude. The ponds
have been operating continuously
without any failure for more than
four years. No other organisation in
the world has been able to cultivate
algae without crashes and significant
downtime. Reliance has developed
all the technology components which
will be instrumental in converting
CO2 to useful products to combat
climate change.
The Company has
also developed a
catalytic gasification
technology that can
convert a variety
of carbonaceous
feedstocks like
petcoke, coal,
biomass, etc. into
hydrogen and
syngas.
The novel catalytic process can
be used to convert challenging
feedstocks like high-ash Indian
coal and agricultural residue into
hydrogen or syngas. The Company
has successfully completed plant
testing of the technology with
different agricultural residues and
high-ash Indian coal, and 10 TPD plant
capacity is being worked out.
A high temperature-polymer
electrolyte membrane (HT-PEM) fuel
cell system has been built and is
presently being tested on simulated
Reliance-Jio towers. In coming years
renewable hydrogen will supply fuel
cells to produce in-situ hydrogen.
Oil to Chemicals (O2C)
Fossil fuels like gasoline and diesel
have a high carbon footprint
impacting the environment.
Having committed to a Net Zero
target by 2035, Reliance strives to
explore innovative options to adopt
sustainable practices. Reliance's
Multizone Catalytic Cracking (MCC)
is an in-house disruptive innovation
to generate chemical building blocks
for speciality materials from refinery
streams or whole crude instead of
fuels. The MCC is a vital technology
enabler that will help in Jamnagar's
O2C transformation. The 3KBPSD MCC
demo plant is in the advanced design
stage and has been constructed
for a demonstration before building
a full-scale commercial plant.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Biodegradation is the most
sustainable and economical way
of industrial effluent treatment, as
it leads to terminal conversion of
organic pollutants into microbial
biomass without leaving behind
toxic residues. Once established, it’s
a self-regenerating system. Tailor
made microbial consortia have been
developed, scaled, and implemented
for consistent chemical oxygen
demand (COD) remediation at the
polyester ETP plant at Patalganga
Manufacturing Division (PMD).
Similarly, a specialised microbial
consortium has been implemented
for COD reduction at Silvassa
Manufacturing Division (SMD) for
smooth and uninterrupted operations.
Climate action
R&D team has developed a mixed
oxide stable catalyst to convert
methanol and CO2 to a high-value
Di-methyl carbonate (DMC) product
that can be used as a solvent and
specialty chemical. The process
and the catalyst have been scaled
up to a pilot stage. The team has
also developed a sorbent based
circulating fluidised bed process
for concentrating CO2 from dilute
refinery and power plant flue
gases. The process is protected by
several patents.
Under RIL's flagship programme,
Algae to Oil, the R&D team has
developed a technology that utilises
abundant sunlight, waste CO2 and
sea water, to produce valuable
products. This process has a huge
potential to utilise atmospheric CO2
and convert it to a valuable green
crude oil, thus reducing the carbon
footprint to a significant extent and
combating climate change. RIL has
been operating a large pilot facility at
Gagwa near Jamnagar.
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A unique technology has also been
developed to separate the aromatics
BTX component from olefinic MCC
gasoline and recycle the raffinate
stream to MCC riser for maximising
petrochemicals production.
Refining and Petrochemicals
Reliance has developed a high-
capacity sodium removal adsorbent
and a process to remove trace
amounts of sodium from disulphide
oil (DSO). This solution has been
commercialised at Jamnagar.
The treated DSO is being utilised in
Reliance's Refinery Off-Gas Cracker
(ROGC) unit replacing imported costly
additive, Dimethyl disulphide (DMDS).
A facility is also being developed at
the JMD to transport the product to
Reliance's other petrochemical sites
to use them in-stream crackers.
The R&D team has developed an
in-house RELOX (Reliance Oxidation)
catalyst for the purification of
nitrogen gas streams. The RELOX
catalyst purifies nitrogen gas
streams containing hydrocarbon
impurities and is used in the nitrogen
purification unit. The RELOX catalyst
is being supplied to the PET HMD
site, where production is in progress.
The Company aims to use RELOX
catalyst in all PET plants for nitrogen
gas purification.
Thermic fluids are predominantly
used in high temperature process
applications between 150O C and
400O C. For the first time globally, the
R&D team has developed an in-house
novel adsorbent and a process for
the online purification of thermic
fluids. The technology has been
commissioned at Dahej and Silvassa
plants and is under commissioning
in Hazira. Besides being superior
to conventional techniques like
distillation and alkali wash, this
technology is environmentally friendly
and cost effective.
The R&D team has developed
REL-ORCAT, a proprietary catalytic
technology, for olefins removal or
BI reduction from aromatics rich
hydrocarbon streams. The technology
with its superior catalyst has the
potential to replace conventionally
used clay-based catalyst. The team
has also developed an eco-friendly,
single-step adsorptive process to
purify recycling/waste MEG generated
in polyester plants. Further, to
maximise propylene yield, conversion
and reduce the coke make, the team
has developed a process for High
Active FCC catalyst.
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited INTELLECTUAL CAPITAL
Digital Services
Leveraging its technology investment
and customer engagement, Jio
has indigenously developed and
launched a full stack of digital
products, platforms and services
for multiple ecosystems serving
consumers and businesses. The Jio
R&D team, with over 9,000 technical
and research professionals, has
developed leading technology
platforms spanning 5G stack, cloud
and edge compute, devices &
operating systems, blockchain, IoT,
mixed reality, AI / ML, secure identity
and natural language processing,
among others. Till date, Jio has been
granted 417 patents across multiple
jurisdictions for the pioneering
initiatives it has undertaken. In
FY 2021-22 alone, the company filed
for 110 patents and was granted
46. Among the key technology
areas covered by these patents
are vDLT (Virtual Distributed Ledger
Technology), 5G User Equipment, AI for
Health and Agriculture, IoT, Industrial
4.0 and AR/ VR.
Data Privacy and Security
Considering the wide range of digital
services Jio offers, it is important
for the company to provide a safe
and secure experience while using
its services. Jio always strives to
assure users that their personal
information is protected. To this end,
data privacy, data protection, and
information security form an intrinsic
part of Jio's service design across the
entire lifecycle.
Jio’s privacy and security programme
focuses on three key aspects of
embedding security in design,
effective governance and enabling
organisation-wide security
awareness. Jio tries to minimise the
chances of security incidents by
defining and implementing a highly
effective governance structure. It has
implemented a holistic information
security management programme
to protect its business, customers,
infrastructure, services, and internal
users from security threats. The
Company has policies (including
Data Privacy Policy), standards, and
processes in place.
Jio also conducts security risk
assessments to evaluate and identify
security flaws in services, products,
and technology. It has implemented
state-of-the-art security monitoring
infrastructure and effective incident
detection and management
processes. Suspected events are
analysed and verified for its impact
on assets and organisation. The
incident movement processes
define the criticality level for every
incident and are managed in line with
documented processes.
R-phish: A phishing
simulation platform
to measure user
awareness level
Phishing is a form of Cyber-attack
where Cybercriminals attempt to
trick individuals by disguising as
a trustworthy source. Although
organisations have tried numerous
ways to prevent phishing attacks,
there is no full-proof solution.
Therefore, employees become the
last line of defence.
Several organisations use Simulation
based anti-phishing exercises as
a method to educate employees.
However, it only assesses an
employee’s susceptibility to phishing
attacks which varies with every
new simulation.
To address this, Reliance has
developed a phishing simulation
platform ‘R-phish’ to conduct anti-
phishing exercises on a periodic basis
and to calculate the user awareness
index ‘Phishing Resistance Score
(PRS)’. PRS, which is a function of
multiple factors attributing to user
awareness initiatives, determines
user’s resistance to identifying a
phishing email.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Way Forward
Reliance believes that innovation and
technology will be key to its continuous
growth. Over the years, Reliance has leveraged
digital technologies and tapped business
opportunities through innovative business
models. Customer-centricity, care, and
commitment to building a better world and
India have always been at the core of its
innovation and R&D efforts. The Company has
always focused on developing new products
at affordable prices and expanding product
applications to broaden the access and
reach of its offerings. Having committed to a
Net Zero target by 2035, Reliance focuses on
developing innovative products and solutions
that contribute towards building a sustainable
world.
Reliance will focus its R&D efforts to develop
technologies that promote circularity and
help it fulfil its ambition to build an entire
green energy ecosystem. The Company will
continue to focus on industry innovation to
explore alternative and sustainable options for
industrial and infrastructural needs.
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited SOCIAL AND
RELATIONSHIP
CAPITAL
Caring for the Community:
Building a Stronger India
Harmonious relationships and partnerships built on trust have been
Reliance’s first principles of business since its inception. Coupled with
its ethos of 'We Care', these principles have steered Reliance to create
unmatched transformational value for its stakeholders, be it communities,
partners, customers and others. Today the Company’s empowered
stakeholders are, in turn, creating tangible and sustainable value for their
stakeholders and the larger eco-system to help build the new India.
Material Topics
• Community Development
• Sustainable Supply
Chain Management
• Customer Satisfaction
United Nations SDGs
From the time it was founded,
Reliance made a promise of 'We Care'
to all those who are touched by
the Company and beyond. Its
commitment to stand with the
nation and serve those most in need
with care and empathy continues
unabated. Throughout its journey to
becoming India’s most successful
business house, the Company has led
with the intent of building a purpose-
led organisation and fostering
mutually enriching relationships with
all its stakeholders.
Reliance’s ability to grow and prosper
in harmony with the community and
other stakeholders while balancing
financial and non-financial needs is
paramount to its sustained success.
As a responsible corporate citizen,
it has upheld its philanthropic spirit
and has improved the quality of
life for millions of people across the
nation. Today, as Reliance builds
the Company of the future to reach
even greater heights, it continues to
be motivated by the single-minded
desire to make a difference to India
and Indians and extend CARE to all.
Highlights FY 2021-22
5.75+ crore
Lives touched through CSR initiatives
since inception
40+ lakh
Free COVID-19 vaccinations provided
to employees, extended families and
general communities
410.2 million
Jio subscribers
193 million
Retail customer base
17,000+
O2C customer base
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Corporate
Overview
Management
Review
Governance
Financial
Statements
Management Approach
Community Development
Reliance’s Corporate Social
Responsibility (CSR) programmes are
designed based on the requirements
of Schedule VII of Section 135 of the
Companies Act, 2013.
The Board level CSR & Governance
(CSR&G) Committee oversees the
Company’s community development
programmes, ensuring stringent
due diligence, evaluation, and
impact tracking.
The CSR policy provides the
framework for implementing the
programmes that are designed
to reflect the Company’s vision,
mission, and focus areas for
community development.
The policy is periodically revisited to
reflect the community’s changing
needs and accommodate
legislative changes mandated by
amendments in the Act.
Reliance has positively impacted
5.75+ crore people through its efforts,
with a total CSR spend of `1,186 crore
during FY 2021-22. A detailed overview
of the Company’s CSR programmes
and financial outlay is available in
Annexure II of the Board's Report.
Reliance partners with local
communities, governments, and
other stakeholders to design and
implement its social development
programmes that bring to life its
pervasive philosophy of Care and
Empathy for all.
Through Reliance Foundation, the
Company implements its community
development programmes focusing
on Rural Transformation, Health,
Education, Sport for Development,
Disaster Response and Art,
Culture and Heritage to achieve
comprehensive, inclusive, and
sustainable development.
Health
Rural
Transformation
Education
Sports for
Development
Disaster Response
Arts, Culture and
Heritage
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited SOCIAL AND RELATIONSHIP CAPITAL
Corporate
Overview
Management
Review
Governance
Financial
Statements
Health for All
Through Reliance Foundation, the
Company broadens access to quality
and affordable healthcare in India.
The Foundation’s ‘Health for All’ motto,
integrated healthcare model and
delivery network, brings care and
cure to some of the most vulnerable
sections of society. The Reliance
Family, including the Foundation,
came together to strengthen
India’s fight against COVID-19. It
continued to build on its commitment
of supporting and uplifting the
community through its development
efforts and interventions led
by care and ‘Seva’ through the
tumultuous times.
The Reliance family’s
COVID-19 response
Reliance has always been at the
forefront of assisting and uplifting
communities. During the pandemic,
the Company has taken remarkable
measures as part of its 'We Care'
endeavours. Mission Oxygen, Mission
COVID Infra, Mission Anna Seva,
Mission Employee Care, and Mission
Vaccine Suraksha are some of the
efforts that supported the most-at-
need communities during the crisis.
“The COVID-19 pandemic is a
humanitarian crisis. It has tested the
very spirit of humanity. But even in the
darkest hour, our spirit has shone bright.
We, as a people, have come together and
fought this battle with immense empathy
and compassion”.
Smt Nita M. Ambani
Founder & Chairperson of Reliance Foundation
Our Support to the People in Shahdol
and Kakinada
Reliance has extended all efforts
to provide end-to-end support in
the Shahdol and Kotma regions in
India. Under Mission COVID Suraksha,
over 50,000 masks and 5,000 hand
sanitisers were distributed to the
frontline workers, community, and
police officials in these regions.
18 oxygen concentrators were
handed over to the Shahdol
District Administration by Reliance
Foundation and Coal Bed Methane
(CBM) CSR team.
CSR team in Shahdol also extended
support to 15 children who had lost
one or both parents to COVID-19.
They provided an allowance of
`2,000 per month to every impacted
child. In coordination with CBM HR,
the team provided 1,000 doses of
COVID-19 vaccine to the district
health department to support
the community vaccination
drive in Shahdol.
As part of Mission Anna Seva, more
than 3,000 dry ration kits were
distributed to the community,
labourers and agencies working
for COVID relief in Shahdol. The
team supported the establishment
and operation of two COVID Care
Centres in Shahdol.
The Company provided financial
support to the District Administration
in Shahdol to purchase an Emergency
Ambulance for the Police and
undertake other COVID-19 related
relief activities in the district. The
Initiatives by Reliance equipped the
villagers to better handle the crisis
with awareness about precautionary
measures like social distancing,
avoiding social gatherings,
proper washing of hands and the
importance of sanitation.
Reliance Foundation installed a 10 KL
Oxygen plant at District Government
Hospital, Kakinada, which can supply
medical-grade oxygen to about 200
patients for 48 hours. The Foundation
also took up community vaccination
drives providing free vaccination to all
eligible persons in the nearby villages.
rural communities on schemes for
financial support and livelihood
opportunities through virtual
conferences for farmers, fishing
communities, livestock owners and
migrant labourers. These services
reached close to four million people
in rural India.
Extending Critical Care to Communities
during COVID-19
During COVID-19, Reliance Foundation
connected rural communities with
government officials and experts
to address various issues such as
enrolling for government schemes,
agriculture and allied services
inputs, securing farm machinery
at subsidised costs and access to
temporary procurement centres and
markets. RFIS also undertook efforts
to raise awareness about COVID-19,
supported employment drives
to meet temporary paramedical
staffing needs and facilitated
the availability of medicines and
other requirements. Foundation
provided specialist help and advice
to Gram Panchayat leaders in
The Mobile Medical Units (MMUs) of
Reliance Foundation helped raise
awareness about precautionary
measures in rural communities
while delivering healthcare
services. Information on COVID-19
vaccination centres and awareness
about symptoms were shared
across 20 states.
Our Support to the People in Jamnagar
products that earned them a good
Reliance set up Gujarat’s first
amount. The construction of a
paediatric COVID-19 hospital at
primary school building along the
Jamnagar. Around 50,000 PPE kits,
lines of ‘Building as Learning Aid’
N95 masks, triple layer masks and
concept in Lalwadi was undertaken.
medical examination rubber gloves
In Jamnagar and Dwarka districts,
were handed over to the Guru Gobind
HIV/AIDS affected children were
Singh Hospital. The Padana veterinary
given nutritional kits every quarter.
hospital provided consultation
In Dwarka and Khambhaliya,
support to 19,000+ animal cases from
two ambulances were made
50 surrounding villages.
available to reduce response time
during emergencies.
Women’s groups were supported
under the Swashray initiative in
preparing and selling healthy food
Delivering Health Services to
the Underserved Across India
Reliance aims to provide quality and
affordable healthcare to society’s
most vulnerable members. Reliance’s
health outreach programme also
provides primary health services to
the underprivileged communities
across the plant locations in
Andhra Pradesh, Gujarat, Haryana,
Maharashtra, Madhya Pradesh and
Uttar Pradesh through 12 MMUs and
several health camps. Through
MMUs and camps, over 2.4 lakh
consultations were provided
during the year.
Under the Government of Madhya
Pradesh’s “Adopt an Anganwadi”
initiative, Reliance Foundation
has renovated and beautified
6 Anganwadis or childcare centres,
in the state during FY 2021-22. The
Foundation has beautified and
renovated 53 Anganwadis till date.
The renovation and beautification of
these Anganwadis are helping the
children learn and develop in clean,
healthy, and sanitized environments.
Reliance is increasing focus on
women’s healthcare and well-being
progressively. Initiatives such as
‘HerCircle’ and ‘One-Stop Breast Clinic'
were launched during FY 2020-21 to
strengthen infrastructure for women’s
health. HerCircle aims to create
a network of women by sharing
meaningful content that include
motivating films, life-skill development
guides and expert-led masterclasses
to inspire and empower women,
including entrepreneurs. The platform
has touched 50 million lives within a
year of its launch.
For our overall COVID-19 response, please
refer to PG 152
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Building the New India, One
Village at a Time
Through Reliance Foundation, the
Company is undertaking several
projects to enhance sustainable
livelihood opportunities. The
interventions focus on improving
critical development indicators such
as rural livelihoods, water, food and
nutrition, women empowerment
and access to knowledge resources.
Reliance has reached out to over
14.5 million people and empowered
50,600+ villages across India through
various initiatives under the Rural
Transformation Programme.
During FY 2021-22, over 121 lakh m3
of water harvesting capacity was
created through the construction
or upgradation of facilities such
as earthen or masonry dams and
check dams, agricultural ponds
and open wells. As a result, over
5,600 hectares of land is estimated
to get guaranteed irrigation for
at least two agricultural seasons.
Consequently, 364 villages now
have better access to drinking water.
Furthermore, Reliance is augmenting
rural households’ nutritious intake by
promoting Reliance Nutrition Gardens
(RNG), which are modest kitchen or
backyard gardens.
Reliance aims to augment the lives
of farmers, fishermen and women,
livestock owners, and rural youth
across the country by delivering
critical information, thereby
protecting livelihoods. Initiatives
such as interactive awareness,
broadcast dissemination services,
and troubleshooting programmes
assist the rural population living in
hinterlands to stay informed. The
initiative engages with over 1,000
knowledge partners, including
research institutes, universities,
specialist technical agencies,
and grassroots organisations.
Understandable and straightforward
information in vernacular languages
is circulated using numerous digital
platforms such as voice messages,
WhatsApp, Jiochat, and audio-
video conferencing.
Improving Livelihoods through Farmer
Producer Organisations (FPOs)
Reliance Foundation has undertaken
various initiatives to support, promote,
nurture, and incubate FPOs across
the country. The Company also
assists these farmers in developing
and strengthening market links to
enhance their incomes by enabling
them to form FPOs through the
Foundation. To date, Reliance
Foundation is engaged intensively
with over 100 FPOs. Around 63% of FPO
members reported an incremental
annual income of `40,000 or more in
the last year due to their association
with the Foundation. These FPOs have
a combined annual revenue of more
than `114 crore. Business activities
and promotion of FPOs in respective
locations have increased the source
of income and have improved the
economic situation of farmers by
giving them better bargaining power,
reducing the cost of production, and
providing linkages.
Giving Sight, Giving
Opportunity
Through its Drishti programme,
Reliance through Reliance Foundation
has improved and restored the vision
of people from underprivileged
sections of society. In partnership with
the National Association for The Blind
(NAB) India, Govel Trust – Aravind Eye
Hospitals, and Sankara Eye Hospital
(unit of Sri Kanchi Kamakoti Medical
Trust), Drishti has facilitated over
20,400 transplants since its launch in
2003. In association with NAB, Drishti
also publishes India’s only Braille
newspaper in Hindi and reaches
over 24,000 visually impaired people
across India and 15 other countries.
RF also engages in vision screenings
within the local community and has
conducted over 6,000 consultations
during FY 2021-22.
Corporate
Overview
Management
Review
Governance
Financial
Statements
IMPACT
ASSESSMENT
Women Connect
India Challenge
Reliance Foundation announced
the Women Connect Challenge, a
global call for solutions to improve
women’s participation in everyday
life by meaningfully changing how
they access and use technology.
Ten organisations across India were
chosen as grantees for the Women-
Connect Challenge India, established
by the Reliance Foundation and the
United States Agency for International
Development (USAID). The
organisation’s solutions encouraged
women farmers, entrepreneurs, and
members of Self-Help Groups to
solve social and cultural hurdles and
bridge the gender digital gap. These
initiatives to bridge the gender digital
divide and boost women’s economic
empowerment through technology
will benefit over 3,00,000 women and
girls across 17 states.
programme has demonstrated
impact and contribution to the
holistic development of the villages in
the following ways:
Reliance Foundation's Impact
Assessment for Water Interventions
Reliance Foundation’s flagship
programme of Bharat India Jodo (BIJ)
has worked on water interventions
for the past ten years. This initiative
works with communities affected by
variable rainfall, repeated droughts,
dependency on rainfed agriculture,
severe soil degradation, migration
for manual work, lack of basic
facilities and uncertain earnings. BIJ’s
initiatives are broadly based on four
aspects: organising and capacitating
the community, participatory
budgeting, collaboration with Gram
Panchayats and the Government for
synergies and building community
capacities for water resources,
including critical support for water
harvesting and management.
85% of the farmers
Could crop their fields two or
more times a year
For 89% of the farmers
Rain was no longer a primary
source for irrigation
More than 50% of the farmers
Cultivate three or more types
of crops annually
79% of the farmers
Reported an increase in area under
assured irrigation in the last five years
54% of the farmers
Adopted efficient irrigation techniques
The capacities created through
these activities have resulted in
improved water availability for
agriculture and household needs.
Based on a study conducted, the
89% intervention village residents
Have the primary source of water within
200m from their house
75% intervention village residents
Reported reduction in the inconvenience
caused to women in fetching water
Towards Water Security through
Shramdaan
Although the region of Uttarkashi,
Uttarakhand receives ample rain
during monsoons, lack of proper
storage and irrigation left the
Kharwan village often high and dry
during summers. Reliance Foundation
engaged with the Gram Panchayat
to mobilise the community to come
together to build an irrigation canal
to ensure a more consistent supply
of water. Smt. Jagdamba Devi,
Sarpanch and 30 women and youth
volunteers from the village worked
relentlessly for 28 days to reconstruct
the 1.5 km long irrigation canal
through shramdaan to address water
scarcity between May and June 2021.
This inspiring display of community
participation has ensured ease of
irrigation, benefiting 85 households
in the village.
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Sports for Development
Disaster Response
The ‘Sports for Development’
programme promotes sports
activities to achieve critical outcomes
such as learning and developing
leadership skills and improving health
and empowerment among children
and youth in India. An integrated
set of interventions under this
programme offers aspiring athletes
in India a strong and free resource
to develop their skills and abilities in
various sports.
Enabling Youth through
Sports: RFYS-AIFC Workshops
Aid Nagaland, Arunachal and
JK Football Coaches
In conjunction with the Association
of Indian Football Coaches (AIFC),
Reliance Foundation Youth Sports
(RFYS) organised a three-day course
for 33 coaches from Nagaland
and Arunachal Pradesh. Tangbao
Singto, Technical Director and
Assistant Coach of Indian Super
League (ISL) team Hyderabad FC,
well-known in Indian football circles,
helped organise the event. Another
such workshop was organised for
35 Jammu and Kashmir coaches
assisted by the former Indian
football player, Mehrajuddin Wadoo
and former Indian national youth
team coach, Sajid Dar. The camps
educated participants on topics such
as acceptable behaviour, effective
communication, player scouting, and
safeguarding youngsters from all
types of abuse.
Natural catastrophes wreak havoc
on human lives, livelihoods, and
intensity wherever they strike. The
impact is amplified in developing
countries such as India, with inherent
socio-economic inequities. Reliance
Foundation aims to ease the suffering
of those affected by such events.
The Foundation adopts a two-
pronged approach to respond to
natural disasters. The programme
provides early warning and advisory
services to build community
preparedness and ensures speedy
response post disaster. Reliance
Foundation strives to respond quickly
to disasters by interacting directly with
affected communities by leveraging
its strengths – human resources and
information technology.
Through Reliance Foundation,
the Company extended support
to communities impacted by
cyclones -Tauktae, Yaas, Jawad-
and flood-affected communities in
the states of Gujarat, Maharashtra,
Goa, Rajasthan, Karnataka, Uttar
Pradesh, West Bengal, Odisha, and
Kerala by distributing dry ration kits,
livestock shelters during FY 2021-
22. The activities were organised
in collaboration with government
agencies such as INCOIS, IMD,
agriculture, animal husbandry,
fisheries, and Jio and RRVL.
Reliance also mobilised its trained
disaster response volunteers to
respond to the community’s needs
swiftly and effectively. Reliance’s
disaster response was given ISO
Certification 9001:2015.
Reliance
Foundation
Information
Systems: A lifeline
for many in good
times and bad
When the Tauktae cyclone was
approaching, Sh. Vasrambhai
Solanki, a fisherman and President of
Bhidiya Koli Samaj Boat Association,
received forecasts through the voice
message service and the RFIS. He was
a member of the WhatsApp group of
the Veraval Fish Landing centre and
had participated in various marine
fisheries related field programmes
conducted by RFIS. Based on the
forewarnings, the Association advised
its members not to take their boats
into the sea during this time. They
also recalled boats from the ocean
saving precious lives and livelihoods.
Further, the warnings helped the
community to move their boats and
other equipment to a safer place,
preventing further damage.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Education and Skill
Development: Bridging the
Literacy Divide
Reliance Foundation believes in
quality education for all, irrespective
of their financial, geographical, and
cultural challenges. To achieve its
mission of providing education to
children across the nation, Reliance
delivers quality education to
15,000+ children annually through
14 Reliance Foundation Schools,
including Dhirubhai Ambani
International School, to fulfil its
mission of educating children
across India; 9,395 online courses
and 12,903 webinars have been
completed by around 754 teachers
and 126 non-teaching staff of 13
Reliance Foundation Schools on
technology platforms.
With the goal of empowering India's
brightest youth with the potential to
lead India’s technologically driven
growth, the Reliance Foundation
Scholarships were awarded to 76
students in August 2021, to full-time
undergraduate and postgraduate
students of Artificial Intelligence (AI)
and Computer Sciences. This year the
scholarships will be awarded to 100
students of AI, Computer Sciences,
Mathematics and Computing and
Electrical / Electronic Engineering.
Empowering through Education
The CSR initiatives across Shahdol
CBM, Dahej Manufacturing Division
and Model Economic Township
Limited (METL) are focused on active
engagement with the students in
local schools and colleges. One
notable activity is to assist students in
appearing for entrance examinations
of prestigious schools such as
Navodaya and Sainik schools. The
projects helped children keep up with
studies through remedial classes
run by volunteers in their villages
during the lockdown.
training provided by subject matter
experts like security personnel,
Reliance Foundation school
teachers, counsellors and others.
The preparatory platform trains
students free of cost. The CSR team
also aims to address the inferiority
complex among rural students. They
work with them to build their self-
confidence and help shape their
careers. The team provides required
guidance and encouragement to
students to prepare them for jobs
that can provide them with security,
respect, and social standing in
their communities.
Reliance’s CSR team at Nagothane
launched the Lakshya initiative
to support students who cannot
afford private coaching classes. The
Lakshya initiative, started in 2015,
prepares students from surrounding
villages for competitive exams for
securing jobs in services like the
Police, Army, Navy, Railway, SSC,
and Banking. It includes on-ground
To date, 114 students have enrolled
in the training programme, of which
21 students (23.94%) have qualified
for the competitive examinations
conducted by the Government, with
female candidates outnumbering the
male candidates.
Sri Singh makes her
mother proud
Sri Singh from Lalpur village in
Shahdol, Madhya Pradesh, lost her
father at a young age. Since then,
the three family members, her
mother, elder sister, and Sri, have tried
extremely hard to make ends meet.
Her mother, an educated lady, took it
upon herself to earn for the family by
tutoring local students. She wished to
give her daughters a good education
so that they could come out of this
devastating situation and end their
financial struggles.
Reliance Foundation stood firmly
by their family. Her mother, Shipra,
works as a Shiksha Mitra with the
Foundation and prepares children
for school entrance exams. Sri’s
elder sister secured admission in
a Navodaya school and thereafter
qualified for several higher education
opportunities. She is presently
pursuing a nursing course.
Both the daughters have earnestly
worked and studied hard to end
their mother’s struggles and help her
lead a comfortable life. Sri secured
admission last year in Class 7 in the
Beohari Navodaya Vidyalaya. Shipra’s
dream of giving her daughters
a quality education has been
fulfilled. Sri and her sister are shining
examples in their village. Today, they
are motivating other students in the
village to follow their example.
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Reliance Foundation continued to
work extensively with two major
beneficiary groups – children
and youth. During FY 2021-22, the
employee volunteering activities
focused on building the capacities of
staff members of social development
organisations across India. The
highlights of the year are as follows:
• This was the third consecutive
year for the Month of Good Deeds,
which encourages employees
and their families to give back to
the community by volunteering
their time and skills. These sessions
reached more than 4,400 children,
youth, and NGOs from cities like
Giridh and Koderma (Jharkhand),
Rourkela, Rajpura, Alibaug and
several metros.
• Employees and their families from
Jio Digital organised 30 virtual
sessions on art and language
skills in the second edition of the
Jio Digital Monsoon Camp for
more than 5,300 children from
Jammu, Srinagar, Latur, Tuticorin,
Erode and others.
• Volunteers from the Learning
and Development team from the
Hydrocarbons and Retail divisions
located across metros and
Nagapattinam, Shillong, Warangal,
Begusarai trained 1,000 staff
members from NGOs on advanced
excel, report writing, stakeholder
management etc.
• Virtual sessions on raising
awareness on plastic and waste
segregation were conducted by
expert volunteers in partnership
with the Indian Centre for Plastics in
the Environment (ICPE). Over 3,800
children attended the sessions,
including students from Reliance
Foundation schools.
Nearly 21,000 lives have been touched
due to the invaluable contribution of
Reliance employees and their family
members in FY 2021-22.
Sustainable Supply Chain
Management
Reliance takes pride in diversified
portfolio of businesses spread across
Oil and Gas (O2C, E&P), Retail and
Digital. The Company relies heavily
on its excellence in supply chain
management aided by efficient
and robust systems and processes
to run seamless operations and
efficiently manage its vast pool of
suppliers and partners.
Managing a Vibrant
Supplier Network
To effectively deliver high -quality
projects with stringent timelines,
managing a substantial number of
suppliers located across the globe
is key to any company’s success.
Reliance ensures regular interface
and interactions with its partners
and vendors across various levels to
address this need. All procurement
and Contracting (P&C) activities for
Exploration and Production (E&P)
Division are primarily governed
by contracts signed with the
Government of India. E&P Project
Development and Operations require
highly specialised technical goods
and services. Reliance is one of the
very few vendors in the world that
can cater to these technological and
expertise requirements at exceedingly
high precision and satisfactory levels.
Through its sustained investment
in mega projects and operations,
Reliance has contributed to
developing India’s chemicals and
engineering supplier base. Supporting
and encouraging its suppliers to
indigenise, expand their capabilities
and increase their economic value
has always been the focus of the
Company. Reliance has procured
goods and services worth more
than `23,800 crore from indigenous
suppliers in FY 2021-22. The Company
ensures a high quality of service by
Reviving and Nurturing
India’s Art, Culture and
Heritage
India is a land of diverse cultures.
Reliance through the Foundation
endeavours to ensure that the youth
appreciate and connect with the
country’s rich heritage and arts.
Reliance Foundation defines ways
to protect and promote India’s
priceless heritage to sustain and
make art and culture relevant to the
younger generation. This rich art
and cultural ethos runs across all of
Reliance’s businesses.
Reliance collaborated with pioneering
designer Ritu Kumar and Reliance
Retail Ventures Limited (RRVL) to
charter a new, untried interpretation
of India’s crafts and textiles. It took the
country’s vibrant and diverse culture
beyond existing ideas in couture
and fashion. This was a novel step
to preserve, nurture and celebrate
India’s art and textiles heritage.
Employee Volunteering &
Social Change
Volunteering is a significant enabler
to express and share gratitude,
essential for developing resilience
in challenging times. At Reliance,
volunteering has been a key lever
for giving back to the communities.
Reliance Foundation continued with
the virtual mode of volunteering
due to the pandemic. In FY 2021-
22, volunteering was expanded
to newer areas of engagement
to address present and future
challenges. The programmes were
crafted and implemented to focus
on harnessing skills of the immense
people resources and their expertise
available within the organisation.
The objective of these programmes
has been the holistic development
of beneficiaries while concentrating
on thematic areas of education
and capacity building of social
organisations. These programmes are
congruent with the goals of Reliance
Group of Industries and the UN SDGs.
210
working with its contractors to ensure
that their employees are competent,
and that work is carried out in a
safe environment complying with
statutory requirements. Some of these
initiatives include :
• Standardisation of PPEs for
contract workers
• Fair & transparent practices for
statutory compliance
• Contractor performance
evaluation including Safety and
Environment Performance
• Trade & Safety test for all
contract workers
• Focus on safety practices
and records during new
contractor registration
• Weekly visit of safety ambassadors
to plants for improvement of
contract worker safety
• Training for field personnel on safe
handling of hazardous chemicals
Reliance also ensured that COVID-19
vaccinations were made available
for the Company’s suppliers and
their employees.
Sustainable Supply Chain
Processes and Supplier
Engagement
Reliance has developed systems and
processes with years of expertise
and experience to build and manage
a sustainable and effective supply
chain. Ongoing collaborations
and partnerships have helped the
Company maintain a long-term
productive relationship with suppliers.
Corporate
Overview
Management
Review
Governance
Financial
Statements
The sustainable sourcing ethos of
Reliance focuses on eight parameters
Green packaging
Environment
protection
Make in India &
developing India’s
engineering talent
Supplier
collaboration
Digital enabling
interaction with
suppliers
Contract worker care
Community support
Regeneration/Safe
disposal
Green packaging involves using
recycled plastic or PET flakes,
recycling plastic / wooden pallets
used for domestic market, and
optimising bag specifications
to reduce material usage and
palletisation to ensure safe handling
and faster turnaround. The packaging
design approach is based on the
core principles of a sustainable
circular economy of reduce,
reuse, and recycle.
Environment protection is ensured
by the co-development of
environmentally conscious and
safe products with suppliers, like
the development of Silicon spray
using environment-friendly solvents
during FY 2021-22. The Company also
focused on reducing paper use and
its physical transfer through end-to-
end digital ‘Procurement to Pay Cycle’
processes and preference for digital
invoices over paper invoices. Reliance
received over 90% of the invoices
from suppliers in digital format. The
procurement decisions are also
based on the energy efficiency
of the products.
Reliance encouraged the
development of India’s engineering
talent by replacing imported RE13 Spin
Finish oil for PFY with indigenously
developed Spin finish oil components
developed in the Company’s
technical laboratories. Reliance uses
Vendor Managed Inventory (VMI)
for select categories, long-term
agreements with packaging suppliers,
and conducts joint programmes
with vendors and reduce system
costs to ensure sustainable supplier
collaborations.
Reliance has developed a query
management system for supplier
queries, vendor self-service facility
for transaction-related queries,
development of P&C helpdesk
and ‘Chatbot’ for online, real-
time feedback to suppliers. The
Company has shown care towards
its contract workers with multiple
safety performance evaluations and
defining PPE norms by work type. It
ensures 100% compliance to the laws
and regulations, including verification
of contract worker wages payment.
Reliance extends support to the
local community by encouraging its
suppliers to source talent from 'near
plant' communities. The Company
is conscious about the regeneration
and safe disposal of its waste. The
total sale of e-waste including used
oil and batteries, catalyst and plastic
waste to the vendors is authorised by
the Central and State Pollution Control
Boards (CPCB/SPCB) for efficient and
environmentally friendly recycling
and disposal of that waste. Waste
materials like wood, paper, metal, etc.,
are also recovered or recycled.
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Transparent and Robust
Process for Identification and
Evaluation of Suppliers
Reliance follows an in-depth and
robust evaluation process for its
suppliers that involves sending out
a global notice inviting Expression
of Interest (EOI) that publishes the
requirements of all major goods and
services. The EOIs received are then
evaluated based on parameters
such as technical competence, past
experiences, HSE performance, quality
system and financial strength for
shortlisting bidders in response to the
issuance of Request for Proposal.
The Supplier Code of Conduct,
developed by Reliance, forms the
basis of the Company’s relationship
with its suppliers. Reliance’s belief
that its suppliers need to comply
with Labour and Human rights,
Health and Safety, Environmental
Protection, Ethical Conduct, Business
Integrity and Confidentiality Laws and
Standards is reflected in its Supplier
Code of Conduct. The Company
facilitates a range of measures to
comply with the prevalent Anti-
Money Laundering, Anti-Bribery and
Prevention of Corruption Act and
the Supplier Code of Conduct. The
compliance function and Ethics and
Compliance Task Force (ECTF) have
built a strong capability to undertake
regulatory compliance checks,
counterparty checks, real-time
screening of any suspicious internal
transactions, and investigations
of reported incidents to curb any
unlawful behaviour by its suppliers.
All suppliers are compliant with the
Reliance Group Business Partner
Code of Conduct (BPCOC). Reliance
strictly adheres to all the procurement
processes for the contracts signed
with the Government of India.
Third-party vendors are identified
and evaluated based on their track
record and capability of meeting
the Company standards. Reliance
is moving towards a per-piece/per-
pallet based contract from the cost-
plus contracts to enable a significant
cost advantage. The operational
performance of these vendors,
once onboarded, are continuously
measured and monitored against
defined parameters, and corrective
actions demanded where necessary.
Supplier engagement is an overly
critical factor for Reliance, and
the same is ensured during the
procurement process through regular
meetings / communication. Suppliers
and Reliance work as Partners to
achieve the laid down objectives
of the Company.
Nurturing Digital
Ecosystems
JioGenNext
JioGenNext began with the
leadership's vision of encouraging
startups. They saw early on that
startups would increasingly
become a major powerhouse of
talent, technology, and creativity
for the country. JioGenNext has
been essential in catalysing the
Indian entrepreneurial ecosystem
and enabling various businesses
to attain scale by launching them
in the Reliance ecosystem since
its debut in 2014. Startup Reseau
recognised it at the NEXTT Summit
2021 as one of the top five corporate
innovation and corporate venture
capital programmes in India. It has
conducted more than 16 cohorts
supporting 170 startups who have
collectively raised over `2,600 crore in
early-stage venture capital.
In FY 2021-22, JioGenNext
announced its Market Access
Programme (MAP ‘21) with 11 high-
potential businesses. MAP focuses
on two areas of advice and
opportunity for startups:
1.
Reliance / Jio access: To
connect founders in the
Reliance / Jio ecosystem. Create
and accelerate interactions
between startups and internal
stakeholders to identify
partnerships and possibilities that
can help them expand quickly.
It’s a one of a kind ‘customer-as-
mentor’ approach.
2. Business Mentorship: To
assist businesses on product
innovation, go-to-market
strategy, recruiting, marketing,
funding, and product-market
fit, all of which are related to
a startup's overall business
success. The programme is
tailored to each startup's specific
needs and goals.
MAP currently operates on an annual
cohort model, with entrepreneurs
being accepted on a rolling basis
throughout the year. JioGenNext
intends to use MAP to increase its
value addition to entrepreneurs and
develop win-win collaborations in the
startup ecosystem.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Delivering Superior
Customer Experience
Reliance is at the forefront of
applying technology to automate
sales processes for improved
customer experience and cost
and time savings. Reliance was
the first to introduce a web-based
sales operations system that allows
customers to check their accounts
around the clock. The Company
continues to develop its systems
and processes. As a result, it has
introduced and intends to roll out
additional features and flexibilities
in the system to give customers
easy access and convenience of
operation. Reliance complies with
all contractual commitments and
legal and legislative requirements
related to sales.
Reliance is improving the user
experience across its businesses
through digitisation. Measures such
as collaborative planning using
Client Relationship Management
(CRM) systems to manage demand
successfully and mobile applications
for approvals, account management,
and customer visits have aided
in providing customers with
service excellence .
As of March 31, 2022, RIL received
1,191 customer complaints, of which
1,125 were successfully resolved.
Subsequently, most of the remaining
complaints have been resolved .
Reliance Jewels conducts ‘Mystery
Audits’ to measure customer
satisfaction. This includes audits on
critical parameters that contribute
to the overall customer experience,
such as cover employee appearance,
ease of store navigation from the
customer perspective, ability of
employees to recommend and pitch
products and handle objections. In
addition to obtaining feedback from
converted customers, Reliance also
collects non-converted customer
feedback through an online feedback
form, which helps the Company
understand customer preference and
satisfaction levels.
Customer Satisfaction
For Reliance, customers are the key
to a sustainable future. Winning their
trust drives the Company to surpass
consumer expectations continuously.
Across all its businesses, Reliance
aims to offer customers a diverse
selection of options, an exceptional
value proposition, high standards of
quality, and an unrivalled experience.
The Company continued to provide
its millions of customers with high-
quality service across all business
verticals throughout the challenges of
the COVID-19 pandemic and beyond.
Customer Satisfaction
Surveys
Understanding consumer demands
and responding to market realities
are critical to the success of
Reliance’s businesses. Reliance
engages customers through various
channels to understand their needs
and obtain crucial insights into
their requirements, interests, and
preferences. The Company is always
agile and aware of the changing
market environment, which allows it to
build services that are market-driven.
Reliance’s customer engagement
initiatives include direct feedback
through one-on-one meetings/
visits, calls to dedicated operation
desk lines, surveys and meets
that are arranged regularly. This
allows effective customer contact,
ensuring compliance with corporate
norms and standards, identifying
process improvement opportunities,
and providing solutions to any
unique concerns encountered
by the customer.
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Redefining customer centricity at
Reliance Retail
Reliance Retail reorganised its
customer service Standard Operating
Process (SOP) across functions and
formats to deliver an enhanced
customer experience at the store
and online. The focus is to simplify
systems and processes, and train
and empower people to deliver
a faster resolution to customers.
Human resources and scheduling
restructuring for its Customer Action
Centre have helped the Company
respond to calls and emails from
customers. The abandoned call
percentage was always kept at less
than one per cent, and no pendency
to customers reaching out on email
and social channels. Reliance Retail
created a specialised team whose
primary responsibility is to track
orders placed online by customers
and communicate with them to
ensure that they are delivered and
installed as efficiently as possible.
The Company launched a Remote
Technical Support (RTS) desk that
eliminates the need for repair
engineers to travel to customer
locations. Troubleshooting is done
over the phone with videos and
images, providing customers quick
resolution to technical issues. RTS also
helped pull off faster replacements,
which reduced complaints by 20%.
The Company empowered customers
with various self-service initiatives
including deploying cancellation
feature on the app. It reduced
complaints related to cancellations
and refunds by 15%. As a result of
supply bottlenecks during the year,
imported spares were not readily
available, adversely impacting
repair service levels. Reliance Retail
improved the repair Service Level
Agreements (SLA) to 82% closure
within three days and 94% closure
within seven days by working
closely with brands to prioritise ResQ
customer repairs, increasing spares
inventory levels and enabling quick
supply to service centres.
Elevating Customer
Experience at
Reliance Fashion
and Lifestyle
To enhance customer experience at
Reliance Fashion & Lifestyle offline
outlets, the Company launched
various targeted initiatives. It
launched Project CASH at Reliance
Trends stores. The project focused
on rigorous store team capability
building and assessment for a
consistent brand experience,
improved product options,
coordinated visibility to aid customer
decision-making and upgraded the
cashiering process to smoothen
the point-of-sale experience. The
aim was to ensure that each client
was well-served. The results were
reflected in an improved Net Promoter
Score (NPS) of 21% absolute for Trends
Small-town and 12% absolute for
Trends, with a 63% increase in NPS
feedback response rate.
Within the online store, an
improvement in NPS of 7% was
achieved through the launch of
several customer focused initiatives
and process improvements, such as
aggressive promised delivery dates
and adherence to the same, supply
chain speed improvements across
order journey by an average of one
day, improved refund speed with
99% returns getting repaid at the
door. To further enhance customer
service on the platform, the Company
has focused on reducing queue
waiting time and increasing first-time
solution percentage, improving NPS of
customer interactions.
Netmeds: Standing
by customers
through COVID-19
Netmeds is an online pharmacy
digital commerce platform managed
and operated by Reliance Retail.
Netmeds spread COVID-19 awareness
through its app and through
awareness camps at many Netmeds
stores. Netmeds also created a new
COVID-19 essentials category, with a
wide assortment of products, in the
app for customers to place orders
easily. The Fulfillment Centre team
went beyond its call of duty to deliver
essential products to customers in
times of crisis and fear when courier
partners were not available to make
the deliveries. Customers whole-
heartedly appreciated this act of
humanity and kindness, as evident
through their testimonials. Netmeds
has ensured exceptional customer
delight led by its B2B sales force team
that personally delivered medicines
to pharmacies on multiple occasions,
enabling timely availability to
customers. Netmeds also supported
its group companies by on-time
delivery of Remdesivir, PPE kits and
other COVID related medicines.
Data Privacy and Security
Reliance places tremendous
importance on security and privacy
in each of its businesses. Within Jio's
privacy and security programme, the
focus is on three essential aspects:
embedding security in design,
effective governance, and allowing
organisation-wide security awareness.
A highly efficient governance
architecture with optimised
processes ensures asset protection,
customer data privacy, and fewer
security breaches.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Way Forward
Reliance continues its efforts to build a more inclusive
India. The Company works closely with communities
and collaborates with various organisations and
business groups with shared values to empower and
enable those most in need. Powered by its talented
and committed team, the Company has successfully
established replicable and scalable development
models to transform many more lives across
the country.
Reliance's success is underpinned by its forward-
looking strategies. Its robust business model is ever
ready to adapt and evolve to embrace change
and realise the potential of emerging opportunities.
The Company's support for the most marginalised
communities strengthens its commitment to help
achieve the United Nations Sustainable Development
Goals (UN SDGs). It remains invested in understanding
and responding to the changing needs of its customers
and has built deep-rooted relationships with them.
Customers continue to be at the core of Reliance's
future growth trajectory.
To strengthen the Indian entrepreneurial ecosystem, the
Company will expand its efforts to empower budding
entrepreneurs through JioGenNext. It has nurtured
a responsive partner network that remains the force
behind its steady growth in every addressable market.
The Company will further enhance its supply chain
management systems and processes, banking on
decades of expertise and experience. Reliance will
boost its supplier base to include many more small and
medium-sized businesses from the local communities.
The Company has successfully navigated
macroeconomic headwinds and other obstacles
throughout the year to create long-term value for all
stakeholders. Reliance stays firm in its resolution to
build a stronger nation by enabling lives and livelihoods
through outcome-oriented social change endeavours
led by its philosophy of 'We Care' and duty of 'Seva' or
'Service' to all.
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Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Independent Assurance Statement to Reliance Industries Limited on
their Sustainability Disclosures in the Integrated Annual Report for
Financial Year 2021-22
• 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.
alignment with the National Voluntary
Guidelines on Social, Environmental
and Economic Responsibilities of
Business (NVG-SEE)
• Verification of performance data
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 2021-22. Our responsibility was
to provide assurance on the selected aspects of
the Report as described under ‘boundary, scope
and limitations’ 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 Discussion
and Analysis section of the Report.
The Company’s sustainability performance
reporting criteria has been derived from the
GRI Standards of the Global Reporting Initiative,
United Nation’s Sustainable Development
Goals (UN SDGs), the American Petroleum
Institute / The International Petroleum Industry
Environmental Conservation Association’s (API/
IPIECA) Sustainability Reporting Guidelines, and
the Business Responsibility Reporting (BRR)
framework of the Securities and Exchange Board
of India (SEBI).
RIL has also referred to new and emerging
frameworks such as the Task Force on Climate-
related Financial Disclosures (TCFD), and the
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
Engagements (ISAE) 3000 (Revised)
216
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, LPG, Reliance Jio Infocomm
Limited (RJIL), Reliance Retail Ventures Limited
(RRVL), and corporate office at Reliance
Corporate Park, Navi Mumbai.
• The reporting period for all the above
business units except Recron and RP
Chemicals, Malaysia was from 01 April 2021 to
31 March 2022. The reporting period for Recron
and RP Chemicals, Malaysia was from 01
January 2021 to 31 December 2021.
• The scope of reasonable assurance included
total number of employees, new employee
hires, diversity of governance bodies
and employees, parental leave and total
manhours of training for Reliance group.
The sustainability performance data for
RIL covered under reasonable assurance
were total energy consumption, reduction
in energy consumption, renewable energy
generated, direct (scope 1) GHG emissions
and energy indirect (scope 2) GHG emissions,
quantity of flared and vented hydrocarbons,
emissions of total particulate matter, oxides
of nitrogen, oxides of sulphur, and volatile
organic compounds (VOC), water withdrawal,
waste water discharged, water recycled,
hazardous and non-hazardous waste
disposed, and the number of injuries, fatalities
and Lost Time Injury Frequency Rate (LTIFR).
• Additionally, the data subjected to limited
assurance for RIL included, markets served,
mechanisms for advice and concerns about
ethics, governance structure and chair of
the highest governance body. For Reliance
Jio Infocomm Limited (RJIL), the sustainability
performance data covered under limited
assurance were total energy consumption,
renewable energy consumption, direct
(scope 1) GHG emissions, energy indirect
(scope 2) GHG emissions and other indirect
(scope 3) GHG emissions (limited to business
travel, upstream leased assets, upstream
transportation and distribution, capital goods,
purchased goods and services, fuel and
electricity and waste disposal), hazardous
and non-hazardous waste disposed, number
of injuries, fatalities and Lost Time Injury
Frequency Rate (LTIFR). For Reliance Retail
Ventures Limited (RRVL), the data on number
of injuries, fatalities and Lost Time Injury
Frequency Rate (LTIFR), were covered under
limited assurance. For Recron Malaysia and
RP Chemicals Malaysia, the performance
data namely total energy consumption, direct
(scope 1) GHG emissions, energy indirect
(scope 2) GHG emissions, emissions of total
particulate matter, oxides of nitrogen, oxides
of sulphur, water withdrawal, wastewater
discharged, water recycled, hazardous and
non-hazardous waste disposed, number
of injuries, fatalities and LTIFR were covered
under limited assurance.
The assurance scope excludes:
• Aspects of the report other than those
mentioned above;
• Data and information outside the defined
reporting period;
• Strategy, regulatory compliances and other
related linkages expressed in the Report;
Assurance Procedures
Our assurance process involved performing
procedures to obtain evidence about the
reliability of specified performance data.
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
performance data 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:
• Assessment of RIL’s reporting procedures
regarding their consistency with the
application of the GRI Standards.
• Evaluating the appropriateness of the
quantification methods used to arrive
at the sustainability performance
presented in the Report.
• Verification of systems and procedures
used for quantification, collation, and
analysis of sustainability performance data
included in the Report.
• Understanding the appropriateness
of various assumptions, estimations
and materiality thresholds used by RIL
for data analysis.
• Discussions with the personnel at
the corporate and business unit level
responsible for the performance data
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 the data and information related to
RIL’s financial performance, we have relied
on its audited financial statements for
the FY 2021-22.
• Review of the Company’s Business
Responsibility Report section to check
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 Melaka; 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 evidence was
reviewed to support our conclusions on
the information and data verified. Where
such documentary evidence could not be
shared with us due to sensitive nature of the
information, our team verified the same during
the site interactions 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 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 the selected performance
data 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 the GRI Standards. The
sustainability performance data that have been
subjected to reasonable assurance procedures
as defined under the scope of assurance, are
fairly stated in all material respects and are in
alignment with the GRI standards.
Anand S. Kulkarni
Technical Director
KPMG Assurance and Consulting Services LLP
19 July 2022
217
Integrated Approach to Sustainable GrowthIntegrated Annual Report 2021-22Reliance Industries Limited Corporate Governance Report
Corporate
Overview
Management
Review
Governance
Financial
Statements
“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
Mohana V
Transparency, Disclosure
and Accountability are
three main pillars of
corporate governance. At
RIL, the six core values (viz.
Customer Value, Ownership
Mindset, Respect, Integrity,
One Team and Excellence)
enshrined in our Values
and Behaviours guide our
corporate governance
framework.
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”).
This report is divided into
following sections:
1.
Statement on Company’s
Philosophy on
Code of Governance
2.
Corporate Governance Structure,
Policies and Practices
3. Board of Directors
4. Board Committees
5.
Framework for monitoring
Subsidiary Companies
6. General Body Meetings
7. Means of Communication
8. General Shareholder Information
9. Other Disclosures
218
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 been 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 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 senior management,
ability to attract talent 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, 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 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 Mindset, Respect, Integrity,
One Team and Excellence.
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
22.2%, Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA)
before exceptional items 23.1% and Net
Profit before exceptional items 24.1%.
The financial markets have endorsed
our sterling performance and the
market capitalisation has increased by
CAGR of 31.6% 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 33 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.
Corporate Governance
Structure, Policies and
Practices
The Company has put in place an
internal multi-tier 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
govern 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.
219
Integrated Annual Report 2021-22Reliance Industries Limited RIL Governance Structure
Shareholders
Board of
Directors
Audit
Committee
Human
Resources,
Nomination and
Remuneration
Committee
Risk
Management
Committee
Corporate
Social
Responsibility
and Governance
Committee
Stakeholders’
Relationship
Committee
Health, Safety
and Environment
Committee
Finance
Committee
Ethics &
Compliance
Task Force
Role and responsibilities of
constituents of Governance
Structure
Board of Directors: The Board of
Directors is the apex body constituted
by shareholders for overseeing the
Company’s overall functioning. The
Board provides strategic direction
and leadership and oversees the
management policies and their
effectiveness looking at long-term
interests of shareholders and other
stakeholders. The Board, inter alia,
reviews and guides corporate
strategy, major plans of action, risk
policy, annual budgets, acquisitions
and divestments. It also monitors
implementation and effectiveness
of governance structures. For further
details, see the section titled “Board of
Directors” in this report.
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
Board and it’s Committees provide
effective governance to the Company.
The Chairman takes a lead role in
220
managing the Board and facilitating
effective communication among
the Directors. The Human Resources,
Nomination and Remuneration
Committee reviews succession
planning of the Board and Senior
Management. Based on the manner
of performance evaluation laid by
the HRNR committee, a consolidated
report is provided to the Chairman
to facilitate individual feedback and
advice to the Directors.
Board Committees: The Board
has delegated its functioning in
relevant areas to designated Board
Committees to effectively deal with
complex or specialised issues. For
further details, see the section titled
“Board Committees” in this report.
Company Secretary: The Company
Secretary plays a key role in ensuring
that the Board (including 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 advise the
Board in the conduct of affairs of the
Company, to ensure compliance with
applicable statutory requirements,
to provide guidance to Directors and
to facilitate convening of meetings.
The Company Secretary assists the
Chairman in management of the
Board’s administrative activities such
as meetings, schedules, agenda,
communications and documentation.
The Company Secretary interfaces
between the management and
regulatory authorities for governance
matters. The Company’s internal
guidelines for Board and Committee
meetings facilitate decision-making
process at its meetings in an informed
and efficient manner.
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:
Corporate
Overview
Management
Review
Governance
Financial
Statements
• Values and Behaviors
• 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
• 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
The Codes reflect the core values of
the Company viz. Customer Value,
Ownership Mindset, 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.
Vigil Mechanism and
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 & 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.
Commodity Exposure
• Commodity and Freight Risk
Management Policy
The Vigil Mechanism and
Whistle-blower Policy is available on
the website of the Company.
• Foreign Exchange & Derivatives Risk
Management Policy
• Investment Governance Policy
• Data Privacy Policy
• Group Information Security Policy
• Intellectual Property Policy
• Anti-Bribery & Anti-Corruption Policy
• Anti-Money Laundering Procedure
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.
Anti-Bribery &
Anti-Corruption Policy
The Company is committed in
doing business with integrity
and transparency and has a
zero-tolerance approach to
non-compliance with the anti-bribery
policy. The Company prohibits
bribery, corruption and any form of
improper payments / dealings in
the conduct of business operations.
Training / awareness programs are
conducted on periodical basis to
sensitise employees.
The Anti-Bribery & Anti-Corruption
Policy is available on the website
of the Company.
Prevention of Sexual
Harassment of Women at
Workplace Policy
In accordance with the requirements
of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition
& Redressal) Act, 2013 (“POSH Act”)
along with the 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.
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.
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
221
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited 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.
Audits and Internal Checks
and Balances
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.
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
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 registry and other
incidental functions carried out by
Registrar and Transfer Agent.
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 & progress and responding
to questions & issues raised.
Shareholders seeking information
related to their shareholding may
contact the Company directly or
through the Company’s Registrar
and Transfer Agent, 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.
Board of Directors
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 Committees in an informed and
efficient manner.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Board Composition and category of Directors
The Company’s policy is to maintain an optimum combination of Executive and Non-Executive Directors.
Composition Analysis
Independence
Diversity (Gender)
Diversity (Nationality)
Category
Independent Directors
Non-Independent Directors
%
50.00
50.00
Category
Women
Men
%
14.29
85.71
Category
Indian
Foreign
%
71.43
28.57
Core skills / expertise / competencies available with the Board
The Board comprises qualified and experienced 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 in their respective
profiles below.
Profile of Directors
Brief profile of Directors of the Company including their category, shareholding in the Company, number of other
Directorships including name of listed entities where he / she is a director alongwith the category of their directorships,
committee positions held by them in other companies as a Member or Chairperson, area of expertise and other details
are given below:
Appointed
April 1, 1977
Shareholding *
80,52,020 equity shares
Other Directorship(s) *#
4
Mukesh D. Ambani**
Chairman and Managing Director
(DIN: 00001695)
Citizen of India
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
Appointed
March 28, 2015
Shareholding *
Nil
Other Directorship(s) *#
3
Prof. Dipak C. Jain
Independent Director
(DIN: 00228513)
Citizen of USA
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
2
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Global Business
• Corporate Governance
222
223
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Appointed
March 28, 2015
Shareholding *
Nil
Other Directorship(s) *#
6
Dr. Raghunath A. Mashelkar
Independent Director
(DIN: 00074119)
Citizen of India
Directorship in other listed company(ies) and
category of directorship *
Godrej Agrovet Limited – Independent Director
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
Appointed
June 18, 2014
Shareholding *
Nil
Other Directorship(s) *#
7
Directorship in other listed company(ies) and
category of directorship *
Cipla Limited – Independent Director
Network18 Media & Investments Limited –
Independent Director
TV18 Broadcast Limited – Independent Director
Larsen and Toubro Limited – Independent
Director
Committee membership(s) / chairmanship(s)
in other company(ies) *^
7 – (including 5 as Chairman)
Appointed
June 12, 2015
Shareholding *
12,800 equity shares
Other Directorship(s) *#
3
Directorship in other listed company(ies) and
category of directorship *
Adani Power Limited – Independent Director
Adani Green Energy Limited – Independent
Director
Committee membership(s) / chairmanship(s)
in other company(ies) *^
3 – (including 2 as Chairman)
Appointed
July 21, 2017
Shareholding *
14,400 equity shares
Other Directorship(s) *#
3
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
Adil Zainulbhai
Independent Director
(DIN: 06646490)
Citizen of USA
Raminder Singh Gujral
Independent Director
(DIN: 07175393)
Citizen of India
Dr. Shumeet Banerji
Independent Director
(DIN: 02787784)
Citizen of USA
224
Corporate
Overview
Management
Review
Governance
Financial
Statements
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
• Industry Experience, Research &
Development and Innovation
• Financial, Regulatory / Legal &
Risk Management
• Corporate Governance
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Appointed
October 17, 2018
Shareholding *
91 equity shares
Other Directorship(s) *#
2
Arundhati Bhattacharya
Independent Director
(DIN: 02011213)
Citizen of India
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Appointed
July 19, 2021
Shareholding *
Nil
Other Directorship(s) *#
Nil
His Excellency Yasir
Othman H. Al Rumayyan
Independent Director
(DIN: 09245977)
Citizen of Saudi Arabia
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Global Business
• Corporate Governance
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
K. V. Chowdary
Non-Executive Director
(DIN: 08485334)
Citizen of India
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Appointed
October 18, 2019
Shareholding *
Nil
Other Directorship(s) *#
4
Directorship in other listed company(ies) and
category of directorship *
CCL Products (India) Limited – Independent
Director
Divi’s Laboratories Limited – Independent
Director
Tata Motors Limited – Independent Director
Committee membership(s) / chairmanship(s)
in other company(ies) *^
5 – (including 1 as Chairman)
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Appointed
June 18, 2014
Shareholding *
80,52,021 equity shares
Other Directorship(s) *#
2
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
• Corporate Governance
Nita M. Ambani**
Non-Executive Director
(DIN: 03115198)
Citizen of India
Directorship in other listed company(ies) and
category of directorship *
EIH Limited – Non-Executive Director
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
225
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Nikhil R. Meswani
Executive Director
(DIN: 00001620)
Citizen of India
Hital R. Meswani
Executive Director
(DIN: 00001623)
Citizen of India
P.M.S. Prasad
Executive Director
(DIN: 00012144)
Citizen of India
Appointed
June 26, 1986
Shareholding *
35,80,529 equity shares
Other Directorship(s) *#
1
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
1 – (as Chairman)
Appointed
August 04, 1995
Shareholding *
34,38,688 equity shares
Other Directorship(s) *#
4
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
1 – (as Chairman)
Appointed
August 21, 2009
Shareholding *
6,40,000 equity shares
Other Directorship(s) *#
5
Directorship in other listed company(ies) and
category of directorship *
Network18 Media & Investments Limited – Non-
Executive Director
TV18 Broadcast Limited – Non-Executive Director
Committee membership(s) / chairmanship(s)
in other company(ies) *^
4
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Areas of expertise
• Leadership / Operational experience
• Strategic Planning
•
Industry Experience, Research &
Development and Innovation
• Global Business
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
Corporate
Overview
Management
Review
Governance
Financial
Statements
Areas of expertise
• Leadership / Operational experience
•
Industry Experience, Research &
Development and Innovation
• Financial, Regulatory / Legal & Risk Management
Appointed
May 16, 2010
Shareholding *
56,533 equity shares
Other Directorship(s) *#
1
Directorship in other listed company(ies) and
category of directorship *
Nil
Committee membership(s) / chairmanship(s)
in other company(ies) *^
Nil
Pawan Kumar Kapil
Executive Director
(DIN: 02460200)
Citizen of India
* as on March 31, 2022
** Promoter Director
# excluding Directorship(s) in foreign companies and Section 8 companies under the Companies Act, 2013.
^ In accordance with Regulation 26 of the Listing Regulations.
Notes:
a)
b)
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.
c) None of the other Directors are related to any other Director on the Board.
The detailed profile of the Directors is available on the website of the Company.
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.
Board Independence
Shri Yogendra P. Trivedi joined the Board
of the Company in 1992 and the Board
has benefitted from his sage counsel
for nearly 30 years. He demitted
office as a Director of the Company
effective from the conclusion of the
44th Annual General Meeting (Post IPO)
held on June 24, 2021, due to health
reasons. The Board places on record
its deepest gratitude and appreciation
towards valuable contribution made
by Shri Yogendra P. Trivedi to the growth
and governance of the Company
during his tenure as a Director of
the Company. Further, His Excellency
Yasir Othman H. Al Rumayyan was
appointed as an Independent Director
of the Company w.e.f. July 19, 2021.
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.
Selection and Appointment of
Independent Directors
Considering the requirement of skill
sets on the Board, eminent persons
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 and recommends to
the Board their appointment.
Meeting of Independent
Directors
The Company’s Independent Directors
met three times during the FY 2021-22.
Such meetings were conducted to
enable the Independent Directors
to discuss matters pertaining to
the Company’s affairs and put
forth their views.
226
227
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Board Meetings and Attendance
Number of Board meetings and attendance of Directors
During the FY 2021-22, 5 (five) Board meetings were held as against the statutory requirement of four meetings. The
details of Board meetings and attendance of Directors at these meetings and at last annual general meeting (AGM)
are given below:
Name of the Director
Mukesh D. Ambani
Yogendra P. Trivedi *
Prof. Dipak C. Jain
Dr. Raghunath A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman
H. Al Rumayyan **
K. V. Chowdary
Nita M. Ambani
Nikhil R. Meswani
Hital R. Meswani
P. M. S. Prasad
Pawan Kumar Kapil
Last AGM
held on June
24, 2021
Board Meetings held on
April 30,
2021
July 23,
2021
September 02,
2021
October 22,
2021
January 21,
2022
%
Attendance
of Director
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NA
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
100%
100%
100%
100%
100%
100%
80%
100%
100%
100%
100%
100%
100%
100%
80%
% Attendance at meeting
100%
100%
100%
100%
100%
85.71%
* demitted office as a Director effective conclusion of the 44th Annual General Meeting (Post IPO) held on June 24, 2021.
** appointed as an Independent Director w.e.f. July 19, 2021.
Board familiarization and
induction program
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 FY 2021-22.
Details of such familiarisation
programmes for the Independent
Directors are available on the website
of the Company.
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 works along with the
Human Resource team of the
Company for a structured leadership
succession plan.
Board Compensation
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.
228
Corporate
Overview
Management
Review
Governance
Financial
Statements
Remuneration of the Executive Directors for the financial year 2021-22
Name of the Director
Mukesh D. Ambani
Nikhil R. Meswani
Hital R. Meswani
P. M. S. Prasad
Pawan Kumar Kapil
Salary &
allowances
Perquisites
Retiral benefits
Commission
payable
5.88
6.30
11.51*
4.05*
0.47
0.05
0.03
0.02
Nil
0.37
0.37
0.35
0.15
17.28
17.28
-
-
*includes performance linked incentives for the FY 2020-21 paid in FY 2021-22.
(` in crore)
Stock
Options
-
-
-
-
Total
24.00
24.00
11.89
4.22
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. They are also eligible for
re-appointment. There is no separate provision for payment of severance fees.
Remuneration of the Non-Executive Directors for the financial
year 2021-22
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
His Excellency Yasir Othman
H. Al Rumayyan **
K. V. Chowdary
Nita M. Ambani
Total
Sitting Fee
Commission
Total
(` in crore)
0.07
0.08
0.33
0.28
0.25
0.17
0.16
0.06
0.32
0.05
1.77
0.47
2.00
2.00
2.00
2.00
2.00
2.00
1.40
2.00
2.00
17.87
0.54
2.08
2.33
2.28
2.25
2.17
2.16
1.46
2.32
2.05
19.64
* demitted office as a Director effective conclusion of the 44th Annual General Meeting
(Post IPO) held on June 24, 2021.
** appointed as an Independent Director w.e.f. July 19, 2021.
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
recommendations of the Committees
are submitted to the Board for
approval. During the year, all the
recommendations of the Committees
were accepted by the Board.
Shri K. Sethuraman, Group Company
Secretary and Chief Compliance
Officer (upto October 22, 2021, date
of his demitting office as Company
Secretary) and Smt. Savithri Parekh,
Joint Company Secretary and
Compliance Officer (designated as
Company Secretary and Compliance
Officer w.e.f. October 22, 2021), acted
as secretaries to all the committees
constituted by the Board.
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.
Procedure at Committee
Meetings
Directors’ & Officers’ Liability Insurance
In line with the requirements of Regulation 24(10) of the Listing Regulations, the
Company has in place a Directors and Officers Liability Insurance policy.
Performance Evaluation criteria for Directors
The Human Resources, Nomination and Remuneration Committee has
devised the criteria for evaluation of the performance of the Directors including
the Independent Directors. The said criteria specify 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.
Board Committees
The Board has constituted seven main Committees, viz. Audit Committee,
Human Resources, Nomination and Remuneration Committee, Stakeholders’
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.
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 also placed before the Board
for its noting.
229
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Audit Committee
Composition
Sr. No. Name of the Director Designation
1
2
3
4
Raminder
Singh Gujral
Dr. Raghunath
A. Mashelkar
Adil Zainulbhai
K. V. Chowdary
Chairman
Member
Member
Member
Shri Yogendra P. Trivedi demitted
office as a Director of the Company
effective conclusion of the 44th Annual
General Meeting (Post IPO) held on
June 24, 2021, and accordingly, ceased
to be chairman and member of the
Committee. He had attended all the
meetings of the Committee held upto
June 24, 2021.
Shri Raminder Singh Gujral has
been appointed as Chairman of the
Committee w.e.f. June 30, 2021.
All the members of the Audit
Committee possess requisite
qualifications.
Brief terms of reference
Terms of Reference of the Committee
inter alia include the following:
• Recommend appointment,
remuneration and terms of
appointment of auditors including
cost 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.
• Approval or any subsequent
modification of transactions with
related parties of the Company.
• 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.
Meeting and Attendance
12 (Twelve) meetings of the Committee
were held during the year, as against
the statutory requirement of four
meetings. The details of the meetings
and attendance of members of
the Committee at these meetings
are given below:
Corporate
Overview
Management
Review
Governance
Financial
Statements
Human Resources, Nomination and Remuneration Committee
Composition
Sr. No. Name of the Director
1
2
3
4
5
Adil Zainulbhai
Dr. Raghunath A. Mashelkar
Raminder Singh Gujral
Dr. Shumeet Banerji
K. V. Chowdary
Designation
Chairman
Member
Member
Member
Member
Shri Yogendra P. Trivedi demitted office as a Director of the Company effective conclusion of the 44th Annual General
Meeting (Post IPO) held on June 24, 2021, and accordingly, ceased to be a member of the Committee. He had attended all
the meetings of the Committee held upto June 24, 2021.
Brief terms of reference
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.
• Specify the manner for effective evaluation of performance of Board, its Committees and Individual Directors to
be carried out either by the Board, by the Human Resources, Nomination and Remuneration Committee or by an
independent external agency and review its implementation and compliance.
• Recommend to the Board, all remuneration, in whatever form, payable to senior management.
• Review Human Resource policies and overall human resources of the Company.
Date of the Meeting
April 20, 2021
April 30, 2021
July 21, 2021
July 23, 2021
August 24, 2021
October 14, 2021
October 22, 2021
November 24, 2021
January 18, 2022
January 21, 2022
February 15, 2022
March 25, 2022
Attended by
Raminder
Singh Gujral
Dr. Raghunath
A. Mashelkar
Adil
Zainulbhai
K. V.
Chowdary
%
Attendance
at Meeting
The detailed terms of reference of the Committee is available on the website of the Company.
Meeting and Attendance
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
5 (Five) meetings of the Committee were held during the year as against statutory requirement of one meeting. The details
of the meetings and attendance of members of the Committee at these meetings are given below:
Date of the Meeting
April 28, 2021
June 23, 2021
July 16, 2021
October 14, 2021
January 13, 2022
Attended by
Adil
Zainulbhai
Dr.
Raghunath
A. Mashelkar
Raminder
Singh
Gujral
Dr.
Shumeet
Banerji
K. V.
Chowdary
%
Attendance
at Meeting
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
100%
80%
100%
100%
100%
% Attendance of member
100%
100%
100%
80%
100%
The Chairman of the Committee was present at the last Annual General Meeting held on June 24, 2021.
% Attendance of member
100%
100%
100%
100%
The representatives of Statutory Auditors are permanent invitees to the Audit Committee meetings held quarterly, to
approve financial statement. 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 Chairman of the Committee was present at the last Annual General Meeting held on June 24, 2021.
The Internal Audit Department of the Company, co-sourced with professional firms of Chartered Accountants, reports
directly to the Audit Committee.
Risk Management Committee
Composition
Sr. No. Name of the Member
1
2
3
4
5
6
7
Adil Zainulbhai
Dr. Shumeet Banerji
K. V. Chowdary
Hital R. Meswani
P. M. S. Prasad
Alok Agarwal (Chief Financial Officer)
Srikanth Venkatachari (Joint Chief Financial Officer)
230
Designation
Chairman
Member
Member
Member
Member
Member
Member
231
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Brief terms of reference
Terms of Reference of the Committee inter alia include the following:
• Frame Risk Management Plan and Policy.
• Oversee implementation / Monitoring of Risk Management Plan and Policy.
• Periodically review and evaluate the Risk Management Policy and Practices with respect to risk assessment and risk
management processes.
• Review of cyber security and related risks.
The detailed terms of reference of the Committee is available on the website of the Company.
Meeting and Attendance
3 (Three) meetings of the Committee were held during the year as against statutory requirement of two meeting. The
details of the meetings and attendance of members of the Committee at these meetings are given below:
Attended by
Date of Meeting
July 08, 2021
December 09, 2021
January 04, 2022
% Attendance of
member
Adil
Zainulbhai
Dr. Shumeet
Banerji
K. V. Chowdary
Hital R.
Meswani
P. M. S.
Prasad
Alok
Agarwal
Srikanth
Venkatachari
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
100%
100%
100%
66.67%
100%
100%
66.67%
%
Attendance
at Meeting
100%
100%
71.43%
Corporate Social Responsibility and Governance Committee
Composition
Sr.
No.
1
2
3
Name of the Director
Dr. Raghunath A. Mashelkar
Dr. Shumeet Banerji
Nikhil R. Meswani
Designation
Chairman
Member
Member
Shri Yogendra P. Trivedi demitted office as a Director of the Company effective conclusion of the 44th Annual General
Meeting (Post IPO) held on June 24, 2021, and accordingly, ceased to be chairman and member of the Committee. He had
attended all the meetings of the Committee held upto June 24, 2021.
Dr. Raghunath A. Mashelkar has been appointed as Chairman of the Committee w.e.f. June 30, 2021.
Brief terms of reference
Terms of Reference of the Committee inter alia include the following:
• Formulate and recommend to the Board, a Corporate Social Responsibility (CSR) Policy indicating the activities to be
undertaken by the Company as specified in Schedule VII to the Companies Act, 2013.
• Recommend the amount of expenditure to be incurred on the CSR activities.
• Approve Corporate Sustainability Reports and oversee the implementation of sustainability activities.
• Monitor the CSR activities undertaken by the Company.
• Oversee the implementation of polices contained in the Business Responsibility Policy Manual and to review and
recommend the Business Responsibility Report to the Board for its approval.
The detailed terms of reference of the Committee is available on the website of the Company.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Meeting and Attendance
4 (Four) meetings of the Committee were held during the year. The details of the meetings and attendance of members of
the Committee at these meetings are given below:
Date of the Meeting
April 27, 2021
July 17, 2021
October 16, 2021
January 15, 2022
% Attendance
of member
Stakeholders’ Relationship Committee
Composition
Sr.
No.
1
2
3
4
Name of the Director
K. V. Chowdary
Arundhati Bhattacharya
Nikhil R. Meswani
Hital R. Meswani
Attended by
Dr. Raghunath
A. Mashelkar
Dr. Shumeet
Banerji
Nikhil R.
Meswani
% Attendance
at Meeting
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
100%
100%
100%
100%
100%
100%
100%
Designation
Chairman
Member
Member
Member
Shri Yogendra P. Trivedi demitted office as a Director of the Company effective conclusion of the 44th Annual General
Meeting (Post IPO) held on June 24, 2021, and accordingly, ceased to be chairman and member of the Committee. He had
attended all the meetings of the Committee held upto June 24, 2021.
Shri K.V. Chowdary has been appointed as Chairman of the Committee w.e.f June 30, 2021.
Brief terms of reference
Terms of Reference of the Committee inter alia include the following:
• Oversee and review all matters connected with transfer of Company’s securities.
• Monitor implementation and compliance with the Company’s Code of Conduct for Prohibition of Insider Trading.
• Consider, resolve and monitor various aspects of interest of shareholders, debenture holders and other security holders
including the redressal of investors’ / shareholders’ / security holders’ grievances related to transfer / transmission of
securities, non-receipt of annual reports, non-receipt of declared dividend, issue new / duplicate certificates, general
meetings and so on.
• Review measures taken for effective exercise of voting rights by shareholders.
• Review various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends
and ensuring timely receipt of dividend warrants / annual reports / statutory notices by the security shareholders
of the Company.
The detailed terms of reference of the Committee is available on the website of the Company.
Meeting and Attendance
4 (Four) meetings of the Committee were held during the year as against statutory requirement of one meeting. The
details of the meetings and attendance of members of the Committee at these meetings are given below:
Date of the Meeting
April 16, 2021
July 21, 2021
October 19, 2021
January 18, 2022
% Attendance of
member
Attended by
K. V.
Chowdary
Arundhati
Bhattacharya
Nikhil R.
Meswani
Hital R.
Meswani
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
100%
100%
100%
Yes
Yes
Yes
No
75%
%
Attendance
at Meeting
100%
100%
100%
75%
The Chairman of the Committee was present at the last Annual General Meeting held on June 24, 2021.
232
233
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Investor Grievance Redressal
Brief terms of reference
The number of complaints received
and resolved to the satisfaction of
investors during the financial year
2021-22 (out of the investor base of 33
lakh) and their break-up is as under:
Terms of Reference of the Committee inter alia include the following:
• Monitor and ensure the highest standards of environmental, health
and safety norms.
• Review the Company’s health, safety and environment related policy and
making recommendations as necessary.
No. of
Complaints
• Review the Company’s performance on health, safety and environment
related matters and suggest improvements.
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
82
120
11
670
157
1,040
As on March 31, 2022, no complaints
were outstanding.
The response time for attending to
investors’ correspondence during the
financial year 2021-22 is as under:
Particulars
No.
%
4,24,407
100.00
Total number of
correspondence
received during the
FY 2021-22
Replied within 1 to 4
days of receipt
Replied after 4 days
of receipt
The detailed terms of reference of the Committee is available on the website
of the Company.
Meeting and Attendance
4 (Four) meetings of the Committee were held during the year. The details of the
meetings and attendance of members of the Committee at these meetings
are given below:
Attendance
Hital R.
Meswani
Dr. Raghunath
A. Mashelkar
Arundhati
Bhattacharya
P. M. S.
Prasad
Attended by
%
Attendance
at Meeting
Pawan
Kumar
Kapil
April 15, 2021
July 15, 2021
October 20, 2021
January 14, 2022
% Attendance
at meeting
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
100%
100%
100%
100%
100%
100%
100%
100%
100%
4,23,812
99.86
595
0.14
Finance Committee
Composition
Compliance Officer
Shri K. Sethuraman demitted office
of Group Company Secretary and
Chief Compliance Officer of the
Company w.e.f. close of business
hours of October 22, 2021. Post
demitting office as Company
Secretary and Chief Compliance
Officer, Shri K. Sethuraman is President
– Group Corporate Secretarial and
Governance. Smt. Savithri Parekh,
Company Secretary and Compliance
Officer, is the Compliance Officer
of the Company.
Health, Safety and
Environment Committee
Composition
Sr. No. Name of the Director Designation
Hital R. Meswani
Chairman
Dr. Raghunath A.
Mashelkar
Arundhati
Bhattacharya
Member
Member
P. M. S. Prasad
Member
Pawan Kumar Kapil Member
1
2
3
4
5
234
Sr. No. Name of the Director
1
2
3
Mukesh D. Ambani
Nikhil R. Meswani
Hital R. Meswani
Brief terms of reference
Designation
Chairman
Member
Member
Terms of Reference of the Committee inter alia include the following:
• Review the Company’s financial policies, risk assessment and minimisation
procedures, strategies and capital structure, working capital and cash flow
management, and make such reports and recommendations to the Board.
• Exercise all powers to borrow money (otherwise than by issue of debentures)
within limits approved by the Board, and take necessary actions connected
therewith, including refinancing for optimisation of borrowing costs.
• Review banking arrangements and cash management.
The detailed terms of reference of the Committee is available on the website
of the Company.
Meeting Details
During the FY 2021-22, one meeting of the Committee was held on
January 01, 2022.
Framework for Monitoring Subsidiary Companies
During the FY 2021-22, Jio Platforms Limited (JPL), Reliance Jio Infocomm
Limited (RJIL), Reliance Retail Limited (RRL) and Reliance Retail Ventures Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
(RRVL) were material subsidiaries
of the Company, as per the
Listing Regulations.
Reliance Global Energy Services (Singapore) Pte. Limited (RGESS) has become a
material subsidiary of the Company, based on the audited financial statements
for the FY 2021-22.
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 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. The Board of JPL
has appointed Shri Raminder Singh
Gujral and Dr. Shumeet Banerji as
Independent Directors.
Keeping in view good Corporate
Governance Prof. Dipak C. Jain and
Shri Adil Zainulbhai are also on the
Board of 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 material
subsidiaries undergo Secretarial Audit.
Copy of Secretarial Audit Reports of
JPL, RJIL, RRL and RRVL forms part of this
report. The Secretarial Audit Report of
these material subsidiaries does not
contain any qualification, reservation,
adverse remark or disclaimer.
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.
General Body Meetings
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
2020-21
June 24,
2021
02:00
p.m.
2019-20
July 15,
2020
02:00
p.m.
Held through video
conference / other
audio-visual means
(Deemed venue - 3rd Floor,
Maker Chambers IV, 222,
Nariman Point,
Mumbai 400 021)
Held through video
conference / other
audio-visual means
(Deemed venue - 3rd Floor,
Maker Chambers IV, 222,
Nariman Point,
Mumbai 400 021)
(i)
Reappointment
of Dr. Shumeet
Banerji as an
Independent Director
No special
resolution was passed.
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)
(ii)
Reappointment of Shri
P. M. S. Prasad as a
Whole-time Director
Reappointment
of Shri Raminder
Singh Gujral as an
Independent Director
Tribunal Convened Meeting
In accordance with the order dated January 28, 2022 passed by the Hon’ble
National Company Law Tribunal (NCLT), Mumbai Bench, the Company convened
meetings of its Equity Shareholders, Secured Creditors and Unsecured Creditors
on March 09, 2022, through video conferencing / other audio visual means,
in compliance with the applicable provisions of the Companies Act, 2013 and
the Listing Regulations, to consider and approve, the Scheme of Arrangement
between Reliance Industries Limited & its shareholders and creditors and
Reliance Syngas Limited & its shareholders and creditors.
Members and Creditors exercised their vote(s) by remote e-voting during the
period from 01:00 p.m. on Friday, March 04, 2022 till 05:00 p.m. on Tuesday, March
08, 2022. Further, the facility for voting through electronic voting system was also
available at the meeting.
235
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited The Scrutiniser submitted his report
on March 10, 2022, after completion
of scrutiny and results of the e-voting
were announced on the same day.
The resolution approving the said
Scheme of Arrangement was passed
with requisite majority.
Voting results of the aforesaid
meetings are available on the website
of the Stock Exchanges and website
of the Company.
Resolution(s) passed through
Postal Ballot
During the year, appointment of
His Excellency Yasir Othman H. Al
Rumayyan as an Independent Director
of the Company was approved by
members of the Company.
Procedure adopted for postal
ballot
In accordance with General Circular
Nos. 14/2020 dated April 8, 2020 and
17/2020 dated April 13, 2020 read with
other relevant circulars, including
General Circular No. 10/2021 dated
June 23, 2021, issued by the Ministry
of Corporate Affairs (“MCA Circulars”),
resolution was proposed to be
passed by means of Postal Ballot,
only by way of remote e-voting
process (“e-voting”). The Company
had engaged the services of KFin
Technologies Limited (formerly known
as KFin Technologies Private Limited)
(“KFin”) as the agency to provide
e-voting facility.
Shri Mehul Modi, a Practising Chartered
Accountant, (Membership No.:
048940), Partner, Deloitte Haskins
& Sells LLP, Chartered Accountants
acted as Scrutiniser for conducting
the Postal Ballot in a fair and
transparent manner.
In accordance with the MCA Circulars,
the Postal Ballot Notice dated
September 18, 2021, was sent only by
electronic mode to those members
whose names appeared in the
Register of Members / List of Beneficial
Owners as on Friday, September
17, 2021 (“Cut-Off Date”) received
from the Depositories and whose
e-mail addresses were registered
with the Company / Depositories.
Instructions for voting by (i) individual
236
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) Shareholders
who have not registered their e-mail
address, were explained in the
Postal Ballot Notice.
Members exercised their vote(s)
by e-voting during the period from
09:00 a.m. on Monday, September
20, 2021 till 05:00 p.m. on Tuesday,
October 19, 2021.
The Scrutiniser submitted his report on
October 21, 2021, after the completion
of scrutiny and result of the e-voting
was announced on the same
day. The summary of voting result
is given below:
Particulars
% of
total
votes
Votes in favour of
the Resolution
98.0384
Votes against
the Resolution
1.9616
Result
Passed
with
requisite
majority
The said resolution was passed with
requisite majority on October 19, 2021.
Voting result of postal ballot is
available on the website of the
Stock Exchanges and website
of the Company.
There is no immediate proposal for
passing any resolution through postal
ballot. However, if required, the same
shall be passed in compliance of
provisions of the Companies Act, 2013,
the Listing Regulations or any other
applicable laws.
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 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 are sent to the Stock Exchanges.
These presentations, video recordings
and transcript of the meetings are
available on the website of the
Company. No unpublished price
sensitive information is discussed
in the meetings 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 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
addresses 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 / SMS
to its shareholders during the year.
This include 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 first call notice as well as
second and final call notice to holders
of partly paid-up rights equity shares
for the payment of call money due on
shares held by them.
In accordance with the SEBI Circular
No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
CIR/2021/655 dated November 03,
Corporate
Overview
Management
Review
Governance
Financial
Statements
2021, the Company has sent letters
to all holders of physical securities of
the Company intimating them the
requirement to furnish valid PAN, KYC
details and Nomination details. Further,
where the mobile numbers of the
concerned shareholders / allottees
were available, the Company has
also sent SMS to them to update their
e-mail address.
Chatbot: State of the art Chatbot
application was deployed, during
the First Call & Second and Final
Call process of Rights Issue and the
Annual General Meeting held in 2021,
to provide instant automated query
resolution / support to the investors
/ shareholders.
NSE Electronic Application
Processing System (NEAPS) / New
Digital Portal: NEAPS is a web-based
application designed by NSE for
corporates. Further, in 2022, NSE has
launched a new digital portal for
filings done with NSE. All periodical
and other compliance filings are
filed electronically on NEAPS / New
Digital Portal.
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
Monday, August 29, 2022 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 August 29, 2022 and
September 3, 2022, 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, 2022 – Fourth
week of July, 2022
September 30, 2022 – Fourth week
of October, 2022
December 31, 2022 – Third week
of January, 2023
March 31, 2023 – Fourth
week of April, 2023
Annual General Meeting – June / July
Listing on Stock Exchanges
Equity Shares
BSE Limited (BSE)
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai - 400 001
Scrip Code – 500325
National Stock Exchange of India
Limited (NSE)
Exchange Plaza, C-1, Block G,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051
Trading Symbol – RELIANCE
ISIN: INE002A01018
During the FY 2021-22, the partly
paid-up equity shares of the
Company were made fully paid-up.
Consequently partly paid-up equity
shares (ISIN - IN9002A01024 and
ISIN - IN9002A01032) cannot be traded.
Global Depository Receipts
(GDRs)
Luxembourg Stock Exchange
35A Boulevard Joseph II,
L-1840, Luxembourg
Overseas Depository
The Bank of New York Mellon
Corporation
240, Greenwich Street, New York,
NY 10286, United States of America
Domestic Custodian
ICICI Bank Limited
Empire Complex, 1st Floor, 414,
Senapati Bapat Marg, Lower Parel
(West), Mumbai - 400 013
Debentures
BSE Limited (BSE)
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai - 400 001
National Stock Exchange of India
Limited (NSE)
Exchange Plaza, C-1, Block G,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051
Bonds
Singapore Exchange Limited
2 Shenton Way, #02-02 SGX Centre 1
Singapore 068804
Luxembourg Stock Exchange
35A Boulevard Joseph II,
L-1840, Luxembourg
India International Exchange
(IFSC) Limited (India Inx)
1st Floor, Unit No. 101, The Signature
Building No.13B, Road 1C, Zone 1, GIFT
SEZ, GIFT CITY, Gandhinagar – 382 355
237
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Commercial Papers
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal
Street, Mumbai - 400 001
Payment of Listing Fees
Annual listing fee for the FY 2022-23
has been paid by the Company to BSE
Limited and National Stock Exchange
of India Limited.
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.
Stock Market Price Data
a. Fully paid-up equity shares
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, 2022,
is ` 63.96 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 FY 2021-22.
The details of the Credit Rating are
mentioned in Management Discussion
and Analysis Report.
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 2021
May 2021
June 2021
July 2021
August 2021
September 2021
October 2021
November 2021
December 2021
January 2022
February 2022
March 2022
National Stock Exchange of India Limited (NSE)
High Price (`)
Low Price (`)
Volume (No.)
High Price (`)
BSE Limited (BSE)
Low Price (`)
Volume (No.)
2,046.90
2,191.70
2,274.90
2,153.55
2,283.75
2,570.00
2,751.35
2,602.20
2,498.50
2,567.30
2,456.40
2,688.00
1,876.70
1,906.00
2,081.00
2,016.25
2,041.15
2,255.00
2,495.00
2,309.00
15,09,93,414
17,27,73,768
23,23,91,973
9,94,14,777
13,01,79,899
15,18,31,805
10,78,87,018
14,82,50,427
2,247.10
13,21,80,849
2,305.00
2,243.00
12,67,10,759
11,58,83,508
2,180.00
14,50,25,237
2,046.10
2,191.50
2,274.50
2,153.00
2,283.00
2,565.00
2,750.00
2,602.10
2,496.00
2,566.50
2,456.00
2,688.00
1,877.60
1,906.50
2,081.10
2,016.60
2,041.00
2,130.00
2,495.85
2,309.40
2,248.00
2,305.05
2,242.50
2,181.00
1,07,96,371
1,13,93,388
1,07,07,303
85,84,891
56,47,303
1,20,91,987
1,39,66,442
77,89,362
66,71,512
83,04,227
1,17,24,907
65,26,204
[Source: This information is compiled from the data available on the websites of BSE and NSE]
b. Partly paid-up equity shares
Month
April 2021
May 2021
June 2021
July 2021
August 2021
September 2021
October 2021
November 2021 *
National Stock Exchange of India Limited (NSE)
High Price (`)
Low Price (`)
Volume (No.)
1,116.20
1,048.90
1,639.00
1,523.00
1,640.35
1,917.00
2,111.20
1,920.00
955.10
963.05
1,458.00
1,388.25
1,402.00
1,616.40
1,851.00
1,666.40
1,47,07,870
96,33,462
1,20,39,405
68,66,556
1,50,45,300
96,10,724
1,16,25,279
68,28,422
High Price (`)
BSE Limited (BSE)
Low Price (`)
Volume (No.)
1,115.65
1,055.00
1,639.00
1,529.00
1,639.20
1,916.75
2,110.00
1,919.00
951.00
963.50
1,452.40
1,388.40
1,416.15
1,611.10
1,856.00
1,800.90
10,75,015
5,64,389
8,21,082
4,52,341
5,30,283
4,35,775
3,99,867
89,409
[Source: This information is compiled from the data available on the websites of BSE and NSE]
* Trading in partly paid-up equity shares has stopped from November 09, 2021.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Share Price Performance in comparison to broad based indices – BSE Sensex and NSE Nifty
as on March 31, 2022
FY 2021-22
2 Years
3 Years
5 Years
10 Years
RIL Share
Performance on BSE
Sensex Performance
RIL Share
Performance on NSE
NIFTY
Performance
31.49%
136.77%
93.24%
299.33%
604.03%
18.30%
98.75%
51.45%
97.73%
236.52%
31.53%
136.57%
93.27%
298.93%
602.04%
18.88%
103.13%
50.25%
90.38%
229.80%
RIL’s share price on BSE and NSE has been adjusted for the FY 2017-18 and earlier years, on account of issue of bonus shares
in the FY 2017-18.
BSE Sensex vs RIL Share Price
BSE SENSEX
RIL
x
e
s
n
e
S
E
S
B
65,000
62,500
60,000
57,500
55,000
52,500
50,000
47,500
45,000
1
2
-
r
p
A
1
2
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a
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1
2
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u
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1
2
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J
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1
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u
A
1
2
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e
S
1
2
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O
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1
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NSE Nifty vs RIL Share Price
NSE NIFTY
RIL
y
t
f
i
N
E
S
N
18,000
17,500
17,000
16,500
16,000
15,500
15,000
14,500
14,000
1
2
-
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A
1
2
-
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1
2
-
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1
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2
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-
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3,000
2,850
2,700
2,550
2,400
2,250
2,100
1,950
1,800
3,000
2,850
2,700
2,550
2,400
2,250
2,100
1,950
1,800
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Registrar and Transfer Agent
KFin Technologies Limited
Selenium Tower B, Plot 31-32,
Gachibowli, Financial District,
Nanakramguda, Hyderabad - 500 032
Toll Free No.: 1800 309 4001 (From 9:00 a.m. to 6:00 p.m.)
Fax: +91 40 67161680
E-mail: rilinvestor@kfintech.com
Website: www.kfintech.com
238
239
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
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, a certificate from a
Company Secretary in Practice,
certifying that all certificates for
transfer, transmission, transposition,
sub-division, consolidation, renewal,
exchange and deletion of names were
issued as required under Regulation
40(9) of the Listing Regulations. The
certificate was duly filed with the
Stock Exchanges.
Shareholding Pattern as on March 31, 2022
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)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Distribution of shareholding by size as on March 31, 2022
Category (Shares)
Upto 500
501 - 1000
1001 - 5000
5001 - 10000
10001 - 20000
Above 20000
Total
* including partly paid-up equity shares
Dematerialisation of Shares
Mode of Holding
NSDL
CDSL
Physical
Total
Holders (Unique)
Shares *
% of total Shares
Total
31,14,015
1,11,051
88,897
7,761
2,993
3,134
33,27,851
19,99,20,000
7,85,92,792
17,49,01,706
5,31,78,453
4,10,73,176
621,83,27,887
676,59,94,014
2.95
1.16
2.59
0.79
0.61
91.91
100.00
% of total shares *
96.03
3.10
0.87
100.00
Sr.
No.
(A)
(1)
(2)
Category of shareholder
Promoter
and Promoter Group
Indian
Foreign
Total Shareholding
of Promoter
and Promoter Group
(B)
Public Shareholding
(1)
(2)
Institutions
Non-institutions
Total
Public Shareholding
(C)
Non-Promoter
Non-Public
(1)
Shares held by
Custodian(s)
against which
Depository Receipts
have been issued
Total shares
held by Non-
Promoter Non-Public
51
-
51
3,32,27,48,048
-
3,32,27,48,048
2,239
2,53,32,80,623
-
-
-
-
3,32,27,48,048
49.11%
-
-
3,32,27,48,048
49.11%
33,25,560
70,12,19,216
10,64,705
70,22,83,921
2,53,32,80,623
37.44%
10.38%
*including partly paid-up equity shares
Build-Up of Equity Share Capital
33,27,799
3,23,44,99,839
10,64,705
3,23,55,64,544
47.82%
The statement showing build-up of equity share capital is available on the website of the Company.
20,76,81,422
3.07%
Financial Year
Date of Dividend Declaration
Dividend per Equity Share of ` 10/- each (`)
Corporate Benefits to Investors
(A) Dividend declared for the last 10 years
1
1
20,76,81,422
20,76,81,422
-
-
20,76,81,422
3.07%
Total (A) + (B) + (C)
33,27,851
6,76,49,29,309
10,64,705
6,76,59,94,014
100.00%
Category-Wise Shareholding (%)
3.07%
10.38%
49.11%
37.44%
Promoter & Promoter Group
Public - Institutions
Public - Non-Institutions
GDR Holders
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
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
June 24, 2021
(B) Bonus issues of fully paid-up equity shares
Financial Year
1980-81
1983-84
1997-98
2009-10
2017-18
Liquidity
8.50
9.00
9.50
10.00
10.50
11.00
6.00
6.50
6.50 (Pro-rata dividend on paid-up value of equity share)
7.00 (Pro-rata dividend on paid-up value of equity share)
Ratio
3:5
6:10
1:1
1:1
1:1
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.
240
241
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited 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.
Relevant data for the average daily turnover for the FY 2021-22 is given below:
Fully paid-up equity shares
Particulars
Shares (Nos.)
Value (` in crore)
BSE
NSE
Total
4,60,500
69,09,369
73,69,869
105.77
1,575.99
1,681.76
Partly paid-up equity shares*
Particulars
Shares (Nos.)
Value (` in crore)
BSE
34,126
4.81
NSE
6,74,664
100.95
Total
7,08,790
105.76
* Trading in partly paid-up equity shares has stopped from November 09, 2021.
[Source: This information is compiled from the data available on the websites of BSE and NSE]
Outstanding Global
Depository Receipts (GDRs)
/ Warrants and Convertible
Bonds, Conversion Date and
likely impact on Equity
GDRs: Outstanding GDRs as on
March 31, 2022 represent 20,76,81,422
equity shares constituting 3.07% 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 in the Indian secondary
markets for cash. To the extent of
shares so sold in 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
242
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
section of the Management Discussion
and Analysis Report.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Exposure of the Company to commodity risks, which are
material is as under:
Commodity
Name
Exposure
towards
the
particular
commodity
(` in crore)
Exposure
in quantity
terms
towards the
particular
commodity
(in 1000
Metric
Ton)
% of such exposure hedged through
commodity derivatives
Domestic
market
International
market
OTC Exchange OTC Exchange*
Total
Crude
2,92,061
Middle Distillates
1,50,574
Light Distillates
Polymer
Petchem
Intermediate
Polyester
Total
89,488
68,100
47,033
28,628
71,381
29,518
15,167
5,903
6,417
2,700
-
-
-
-
-
-
- 14.98
- 47.01
-
-
-
-
7.53
-
0.18
-
6,75,884
1,31,086
30.17
45.15
14.22
61.23
37.54
45.07
Address for Correspondence
For shares held in physical form
KFin Technologies Limited
Selenium Tower B, Plot 31-32,
Gachibowli Financial District,
Nanakramguda, Hyderabad - 500 032
Toll Free No.: 1800 309 4001
(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
1.35
1.53
-
-
Depository Participant(s) of the
investor concerned and / or KFin
Technologies Limited.
*Includes OTC transactions cleared through International Exchanges.
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 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
Plant Locations in India
Oil to Chemicals
DTA Jamnagar Refinery
Village Meghpar / Padana,
Taluka Lalpur, Jamnagar – 361 280,
Gujarat, India
SEZ Jamnagar Refinery
Unit of Reliance Jamnagar SEZ Village
Meghpar / Padana, Taluka Lalpur,
Jamnagar – 361 280, Gujarat, India
Hazira Manufacturing Division
Village Mora, P. O. Bhatha, Surat-Hazira
Road, Surat – 394 510, 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
Patalganga Manufacturing
Division
B-1 to B-5 & A3, MIDC Industrial Area,
Patalganga – 410 220, District Raigad,
Maharashtra, 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
Any query on the Annual
Report
Smt. Savithri Parekh
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
Pursuant to the provisions of Section
124(5) of the Companies Act, 2013 read
with the rules framed thereunder,
the dividend lying in the Unpaid
Dividend Account which remains
unpaid or unclaimed for a period of
seven consecutive years along with
underlying shares are transferred by
the Company to Investor Education
and Protection Fund (IEPF). During the
year, the Company has credited `26.76
crore to IEPF pursuant to the provisions
of the Companies Act, 2013. The
cumulative amount transferred by the
Company to IEPF up to March 31, 2022
is ` 298 crore.
In accordance with the provisions
of the Companies Act, 2013, the
Company has transferred 9,78,201
equity shares of ` 10/- each, to the
credit of IEPF Authority, during the
FY 2021-22, in respect of which dividend
had not been paid or claimed by the
members for seven consecutive years
243
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
or more. The Company has initiated necessary action for transfer of shares in
respect of which dividend has not been claimed since FY 2014-15, consecutively,
by the members.
The Company has uploaded on its website, the details of unpaid and unclaimed
amounts lying with the Company as on March 31, 2022.
Details of shares transferred to IEPF Authority during FY 2021-22 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 IEPF Authority shall remain frozen till
the rightful owner claims the shares.
Last date to claim unclaimed / unpaid dividends before transfer to IEPF, for the
financial year 2014-15 and thereafter, are as under:
Financial Year
Declaration Date
Date to claim before transfer
to IEPF
March 31, 2016
March 31, 2017
March 31, 2018
March 31, 2019
March 31, 2020
March 31, 2021
March 10, 2016
July 21, 2017
July 5, 2018
April 15, 2023
August 26, 2024
August 4, 2025
August 12, 2019
September 11, 2026
July 15, 2020
June 24, 2021
August 14, 2027
July 26, 2028
The last date for claiming unclaimed dividend for the FY2014-15 was July 18, 2022.
The procedure for claiming underlying shares and unpaid / unclaimed dividend
from IEPF Authority is covered in the Shareholders’ Referencer available on the
website of the Company.
Further, in accordance with the IEPF Rules, the Board of Directors have appointed
Smt. Savithri Parekh as Nodal Officer of the Company and Shri Vivin Mally as
Deputy Nodal Officer of the Company for the purposes of verification of claims
of shareholders pertaining to shares transferred to IEPF and / or refund of
dividend from IEPF Authority and for coordination with IEPF Authority. The details
of the Nodal Officer and Deputy Nodal Officer are available on the website
of the Company.
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
No. of shareholders
(phase-wise transfers)
No. of
equity shares
Aggregate number of shareholders and the
outstanding shares in the Unclaimed Suspense
Account lying as on April 1, 2021
Less: Number of shareholders who approached
the Company for transfer of shares
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, 2022
74,804
70,46,162
(1,878)
(2,53,478)
0
0
(1,408)
(68,146)
71,518
67,24,538
The voting rights on the shares in the suspense account shall remain frozen till
the rightful owner claims the shares.
Other Disclosures
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 FY 2021-22, 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 34 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
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 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 filed additional
submissions in the matter. The AO,
vide his order dated September
20, 2021, disposed off the show
cause notice without levy
of any penalty.
(ii)
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
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.
(iii) 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.
(iv) On December 22, 2021, SEBI
issued a show cause notice
inter alia to RIL asking it to show
cause as to why inquiry should
not be held against it in terms
of SEBI (Procedure for Holding
Inquiry and Imposing Penalties
by Adjudicating Officer) Rules,
1995 read with Section 15I of
the Securities and Exchange
Board of India Act, 1992 for
alleged violation of Principle No.
4 under Schedule A – Principles
for Fair Disclosure of UPSI read
with Regulation 8(1) of SEBI
(Prohibition of Insider Trading)
Regulations, 2015 read with
Regulation 30(11) of SEBI (Listing
Obligations and Disclosure
Requirements) Regulations,
2015. The alleged violation, if
established, will make RIL liable
for monetary penalty (of not
less than `1 lakh and which may
extend to maximum of `1 crore)
under Section 15HB of the SEBI Act,
1992. RIL has filed a detailed reply
to this show cause notice.
244
245
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
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.
Compliance of Corporate Governance requirements specified under Regulations 17 to 27 and
Regulation 46(2)(b) to (i) of the Listing Regulations
Sr.
No.
Particulars
Regulation
Compliance
Status
Yes / No / N.A.
Key Compliance observed
1
Board of Directors
17
Yes
• 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
2
3
4
5
6
Maximum Number
of Directorships
Audit Committee
Nomination and
Remuneration Committee
17A
Yes
• Directorships in listed entities
18
19
Yes
Yes
• Composition
• Meetings and quorum
• Chairperson present at Annual General Meeting
• Role of the Committee
• Composition
• Meetings and quorum
• Chairperson present at Annual General Meeting
• Role of the Committee
• Composition
• Meetings and quorum
Stakeholders
Relationship Committee
20
Yes
Risk
Management Committee
• Role of the Committee
• Composition
21
Yes
• Meetings and quorum
• Role of the Committee
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
Corporate
Overview
Management
Review
Governance
Financial
Statements
Sr.
No.
Particulars
Regulation
Compliance
Status
Yes / No / N.A.
Key Compliance observed
8
Related party transactions
23
Yes
9
Subsidiaries of
the Company
24
Yes
• Policy on Materiality of related party transactions and dealing
with related party transactions
• Prior approval including omnibus approval of Audit Committee for
related party transactions
• Quarterly 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 and of material unlisted
subsidiaries incorporated in India
10
Secretarial Audit
24A
Yes
• Secretarial Audit Report of the Company and of material
subsidiaries are annexed with the Annual Report of the Company
11
Obligations with respect to
Independent Directors
12
Obligations with respect
to employees including
Senior Management,
Key Managerial Persons,
Directors and Promoters
13
Other Corporate
Governance requirements
• Annual Secretarial Compliance Report
• Tenure of Independent Directors
• Meetings of Independent Directors
25
Yes
• Familiarisation of Independent Directors
• Appointment and cessation 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
26
Yes
• 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
27
Yes
• Filing of quarterly, half-yearly and yearly compliance report on
Corporate Governance
• Terms and conditions of appointment of Independent Directors
• Composition of various Committees of the Board of Directors
14
Website
46(2)(b)
to (i)
• Code of Conduct of Board of Directors and Senior
Management Personnel
• Details of establishment of Vigil Mechanism /
Yes
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
Particulars
Policies and Codes
Values and Behaviours
Code of Conduct
Our Code
Familiarisation Programme for
Independent Directors
Website link
https://www.ril.com/DownloadFiles/IRStatutory/VB.pdf
https://www.ril.com/DownloadFiles/IRStatutory/Code-of-Conduct.pdf
https://www.ril.com/DownloadFiles/IRStatutory/ourcode.pdf
https://www.ril.com/InvestorRelations/Downloads.aspx
Remuneration Policy for Directors, Key
Managerial Personnel and other employees
https://www.ril.com/DownloadFiles/IRStatutory/Remuneration-Policy-
for-Directors.pdf
• Chairperson present at Annual General Meeting
Weblinks for the matters referred in this Report are as under:
246
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Particulars
Website link
Policy for selection of Directors and
determining Directors’ independence
https://www.ril.com/DownloadFiles/IRStatutory/Policy-for-Selection-of-Directors.pdf
Policy for determining Material Subsidiaries
https://www.ril.com/DownloadFiles/IRStatutory/Material-Subsidiaries.pdf
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
https://www.ril.com/DownloadFiles/IRStatutory/Policy-on-Materiality-of-RPT.pdf
https://www.ril.com/DownloadFiles/IRStatutory/MaterialityPolicy.pdf
Vigil Mechanism and Whistle-Blower Policy
https://www.ril.com/DownloadFiles/IRStatutory/Vigil-Mechanism-and-Whistle-
Blower-Policy.pdf
Anti-Bribery & Anti-Corruption Policy
https://www.ril.com/DownloadFiles/IRStatutory/RIL-Anti-bribery-and-Anti-
corruption-Policy.pdf
Reports
Quarterly, Half-yearly and Annual Financial
Results (from 2002 to 2022)
Presentation to institutional investors and
analysts (from 1999 to 2022)
https://www.ril.com/InvestorRelations/FinancialReporting.aspx
https://www.ril.com/InvestorRelations/FinancialReporting.aspx
Annual Report (from 1976 to 2022)
https://www.ril.com/InvestorRelations/FinancialReporting.aspx
Chairman’s Communication
(from 2002 to 2022)
https://www.ril.com/InvestorRelations/Chairman-Communication.aspx
Sustainability Reports
https://www.ril.com/Sustainability/CorporateSustainability.aspx
Shareholders’ 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 and Sweat Equity)
Regulations, 2021 as on March 31, 2022
Details of unpaid and unclaimed amounts
lying with the Company as on date of last
Annual General Meeting (i.e. June 24, 2021)
and details of shares transferred to IEPF
during FY 2021-22
Build-up of Equity Share Capital
https://www.ril.com/OurCompany/Leadership/BoardOfDirectors.aspx
https://www.ril.com/OurCompany/Leadership/BoardCommittees.aspx
https://www.ril.com/DownloadFiles/IRStatutory/ESOS-2006-Disclosure-2021-22.pdf
https://www.ril.com/DownloadFiles/IRStatutory/ESOS-2017-Disclosure-2021-22.pdf
https://www.ril.com/InvestorRelations/ShareholdersInformation.aspx
https://www.ril.com/DownloadFiles/IRStatutory/Build-up-of-Equity-
Share-Capital.pdf
Shareholders’ Referencer
https://www.ril.com/DownloadFiles/IRForms/Shareholders-Referencer.pdf
Investor Contacts
https://www.ril.com/InvestorRelations/Investor-Contacts.aspx
Certificate of Non-
Disqualification of Directors
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 FY 2021-22.
Mukesh D. Ambani
Chairman and Managing Director
May 06, 2022
Corporate
Overview
Management
Review
Governance
Financial
Statements
Certificate of Non-Disqualification of Directors
(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
Maharashtra, India.
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Reliance
Industries Limited having CIN L17110MH1973PLC019786 and 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 ended 31 March 2022, have been debarred or disqualified from being appointed or continuing as Director by
the Securities and Exchange Board of India, the Ministry of Corporate Affairs or any such other Statutory Authority.
Sr. No. Name of Director
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Mukesh Dhirubhai Ambani
Dipak Chand Jain
Raghunath Anant Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Shumeet Banerji
Arundhati Bhattacharya
Veerayya Chowdary Kosaraju
Nita Mukesh Ambani
Nikhil Rasiklal Meswani
Hital Rasiklal Meswani
Madhusudana Sivaprasad Panda
Pawan Kumar Kapil
His Excellency Yasir Othman H. Al Rumayyan
DIN
00001695
00228513
00074119
06646490
07175393
02787784
02011213
08485334
03115198
00001620
00001623
00012144
02460200
09245977
Date of appointment
in the Company
01.04.1977
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
19.07.2021
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: 6 May 2022
UDIN: F001370D000282893
Peer Review Certificate No. : 1206/2021
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited CEO / CFO Certificate
Under Regulation 17(8) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015
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, 2022 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
May 06, 2022
Corporate
Overview
Management
Review
Governance
Financial
Statements
Secretarial Audit Report of Material Subsidiaries
Secretarial Audit Report of Jio Platforms Limited
For the Financial Year ended March 31, 2022
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Jio Platforms Limited
Office - 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi
Ahmedabad - 380006
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and adherence to good
corporate practices by Jio Platforms Limited [CIN: U72900GJ2019PLC110816] (hereinafter called the ‘Company’) for the
financial year ended March 31, 2022 (hereinafter called the ‘period under audit ’). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the Company’s corporate conducts/statutory compliances
and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and provided to us through access to the Company’s in-house portal as also the information
provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we
hereby report that in our opinion, the Company has, during the period under audit, 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.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the audit period according to the provisions of:
i.
ii.
iii.
The Companies Act, 2013 (“the Act”) and the Rules framed thereunder;
The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; and
Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of Foreign
Direct Investment and Overseas Direct Investments.
iv. The Securities Contracts (Regulation) Act, 1956 and the Rules framed thereunder;
We have also examined compliance by the Company with the applicable clauses of the Secretarial Standard on Meetings
of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company
Secretaries of India.
During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Standards, etc.
mentioned above.
During the period under audit, provisions of the following Acts, Rules and Regulations were not applicable to the Company:
i.
Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent they relate to
External Commercial Borrowings;
ii.
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992:-
a)
The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Act and dealing with clients;
b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
c) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
d) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; *
e) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
f)
The Securities and Exchange Board of lndia (lssue of Capital and Disclosure Requirements) Regulations, 2018;
g) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
h) The Securities and Exchange Board of lndia (Delisting of Equity Shares) Regulations, 2021; and
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
i)
The Securities and Exchange Board of lndia (Buyback of Securities) Regulations, 2018.
* The Company being a material subsidiary of Reliance Industries Limited (“RIL”) as defined in Regulation 16(1)(c)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, certain employees
of the Company have been categorised as “Designated Persons” and are covered by the RIL’s Code of Conduct
framed under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, of RIL.
iii. The Company has not entered into any listing agreements with the stock exchanges.
We further report that -
The Board of Directors of the Company is duly constituted with proper balance of Non-Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under
audit were carried out in compliance with the provisions of the Act.
Adequate notices were given to all directors of the Company of the schedule of the Meetings of the Board (including
Meetings of Committee), except where consent of the directors was received for scheduling meeting at a shorter notice.
Agenda and detailed notes on agenda were also sent to all the directors of the Company at least seven days in advance,
except where consent of directors was received for circulation of the Agenda and notes on Agenda at a shorter notice. A
system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and
for ensuring meaningful participation by the directors at the meetings.
All decisions at the Meetings of the Board and its Committee 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.
We further report that there are adequate systems and processes in the Company commensurate with its size and
operations to monitor and ensure compliance with the applicable laws, rules, regulations and guidelines.
We further report that during the period under audit, no specific events/actions which have a major bearing on the
Company’s affairs have taken place, in pursuance of the above referred laws, rules, regulations and standards except
for the following:
1.
2.
3.
Board of Directors of the Company at their meeting held on 12th October 2021, have approved the incorporation of two
Wholly Owned Subsidiaries of the Company for carrying on the business of communication services including satellite
based communication services. Necessary steps are in progress for such incorporation.
On 17th November 2021, the Company allotted 40,00,000 Equity Shares at pari passu ranking of face value Rs. 10/- each
to JPL ESOS 2020 Trust amounting to total Rs. 4,00,00,000.
On 04th January 2022, the Company allotted 33,40,000 Equity Shares at pari passu ranking of face value Rs. 10/- each to
JPL ESOS 2020 Trust amounting to total Rs. 3,34,00,000.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure A
To,
The Board of Directors / Members,
Jio Platforms Limited
Office - 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi
Ahmedabad - 380006
Re: Secretarial Audit Report of even date is to be read along with this letter.
1.
2.
Maintenance of secretarial records is the responsibility of the management. Our responsibility is to express an opinion
on these secretarial records based on our audit.
We 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. We believe that the process and practices, we followed provide a
reasonable basis for our opinion.
3.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4.
5.
6.
Wherever required, we have obtained management representation about the compliance of laws, rules and
regulations and happening of events, etc.
The compliance of the provisions or corporate and other applicable laws, rules, regulations, standards, is the
responsibility of management. Our examination was limited to the verification of procedures on test-check basis.
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For BNP & Associates
Company Secretaries
[Firm Regn. No. P2014MH037400]
PR No. 637/2019
Kalidas Ramaswami
Partner
FCS: 2440 / CP No. 22856
UDIN : F002440D000273073
Place: Mumbai
Date: 5th May 2022
For BNP & Associates
Company Secretaries
[Firm Regn. No. P2014MH037400]
PR No. 637/2019
Kalidas Ramaswami
Partner
FCS: 2440 / CP No. 22856
UDIN : F002440D000273073
Place: Mumbai
Date: 5th May 2022
Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part
of this report.
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Secretarial Audit Report of Reliance Jio Infocomm Limited
For The Financial Year Ended 31st March, 2022
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial personnel) Rules, 2014]
To,
The Members
Reliance Jio Infocomm Limited,
Office – 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi
Ahmedabad - 380 006
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by Reliance Jio Infocomm Limited, (CIN: U72900GJ2007PLC105869) (hereinafter called the
‘Company’) for the financial year ended March 31, 2022 (‘period under audit’’). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the Company’s corporate conducts/statutory compliances and for
expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained and provided to us through access to the Company’s in-house portal and also the information provided
by the Company, its officers, agents and authorized representatives, during the conduct of Secretarial Audit, we hereby
report that in our opinion, the Company has, during the period under audit, 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.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the period under audit according to the provisions of:
(i) The Companies Act, 2013 (“the Act”) and the Rules made thereunder;
(ii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iii) The Securities Contracts (Regulation) Act, 1956 and the Rules made thereunder;
(iv) The Foreign Exchange Management Act, 1999 and the Rules/ Regulations made thereunder to the extent of Overseas
Direct Investments and External Commercial Borrowings;
(v) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
(vi) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ;
(vii) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
We have also examined compliance by the Company with the applicable clauses of the Secretarial Standard on Meetings
of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company
Secretaries of India.
During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Standards, as
mentioned above
We have also examined, on test-check basis, the relevant documents and records maintained by the Company according
to the following laws applicable specifically to the Company:
1.
The Indian Telegraph Act, 1885;
2. The Indian Wireless Telegraphy Act, 1933;
3.
The Telecom Regulatory Authority of India Act, 1997;
4. The Information Technology Act, 2000
5.
The Aadhaar and Other Laws (Amendment) Act, 2019
Based on such examination and having regard to the compliance system prevailing in the Company, we report that, the
Company has complied with the provisions of the above laws during the audit period.
Corporate
Overview
Management
Review
Governance
Financial
Statements
During the period under audit, provisions of the following acts, rules and regulations were not applicable to the Company:
1.
Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder with respect to Foreign
Direct Investment .
2.
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 :
(a) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
relating to the Companies Act, 2013 and dealing with clients;
(b) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(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 and Sweat Equity) Regulations, 2021;
(e) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021;
(f) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Director, Non-Executive
Directors and Independent Directors and there were no changes in the composition of the Board of Directors
during the period.
Adequate notice was given to all directors of the Company of the schedule of the meetings of the Board (including
meetings of the Committees) except where consent of directors was received for shorter notice. Agenda and detailed
notes on Agenda were also sent to all the directors of the Company at least seven days in advance , except where consent
of directors was received for circulation of the Agenda and notes on Agenda at a shorter notice. A system exists for
seeking and obtaining further information and clarifications on the agenda items before the meetings and for meaningful
participation by the directors at the meetings.
All decisions at the meetings of the Board and the meetings of the Committees 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.
We further report that there are adequate systems and processes in the Company, which are commensurate with its size
and operations , to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the period under audit, the following specific events / actions having major bearing on the
Company’s affairs have taken place in pursuance of the above referred laws, rules, regulations and standards:
(i)
(ii)
During the year under review, the Commercial Papers (CPs) issued by the Company were listed on BSE Limited in
accordance with the provisions of SEBI Operational Circular bearing No : SEBI/HO/DDHS/P/CIR/2021/613 dated August 10,
2021. As on March 31, 2022, CPs amounting to Rs. 18,150 crores were listed on BSE Limited.
During the year under review , the Company has issued and allotted on Private Placement basis 50,000 – 6.20%
Unsecured Redeemable Non-Convertible Debentures (PPD 17 or “NCDs”) on Private Placement basis 50,000 – 6.20%
NCDs (PPD17) of face value of Rs. 10 lakh each, for cash, at par, aggregating to Rs. 5,000 crore and these NCDs are listed
on BSE Limited and The National Stock Exchange of India Limited.
For BNP & Associates
Company Secretaries
[FRN: P2014MH037400]
PR No : 637/2019
Kalidas Ramaswami
Partner
FCS No :2440/ CP No 22856)
(UDlN: F002440D000278584)
Date: May 06, 2022
Place: Mumbai
Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part
of this report.
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Annexure A
To,
The Members,
Reliance Jio Infocomm Limited
Office – 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi
Ahmedabad - 380006
Re: Secretarial Audit Report of even date is to be read along with this letter.
1.
2.
Maintenance of secretarial records is the responsibility of the Management. Our responsibility is to express an opinion
on the secretarial records based on our audit.
We have followed the audit practices and processes as were considered 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. We believe that the process and practices, we followed
provide a reasonable basis for our opinion.
3.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4.
5.
6.
Wherever required, we have obtained Management representation about the compliance of laws, rules and
regulations and happening of material events, etc.
The compliance of the provisions or corporate and other applicable laws, rules, regulations, standards, is the
responsibility of the Management. Our examination was limited to the verification of procedures on test-check basis.
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.
For BNP & Associates
Company Secretaries
[FRN: P2014MH037400]
PR No : 637/2019
Kalidas Ramaswami
Partner
FCS No :2440/ CP No 22856)
(UDlN: F002440D000278584)
Date: May 06, 2022
Place: Mumbai
Corporate
Overview
Management
Review
Governance
Financial
Statements
Secretarial Audit Report of Reliance Retail Limited
For the Financial Year ended March 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel), Rules, 2014]
To,
The Members,
Reliance Retail Limited
3rd Floor, Court House
Lokmanya Tilak Marg
Dhobi Talao
Mumbai- 400 002
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Reliance Retail Limited (“the Company”). Secretarial Audit was conducted in a manner that provided us
a reasonable basis for evaluating the corporate conducts/ statutory compliances and expressing our opinion thereon.
Management’s responsibility
The Management along with the Board of Directors are responsible for ensuring that the Company complies with the provisions of
all applicable laws and maintains the required statutory records and documents in the prescribed manner.
Auditor’s responsibility
Based on audit, our responsibility is to express an opinion on the compliance with the applicable laws and maintenance
of records by the Company. We conducted our audit in accordance with the auditing standards CSAS 1 to CSAS 4 (“CSAS”)
prescribed by the Institute of Company Secretaries of India. These standards require that the auditor complies with statutory and
regulatory requirements and plans and performs the audit to obtain reasonable assurance about compliance with applicable
laws and maintenance of records.
Due to the inherent limitations of an audit including internal, financial and operating controls, there is an unavoidable risk that
some misstatements or material non-compliances may not be detected, even though the audit is properly planned and
performed in accordance with the CSAS.
Basis for Opinion
We 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 basis to ensure that correct facts are reflected in the
secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
Opinion
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and provided either as scanned copies by email or through permitted access to the Company’s in-house
portal and also the information provided by the Company, its officers, agents and authorized representatives during the conduct
of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial
year ended on March 31, 2022 (“the Financial Year”), 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:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for
the Financial Year 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- Not Applicable to the Company
during the Audit Period;
iii)
The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv)
Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Overseas
Direct Investment;
v)
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
a)
b)
c)
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011- Not
Applicable to the Company during the Audit Period;
The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 - Not
Applicable to the Company during the Audit Period;
Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (up to August 12, 2021) and The
Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (with effect
from August 13, 2021) - Not Applicable to the Company during the Audit Period;
256
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
d)
e)
f)
g)
h)
i)
Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (up to August 15, 2021) -
Not Applicable to the Company during the Audit Period;
The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (with effect
from August 16, 2021)- Not Applicable to the Company during the Audit Period;
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;
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (up to June 9, 2021) & The
Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (with effect from June 10, 2021) – Not
Applicable to the Company during the Audit Period; and
The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 - Not Applicable to the Company
during the Audit Period.
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 - Not Applicable to the
Company during the Audit Period;
We have also examined compliance with the applicable clauses of the following:
i)
Secretarial Standards issued by The Institute of Company Secretaries of India;
ii)
The Listing Agreements entered into by the Company with Stock Exchange(s) and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, - Not Applicable to the Company during the Audit Period;
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that, the Company has identified the following laws as specifically applicable to the Company:
i)
The Food Safety and Standards Act, 2006 and Rules;
ii)
The Legal Metrology Act 2009 and Rules;
iii)
State Agriculture Produce Marketing Act;
iv)
The Bureau of Indian Standards Act, 2016;
v)
The Trade Marks Act, 1999
We further report that-
The Board of Directors of the Company is constituted comprising Executive Director, Non-Executive Directors, Independent
Directors and Woman Director. There were no changes in the composition of the Board of Directors that took place during the
period under review.
Adequate notice was given to all directors of the Company of the meetings of the Board (including meetings of the Committees),
except where consent of directors was received for shorter notice. With the consent of the directors, the agenda and detailed
notes on agenda for the Board meetings (including meetings of the Committees), were sent less than seven days before the date
of the respective meeting(s).
We further report that the Company has devised a system which enables the directors to seek and obtain further information
and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
All decisions made at Board Meetings and Committee Meetings have unanimous consent of directors (excluding the directors
who are concerned or interested in specific items) as recorded in the minutes of the meetings of the Board of Directors or
Committees of the Board, as the case may be.
We further report that having regard to the compliance system prevailing in the Company and as per explanations
and management representations obtained and relied upon by us the Company has adequate systems and processes
commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules,
regulations and guidelines.
For Shashikala Rao & Co.
Company Secretaries
ICSI Unique Code: P2010MH067400
PR 845/2020
Shashikala Rao
Partner
FCS 3866 CP No 9482
UDIN F003866D000276182
Place: Mumbai
Date: May 05, 2022
258
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure to the Secretarial Audit Report
To,
The Members,
Reliance Retail Limited
Our report of even date is to be read along with this letter:
1.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
2.
3.
Wherever required, we have obtained a Management Representation about the compliance of laws, rules and
regulations and happening of events, etc.
The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For Shashikala Rao & Co.
Company Secretaries
ICSI Unique Code: P2010MH067400
PR 845/2020
Shashikala Rao
Partner
CP No 9482
UDIN F003866D000276182
FCS 3866
Place: Mumbai
Date: May 05, 2022
259
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Secretarial Audit Report of Reliance Retail Ventures Limited
For The Financial Year Ended 31st March, 2022
[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 Retail Ventures Limited
CIN: U51909MH2006PLC166166
4th Floor, Court House,
Lokmanya Tilak Marg,
Dhobi Talao,
Mumbai- 400002
We have conducted the Secretarial Audit of the compliance with applicable statutory provisions and the adherence to
good corporate practices by Reliance Retail Ventures Limited (hereinafter called the “Company”) for the Financial Year
ended 31st March, 2022. Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating
the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and furnished to us through access to the Company’s in-house portal and also the
information provided by the Company, its officers, agents and authorized representatives during the conduct of
secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial
year ended on 31st March 2022, 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:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on 31st March, 2022 according to the provisions of:
Corporate
Overview
Management
Review
Governance
Financial
Statements
h.
The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018
i.
The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (with
effect from 16th August, 2021)
j.
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
vi.
Framework/ Operational Circular for Issue and Listing of Commercial Papers issued by Securities and Exchange Board
of India including amendments thereto
The Management of the Company has confirmed that there are no laws identified which are specifically applicable
to the Company.
We have also examined compliance with the applicable Standards/Regulations of the following:
(i)
Secretarial Standards with regard to Meeting of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The
Institute of Company Secretaries of India;
(ii)
The Listing Agreements entered into by the Company with the Stock Exchanges : Applicable to the extent of
Commercial Papers listed during the period under review.
During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that: -
• The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors including a Woman Director and Independent Directors. No changes in the composition of the Board of
Directors took place during the period under audit.
• Adequate notice is given to all Directors of the schedule of the Board Meetings (including Committees Meetings) except
where consent of directors was received for shorter notice. Agenda and detailed notes on agenda were also sent
atleast seven days in advance, except where consent of directors was received for circulation of the Agenda and notes
on Agenda at a shorter notice. A system exists for seeking and obtaining further information and clarifications on the
agenda items before the meeting and for meaningful participation by the directors at the meeting.
• As recorded in the Minutes of Board/Committee Meetings, all decisions of the Board and Committees thereof were
The Companies Act, 2013 (‘the Act’) and the rules made thereunder;
i.
ii.
The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder - Not Applicable as the
Securities of the Company are not listed on any Stock Exchange.
carried out unanimously.
iii.
The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv.
The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings : Not Applicable to the extent of
External Commercial Borrowings;
v.
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’) : are not applicable as the Securities of the Company are not listed on any Stock Exchange;
a.
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011-
except to the extent of being an ‘acquirer’ as defined , of a listed entity;
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;
The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (up to 12th August,
2021) and The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 (with effect from 13th August, 2021);
The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (up to
15th August, 2021);
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;
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (up to 9th June, 2021)
and The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (with effect from
10th June, 2021)
d.
e.
f.
g.
260
We further report that based on review of compliance mechanism established by the Company and on the basis of the
Compliance Certificate(s) issued by the Company Secretary based on the certificates issued by functional heads and
taken on record by the Board of Directors at their meeting(s), we are of the opinion that there are adequate systems and
processes in place which commensurate with size and operations of the Company, to monitor and ensure compliance
with all applicable laws, rules, regulations and guidelines.
We further report that during the financial year under audit, the following were the event/actions which occurred,
having a major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines,
standards, etc:
• Members of the Company at the Annual General Meeting held on 29th September 2021 have pursuant to Section 180(1)
(a) of the Act, passed a Special Resolution for Sale/ lease/ transfer. or otherwise disposing of logistics infrastructure
assets of the company to a special purpose vehicle which would house the logistics infrastructure assets catering to
the requirements of business of the Company, subsidiaries and associates which is proposed to be owned by SEBI
Registered Infrastructure Investment Trust set up by the Company as the sponsor under SEBI (Infrastructure Investment
Trusts) Regulations, 2014
• Members of the Company at the Extraordinary General Meeting held on 3rd March 2022 passed a Special Resolution and
increased the limits to make loans, investments and give guarantees etc upto ` 1,00,000 crore (Rupees One Lac crore) ,
outstanding at any point of time
• The equity shareholders, at NCLT convened meeting held on 30th November 2021, pursuant to NCLT order dated 18th
October 2021, approved with requisite majority, a Composite Scheme of Arrangement between Future Enterprises
Limited and the Company and their respective shareholders and creditors for the transfer and vesting of logistics and
warehousing undertaking to the Company from Future Enterprises Limited as a going concern on a slump sale basis on
terms and conditions as set out in the said Scheme.
261
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Further as informed, the Future Group companies involved in the Composite Scheme of arrangement conducted the
meetings of their shareholders and their creditors in April 2022. The results of voting on the Composite Scheme were
intimated to the Stock Exchanges by Future Retail Limited ( FRL) and other listed companies involved in the Scheme. As
per these results, the shareholders and unsecured creditors of FRL have voted in favour of the said Composite Scheme.
But the Secured Creditors of FRL have voted against the said Composite Scheme. in view thereof, the said Composite
Scheme of Arrangement cannot be implemented.
• The Company has issued Commercial Papers and listed the same on BSE Limited pursuant to Circulars issued by SEBI.
• The Company has completed acquisition and control of Just Dial Limited , a listed Company by acquiring 66.96% of its
paid up share capital.
The Report is to be read with our letter of even date which is annexed as Annexure A hereto and forms an integral part
of this report.
For S. N. ANANTHASUBRAMANIAN & Co.
Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 606/2019
Aparna Gadgil
Partner
ACS: 14713| COP No.: 8430
ICSI UDIN:A014713D000277514
6th May, 2022 I Thane
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure A
To,
The Members,
Reliance Retail Ventures Limited
CIN: U51909MH2006PLC166166
4th Floor, Court House,
LokmanyaTilak Marg,
Dhobi Talao,
Mumbai- 400002
Our Secretarial Audit Report for the financial year ended 31st March 2022 of even date is to be read along with this letter.
Management’s Responsibility
1.
It is the responsibility of the management of the Company to maintain secretarial records, devise proper systems
to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are
adequate and operate effectively.
Auditor’s Responsibility
2.
3.
4.
5.
6.
Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the
Company with respect to secretarial compliances.
We have conducted the Audit as per the applicable Auditing Standards issued by the Institute of Company
Secretaries of India.
We believe that audit evidence and information obtained from the Company’s management is adequate and
appropriate for us to provide a basis for our opinion.
Wherever required, we have obtained reasonable assurance about whether the statements prepared, documents or
Records, in relation to Secretarial Audit, maintained by the Auditee, are free from misstatement.
Wherever required, we have obtained the management’s representation about the compliance of laws, rules and
regulations and happening of events, etc
Disclaimer
7.
We have conducted our Audit remotely, based on the records and information made available to us through
electronic platform by the Company, due to Covid 19 pandemic induced lockdown and restrictions in place, for the
purpose of issuing this report.
8.
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
9.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
For S. N. ANANTHASUBRAMANIAN & Co.
Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 606/2019
Aparna Gadgil
Partner
ACS: 14713| COP No.: 8430
ICSI UDIN:A014713D000277514
6th May, 2022 I Thane
262
263
Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
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, 2022, referred to in
paragraph 1 above.
Other matters and Restriction on Use
10.
11.
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.
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
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Reg. number: 324982E/E300003
per T P Ostwal
Partner
Membership No.: 030848
UDIN: 22030848AIMQME5858
Place: Mumbai
Date: May 6, 2022
per Vikas Kumar Pansari
Partner
Membership No.: 093649
UDIN: 22093649AIMNVY3491
Place: Mumbai
Date: May 6, 2022
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 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) and (t) of regulation 46(2) and para C and D of Schedule V of the
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, 2022. 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.
3.
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.
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.
5.
6.
7.
8.
Our responsibility is to provide a reasonable assurance in the form of an opinion whether the Company has complied
with the conditions of Corporate Governance as stipulated in the Listing Regulations.
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.
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.
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 include 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.
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.
264
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Corporate Governance ReportIntegrated Annual Report 2021-22Reliance Industries Limited Board’s Report
Corporate
Overview
Management
Review
Governance
Financial
Statements
Dear Members,
The Board of Directors present the Company’s Forty-fifth Annual Report (Post- IPO) and the Company’s audited financial
statements for the financial year ended March 31, 2022.
Financial Results
The Company’s financial performance (standalone and consolidated) for the year ended March 31, 2022 is
summarised below:
Standalone
Consolidated
2021-22
`
crore
US$
million*
2020-21
`
crore
US$
million*
2021-22
`
crore
US$
million*
2020-21
`
crore
US$
million*
Profit Before Tax (Before Exceptional Items)
46,786
6,173
22,908
3,133
81,306
10,727
49,819
Current Tax
Deferred Tax
787
6,915
104
912
-
-
3,161
417
(2,205)
4,732
647
13,136
1,733
483
6,814
(302)
66
Profit For The Year (Before Exceptional Items)
Exceptional Items (net of tax) ^
39,084
5,157
27,640
3,780
65,009
8,577
48,097
6,578
-
-
4,304
589
2,836
374
5,642
772
Profit For The Year
39,084
5,157
31,944
4,369
67,845
8,951
53,739
7,350
Net Profit attributable to Non-Controlling Interest
-
-
-
-
(7,140)
(942)
(4,611)
Net Profit Attributable to Owners of the Company
39,084
5,157
31,944
4,369
60,705
8,009
49,128
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)/from Debenture Redemption Reserve
Transferred (to)/from Special Economic Zone
Reinvestment Reserve
80,977
-
-
-
-
41,893
6,937
14,146
3,141
1,96,059
27,073
32,972
-
-
32,416
4,434
-
-
-
259
-
34
(728)
1,18,170
16,163
12,094
78,506
11,944 2,57,023
35,116 1,99,542
27,549
-
-
-
-
(115)
(33,217)
(4,543)
-
-
-
(524)
(15)
-
(69)
-
41
(128)
(18)
(4,135)
(546)
525
72
(4,135)
(546)
525
Dividend on Equity Shares
Closing Balance
(4,297)
(567)
(3,921)
(536)
(4,297)
(567)
(3,921)
(536)
72,545
10,981
41,893
6,937 2,47,952
33,919 1,96,059
27,073
Figures in brackets represent deductions.
* 1 US$ = ` 75.7925 Exchange Rate as on March 31, 2022 (1 US$ = `73.11 as on March 31, 2021).
^ Refer Note 32 of the Standalone Financial Statement and Note 31 of the Consolidated Financial Statement.
# Refer Note 15 of the Standalone and Consolidated Financial Statements.
Results of operations and
the state of Company’s
affairs
Highlights of the Company’s
financial performance for
the year ended March 31,
2022 are as under:
Standalone
• Value of sales and services was
` 4,66,425 crore (US$ 61.5 billion)
• Exports for the year was ` 2,54,970
crore (US$ 33.6 billion)
• EBITDA for the year was ` 66,185 crore
(US$ 8.7 billion)
• Cash Profit for the year was ` 56,275
crore (US$ 7.4 billion)
• Net Profit for the year was at ` 39,084
crore (US$ 5.2 billion)
266
Consolidated
• Value of sales and services was
` 7,92,756 crore (US$ 104.6 billion)
• EBITDA for the year was ` 1,25,687
crore (US$ 16.6 billion)
• Cash Profit for the year was ` 1,10,778
crore (US$ 14.6 billion)
• Net Profit for the year was at ` 67,845
crore (US$ 9.0 billion)
Dividend
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 available on the
Company’s website and can be
accessed at https://www.ril.com/
DownloadFiles/IRStatutory/Dividend-
Distribution-Policy.pdf
The Board of Directors has
recommended a dividend of ` 8/-
(Rupees eight only) per equity share of
` 10/- (Ten rupees) each fully paid-up
of the Company (last year ` 7 per
equity share of ` 10/- each). Dividend
is subject to approval of members at
the ensuing Annual General Meeting
Details of material
changes from the end of
the financial year
The continuance of corona virus
(COVID-19) pandemic globally
and in India is causing significant
(631)
6,719
4,766
(99)
-
6
72
disturbance and slowdown of
economic activity. The operations
and revenue were impacted due
to COVID-19. During the year under
review, there is no significant impact
of COVID-19 on the operations
of the Company.
Material events during the
year under review
Receipt of First call and
Second and Final call on
partly paid-up equity shares
issued on Rights Basis
During the FY 2020-21, the Company
had issued and allotted 42,26,26,894
partly paid-up equity shares of ` 10/-
each, on rights basis, 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.
During the year under review, the First
Call of ` 314.25 per partly paid-up
equity share was payable from May
17, 2021 to May 31, 2021. The Second and
Final call of ` 628.50 per partly paid-
up equity share was payable from
November 15, 2021 to November 29,
2021. An amount of ` 81 crore, towards
call money, is yet to be received as on
March 31, 2022.
The funds received pursuant to
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 and general
corporate purposes.
Issue of Senior Unsecured
Notes
During the year under review, the
Company has issued fixed rate senior
unsecured notes for an aggregate
amount of US$ 4 billion across three
tranches. The proceeds from the
issuance of the Notes have been
utilised primarily for refinancing of
existing borrowings, in accordance
with the applicable law.
Scheme of Arrangement
between the Company and
Reliance Syngas Limited
The Board of Directors of the
Company had approved the
Scheme of Arrangement between
(i) the Company & its shareholders
and creditors and (ii) Reliance
Syngas Limited & its shareholders
and creditors (“Gasification
Scheme”). The Gasification Scheme,
inter alia, provides for transfer of the
Gasification undertaking (as defined
in the Gasification Scheme) from
the Company to Reliance Syngas
Limited, a wholly owned subsidiary
of the Company, as a going concern
on slump sale basis for a lump
sum consideration on the terms
and conditions as detailed in the
Gasification Scheme.
The Gasification Scheme
was approved by:
a.
b.
the Shareholders and
Creditors of the Company on
March 9, 2022; and
the Hon’ble National Company
Law Tribunal, Mumbai Bench
and Ahmedabad Bench on
March 30, 2022.
Receipt of fourth tranche on
partly paid listed unsecured
redeemable non-convertible
debentures (PPD Series-IA)
The Appointed Date of the Gasification
Scheme is March 31, 2022 and the
Gasification Scheme became
effective from April 4, 2022.
During the year under review, the
Company received payment of 4th
tranche, aggregating ` 250 crore,
from the holders of PPD Series IA. The
said funds have been utilised for
repayment of existing borrowings
and other purposes in the ordinary
course of business.
Withdrawal of the Scheme
of Arrangement between the
Company and Reliance O2C
Limited
During the year under review, the
Company and Saudi Aramco mutually
determined that it would be beneficial
for both the parties to re-evaluate the
proposed investment in O2C business
in light of the changed context, due
to evolving nature of the Company’s
business portfolio.
The Board of Directors of the Company
had on November 19, 2021, approved
withdrawal of the Scheme of
Arrangement between the Company
and Reliance O2C Limited (“O2C
Scheme”) from Hon’ble National
Company Law Tribunal (“NCLT”). NCLT,
Mumbai Bench has vide its order
dated December 3, 2021 approved the
withdrawal of the O2C Scheme.
Reclassification of Reliance
Industrial Infrastructure
Limited
Reliance Industrial Infrastructure
Limited was reclassified from the
category of ‘Promoter Group’ of the
Company to ‘Public’.
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 an
all-time-high revenue & profit, driven
by highest ever store sales and
sustained growth momentum in
digital & new commerce. The business
ensured continuity of operations and
safety of its employees and their
families through double vaccination.
The business strengthened its
competencies across brands, supply
267
Integrated Annual Report 2021-22Reliance Industries Limited chain and technology, through a
number of acquisitions and formed
strategic relationships with key players
and market innovators.
The business achieved a revenue of
` 1,99,749 crore and an all-time-high
EBITDA of ` 12,423 crore for the
FY 2021-22 as operating environment
returned to near normalcy.
Digital Services
Digital services segment achieved
revenue of ` 1,00,161 crore, an
increase of 10.9% Y-o-Y and EBITDA
of ` 40,268 crore, a growth of 18.3%
Y-o-Y. Customer engagement on
the Jio network increased further
with average per capita data and
voice usage at 19.7 GB and 968
minutes per month for the quarter
ended March 2022.
Jio’s network carried almost 10% of
the global mobile data traffic in 2021,
and Jio continues to remain the
broadband network of choice with
over 50% share of India’s data traffic,
thereby underlining the ‘Jio effect’ on
the digital ecosystem in India. Jio was
the digital lifeline during the continuing
pandemic and over 130 million new
users joined the network on a gross
basis during FY 2021-22.
Reliance Jio Infocomm Limited (RJIL)
has now also become the largest fiber
broadband provider with over 5 million
connected homes with an average
data usage of almost 300 GB per
home per month. Jio has continued
to rollout last mile infrastructure at an
elevated pace and now has almost 20
million homes passed on its network.
Jio’s consumer platforms include apps
and services in Media, Commerce,
Education, Financial Services, IoT
offering personalized content in easily
discoverable format with intuitive UI.
Leveraging its technology investments
and customer engagement, Jio
has indigenously developed and
launched consumer applications
and use cases. Jio’s in-house R&D
team, with over 9,000 technical
and research professionals, has
innovated and developed leading
technology platforms spanning 5G
stack, Cloud and Edge Compute,
Devices & Operating Systems,
268
Blockchain, IoT, Mixed Reality, AI / ML,
Secure Identity and Natural Language
Processing, among others.
Media and Entertainment
The business posted highest ever
consolidated operating profit and
margins with continued improvement
in news business profitability and
strong margins in entertainment
business. This was despite the
challenging business environment
at the beginning and end of the year
due to the pandemic wave and global
macro events, respectively. During the
FY 2021-22, Network18 reported value
of services of ` 6,831 crore (growth
of 25.1% Y-o-Y) and an all-time-high
EBITDA of ` 1,080 crore (growth of 35.7%
Y-o-Y). The improvement in profitability
is a result of strong operating
performance driving revenue growth
across businesses, accompanied by
continued cost controls.
Oil to Chemicals
The Oil to Chemicals (O2C) business
delivered strong performance on the
back of recovery in global demand,
robust global economic recovery,
rising vaccination rates and easing
social distancing measures. In
FY 2021-22, the Company remained
among the largest producers of
transportation fuels, exporting 34.7
MMT of products across the globe to
meet most stringent US specifications.
The downstream products also
delivered robust growth, surpassing
its pre-pandemic level business
performance on the back of leveraging
high level of integration from feedstock
to finished goods, strong global
business networks, multi-modal
logistics capabilities and enhanced
digital capability with all stakeholders
across the value chain.
Overall production meant for sale
increased from 63.6 MMT to 68.2
MMT. The business achieved near full
capacity utilisation despite several
waves of COVID-19 and also processed
10 new crudes during the year.
Revenues for the O2C business
increased by 56.5% on account of
increase in crude prices and higher
volumes. The segment performance
was primarily driven by better
transportation fuel cracks due to
robust consumption on improved
road mobility as COVID restrictions
eased and increasing international
travel with more countries re-opening
their borders. During the FY 2021-22,
O2C business reported revenue
of ` 5,00,900 crore and EBITDA of
` 52,722 crore.
Oil and Gas (Exploration &
Production)
Revenue for Oil and Gas (Exploration
& Production) business for the year
increased by 250.1% Y-o-Y to ` 7,492
crore primarily due to ramp-up of gas
production from KG D6 and improved
price realization. EBITDA for the year,
sharply increased to ` 5,457 crore,
with EBITDA margin of 72.8%. Satellite
Cluster Field was commissioned
in April 2021, two months ahead of
schedule despite COVID-19 challenges.
All five wells have been opened, tested
and ramped up, achieving a peak
production of 6 MMSCMD. Together,
the R Cluster and Satellite Cluster fields
are currently producing ~18.9 MMSCMD
and contributing ~20% of India’s
domestic gas production.
During the year, Reliance Eagleford
Upstream Holding, LP (REUHLP) a wholly
owned step-down subsidiary of the
Company, signed an agreement with
Ensign Operating III, LLC to divest its
interest in certain upstream assets in
the Eagleford shale play of Texas, USA.
With this transaction, the Company
has divested all its shale gas assets
and exited from the shale gas
business in the US.
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”)
Corporate
Overview
Management
Review
Governance
Financial
Statements
and the 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.
Subsidiaries, Joint
Ventures and Associate
Companies
During the year under review,
companies listed in Annexure I 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/
ar2021-22/pdf/RIL-Integrated-Annual-
Report-2021-22.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/
InvestorRelations/Downloads.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
Reliance Retail Limited, Jio Platforms
Limited, Reliance Jio Infocomm
Limited and Reliance Retail Ventures
Limited are material subsidiaries
of the Company, as per the
Listing Regulations.
Secretarial Standards
Corporate Governance
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)
b)
c)
d)
e)
f)
in the preparation of the annual
accounts for the year ended
March 31, 2022, 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;
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, 2022 and of the
profit of the Company for the year
ended on that date;
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;
the Directors have prepared
the annual accounts on a
going concern basis;
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
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.
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
In accordance with 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/BRR2021-22.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 under review, 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
269
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited 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
Golden Peacock Award for Corporate
Social Responsibility 2021, CII DX
Award 2021 under ‘Innovation in CSR
through Digital Transformation,’ Award
for Corporate Leadership in ESG
(Environmental, Social & Governance)
from The CSR Journal- Excellence
Awards 2021, World Summit Awards
2021 for providing digital solutions
through its Machli App and the Best
Vaccine Programme by a Private
Hospital at the India Today Healthgiri
awards among others.
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 under review, the
Company spent ` 813 crore (around
2.21% of the average net profits of last
three financial years) on CSR activities.
The Annual Report on CSR activities
including summary of Impact
Assessment Report is annexed
herewith and marked as Annexure II
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)
b)
overseeing and approving the
Company’s enterprise wide risk
management framework; and
ensuring that all material
Strategic and Commercial
including Cybersecurity, Safety
and Operations, Compliance,
Control and Financial risks have
been identified and assessed
and ensuring that all 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 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)
b)
c)
Management reviews and
self-assessment;
Continuous controls monitoring by
functional experts; and
Independent design and
operational testing by the Group
Internal Audit function.
be accessed at https://www.ril.com/
DownloadFiles/IRStatutory/Policy-on-
Materiality-of-RPT.pdf.
During the year under review,
the Policy on Materiality of
Related Party Transactions and
on dealing with Related Party
Transactions was amended to
align it with the amendments in the
Listing Regulations.
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 34 of 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 5.75 crore people covering
more than 50,600 villages and several
urban locations across India.
The Company continues its endeavor
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 8.5 crore meals
provided under Mission Anna Sewa;
over 1.4 crore masks were distributed
under Mission COVID-19 Suraksha and
free fuel support was provided to over
70,000 emergency vehicles. Medical
oxygen production was ramped up
270
Corporate
Overview
Management
Review
Governance
Financial
Statements
The Company believes that these
systems provide reasonable
assurance that the Company’s
internal financial controls are
adequate and are operating
effectively as intended.
Directors and Key
Managerial Personnel
In accordance with the provisions of
the Act and the Articles of Association
of the Company, Shri Hital R. Meswani
and Smt. Nita M. Ambani, 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.
Shri Yogendra P. Trivedi joined the
Board of the Company in 1992 and
the Board has benefitted from his
sage counsel for nearly 30 years. He
demitted office as a Director of the
Company from the conclusion of the
44th Annual General Meeting held on
June 24, 2021, due to health reasons.
He was the Chairman of three Board
committees viz. Audit Committee,
Corporate Social Responsibility
and Governance Committee
and Stakeholders’ Relationship
Committee and was also a member
of Human Resources, Nomination and
Remuneration Committee. The Board
places on record its deepest gratitude
and appreciation towards valuable
contribution made by Shri Yogendra P.
Trivedi to the growth and governance
of the Company during his tenure as a
Director of the Company.
The Board of Directors on the
recommendation of the HRNR
Committee has appointed His
Excellency Yasir Othman H. Al
Rumayyan as an Independent Director
w.e.f. July 19, 2021 and the shareholders
have approved the appointment for a
period upto July 18, 2024. In the opinion
of the Board, he possesses requisite
expertise, integrity and experience
(including proficiency).
Shri K. Sethuraman is associated
with the Company since 1979 and
was appointed as Group Company
Secretary and Chief Compliance
Officer of the Company in 2011.
Shri K. Sethuraman has demitted his
office as Group Company Secretary
and Chief Compliance Officer of the
Company with effect from close of
business hours of October 22, 2021. He
is presently designated as President
- Group Corporate Secretarial and
Governance. The Board places
on record it’s appreciation to
the contribution made by Shri K.
Sethuraman for laying a strong
foundation of compliance during
his association of more than four
decades. In his new role he will act
as a mentor for developing next
generation leaders and will oversee
the group corporate secretarial and
governance matters of the Company
and it’s subsidiary companies.
Smt. Savithri Parekh was appointed
as Joint Company Secretary and
Compliance Officer on March 29,
2019 and on the recommendation
of the HRNR Committee, the Board
has designated her as the Company
Secretary and Compliance Officer of
the Company w.e.f. October 22, 2021.
Dr. Raghunath A. Mashelkar and
Prof. Dipak C. Jain will be completing
their second term of office, as
Independent Directors of the
Company, on July 20, 2022.
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)
b)
Policy for selection of Directors
and determining Directors’
independence; and
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 https://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 includes 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 Chairman, 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.
271
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited 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 FY 2017-18.
However, options granted under
ESOS–2006, but pending to be
exercised, continued to be governed
by ESOS-2006. As on March 31, 2022,
there were no outstanding options
under 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”).
The above Schemes are in line with the
SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations,
2021 (“SBEB Regulations”). The
details as required to be disclosed
under the SBEB Regulations can
be accessed at https://www.ril.
com/DownloadFiles/IRStatutory/
ESOS-2006-Disclosure-2021-22.
pdf and https://www.ril.com/
DownloadFiles/IRStatutory/ESOS-2017-
Disclosure-2021-22.pdf
Auditors and Auditors’
Report
Auditors
S R B C & CO LLP, Chartered
Accountants and D T S & Associates
LLP, Chartered Accountants will
complete their present term on
conclusion of the ensuing Annual
General Meeting.
The Auditors’ Report does not contain
any qualification, reservation, adverse
remark or disclaimer. The Notes
on financial statement referred
to in the Auditors’ Report are self-
explanatory and do not call for any
further comments.
The Board has recommended the
appointment of Deloitte Haskins &
Sells LLP, Chartered Accountants and
Chaturvedi & Shah LLP, Chartered
Accountants, as Auditors of the
Company, for a period from the
conclusion of forty-fifth Annual
General Meeting till the conclusion
of fiftieth Annual General Meeting
of the Company.
Deloitte Haskins & Sells LLP and
Chaturvedi & Shah LLP have confirmed
their eligibility and qualification
required under the Act for holding the
office as Auditors of the Company.
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 FY 2022-23 under Section 148 of
the Act read with the Companies (Cost
Records and Audit) Rules, 2014:
i.
ii.
iii.
iv.
v.
vi.
Textiles Business –
Kiran J. Mehta & Co;
Chemicals Business – Diwanji
& Co., K.G. Goyal & Associates,
V.J. Talati & Co., Suresh D. Shenoy,
Shome & Banerjee and Dilip
M. Malkar & Co.;
Polyester Business – V.J. Talati
& Co., Suresh D. Shenoy,
V. Kumar & Associates and
K.G. Goyal & Associates;
Electricity Generation – Diwanji &
Co. and Kiran J. Mehta & Co.;
Petroleum Business –
Suresh D. Shenoy;
Oil & Gas Business – V.J. Talati &
Co. and Shome & Banerjee; and
vii.
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.
The Secretarial Audit Report for the
financial year ended March 31, 2022
is annexed herewith and marked
as Annexure III to this Report. The
Secretarial Audit Report does not
contain any qualification, reservation,
adverse remark or disclaimer.
Disclosures
Meetings of the Board
Five Meetings of the Board of
Directors were held during the year.
The particulars of the meetings held
and attendance of each Director
are detailed in the Corporate
Governance Report.
Audit Committee
During the year under review,
Shri Yogendra P. Trivedi demitted
office as a Director of the Company
and consequently ceased to be
the chairman and member of
the Audit Committee. The Audit
Committee presently comprises
Shri Raminder Singh Gujral (Chairman),
Dr. Raghunath A. Mashelkar, Shri Adil
Zainulbhai and Shri K. V. Chowdary.
All the recommendations made
by the Audit Committee were
accepted by the Board.
Human Resources,
Nomination and
Remuneration (HRNR)
Committee
During the year under review,
Shri Yogendra P. Trivedi demitted
office as a Director of the Company
and consequently ceased to be a
Corporate
Overview
Management
Review
Governance
Financial
Statements
member of the HRNR Committee.
The HRNR Committee presently
comprises Shri Adil Zainulbhai
(Chairman), Dr. Raghunath A.
Mashelkar, Shri Raminder Singh
Gujral, Dr. Shumeet Banerji and
Shri K. V. Chowdary.
Corporate Social
Responsibility and
Governance (CSR&G)
Committee
During the year under review,
Shri Yogendra P. Trivedi demitted
office as a Director of the Company
and consequently ceased to be the
chairman and member of the CSR&G
Committee. The CSR&G Committee
presently comprises
Dr. Raghunath A. Mashelkar
(Chairman), Shri Nikhil R. Meswani and
Dr. Shumeet Banerji.
Stakeholders’ Relationship
(SR) Committee
During the year under review,
Shri Yogendra P. Trivedi demitted
office as a Director of the Company
and consequently ceased to be
the chairman and member of the
SR Committee. The SR Committee
presently comprises Shri K. V.
Chowdary (Chairman), Smt. Arundhati
Bhattacharya, Shri Nikhil R. Meswani
and Shri Hital R. Meswani.
Details of composition of other
committees are given in the Corporate
Governance Report.
Vigil Mechanism and
Whistle-blower Policy
The Company has established
a robust Vigil Mechanism and a
Whistle-blower policy in accordance
with the provisions of the Act and
the Listing Regulations. Ethics &
Compliance Task Force (ECTF)
comprising an Executive Director,
General Counsel, Group Controller
and Group Corporate Secretarial and
Governance has been established
which oversees and monitors the
implementation of ethical business
practices in the Company. The task
force evaluates incidents of suspected
or actual violations of the Code of
Conduct and reports them to the Audit
Committee every quarter.
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 (Please refer Note
2, 3, 7, 10, 34 and 40 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 IV to this Report.
Annual Return
The Annual Return of the Company
as on March 31, 2022 is available on
the Company’s website and can be
accessed at https://www.ril.com/
DownloadFiles/IRStatutory/Annual-
Return-2021-22.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
272
273
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited 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
May 06, 2022
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure I
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:
1.
Companies / Bodies Corporate which became subsidiaries during the financial year
2021-22:
Sr. No. Name of the Company / Bodies Corporate
1.
2.
3.
7-India Convenience Retail Limited
Stoke Park Limited
Reliance New Energy Limited (Formerly known as Reliance New Energy Solar Limited)
4.
Reliance New Solar Energy Limited
5.
6.
7.
Kutch New Energy Projects Limited (Formerly known as Reliance Solar Projects Limited)
Reliance Storage Limited
Reliance New Energy Storage Limited
8.
Reliance New Energy Carbon Fibre Cylinder Limited
9.
Reliance International Limited
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Reliance New Energy Hydrogen Electrolysis Limited
Reliance New Energy Power Electronics Limited
Reliance Carbon Fibre Cylinder Limited
Reliance Power Electronics Limited
Addverb Technologies Private Limited
Addverb Technologies Pty Limited
Addverb Technologies B.V.
Addverb Technologies PTE Limited
Aaidea Solutions Limited (Formerly known as Aaidea Solutions Private Limited)
Vasyerp Solutions Private Limited
20.
Reliance New Energy Hydrogen Fuel Cell Limited
21.
Strand Life Sciences Private Limited
22.
Reliance Hydrogen Fuel Cell Limited
23.
Reliance Hydrogen Electrolysis Limited
24.
Just Dial Limited
25.
JD International Pte. Ltd.
26.
Just Dial Inc.
27. MYJD Private Limited
28.
Reliance Ritu Kumar Private Limited (Formerly known as Ritika Private Limited)
29.
Ritu Kumar ME (FZE) [Formerly known as Ritu Kumar ME (FZC)]
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
Jio Space Technology Limited
Jio Satellite Communications Limited
Reliance Syngas Limited
Jaisuryas Retail Ventures Private Limited
Amante India Private Limited (Formerly known as MAS Brands India Private Limited)
Intimi India Private Limited
MAS Brands Exports (Private) Limited
MAS Brands Lanka (Private) Limited
Enercent Technologies Private Limited
Kalanikethan Silks Private Limited
Kalanikethan Fashions Private Limited
Addverb Technologies USA Inc.
Tira Beauty Limited
REC Solar Holdings AS
REC Solar Pte. Ltd
REC Scanmodule Sweden AB
274
275
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited Sr. No. Name of the Company / Bodies Corporate
Annexure II
Corporate
Overview
Management
Review
Governance
Financial
Statements
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
REC Solar (Japan) Co., Ltd
REC Solar EMEA GmbH
REC US Holdings, Inc.
REC Solar Norway AS
REC Systems (Thailand) Co., Ltd
REC Trading (Shanghai) Co., Ltd
REC Solar France
REC Americas LLC
Nilgiris Stores Limited
Foodhall Franchises Limited
Faradion Limited
Faradion UG
Future Lifestyles Franchisee Limited
Abraham and Thakore Exports Private Limited
2.
Companies / Bodies Corporate which ceased to be subsidiaries during the financial year
2021-22:
Sr. No. Name of the Company / Bodies Corporate
1
2
3
4
5
6
eDreams Edusoft Private Limited *
Hamleys Global Holdings Limited #
The Hamleys Group Limited #
Scrumpalicious Limited #
Luvley Limited #
Radisys Poland sp. Z.o.o. #
* Merged with Indiavidual Learning Limited
# Dissolved / Liquidated
3.
There are no Companies/ Bodies Corporate which became / ceased to be Joint Venture or Associate during the
FY 2021-22.
For and on behalf of the Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
May 06, 2022
Annual Report on Corporate Social Responsibility (CSR) activities for the financial
year 2021-22
1.
Brief outline on CSR Policy of the Company
Refer Section: Corporate Social Responsibility (CSR) in the Board’s Report
2. Composition of CSR Committee
SI.
No.
1
2
3
Name of Director
Designation/ Nature of Directorship
Dr. Raghunath A. Mashelkar *
Chairman (Non-Executive Director)
Shri Nikhil R. Meswani
Dr. Shumeet Banerji
Member (Executive Director)
Member (Non-Executive Director)
Number of
meetings of CSR
Committee held
during the year
Number of
meetings of
CSR Committee
attended during
the year
4
4
4
4
4
4
* During the year, Shri Yogendra P. Trivedi demitted office as a Director of the Company (effective from the conclusion of the 44th Annual General
Meeting (Post IPO) held on June 24, 2021), and accordingly, ceased to be the Chairman and member of the Committee. With effect from
June 30, 2021, Dr Raghunath A. Mashelkar was appointed as the Chairman of the Committee. Shri Yogendra P. Trivedi has attended all the
Committee meetings held till June 24, 2021.
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
CSR projects approved by the Board
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)
https://www.ril.com/OurCompany/
Leadership/BoardCommittees.aspx
https://www.ril.com/DownloadFiles/
IRStatutory/CSR-Policy.pdf
https://www.ril.com/DownloadFiles/
IRStatutory/CSR-Projects-2021-22.pdf
The Company has carried out Impact
Assessment through an Independent
third party and the summary of the
reports are attached.
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
2020-21
2019-20
2018-19
Total
(` in crore)
Amount available
for set-off from
preceding
financial years
Amount required
to be set-off for
the financial year,
if any
38 Not applicable *
34 Not applicable *
38 Not applicable *
110
Not applicable *
* 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:
36,827 crore
737 crore
Nil
Nil
737 crore
Total Amount
spent for the
Financial Year
` 813 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
Not Applicable
Not Applicable
Amount Unspent (` in crore)
276
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Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
8.
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
SI.
No.
Name of the
Project
Education
1
Promoting
Institution
of Eminence
- Jio Institute
Total
Item from
the list of
activities in
Schedule VII
to the Act
Local
area
(Yes/
No)
Location of the Project
Project
duration*
State
District
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
Implementation
- Direct (Yes/
No)
Mode of Implementation -
Through Implementing Agency
Name
CSR Registration
number
Clause (ii)
Promoting
education
Yes Maharashtra Raigad
15 Years
142
142
-
No
Reliance Foundation
Institution of
Education and Research
CSR00000624
142
142
* Project duration is from the year of commencement of the project.
** Represents budget for the financial year 2021-22
8.
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(5)
(6)
(7)
(8)
Location of the Project
State
District
Amount
spent for
the project
(` in crore)
Mode of
Implementation
- Direct (Yes/No)
Mode of Implementation -
Through Implementing Agency
Name
CSR Registration
number
(4)
Local
area
(Yes/
No)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Note 1
Note 2
Maharashtra
Raigad
Note 3
Gujarat
Jamnagar, Hazira,
Vadodara
Note 4
Note 5
9
13
12
6
5
14
1
Yes
Maharashtra
Mumbai
114
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Maharashtra
Tamil Nadu
Mumbai
Madurai
Note 6
Note 7
Gujarat
Maharashtra
Jamnagar
Mumbai
Note 8
Note 9
Note 10
2
3
4
109
222
5
16
No
No
Yes
No
Yes
No
Yes
No
No
No
Yes
Yes
No
Yes
No
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Direct
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
(1)
SI.
No.
(2)
(3)
Name of the Project
Item from the list
of activities in
Schedule VII to
the Act
Education
1
2
3
4
Scholarship and
Education Support
Reliance Foundation Schools
Infrastructure development for
primary schools, aanganwadi
and other initiatives at
manufacturing sites
Other Initiatives
including Programme
Partnerships
Health
5
6
7
8
9
Preventive and Public
Healthcare Initiatives
Drishti Corneal transplant
and other initiatives for
visually impaired
Medical Relief and
Assistance Programme
COVID-19 -
Mission Covid Suraksha
Other Initiatives
including Programme
Partnerships
Clause (ii)
Promoting
education
Clause (i)
Promoting health
care including
preventive
health care
278
Corporate
Overview
Management
Review
Governance
Financial
Statements
(2)
(3)
(1)
SI.
No.
Name of the Project
(5)
(6)
(7)
(8)
Location of the Project
State
District
Amount
spent for
the project
(` in crore)
Mode of
Implementation
- Direct (Yes/No)
Mode of Implementation -
Through Implementing Agency
Name
CSR Registration
number
Rural Transformation
10
11
12
Sustainable
Livelihoods Programme
Development of Rural
Infrastructure and other Rural
Development initiatives
Drinking Water Supply and
other Rural Development
Programmes at
manufacturing sites
13
Other Initiatives including
Programme Partnerships
Disaster Response
14
COVID-19 Relief -
Mission Anna Sewa
15
COVID-19 - Relief Support
Sports for Development
16
Promoting Grassroot Sports
17
Other Initiatives including
Programme Partnerships
Other Initiatives
18
Promoting Sustainable
Environment, Arts and Culture
(4)
Local
area
(Yes/
No)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Item from the list
of activities in
Schedule VII to
the Act
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
Clause (xii)
disaster
management,
including relief,
rehabilitation and
reconstruction
activities
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,
(iii) promoting
gender equality,
empowering
women, setting
up homes and
hostels for women
and orphans;
Note 11
Gujarat
Delhi
Maharashtra
Gujarat
Maharashtra
Andhra
Pradesh
Jamnagar
New Delhi
Mumbai
Jamnagar,
Surat, Vadodara,
Raigad
East Godavari
Note 12
Note 13
Gujarat
Maharashtra
Delhi
Ahmedabad, Rajkot
Mumbai
New Delhi
Gujarat
Maharashtra
Jamnagar
Mumbai
Note 14
Note 15
Yes
Maharashtra
Mumbai, Thane
Yes
Maharashtra
Odisha
Mumbai
Khordha
Yes
Gujarat
Ahmedabad,
Narmada
Yes
Maharashtra
Mumbai
Yes
Punjab
Maharashtra
Hoshiarpur
Mumbai
No
No
Yes
No
No
Yes
Yes
No
No
No
No
Yes
No
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Direct
Direct
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Reliance Foundation
CSR00000623
Reliance Foundation Youth
Sports CSR00000365
Direct
Reliance Foundation
CSR00000623
Yes
Direct
40
13
7
9
21
11
*
2
2
3
22
2
4
*
671
Total
* denotes amount less than ` 50 lakhs
Note 1:
Andaman & Nicobar: Port Blair, Andhra Pradesh: Chittoor, East Godavari, Kadapa, Krishna, Vizianagaram, West Godavari, Assam:
Kamrup, Nagaon, Sonitpur, Bihar: Bhagalpur, Bhojpur, Gaya, Gopalganj, Munger, Nalanda, Patna, Chandigarh: Chandigarh,
Chhattisgarh: Durg, Korba, Mungeli, Delhi: East Delhi, New Delhi, South Delhi, South West Delhi, West Delhi, Goa: North Goa, South
Goa, Dadra and Nagar Haveli and Daman and Diu: Dadra and Nagar Haveli, Daman, Gujarat: Ahmedabad, Amreli, Anand, Aravali,
Banaskantha, Bharuch, Bhavnagar, Botad, Chhota Udepur, Dahod, Devbhumi Dwarka, Gandhinagar, Gir Somnath, Jamnagar,
Junagadh, Kachchh, Kheda, Mahisagar, Mehsana, Morbi, Narmada, Navsari, Panchmahal, Patan, Porbandar, Rajkot, Sabarkantha,
Surat, Surendranagar, Tapi, Vadodara, Valsad, Haryana: Ambala, Bhiwani, Fatehabad, Gurugram, Hisar, Jind, Kaithal, Mahendragarh,
Palwal, Panchkula, Himachal Pradesh: Hamirpur, Kangra, Kullu, Shimla, Solan, Una, Jammu & Kashmir: Anantnag, Baramulla,
Budgam, Jammu, Srinagar, Jharkhand: Bokaro, Hazaribagh, Pakur, Ramgarh, Ranchi, Karnataka: Bagalkot, Bengaluru, Dakshina
279
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited Kannada, Dharwad, Hassan, Tumakuru, Kerala: Kollam, Kottayam, Kozhikode, Malappuram, Palakkad, Thrissur, Madhya Pradesh:
Bhopal, Dhar, Indore, Seoni, Sheopur, Shivpuri, Maharashtra: Mumbai, Ahmednagar, Akola, Amravati, Aurangabad, Beed, Bhandara,
Buldhana, Chandrapur, Dhule, Gadchiroli, Gondia, Hingoli, Jalgaon, Jalna, Kolhapur, Latur, Nagpur, Nanded, Nandurbar, Nashik,
Osmanabad, Palghar, Parbhani, Pune, Raigad, Ratnagiri, Sangli, Satara, Sindhudurg, Solapur, Thane, Wardha, Washim, Yavatmal,
Manipur: Churachandpur, Meghalaya: East Jaintia Hills, Mizoram: Aizawl, Kolasib, Nagaland: Dimapur, Kohima, Odisha: Bhadrak,
Dhenkanal, Jajpur, Kalahandi, Keonjhar, Khordha, Sundargarh, Puducherry: Puducherry, Punjab: Amritsar, Bathinda, Gurdaspur,
Hoshiarpur, Jalandhar, Mansa, Rupnagar, Rajashthan: Dungarpur, Jodhpur, Alwar, Bharatpur, Bhilwara, Jaipur, Karauli, Pali, Rajsamand,
Sikkim: Gangtok, Gyalshing, Tamil Nadu: Chennai, Tiruvallur, Coimbatore, Cuddalore, Erode, Madurai, Namakkal, Thanjavur, Tiruppur,
Telangana: Hyderabad, Medak, Nizamabad, Rangareddy, Warangal, Tripura: North Tripura, West Tripura, Uttar Pradesh: Amroha,
Barabanki, Gautam Budhha Nagar, Hardoi, Lucknow, Maharajganj, Mathura, Mirzapur, Pratapgarh, Raebareli, Saharanpur, Shamli,
Uttarakhand: Dehradun, Nainital, Pauri Garhwal, West Bengal: Bankura, Bardhaman, Hooghly, Howrah, Kalimpong, Kolkata, Malda,
North 24 Parganas, Purba Medinipur, Uttar Dinajpur
Note 2: Dadra and Nagar Haveli and Daman and Diu: Silvassa, Gujarat: Surat, Bharuch, Jamnagar, Vadodara, Maharashtra: Nagpur, Mumbai
Note 3:
Gujarat: Ahmedabad, Karnataka: Bengaluru, Madhya Pradesh: Bhopal, Odisha: Bhadrak, Tamil Nadu: Chennai, Delhi: New Delhi,
Kerala: Ernakulam, Haryana: Gurugram, Telangana: Hyderabad, West Bengal: Kolkata, Uttar Pradesh: Lucknow, Maharashtra:
Mumbai, Pune
Note 4: Karnataka: Bengaluru, Gujarat: Gandhinagar, Uttar Pradesh: Mathura, Varanasi, Maharashtra: Mumbai
Note 5: Gujarat: Rajkot, Bhuj, Jamnagar, Tamil Nadu: Chennai, Rajasthan: Banasbara, Haryana: Sonipat
Note 6:
Gujarat: Surat, Haryana: Jhajjar, Madhya Pradesh: Anuppur, Maharashtra: Mumbai, Raigad, Punjab: Hoshiarpur, Uttar Pradesh:
Ghazipur
Note 7: Gujarat: Jamnagar, Vadodara, Surat, Maharashtra: Patalganga, Nagothane, Punjab: Hoshiarpur, Andhra Pradesh: East Godavari
Note 8:
Andhra Pradesh: Amaravati, Assam: Dispur, Chattisgarh: Raipur, Delhi: New Delhi, Goa: Panaji, Gujarat: Ahmedabad, Gandhinagar,
Jamnagar, Chandigarh: Chandigarh, Himachal Pradesh: Shimla, Jammu and Kashmir: Jammu, Jharkhand: Ranchi, Karnataka:
Mysore, Kerala: Thiruvananthapuram, Madhya Pradesh: Bhopal, Gwalior, Maharashtra: Ahmednagar, Mumbai, Nagpur, Pune, Raigad,
Thane, Mizoram: Aizawl, Odisha: Bhubaneshwar, Rajasthan: Jaipur, Tamil Nadu: Chennai, Telangana: Hyderabad, Tripura: Agartala,
Uttar Pradesh: Lucknow, Uttarakhand: Dehradun, West Bengal: Kolkata
Note 9: Rajasthan: Jaipur, Gujarat: Bharuch, Ahmedabad, Surat, Delhi: New Delhi
Note 10: Delhi: New Delhi, Gujarat: Ahmedabad, Jamnagar, Surat, Madhya Pradesh: Betul, Annupur, Maharashtra: Thane, Mumbai, Uttar
Pradesh: Bareilly, Lucknow, Tamil Nadu: Chennai, Haryana: Faridabad, Rajasthan: Jaipur
Note 11: Andhra Pradesh: Kurnool, East Godavari, Vizianagaram, Visakhapatnam, Nellore, Guntur, West Godavari, Anantapur, Bihar: Purnia,
Patna, Bhagalpur, Chhattisgarh: Rajnandgaon, Raipur, Narayanpur, Durg, Balod, Goa: North Goa, Gujarat: Rajkot, Aravalli, Patan,
Bharuch, Ahmedabad, Junagadh, Gir Somnath, Sabarkantha, Kutch, Anand, Jharkhand: Deoghar, Ranchi, Palamu, Sahibganj,
Karnataka: Bidar, Gadag, Udupi, Raichur, Kerala: Ernakulam, Malappuram, Kozhikode, Madhya Pradesh: Chhindwara, Mandla,
Bhopal, Panna, Seoni, Barwani, Hoshangabad, Rewa, Indore, Jabalpur, Maharashtra: Mumbai, Parbhani, Aurangabad, Yavatmal,
Nagpur, Amravati, Kolhapur, Ratnagiri, Washim, Akola, Buldhana, Palghar, Solapur, Odisha: Balangir, Bhadrak, Angul, Ganjam,
Khordha, Dhenkanal, Puducherry: Puducherry, Punjab: Mohali, Bathinda, Ludhiana, Rajasthan: Sawai Madhopur, Banswara, Udaipur,
Kota, Jhalawar, Tamil Nadu: Chennai, Pudukkottai, Madurai, Nagapattinam, Dindigul, Kanyakumari, Thanjavur, Ramanathapuram,
Telangana: Nizamabad, Khammam, Warangal, Asifabad, Kamareddy, Nalgonda, Tripura: West Tripura, Gomati, Uttar Pradesh:
Lucknow, Varanasi, Balrampur, Uttarakhand: Uttarkashi, Rudraprayag, Deharadun, Nainital, Haridwar, West Bengal: Kolkata, Nadia,
Birbhum, Purba Bardhaman, North 24 Parganas
Note 12: Gujarat: Bharuch, Surat, Haryana: Jhajjar, Jharkhand: East Singhbhum, Madhya Pradesh: Anuppur, Bhopal, Maharashtra: Palghar,
Raigad
Note 13: Andhra Pradesh: Chittoor, Maharashtra: Mumbai, Uttar Pradesh: Ghazipur, Delhi: New Delhi, Madhya Pradesh: Hoshangabad,
Puducherry: Puducherry
Note 14: Maharashtra: Mumbai, Nashik, Thane, Osmanabad, Rajasthan: Banswara, Bundi, Sawai Madhopur, Tamil Nadu: Thanjavur, Theni,
Tiruvallur, Tiruvarur, Tiruchirappalli, Thoothukudi, Vellore, Virudhunagar, Telengana: Nizamabad, Warangal, Tripura: South Tripura,
Uttarakhand: Chamoli, Dehradun, Rudraprayag, Uttarkashi, West Bengal: Bankura, Birbhum, Darjeeling, East Midnapore, Hooghly,
Howrah, Jalpaiguri, Malda, Nadia, North 24 Parganas, Purulia, South 24 Parganas, South Dinajpur
Note 15: Gujarat: Gandhinagar, Karnataka: Bengaluru, Kerala: Wayanad, Thiruvanantapuram, Maharashtra: Raigad, Mumbai, Odisha: Puri,
Bhadrak, Uttarakhand: Chamoli
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)
* Amount claimed towards Impact Assessment is ` 50 lakhs
8.
(g) Excess amount for set off, if any
SI.
No.
(i)
(ii)
Particulars
Two percent of average net profit of the company as per Section 135(5)
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)]
280
-
*
` 813 crore
(` in crore)
Amount
737
813
76
-
76
Corporate
Overview
Management
Review
Governance
Financial
Statements
9.
(a) Details of Unspent CSR amount for the preceeding three financial years:
(1)
(2)
(3)
(4)
(5)
(6)
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 Amount remaining to
Name of the Fund
Amount
(` in crore)
Date of
transfer
be spent in succeeding
financial years
(` in crore)
Not Applicable
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
Financial
year in
which the
project was
commenced
Project
duration
Total Amount
allocated for
the project
(` in crore)
Amount
spent on the
project in
the reporting
Financial year
(` in crore)
Cumulative
amount spent
at the end
of reporting
Financial Year
(` in crore)
Status of
the project-
Completed/
Ongoing
Not Applicable
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)
(d)
Details of the entity or public authority or beneficiary under whose name such capital asset is
registered, their address etc
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 section 135(5)
Not applicable
Dr. Raghunath A. Mashelkar
(Chairman, CSR&G Committee)
Nikhil R. Meswani
(Executive Director)
Mukesh D. Ambani
(Chairman and Managing Director)
Date : May 06, 2022
For and on behalf of the Board of Directors
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Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
iii.
97% respondents have
reported incremental income
with 63% of respondents
reporting an increase of
about ` 40,000 per annum.
b.
Improved access and savings
in input costs:
i.
ii.
93% of respondents reported
better access to agricultural
inputs and farm machinery.
54% of respondents reported
to have saved ` 12,000
or more per annum on
Agricultural inputs and
farm machinery.
65% of the farmers
reported reduction in
transportation costs with
the FPO procurement
centres being closer to
their homes, transparent
weighing and grading.
iii.
65% of the respondents
reported that the frequency
of visiting banks to access
loans has reduced due to
better transaction records.
c.
Access to Markets - 71%
reported that due to RF’s
mentorship, their access to
markets was better which
resulted in
i.
ii.
iii.
iv.
v.
Better price discovery, with
access to information and
market linkages.
Convenience of procurement
of better quality inputs at
village level & saving in
time to access.
Improved access to
Minimum Support Price (MSP)
procurement centres near
their villages.
Transparent weighing &
grading; digital payments.
Prompt payments; benefit
in credit from banks
and reduced monopoly
of local traders.
II. Impact Assessment of
Community Development
programme in Madhya
Pradesh
Impact Assessment Agency
– Samhita Social Ventures
Private Limited
1.
2. About the Project
Reliance Foundation (RF) initiated
a comprehensive community
development programme at
Shahdol and Kotma in Madhya
Pradesh based on the principle
of ‘growing together’ to help
support communities through
access to sustainable water
resources, healthcare and
education, and creation of better
livelihood opportunities.
3. Objective
To evaluate the impact of the
Community Development
Programme on beneficiaries’
members’ lives and ecosystem.
4. Key findings
a. Overall
i.
The study found that RF
has played a catalytic role
in addressing the district’s
development challenges
through innovative and
sustainable solutions,
facilitating transformative
changes to ensure wellbeing
and higher quality of life.
b. Water
i.
85% respondents reported
increased potable water
availability, while 81%
reported increased irrigation
water availability.
ii.
Reduced time and distance
to fetch drinking water.
c. Healthcare
i.
92% reported access
to free health services
at their doorstep
resulting in reduction in
health expenditure.
Summary of independent
Impact Assessment
studies conducted
Year 2021-22
I.
1.
Role of Farmer Producers
Organisation (FPO) in
Rural Transformation
under Reliance
Foundation Bharat India
Jodo RF BIJ
Impact Assessment Agency
- Global Agri System
Private Limited
2. About the Project
Farmer Producer Organisations
(FPO) are emerging fast as one
of the most effective means
to cater to the needs of small
and marginal farmers and in
bringing rural transformation.
Over the last decade, Reliance
Foundation (RF) has made
pioneering efforts in mentoring,
nurturing and incubating
25 FPOs across the country
reaching over 45,000 farmers.
These FPOs were mentored with
the intent of bringing holistic
development of the farmers’
livelihoods facilitating them to
come together as a collective,
aggregate their produce for
economies of scale and bargain
for better market prices.
3. Objective
To evaluate the impact of FPOs on
members’ lives and ecosystem.
4. Key Findings
a. Overall:
i.
ii.
The study reveals that the
FPOs have performed well
to address the triple bottom
line of higher trajectory
in economic, social, and
environmental aspects.
72% respondents affirmed
that the FPOs have brought
positive transformative
changes in their lives
and livelihoods.
282
Corporate
Overview
Management
Review
Governance
Financial
Statements
ii.
iii.
Increased uptake
of nutritional food
due to Reliance
Nutrition Gardens (RNG).
39% respondents reported
access to and availability
of diverse vegetables
through the RNG.
d.
Education and Skill
Development
i.
ii.
iii.
iv.
Better access to
school for children;
increase in awareness
and encouragement
to venture into less-
explored opportunities;
increased access to digital
learning and improved
infrastructure of schools.
95% respondents received
educational assistance that
helped continued education
(esp. for the girl child).
Increased opportunities
through vocational trainings.
Enhanced skills among the
farmers due to access to
improved knowledge of
modern farming techniques.
e. Livelihoods
i.
ii.
iii.
83% of the respondents
reported an increase in the
number of crops grown as a
result of crop diversification
and productivity
improvement programmes.
Measures such as Systemic
Rice Intensification (SRI) and
RNGs helped to ensure food
and nutritional security. Paddy
productivity increased from
6 quintals/acre to 10 quintals/
acre, helping farmers double
their income in intervention
villages. Annual agriculture
income increased to ` 40,000.
Livelihood Diversification
– Promotion of off farm
livelihood options through
poultry, goat rearing and
pisciculture helped in
increasing income by an
average of 65%. It also helped
in ensuring alternate income
sources and risk mitigation.
iv.
94% respondents reported
receiving off farm livelihood
support from government
schemes through
assistance of RF.
III. Empowering Rural
Communities through
Knowledge-Based
Livelihood Support – An
Impact Assessment of
Reliance Foundation’s
Information Services
Programme
Impact Assessment
Agency – N R Management
Consultants India Private
Limited
1.
2. Project Background
Reliance Foundation Information
Services (RFIS) programme
delivers knowledge based
livelihood information in regional
languages to farmers, fisher folk
and livestock owners using various
digital platforms and mass media
tools. The programme facilitates
productivity and income
enhancement with the objective
of reducing the cost of cultivation
and lowering the yield loss due to
climatic stress, pest infestations
and disease etc.
3. Objective
Assess the impact of the RFIS
programme on the economic
status, knowledge and capacity of
the communities.
4. Key Findings:
a. Overall
i.
The programme serves
as a platform to improve
livelihoods through
increased awareness in
the target communities
about accessing
knowledge resources,
government welfare
schemes and benefits.
ii.
Evidence of improved health
practices among mothers
and their children.
iii.
Evidence of improved linkages
of youth to employment and
skilling opportunities available
in their vicinity.
b.
Increased access to
knowledge resources and
adaption of sustainable
practices
i.
ii.
iii.
iv.
Reliance Foundation (RF)
was recognized as a trusted
source of information across
all target groups with close
to 90% respondents reported
willingness to adapt and take
action based on advisories.
88% of the respondents
adopted production practices
after listening to the RFIS
programme, out of which
71% farmers reported at least
one improved agricultural
production practice.
83% of the respondents
adopted production practices
after listening to RFIS
programme, out of which 72%
livestock owners reported at
least one improved livestock
production practice.
80% of the respondents
adopted production
practices after listening
to RFIS programme, out
of which 66% fisher folk
improved at least one fishery
production practice.
c.
Better Income and
Improvement in Socio
Economic Status
i.
ii.
Improvements in yield, loss
aversion and improved
input efficiency have led to
55% increase in net income
for the farmers.
Better production practices in
breeding, disease and fodder
management leading to
82% increase in net income
among livestock farmers.
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Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
iii.
iv.
Significant reduction in
operating costs and weather
related risks for the artisanal
fisher folks. The beneficiaries
reported a 45% increase in
net income from fisheries.
About one-third of farmers,
one-fourth of livestock
owners, and 64% of fisher
folk moved up at least one
category among the socio
economic weaker sections
since they enrolled with the
RFIS programme.
IV. Impact Evaluation of RF
Bharat India Jodo 2.0
Initiative
Impact Assessment Agency
– Catalyst Management
Services Private Limited
1.
2. Project Background
Reliance Foundation’s Bharat-
India-Jodo (RF BIJ), works to bridge
the development gap between
rural and urban India. Committed
to rural transformation, the
programme works with small
and marginal farmers, and helps
farming households that have
limited livelihood options through
capacity building of institutions,
women empowerment, and
entrepreneurship initiatives, also
focusing on the commons and
natural resource management for
sustainable transformation.
3. Objectives
a.
b.
c.
To assess and validate the
programme approach in creating
desired changes in the lives and
livelihoods of the rural community.
To assess the role and efficacy of
rural institutions in contributing to
the programme objectives.
To assess maturity of institutions
and their capability to deliver a
sustainable level of impact after
completion of the programme.
4. Key Findings:
a. Programme Approach
i.
Sustainability of the
interventions ensured through
convenor and facilitator role
284
ii.
iii.
iv.
played by RF taking a multi-
stakeholder approach.
Impact at scale achieved
through embedding
participatory governance,
capacity building and
leadership development
across the three institutions
– Farmer Producer
Organizations (FPO), Gram
Panchayat (GP) and Self
Help Groups (SHG).
The programme successfully
facilitated convergence
of various agencies such
as Govt. Departments and
Financial Institutions for
improved access of the
services and flow of credit.
At an Individual level, the
beneficiary households
reported direct increase of
35% in their income through
farm based livelihoods.
Livelihood diversification
through alternate livelihood
sources helped double
the income among
the respondents.
b.
Role and Efficacy of
Institutions
i.
ii.
75% of the Farmer Producer
Organizations (FPOs)
reported increased market
access at their doorsteps
(a quarter of the FPOs have
set up Minimum Support
Price Centers), close to 80%
have started agriculture
equipment and technology
extension support to their
members; half of the FPOs
reported increased access to
credit by almost 3 times for
their working capital needs
as compared to situation
three years ago.
Economic empowerment
has been achieved through
Self Help Groups (SHG).
Almost three fourths of
the members are actively
contributing to their
households. This confidence
is reflected in their savings
and credit activities. 90% of
iii.
the members save diligently.
68% of the SHG members
are engaged in inter loaning
among the members.
People’s participation,
governance, and improved
amenities through Gram
Panchayat has been
achieved through active
participation of all especially
women. 65% women actively
participated in Gram Sabha
and preparation of the Gram
Panchayat Development
Plan (GPDP). They are able
to voice themselves at
public forums to ensure
greater transparency and
compliance (45% members).
Projects such as drinking
water have been taken
up that directly affects
women. There has been 3X
increase in the number of
households with access to
clean drinking water over the
last three years.
c.
Delivering a sustainable
impact
i.
ii.
Strengthening of Gram
Panchayats (GP) as an
institution has contributed
to several outcomes. At
the household level, there
is an active uptake on
Government schemes with
up to 3X increase in number
of households that reported
access to government
schemes (compared to pre-
2018 situation).
Increased access to rural
employment through
participation in government
schemes for the poor such
as Mahatma Gandhi National
Rural Employment Guarantee
Scheme (MGNREGS) with up
to 3 times increase in funds
allocated under MGNREGS in
the Gram Panchayat Budget.
iii.
The programme
strengthened FPOs to
lead improved livelihoods,
enhanced income as well as
benefits of collectivization.
V. Promoting Employability
Skills among Youth –
An Impact Assessment
Study of Skilling and
Employment programme
by Reliance Foundation
Impact Assessment Agency
– 4th Wheel Social Impact
1.
2.
Project Background
Recognising the need to
tackle unemployment in the
country, Reliance Foundation
(RF) in 2016 initiated Skilling and
Employment Programme for
the under privileged youth and
school dropouts. The Skilling
& Employment programme,
trains unemployed youth in
services sector and also links
them to employment.
3. Objective
To measure the social
and economic impact of
skilling and employment
programme on youth.
4. Key Findings
a. Overall
i.
ii.
93% respondents reported
improvements in their
employability and soft skills.
The programme had a high
placement ratio (75%). The
largest percentage of those
employed were in their jobs
for more than a year, with no
gender difference. For 45% of
the beneficiaries this was their
first formal employment.
Providing employment
in the retail sector led to
increased availability of
trained human resources
at local level especially in
tier II and tier III cities (83%
respondents reported that
they do not want to change
their job). It also helped
reduce migration (88% of
the respondents reported to
have not migrated for their
job) as the trainees could find
viable local jobs.
Corporate
Overview
Management
Review
Governance
Financial
Statements
b.
Household Level Impact
3. Objective
i.
ii.
46% of the respondents
reported an increase in
income post the training. 53%
of the respondents reported
improvements in their
standard of living owing to the
programme. Close to a fifth
respondents are sole earners
in their family, with ` 10,000
average monthly salary. 52%
of the respondents reported
to be regularly saving, with
average annual saving of
about ` 20,000. 86% reported
to have received job benefits
such as PF, paid leaves and
medical insurance.
Employment in formal sector
helped the youth secure
their livelihoods through the
pandemic. 82% respondents
felt that the training helped
them secure employment in
formal institutions and that
they continued to receive
salaries during lockdown.
VI. Solving for Rural India’s
Toughest Challenges – An
Impact Assessment Study
of Water Based Initiatives
undertaken by Reliance
Foundation
Impact Assessment Agency
– Kantar Public
1.
2. Project Background
Reliance Foundation’s Bharat
India Jodo RF BIJ initiative,
flagship programme of Rural
Transformation (RT) has been
working on transforming the lives
and livelihoods of people in rural
areas through a holistic, self-
reliant, and sustainable model. RF
BIJ’s water focused initiatives are
broadly based on four aspects
which include organizing and
capacitating the community,
participatory water budgeting,
collaboration with Gram
Panchayats, and government
for synergies/capacitating
community in water resources,
management and critical
support for water harvesting and
water management.
To assess the impact of RF BIJ
water initiatives in securing
lives and livelihoods of
rural communities.
4. Key Findings
a. Overall Impact
i.
ii.
iii.
The study revealed that the
water initiatives not only
impacted the beneficiaries
with its intended outcomes,
but also had a trickle-down
effect that contributed to
holistic development in the
intervention villages.
Ensuring Water Security
- The water capacity
created through the project
resulted in improved water
availability for agriculture
and household needs. This
increase in water capacity
for agriculture resulted in
de-risking of rainfed nature
of agriculture. The increase in
water availability for domestic
purposes resulted in around
89% intervention village
residents having the primary
source of water within 200 M
from their homes. 84% of the
farmers reported not having
faced any water scarcity in
the recent years.
Augmenting Sustainable
Livelihoods - 79% of farmers
reported an increase in area
under assured irrigation. 85%
farmers in the intervention
villages reported cultivating
crops two or more times a
year. In addition, more than
half of the farmers cultivated
three or more types of
crops annually resulting in
diversification of crops.
b.
Household Level Impact
i.
Increase in Income - The
income in the intervention
villages was higher
compared to control villages.
Average annual gross income
from agriculture was found
to be ` 1.08 lakhs; which was
three times the income of the
control group respondents.
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ii.
iii.
Reduced Distress Migration
- With increased income,
outbound migration in
intervention villages was less
than half (12%) of what was
observed in control villages.
Reduced drudgery and
Improved Health Conditions
- 75% of the respondents
reported significant reduction
in drudgery of women
(spent less than 0.5 hour) in
fetching water.
c. Societal Level Impact
i.
ii.
People’s Participation
- Respondents in the
intervention villages
comparatively felt
more empowered in
participating within the
decision making process
of the community based
organizations compared
to respondents from the
control group villages. 81%
villages developed water
budgeting plans for efficient
management of water
resources with 86% farmers
respondents reported to
be part of the water user
groups for effective water
governance in their villages.
74% farmers reported to
be contributing towards
maintenance cost of
common property resources
within their villages.
Trickle Down Benefit - The
initiatives by RF BIJ not
just increased income,
but also helped cultural
transformation by changing
attitudes and aspirations
of the village residents. As
income improved, the notion
of educating their children
became plausible for farmers
– thus resulting in higher
aspirations for their children’s
education, especially for
the girl child.
iii.
With the increase in money,
in the hands of women, an
increase in SHGs participation
was observed. Women
286
started saving from the extra
earnings and joined SHGs
with a sense of independence
and empowerment.
12 to 18 years. The academy has
received a five-star rating from
All India Football Association and
is currently rated as best football
academy in the country.
d.
Climate Resilience,
Sustainability
i.
ii.
iii.
iv.
v.
The programme has
integrated climate change
adaptation measures in
the intervention villages
like sustainable water
management practices,
effective water governance,
and improved agriculture
practices, that enhanced
the adaptive capacity
of the villagers.
81% intervention villagers were
self-reliant in planning their
water needs; only 16% of the
intervention villagers faced
water scarcity in recent years.
60% of the farmers reported
that the water tables
are not declining.
75% farmers now practice
crop rotation and 85% of the
farmers diversify the crops.
54% farmers adopted efficient
irrigation techniques which
enabled the farmers to put
the available water into
better use and cultivate
more than one crop.
VII. Promotion of Grassroots
iii.
Sports – Reliance
Foundation Young
Champs Programme
Impact Assessment
Agency – ThinkThrough
Consulting Private Limited
1.
2. Project Background
Reliance Foundation Young
Champ (RFYC) Programme
aims to create transformational
football talent with the potential
to influence the larger ecosystem
and establish itself as the best
football academy for promoting
grassroots sports in India. The
academy is fully residential and
provides professional football
training to boys aged between
3. Objectives:
a.
To evaluate the impact of the
grass roots football training
programme in the areas of
players skill, education and
psycho social development.
b.
To evaluate the impact of the
programme on lives of children
and their families.
4. Key Findings:
a. Overall
i.
ii.
RFYC has become an
aspirational academy for
the upcoming football
players. The alignment of the
programme with National
Sports Policy (NSP) 2001 as
well as the strategies of the
All India Football Federation
(AIFF) has established the
programme as a channel for
driving ecosystem change.
RFYC programme focuses
on important aspect of
nurturing young talent
coming from very humble
backgrounds from remote
parts of India and provide a
career path way.
The overall positive impact
of the RFYC programme is
evident from the fact that nine
out of the ten young champs
who graduated from the first
cohort were able to pursue a
professional career in sports
with leading football clubs in
India. Their performance on
the field during professional
matches demonstrates that
RFYC is on the right track
to create transformational
talent in Indian football. The
trickle down effect of creating
a sporting culture across
the country is an important
outcome of the programme
along with promoting sports.
Corporate
Overview
Management
Review
Governance
Financial
Statements
b. Programme Level Impact
i.
ii.
Sports and Education: The
young champs are given
the opportunity to study
at one of the best quality
schools in Navi Mumbai.
This has reassured parents
of the holistic development
of their children. Average
score of young champs
was found to be nearly at
par with the average score
of regular students of RF
School. Programme focus on
education is a determinant
for choosing RFYC by 40% of
the parents. 40% of young
champs felt their academic
performance has improved.
Coaching, Counselling and
other support helped the
young champs to cope up
with anxiety and stress. 67%
of young champs reported
that the sessions with the
counsellor/ psychologist
helped them positively deal
with their anxiety and stress
levels. 80% of the respondents
reported that feedback
received from coaches and
mentors is positive.
c.
d.
Individual Level Impact– At an
individual level, young champs
stand out amongst peers and
have developed potential to
become role models. They have
developed holistic skills to pursue
careers in or out of football with
RFYC focus on academics as a
big differentiator. In economic
terms, access to academy and
education has helped save about
` 5 Lakh per annum for a family.
The graduates from the academy
have secured starting contracts of
` 7 Lakh per annum.
Ecosystem Level Impact -
Increasingly, Football is being
seen as a career option (impact
currently restricted to regions
with a prevalent football culture).
Inclusion of children from weaker
socio-economic backgrounds
has empowered them to prove
their sporting skills at multiple
levels. The Academy which is
ranked at number 2 by AIFF is
an aspirational benchmark for
other academies and clubs in
India. Deep scouting of talent has
helped expand the geographical
scope of the sport and provide
opportunities for young talent.
VIII. Impact Assessment of
Reliance Foundation’s
Comprehensive
COVID-19 Response
Initiative
1.
Impact Assessment Agency
– Kantar Public
2. Project Background
As a Group, Reliance marshalled
all its human, financial, and
technical resources, leveraging
years of business expertise
and community development
experience and adopted a multi-
pronged prevention, mitigation,
adaptation and ongoing support
strategy with the government and
civil society to beat the COVID-19
pandemic. The measures ranged
from strengthening health
infrastructure, contribution to relief
funds, offering essential supplies
and food to the needy and
addressing the socio-economic
impacts of the pandemic.
Reliance launched multiple
missions to fight COVID-19
which included, Mission Oxygen,
Mission COVID-19 Infra, Mission
Anna Sewa, Mission COVID-19
Suraksha and Mission Vaccine
Suraksha. In addition, several
other initiatives were taken up to
restore rural livelihoods as well as
build resilience and preparedness
among the communities through
awareness generation on various
aspects related to precaution and
prevention amidst the pandemic.
3. Objectives
The objectives of the study were
to assess the effectiveness
of the outreach programme
by assessing knowledge
awareness and practice and
behavioural change at individual
and community levels; and,
understand the adoption
practices at individual and
community level.
4. Key Findings
a.
b.
c.
Mission COVID-19 Infra - Reliance
Foundation (RF) set up India’s
first dedicated 250 bed COVID-19
hospital in collaboration with
the Brihanmumbai Municipal
Corporation (BMC) in Mumbai,
which was ramped up further to
provide 2,000+ COVID-19 beds
across the country. In addition,
testing capacities were ramped
up from virtually nothing to be
able to get 15 thousand people
tested per day in a matter of 3-4
months. Moreover, 27 lakh+ litres of
free fuel was distributed to notified
ambulances and emergency
vehicles across 21 states and 3
UTs, for ensuring uninterrupted
movement for providing essential
services to the citizens during this
critical period.
Mission Oxygen - To meet
the nation’s medical oxygen
requirements, Reliance Industries
repurposed its Jamnagar plant
in a matter of days to ramp up
production from zero to 1000
MT of liquid medical oxygen to
be distributed free across the
country, serving the needs of 1 lakh
patients per day.
Mission Annasewa - To cushion
the economic fallout, emergency
meals were provided to the
most vulnerable communities.
Under Mission Annasewa, the
single largest meal distribution
programme ever undertaken
in the world by a corporate
foundation, 8.5 crore meals
including dry-ration-kits, food
coupons and cooked meals
were served to over 43 lakh
marginalized and underserved
persons including migrant
workers, daily wage earners,
slum dwellers across 19
states and 4 UTs.
d.
Mission Vaccine Suraksha - RF was
actively involved in awareness
campaigns regarding COVID-19
vaccinations. Mass awareness
drives related to COVID-19
vaccinations were carried out
through physical as well as digital
platforms like Dial Out conference,
WhatsApp, VMS etc. Support
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Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
was provided to Government
Health Departments & workers
for mobilising the community for
vaccination by the on-field RF
teams. Overall, 40 lakh+ doses
were provided free of cost by
Reliance to support the nation
in its vaccination mission. In
addition, RF also supported
district administration to conduct
vaccination programmes for
the communities. 90% of the
respondents mentioned that the
messages shared encouraged
to get themselves or family
members vaccinated.
Restoring Rural Livelihoods
- To enable communities to
continue and sustain their
livelihoods, RF mentored FPOs
helped re-establish market
linkages, disrupted by the
pandemic. Multiple technology
platforms were used to bridge
the information gap and ensure
large number of the affected
population get access to
opportunities available through
government schemes, makeshift
markets / procurement centers,
e.
e-NAM trading platform and
many more. Capacity building
support was provided to help
returning migrants gain access
to new livelihood opportunities
in farming, horticulture, animal
husbandry and fisheries. As
a result, 48,706 farmers were
supported in transacting farm
and non-farm produce worth ` 120
crores during the COVID-19 crisis
by RF mentored FPOs and through
digital linkages. ~20,000 labourers
were supported with wage
employment opportunities under
MGNREGA and 5,900 persons were
provided access to entitlement
for benefitting from government
schemes. 81% of the respondents
who received livelihood advisories,
mentioned that these helped in
realising benefits during the crisis
times, 62% of the respondents
could carry out livelihood
activities efficiently.
g.
solutions, strengthened local
governance and leadership in
rural areas built over the last
decade facilitated and acted as
a catalyst for an effective and
prompt implementation of Covid
response initiatives on ground.
Behaviour Change through
Mission COVID Suraksha - A
multi-lingual booklet, distributed
with the mask, informed users
about proper ways to wear it
along with mask hygiene. 87%
of the respondents reported
having adopted COVID-19
appropriate preventive behaviour
such as wearing face mask
etc. after receiving advisory
related to prevention. 77% of the
respondents mentioned being
able to manage post COVID-19
care situation more effectively.
70% of the respondents further
disseminated the information
among their family & peers.
f.
Collaborations & partnerships
with NGOs and Govt. agencies,
pan-India network of Reliance,
technical expertise in disaster
management, digital technology
h.
The response towards the Mission
COVID-19 Suraksha was equally
positive, beneficiary highly
appreciated the quality of the
supplies provided by RF.
288
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure III
Secretarial Audit Report
For the Financial Year ended 31 March 2022
[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 2022 (‘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 2022 according to
the provisions of:
(i)
(ii)
The Companies Act, 2013 (the Act)
and the rules made thereunder;
The Securities Contracts
(Regulation) Act, 1956 and the
rules made thereunder;
(iii) The Depositories Act, 1996 and
the Regulations and Bye-laws
framed thereunder;
(iv) The Foreign Exchange
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 and The
Securities and Exchange
Board of India (Share Based
Employee Benefits and Sweat
Equity) Regulations, 2021;
The Securities and Exchange
Board of India (Issue and
Listing of Debt Securities)
Regulations, 2008 and The
Securities and Exchange
Board of India (Issue and
Listing of Non-Convertible
Securities) Regulations, 2021;
(e)
(f)
The Securities and Exchange
Board of India (Registrars to
an Issue and Share Transfer
Agents) Regulations, 1993
regarding the 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 and The Securities and
Exchange Board of India
(Delisting of Equity Shares)
Regulations, 2021 (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
(i)
The Securities 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)
(ii)
Secretarial Standards (SS-1 and
SS-2) issued by The Institute of
Company Secretaries of India; and
Listing Agreements entered into
by the Company with BSE Limited
and the National Stock Exchange
of India Limited.
During the Audit Period 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:
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Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
(i)
The Merchant Shipping Act, 1958
and Rules made thereunder;
(ii)
The Petroleum Act, 1934 and Rules
made thereunder;
(iii) The Oilfields (Regulation and
Development) Act, 1948 and Rules
made thereunder;
(iv) The Mines Act, 1952 and Rules
made thereunder; and
(v)
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 Audit Period were
carried out in compliance with the
provisions of the Act.
Adequate notice is given to all
directors to schedule the meetings
of the Board and Committee. Except
where consent of 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:
(i)
During the financial year 2020-
21, the Company had issued
and allotted 42,26,26,894 partly
290
paid-up equity shares of `10/-
each, on rights basis, 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 First Call of
`314.25 per share was payable
from 17 May 2021 to 31 May 2021.
The Second and Final call of
`628.50 per share was payable
from 15 November 2021 to 29
November 2021. An amount of
`81 crore is yet to be received as
on 31 March 2022.
(ii)
Reliance Industrial Infrastructure
Limited was reclassified from the
category of “Promoter Group” of
the Company to “Public”.
(iii) The resolution for appointment
of His Excellency Yasir Othman H.
Al Rumayyan, as an Independent
Director, was passed through
Postal Ballot on 19 October 2021.
(iv) The Company and Saudi Aramco
mutually determined that it would
be beneficial for both parties
to re-evaluate the proposed
investment in O2C business in
light of the changed context,
due to evolving nature of the
Company’s business portfolio.
The Board of Directors of the
Company had on 19 November
2021, approved withdrawal of the
Scheme of Arrangement between
the Company and Reliance O2C
Limited (“O2C Scheme”) from
Hon’ble National Company Law
Tribunal (‘NCLT’). NCLT, Mumbai
Bench has vide its order dated
3 December 2021 approved the
withdrawal of the O2C Scheme.
(v)
The Company received payment
of 4th tranche, aggregating
`250 crore, from the holders of
partly-paid listed unsecured
redeemable non-convertible
debentures (PPD Series IA). Further,
the Company has redeemed
NCDs of PPD Series 11, 15, 16 and J)
and cancelled 81,680 NCDs (of
PPD Series IA, 3, L, 5, M2, M3, M1,
12,13, H) which were bought by the
Company from the open market.
(vi) The Company has issued fixed
rate senior unsecured notes for an
aggregate amount of US$ 4 billion
across three tranches.
(vii) The Board of Directors of the
Company approved the Scheme
of Arrangement between (i) the
Company & its shareholders
and creditors, and (ii) Reliance
Syngas Limited & its shareholders
and creditors (the Gasification
Scheme). The Gasification
Scheme, inter alia, provides
for transfer of the Gasification
undertaking (as defined in the
Gasification Scheme) from the
Company to Reliance Syngas
Limited, a wholly owned subsidiary
of the Company, as a going
concern on slump sale basis for a
lump sum consideration on terms
and conditions as detailed in the
Gasification Scheme.
The Gasification Scheme
was approved by:
(a) the Shareholders and
Creditors of the Company on
9 March 2022; and
(b) the Hon’ble National
Company Law Tribunal,
Mumbai Bench and
Ahmedabad Bench
on 30 March 2022.
The Appointed Date of the
Gasification Scheme is 31 March
2022 and the Gasification
Scheme became effective
from 4 April 2022.
(viii) The Company has granted
90,000 options to the eligible
employees under Employees
Stock Option Scheme 2017.
Dr. K. R. Chandratre
FCS No.: 1370, C. P. No.: 5144
Peer Review Certificate No. : 1206/2021
Place: Pune
Date: 6 May 2022
UDIN: F001370D000282882
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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure to the Secretarial Audit 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.
2.
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.
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
3.
4.
5.
in secretarial records. I believe
that the process and practices
I followed provide a reasonable
basis for my opinion.
I have not verified the correctness
and appropriateness of financial
records and books of accounts
of the Company.
Wherever required, I have
obtained Management
Representation about the
compliance of laws, rules and
regulations and happening
of events, etc.
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
Peer Review Certificate No. : 1206/2021
Place: Pune
Date: 6 May 2022
UDIN: F001370D000282882
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Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Annexure IV
Particulars of Energy
Conservation, Technology
Absorption and Foreign
Exchange Earnings and
Outgo required under the
Companies (Accounts)
Rules, 2014
A. Conservation of Energy
Steps taken to conserve
(i)
energy
The Company considers
energy management as one
of the key components of its
responsible business strategy
and the objective has always
been to continually improve
energy performance of the
organisation, consolidate these
improvements, and move on to
the next higher level.
Relentless monitoring of energy
performance is pursued by
dedicated Energy Teams at
site and group level using a
well-structured mechanism
having features that make
energy information, including
those on regulatory and
compliance matters, available
in real time across the Company.
Strengthened with decision tools
and tools for simulation and
visualization of energy efficiency,
the monitoring system is also
integrated with production
control systems, making energy
management agile, flexible and
effective. Energy audits and
benchmarking studies are also
conducted periodically to identify
performance gaps.
The Company adopts a strategy
to manage energy based on the 5
tenets of energy management:
• Eliminate unnecessary energy
use through process and heat
integration, quick restoration
of equipment performance,
consumption optimization using
simulation models, and reduce-
recover-reuse programmes.
292
• Improve the usage efficiency
• Direct blending of Crude
• CP-10 and PTA-1 CT Cooling tower fans replaced with energy efficient fans.
Hazira Manufacturing Division
• Upgraded carbon dioxide stripper trays from moving valve to fixed valve
type in Mono Ethylene Glycol plants.
Naphtha Hydro Treater (CNHT)
treated naphtha to ultra
low Sulphur diesel (ULSD)
header thus avoiding energy
consumed in reprocessing.
• Recovery of waste heat in LLDPE
Plant in C2 Complex replacing
steam from Captive Power Plant.
• Satgas de-ethaniser overhead
re-routed to fuel gas resulting in
reduction of flared hydrocarbon
during Refinery Off Gas Cracker
(ROGC) start-up.
• Insulation of Unsat Gas Cooler
pipeline to reduce heat ingress.
• Stoppage of additional running
of nitrogen compressor in Air
Separation Unit and utilizing
Liquid Nitrogen from storage for
adsorbent bed regeneration
in LLDPE plant.
Jamnagar Manufacturing
Division: Special Economic
Zone (SEZ)
• Low pressure flash steam
recovery from Medium Pressure
condensate in Alkylation unit.
• Replacement of Medium
Pressure Steam (MPS) usage
with Low Pressure Steam (LPS) in
DIP-2 column reboiler.
• Eliminating flaring from Xylene
Recovery Column in PX4
(Para Xylene) unit by installing
new trim cooler.
• Advanced Process Control (APC)
implementation in ASU resulting
in 10.5TPH of High Pressure
steam reduction.
• Routing of Recycle Flash Gas
(RFG) directly to SRU (Sulphur
Recovery Unit) incinerator,
resulting in stoppage
of RFG compressors (1.7
MW) in AGR plant.
of needed energy using
simulation tools, deploying best
practices, and technology and
equipment upgrades.
• Adjust operations to enable
reduced energy consumption
by redesigning the product
basket and optimum use of
installed capacity.
• Optimize the cost of
energy consumed wherein
an enterprise-wide fuel
planning and scheduling
mechanism is employed.
• Reduce carbon intensity of
energy used by judicious
selection of energy source and
ramping up use of renewable
energy to offset emissions
from fossil fuels.
Despite the challenges faced
during the pandemic, all
personnel were deployed ensuring
COVID-19 safety measures
and pursued excellence in
energy management.
Major energy conservation
initiatives taken during the
financial year 2021-22
Jamnagar Manufacturing
Division: Domestic Tariff Area
(DTA)
• Liquid phase isomerisation
(LPI) in Parex train-2 instead
of vapour phase reaction
resulting in Fuel gas and
HP Steam saving.
• Installation of new MP steam
header to increase MP Steam
generation by 16 TPH from
process waste heat.
• Recovery of hydrocarbon from
HP Flare using flare gas recovery
system (FGRS-2).
• Routing of Mercaptan Guard
Bed Nitrogen to LLP flare instead
of Main flare to reduce dilution
and thereby freeing up capacity
of FGRS compressor resulting in
higher recovery of hydrocarbon
going to main flare.
Vadodara Manufacturing Division
• Replacement of refractory insulation of flue gas duct in HRSG 2
(Heat Recovery Steam Generator) to reduce heat loss and improve
waste heat recovery.
• Reduction in steam venting by converting Boiler Feed Water pump from
steam turbine to motor drive.
Dahej Manufacturing Division
• Optimized frequency for Reverse Osmosis High Pressure pumps to reduce
electrical energy consumption.
Silvassa Manufacturing Division
• New LLP to Old HP inter connection line resulting in saving of LLP air
compressor power.
• PTY and PFY AHU upgraded with energy efficient equipment.
Hoshiarpur Manufacturing Division
Installation of energy efficient pump and motor in soft water service.
(ii) Steps taken to utilize alternate sources of energy
• Co-firing of biomass and Bagasse with coal at Dahej and Hazira
Manufacturing Divisions.
• Generated 5101.8 MWh power from 3.56 MW solar power generation
project at Silvassa Manufacturing Division
(iii) Capital investment on energy conservation equipments
Sr.
No
1
2
3
Manufacturing Division
Capital
investments on
energy efficient
equipment
(` in crore)
Energy savings
(Gcal/hr)
Jamnagar manufacturing division (DTA)
Jamnagar manufacturing division (SEZ)
Other manufacturing divisions
Total
18.8
9.7
1.5
30.1
53.3
41.8
2.9
98.0
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 focuses on:
(i)
New products, processes and catalyst development to support existing
business and create breakthrough technologies for new businesses,
(ii)
Advanced troubleshooting and Support to capital projects, and profit
and reliability improvements in manufacturing plants.
1.
Major efforts made towards technology absorption
Oil to Chemicals (O2C) Business
• 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
Diesel HydroTreating (DHT) units
• Sustainable production
of needle coke using
existing coker unit
• Development of Hi-Active
Fluid Catalytic Cracking (FCC)
catalyst for FCCUs
• Advanced Support
to Gasification
• Low cost process development
for valuable metals (Vanadium
(Va), Nickel (Ni)) extraction from
gasification slag
• Green process and catalyst
for direct synthesis of DiMethyl
Carbonate (DMC) from
CO2 and methanol
• FCC Catalyst switchover support
• F clean process development
for reuse of Porvair and PALL
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
Di-Sulphide (DMDS) in
gas and naphtha cracker
and hydrotreaters
• Light coker naphtha
processing in SEZ 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 Integrity
Operating Windows (IOW)
initiative for monitoring
crude corrosivity
• Development of in-house
composition-based RX models
for Aromatic loop optimization
and trouble shooting.
• Development of in-house
extractive distillation
technology for recovering BTX
from MCC naphtha.
293
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
• NIR (Near InfraRed) based fast
crude characterization for assay
update support
• Naphtha Molecular
Assay including detailed
composition up to C11 for crude
assay update in PIMS
• Computational fluid Dynamics
(CFD) based support to Jio
Datacenters across the
country for optimizing cooling
performance of various Out-
Door Unit (ODU).
• Development of in-house
reaction engineering
models for debottlenecking
Dahej Manufacturing
Division (DMD) fixed bed
oxychlorination reactor.
• 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
• Chemical recycling of multilayer
packaging material
• PP Products for various
applications using both
Phthalate and Non Phthalate
based Catalysts
• Development of ethylene-
based elastomers and
thermoplastics in solution
process for PV cell application
• Gas phase Linear Low-Density
Polyethylene (LLDPE)/ High
Density Polyethylene (HDPE)
production with in-house silica
supported catalysts
• Development of Functional ESBR
(Emulsion Styrene Butadiene
Rubber) grades for silica based
composite for Green Tire
• Biodegradable /Bio-
compostable polymers for
packaging and agriculture
mulch film applications
• Development of internally
plasticized PVC for
plasticizer migration for
ecofriendly applications
• High Performance Elastomeric
Ionomer Products and
Applications – Self-sealing
sealant developed on butyl
rubber based backbone for tire
inner liner applications
• Development of advanced PE
(Polyethylene) Products and
Catalyst Technology for slurry
and solution process
• Metallocene based LLDPE/HDPE
grades using in-house silica
supported metallocene catalyst
for gas phase process
• Development of antipolymerant
for naphtha cracker plant to
reduce fouling of reactor
• Improved process development
for halo butyl rubber
grade production
• Improvement in PVC (Polyvinyl
Chloride) products for better
thermal stability and color.
• Development of high strength
fiber and film for ballistic
armour. DPE (Disentangled
Polyethylene) based weaved
and stab resistant fabric from
HS/HM DPE tape.
• Chloride free CCR (Continuous
Catalytic Reforming) catalyst
with higher aromatics
yield development
• R&D developed Reliance Olefins
Removal Catalyst (REL-ORCAT)
for Bromine Index (BI) reduction
of BTX (Benzene Toluene Xylene).
• Molecular Sieve 3A developed
for Cracked (Charged) Gas Drier
• Successfully commissioned the
novel adsorbent and process
for N-Methyl-2-Pyrrolidone
(NMP) purification
• Developed a purification
process for sulfolane
• Developed process for PBR
(polybutadiene Rubber) based
self-healing elastomer (Relnext)
for enhanced (40%) tyre life
• Commissioned Dowtherm
Purification System at various
manufacturing locations
• Advanced technical support
provided for characterization of
fresh and spent catalyst of VCM
(Vinyl Chloride Monomer).
• Advanced technical support
provided for evaluation of
hydrogenation catalysts
to JMD, HMD and VMD
manufacturing sites.
• Established standard method
for estimation of palladium in
PTA hydrogenation catalyst.
• Evaluation of spare activated
alumina and activated carbon
for improved shelf life.
• Residual life analysis of
Ion Exchange Resins for DI
Plant and NMD Plant
• Chloride analysis of DMD_
EOEG_ CO2 regenerator stream
• Breakthrough achieved at pilot
scale for TEG & LABRS color
removal and CI removal form
IL-LAB hydrocarbon mixture.
• In-house facility created
for the development and
characterization of adsorbents
for O2 production (O2PSA).
• Adsorptive purification process
developed and implemented
for MEG (Mono Ethylene
Glycol) purification.
• Evaluation of an activated
carbon for the activated
carbon filter deployed at the
condensate polishing unit
(CPU-A) of DM water plant.
• Adsorptive and distillation
Process developed for
TEG (Triethylene Glycol)
purification for Ethylene Oxide
Ethylene Glycol EOEG.
• Development of in-house spin
finish oil formulation.
• Coke less Naphtha/
Gas steam cracking
• Adsorptive Paraxylene
pilot scale purification
process developed.
• Non HF (Hydrofluoric Acid)
route to LAB (Linear Alkyl
Benzene) using the Company’s
proprietary Ionic Liquid catalyst
• PTA/PIA (Purified Iso-Phthalic
Acid) Process Optimization
• Development of Technology
information package (TIP) for
DOTP (Dioctyl Terephthalate)
process modification
• Kero-Merox effluent treatment
by hydrodynamic cavitation
• Carbon and mineral association
by electron microscopic and
elemental mapping in the CRP
to enhance the carbon recycle
in petcoke gasification.
• An alternate method developed
for Ti/Al metal analysis in prepoly
samples of LLDPE using ICP-OES.
Corporate
Overview
Management
Review
Governance
Financial
Statements
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 optimization (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
• Development of anode grade
battery materials
• Developed
(Polyhydroxyalkanoates)
PHA-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
• Software program developed
for estimation of Short chain
branching and deconvolution
of molecular weight distribution
graphs in polyolefin material
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) to achieve
the Company’s Net
Carbon Zero goal.
• Technology development for commercial production of specialty
products viz. super proteins, nanocellulose, aqua and animal feed
• Harness advanced synthetic biology tools to develop technologies for PHA
Bioplastic, Iron fortified protein and High strength silk production.
2.
Information regarding imported technology (imported
during last three years)
Details of technology imported
1. JMD DTA Aromatics - Liquid
Phase Isomerization Process:
This process converts Xylenes
in the liquid phase to a near-
equilibrium mixture at low
temperature, thus incurring
energy benefits w.r.t Vapor
Phase Isomerization.
2. Effluent-to-Revenue (E2R)
technology (for retrofitting in
DMD PTA-5 plant)
Technology
imported
from
Year of
import
Status
implementation
/ absorption
UOP
FY 2021-22
Implemented
in Oct 2021.
Koch
Technology
Solutions,
UK
FY 2021-22
Licensor Process
Design Package
received. Detail
engineering
to be initiated.
3.
The benefits derived from R&D and Technology absorption, adoption and
innovation:
Enabled transition from smart buyer of technology to a flagship developer
of technology, future ready for next generation businesses and mitigating
disruption in existing business
4.
Expenditure incurred on Research and Development:
Sr. No. Particulars
Capital
Revenue
a)
b)
Total
(` in crore)
1,487
1,121
2,608
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 ` 2,44,365 crore (US$ 32.2 billion).
(ii) Total Foreign Exchange Earned and Used
a)
Foreign Exchange earned in terms of actual inflows
b)
Total savings in foreign exchange through products manufactured
by the Company and deemed exports (US$ 22.9 billion)
Sub-total (a+b)
c)
Foreign Exchange outgo in terms of actual outflows
(` in crore)
2,45,752
1,73,379
4,19,131
3,21,119
May 06, 2022
For and on behalf of the Board of Directors
Mukesh D. Ambani
Chairman and Managing Director
294
295
Board’s ReportIntegrated Annual Report 2021-22Reliance Industries Limited
Financial Statements
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
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Property, Plant & Equipment, Capital Work-in-
Progress, Intangible Assets and Intangible Assets
Under Development
Investments – Non-Current
Loans – Non-Current
Other Financial Assets - Non-Current
Other Non-Current Assets
Inventories
Investments – Current
Trade Receivables
Cash and Cash Equivalents
Loans – Current
Other Financial Assets – Current
Taxation
Other Current Assets
Equity Share Capital
Other Equity
Borrowings
Other Financial Liabilities – Non-Current
Provisions – Non-Current
Deferred Tax Liabilities (Net)
20
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
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Property, Plant and Equipment, Other Intangible
Assets, Capital Work-in-Progress and Intangible Assets
under Development
Investments – Non-Current
Loans – Non-Current
Other Financial Assets - Non-Current
Deferred Tax
Other Non-Current Assets
Inventories
Investments – Current
Trade Receivables
Cash and Cash Equivalents
Other Financial Assets – Current
Other Current Assets
Taxation
Share Capital
Other Equity
Borrowings – Non-Current
Deferred Payment Liabilities
Other Financial Liabilities - Non-Current
Provisions – Non-Current
Borrowings – Current
Trade Payables
297
308
309
310
312
314
323
325
329
332
332
333
333
334
334
335
335
335
336
336
338
339
340
340
341
341
380
392
393
394
396
398
409
410
416
416
416
417
417
418
418
419
419
419
419
421
422
424
426
426
426
426
427
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Borrowings – Current
Trade Payables
Other Financial Liabilities – Current
Other Current Liabilities
Provisions – Current
Revenue from Operations
Other Income
Changes in Inventories of Finished Goods, Work-in-
Progress and Stock-in-Trade
Employee Benefits Expense
Finance Costs
Other Expenses
Exceptional Items (Net of Tax)
Earnings Per Share (EPS)
Related Parties Disclosures
Oil and Gas Disclosures
Contingent Liabilities and Commitments
Capital Management
Financial Instruments
Segment Information
Details of Loans given, Investments made and
guarantee given covered U/S 186 (4) of the
Companies Act, 2013.
Ratio Analysis
Details of Research and Development Expenditure
Significant Arrangements
44 Other Statutory Information
45
Events after the Reporting Period
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Other Financial Liabilities – Current
Other Current Liabilities
Provisions – Current
Revenue from Operations
Other Income
Changes in Inventories of Finished Goods, Work-in-
Progress and Stock-in-Trade
Employee Benefits Expense
Finance Costs
Other Expenses
Exceptional Items (Net of Tax)
Earnings Per Share (EPS)
Related Parties Disclosures
Oil and Gas Disclosures
Details of Contingent Liabilities & Commitments
Capital Management
Financial Instruments
Segment Information
Enterprises Consolidated as Subsidiary in Accordance
with Indian Accounting Standard 110 – Consolidated
Financial Statements
Significant Enterprises Consolidated as Associates
and Joint Ventures in accordance with Indian
Accounting Standard 28 – Investments in Associates
and Joint Ventures
Additional Information, as required under Schedule
III to the Companies Act, 2013, of Enterprises
Consolidated as Subsidiary / Associates
/ Joint Ventures
Other Statutory Information
Events after the Reporting Period
341
342
342
342
343
343
343
344
344
348
348
349
350
351
367
369
370
370
376
377
377
378
378
379
379
427
428
428
428
428
429
429
434
434
435
436
436
448
450
451
451
457
460
467
470
477
477
Independent Auditor’s Report
To the Members of Reliance Industries Limited
Report on the Audit of the Standalone
Financial Statements
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.
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, 2022, 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, 2022, 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 ‘Auditor’s 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
Emphasis of Matter
We draw attention to Note 32(a) of the Standalone Financial
Statements, wherein, the Company has withdrawn from
General Reserves, an amount of ` 36,143 crore equal to
the loss recognised in the Statement of Profit and Loss
on measurement of the gasification undertaking as held
for sale and credited the same to the Statement of Profit
and Loss. This is in accordance with Scheme approved by
National Company Law Tribunal, Mumbai, overriding the
Indian Accounting Standards (Ind AS).
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements for the financial year
ended March 31, 2022. 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
Auditor’s 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 tangible and intangible assets
Significant judgment and estimates are involved with respect
to the following matters of tangible and intangibles assets:-
Our audit procedures included and were not limited to
the following:-
a)
During the year ended March 31, 2022, 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.
Judgement is involved to determine that the aforesaid
capitalisation meet the recognition requirement under
Ind AS including determination of whether the criteria for
intended use of the management has been met. Refer
Note B.2(b) and B.2(d) of the financial statements.
• Assessed the design and operating effectiveness of the
controls with respect to capital expenditure incurred on various
projects included in capital work in progress, intangible assets
under development.
• 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 Ind AS 16 – Property, Plant and Equipment and Ind AS 38 –
Intangible Assets, including intended use of management.
Integrated Annual Report 2021-22
297
Independent Auditor’s Report
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Key audit matters
How our audit addressed the key audit matter
Key audit matters
How our audit addressed the key audit matter
• Reviewed the management re-assessment of estimated useful
lives of tangible assets, intangible assets and recoverability of
their carrying values with respect to anticipated future risks.
• Performed walk-through of the estimation process associated
with the oil and gas reserves. Further, assessed the valuation
methodology, including assumptions 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.
• Assessed the objectivity and competence of the Company’s
specialists involved in estimating oil & gas reserves 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.
• Reviewed the disclosures 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, 2022.
• Rolled out of enquiry letters to the Company’s legal counsel
and assessed the responses received 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.
b)
c)
Re-assessment of estimated useful lives used for
determination of depreciation of tangible assets,
amortisation of intangible assets and recoverability
of their carrying values involves assumptions used for
such technical assessment, consideration of historical
experience and anticipated future risks. Refer Note B.2(b)
and B.2(d) of financial statements.
Estimates of oil and gas reserves are used to calculate
depletion charges for the Company’s oil and gas assets
and also have a direct impact on the assessment of
the recoverability of their carrying values. Factors such
as the availability of geological and engineering data,
reservoir performance data, acquisition and divestment
activity, drilling of new wells and commodity prices
impacts the determination of the Company’s estimates
of oil and natural gas reserves. Refer Note C(A) of the
financial statements.
Accordingly, the above matters relating to tangible
and intangible assets have been considered as a
key audit matter.
B. 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) 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 35.3).
(b) Claim against the Company in respect of gas said
to have migrated from neighbouring blocks (KGD6)
(Refer Note 35.4(a)).
(c) 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 35.4(b)).
(d) Suit for specific performance of a contract for supply
of natural gas before the Hon’ble Bombay High Court
(Refer Note 35.4(c)).
2.
Matter relating to trading in shares of Reliance
Petroleum Limited (‘RPL’):
Special Appellate Tribunal judgement dated November
5, 2020, dismissing the 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 in connection with trades by Company in
the stock exchanges in 2007 in the shares of Reliance
Petroleum Limited, then subsidiary of the Company
(Refer Note 36(iv)).
Due to complexity involved in these litigation matters,
management’s judgement regarding recognition,
measurement and disclosure 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.
298
C. Fair Valuation of Investments
As at March 31, 2022, the Company has investments of
` 78,144 crore in the Equity and Preference Shares of Jio Digital
Fiber Private Limited (JDFPL) 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). Refer Note 2 and Note 38A in the
financial statements.
Accordingly, the same has been considered as a
key audit matter.
D.
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 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.
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.
We have determined that there are no other key audit matters to communicate in our report.
Information Other than the Financial
Statements and Auditor’s Report Thereon
Responsibilities of Management for the
Standalone Financial Statements
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 auditor’s
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.
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 judgments and estimates that are
reasonable and prudent; and the design, implementation
299
Integrated Annual Report 2021-22Reliance Industries Limited
Independent Auditor’s Report
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.
Auditor’s 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 auditor’s 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:
• 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
300
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 auditor’s
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 auditor’s 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, 2022
and are therefore the key audit matters. We describe these
matters in our auditor’s 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,
2020 (“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)
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;
(b)
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;
(c)
The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Income, the Cash Flow Statement and Statement
of Changes in Equity dealt with by this Report are in
agreement with the books of account;
by the Company except for an amount of
` 2 crore which are held in abeyance due to
pending legal cases.
(d)
(e)
In our opinion, the aforesaid 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, 2022 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2022 from
being appointed as a director in terms of Section
164 (2) of the Act;
(f)
With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure 2” to this report;
(g) In our opinion, the managerial remuneration for
the year ended March 31, 2022 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;
(h)
With respect to the other matters to be included
in the Auditor’s 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.
ii.
The Company has disclosed the impact of
pending litigations on its financial position in its
Standalone Financial Statements – Refer Note
36 to the Standalone Financial Statements;
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; and
iii.
There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund
iv. a)
b)
The management has represented that,
to the best of its knowledge and belief,
no funds have been advanced or loaned
or invested (either from borrowed funds
or share premium or any other sources
or kind of funds) by the company to or in
any other persons or entities, including
foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of
the company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;
The management has represented that,
to the best of its knowledge and belief, no
funds have been received by the company
from any persons or entities, including
foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing
or otherwise, that the company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and
c)
Based on the audit procedures that were
considered reasonable and appropriate
in the circumstances, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (a) and (b) contain any
material misstatement.
v.
The final dividend paid by the Company during
the year in respect of the same declared
for the previous year is in accordance with
section 123 of the Act to the extent it applies to
payment of dividend.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Registration Number:
142412W/W100595
per T P Ostwal
Partner
Membership Number: 030848
UDIN: 22030848AIMPYR9342
Place of Signature: Mumbai
Date: May 06, 2022
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership Number: 093649
UDIN: 22093649AIMNPC6387
Place of Signature: Mumbai
Date: May 06, 2022
301
Integrated Annual Report 2021-22Reliance Industries Limited
Independent Auditor’s Report
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)
quarterly returns/statements filed by the Company
with such banks are in agreement with the books
of accounts of the Company.
In terms of the information and explanations sought by us
and given by the Company and the books of account and
records examined by us in the normal course of audit and
to the best of our knowledge and belief, we state that:
(i)
(a)(A)
The Company has maintained proper
records showing full particulars, including
quantitative details and situation of Property,
Plant and Equipment.
(a)(B)
The Company has maintained proper records
showing full particulars of Intangible assets.
(b) Property, Plant and Equipment were physically
verified by the management in accordance
with a planned programme of verifying them
once in three years which is reasonable having
regard to the size of the Company and the
nature of its assets.
(c)
The title deeds of all the immovable properties
(other than properties where the Company is
the lessee and the lease agreements are duly
executed in favour of the lessee) are held in the
name of the Company except for leasehold
land as disclosed in Note 1.7 to the standalone
financial statement in respect of which the
allotment letters are received and supplementary
agreements entered; however, lease deeds are
pending execution.
(d) The Company has not revalued its Property, Plant
and Equipment (including Right of use assets)
or intangible assets during the year ended
March 31, 2022.
(e)
There are no proceedings initiated or are pending
against the Company for holding any benami
property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.
(ii) (a) The management has conducted physical
verification of inventory at reasonable intervals
during the year. In our opinion the coverage
and the procedure of such verification by the
management is appropriate. Discrepancies of 10%
or more in aggregate for each class of inventory
were not noticed on such physical verification.
(b) As disclosed in Note 21.4 to the standalone financial
statements, the Company has been sanctioned
working capital limits in excess of ` 5 crore in
aggregate from banks during the year on the basis
of security of current assets of the Company. The
302
(iii) (a) During the year the Company has provided
loans, advances in the nature of loans, provided
guarantee and security to companies as follows:
Aggregate amount granted/ provided
during the year
- Subsidiaries
Balance outstanding as at balance sheet
date in respect of above case
- Subsidiaries
(` in crore)
Loans
38,109
42,112
(b) During the year the investments made and
the terms and conditions of the grant of all
loans to companies are not prejudicial to the
Company's interest.
(c) The Company has granted loans during the
year to companies where the schedule of
repayment of principal and payment of interest
has been stipulated and the repayment or
receipts are regular.
(d) There are no amounts of loans granted to
companies which are overdue for more
than ninety days.
(e) There were no loans which had fallen due during
the year, that have been renewed or extended
or fresh loans granted to settle the overdues of
existing loans given to the same parties.
(f)
The Company has not granted any loans or
advances in the nature of loans, either repayable
on demand or without specifying any terms
or period of repayment to companies, firms,
Limited Liability Partnerships or any other
parties. Accordingly, the requirement to report
on clause 3(iii)(f) of the Order is not applicable
to the Company.
(iv) The Company has not granted any loans or provide
any guarantees or securities to parties covered under
Section 185 of the Act. Further, provisions of sections
186 of the Companies Act, 2013 in respect of loans,
investments, guarantees and security have been
complied with by the Company.
(v)
The Company has neither accepted any deposits
from the public nor accepted any amounts which are
deemed to be deposits within the meaning of sections
73 to 76 of the Companies Act and the rules made
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
thereunder, to the extent applicable. Accordingly, the
requirement to report on clause 3(v) of the Order is not
applicable to the Company.
(vi) 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 Companies
Act, 2013, 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.
(vii) (a) The Company is regular in depositing with
appropriate authorities undisputed statutory dues
including goods and services tax, provident fund,
employees’ state insurance, income-tax, sales-
tax, service tax, duty of customs, duty of excise,
value added tax, cess and other statutory dues
applicable to it. According to the information and
explanations given to us and based on audit
procedures performed by us, no undisputed
amounts payable in respect of these statutory
dues were outstanding, at the year end, for a
period of more than six months from the date they
became payable.
(b) The dues of goods and services tax, provident
fund, employees’ state insurance, income-tax,
sales-tax, service tax, duty of custom, duty of
excise, value added tax, cess, and other statutory
dues have not been deposited on account of any
dispute, are as follows:
Name of the statute
Nature of the 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
Central Sales Tax Act,
1956 and Sales Tax Act
of various States
Sales Tax/
VAT and Entry Tax
0.36
249
215
510
291
101
Various Years from
1990-91 to 2008-09
Commissioner of Central
Excise (Appeals)
Various Years from
1991-92 to 2017-18
The Customs Excise and Service Tax
Appellate Tribunal
Various Years from
1996-97 to 2017-18
Supreme Court
Various Years from
2001-02 to 2017-18
Joint Commissioner/ Commissioner
(Appeal) of Sales Tax
Various Years from
1999-20 to 2016-17
Various Years from
2000-01 to 2013-14
Sales Tax Apellate Tribunal
High Court
Customs Act, 1962
Customs Duty
20
2017-18
The Customs Excise and Service Tax
Appellate Tribunal
Joint/Additional Commissioner of
CGST and Central Tax
Goods and
Services Tax Act, 2017
Goods
and Services Tax
3
2017-18 to 2021-22
0.31
2021-22
Tribunal
Income Tax Act, 1961
Income Tax
1,128
AY 2013-14,
AY 2014-15,AY
2016-17 & AY 2018-19
Commissioner of
Income-Tax (Appeals)
(viii) The Company has not surrendered or disclosed any
(e)
transaction, previously unrecorded in the books of
account, in the tax assessments under the Income Tax
Act, 1961 as income during the year. Accordingly, the
requirement to report on clause 3(viii) of the Order is
not applicable to the Company.
(ix) (a) The Company has not defaulted in repayment
of loans or other borrowings or in the payment of
interest thereon to any lender.
(b) The Company has not been declared wilful
defaulter by any bank or financial institution or
government or any government authority.
(c)
Term loans were applied for the purpose for which
the loans were obtained.
(d) On an overall examination of the standalone
financial statements of the Company, no funds
raised on short-term basis have been used for
long-term purposes by the Company.
On an overall examination of the standalone
financial statements of the Company, the
Company has not taken any funds from any entity
or person on account of or to meet the obligations
of its subsidiaries, associates or joint ventures.
(f)
The Company has not raised loans during the year
on the pledge of securities held in its subsidiaries,
joint ventures or associate companies. Hence, the
requirement to report on clause 3(ix)(f) of the Order
is not applicable to the Company.
(x) (a) The Company has utilized the monies raised on
right issue of equity shares and on issuance of
debt instruments during the year for the purposes
for which they were raised.
(b) The Company has not made any preferential
allotment or private placement of shares /fully
or partially or optionally convertible debentures
during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the
Order is not applicable to the Company.
303
Integrated Annual Report 2021-22Reliance Industries Limited
Independent Auditor’s Report
(xi) (a) Based upon the audit procedures performed
for the purpose of reporting the true and fair
view of the standalone financial statements and
according to the information and explanations
given by the management, no fraud by the
Company or no material fraud on the Company
has been noticed or reported during the year.
(b) During the year, no report under sub-section (12)
of section 143 of the Companies Act, 2013 has been
filed by cost auditor/ secretarial auditor or by us
in Form ADT – 4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014 with
the Central Government.
(c)
We have taken into consideration the whistle
blower complaints received by the Company
during the year while determining the nature,
timing and extent of audit procedures.
(xii) The Company is not a nidhi Company as per the
provisions of the Companies Act, 2013. Therefore, the
requirement to report on clause 3(xii)(a),(b) and (c) of
the Order is not applicable to the Company.
(xiii) Transactions with the related parties are in compliance
with sections 177 and 188 of Companies Act, 2013 where
applicable and the details have been disclosed in
the notes to the standalone financial statements, as
required by the applicable accounting standards.
(xiv) (a) The Company has an internal audit system
commensurate with the size and nature
of its business.
(b) The internal audit reports of the Company issued
till the date of the audit report, for the period under
audit have been considered by us.
(xv) The Company has not entered into any non-cash
transactions with its directors or persons connected
with its directors and hence requirement to report
on clause 3(xv) of the Order is not applicable
to the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank
of India Act, 1934 (2 of 1934) are not applicable
to the Company. Accordingly, the requirement
to report on clause 3(xvi)(a) of the Order is not
applicable to the Company.
(b) The Company has not conducted any Non-
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5
of section 135 of the Act.
(b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special
account in compliance of provision of sub section (6) of section 135 of Companies Act.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Registration Number:
142412W/W100595
per T P Ostwal
Partner
Membership Number: 030848
UDIN: 22030848AIMPYR9342
Place of Signature: Mumbai
Date: May 06, 2022
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership Number: 093649
UDIN: 22093649AIMNPC6387
Place of Signature: Mumbai
Date: May 06, 2022
Banking Financial or Housing Finance activities
without obtaining a valid Certificate of Registration
(CoR) from the Reserve Bank of India as per the
Reserve Bank of India Act, 1934.
(c)
The Company is not a Core Investment Company
as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to
report on clause 3(xvi)(c) of the Order is not
applicable to the Company.
(d) As represented by the management, the
Group does not have more than one Core
Investment Company (CIC) as part of the Group
as per the definition of Group contained in the
Core Investment Companies (Reserve Bank)
Directions, 2016.
(xvii) The Company has not incurred cash losses in the
current year and in the immediately preceding
financial year.
(xviii) There has been no resignation of the statutory
auditors during the year and accordingly requirement
to report on Clause 3(xviii) of the Order is not
applicable to the Company.
(xix) On the basis of the financial ratios disclosed in Note
41 to the standalone financial statements, ageing
and expected dates of realization of financial assets
and payment of financial liabilities, other information
accompanying the standalone financial statements,
our knowledge of the Board of Directors and
management plans and based on our examination
of the evidence supporting the assumptions, nothing
has come to our attention, which causes us to believe
that any material uncertainty exists as on the date
of the audit report that Company is not capable of
meeting its liabilities existing at the date of balance
sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state
that this is not an assurance as to the future viability
of the Company. We further state that our reporting is
based on the facts up to the date of the audit report
and we neither give any guarantee nor any assurance
that all liabilities falling due within a period of one year
from the balance sheet date, will get discharged by the
Company as and when they fall due.
304
305
Integrated Annual Report 2021-22Reliance Industries Limited
Independent Auditor’s Report
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”)
We have audited the internal financial controls with
reference to Standalone Financial Statements of Reliance
Industries Limited (“the Company”) which includes joint
operations as of March 31, 2022 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 issued
by the Institute of Chartered Accountants of India (“ICAI”).
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 Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's
internal financial controls with reference to these
Standalone Financial Statements based on our audit. We
conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial
Reporting (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,
both issued by ICAI. 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 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 with reference to these standalone financial
statements and their operating effectiveness. Our audit
306
of internal financial controls with reference to standalone
financial statements included obtaining an understanding
of internal financial controls 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 auditor’s 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 Company’s internal financial controls with
reference to these standalone financial statements.
Meaning of Internal Financial Controls
with reference to these Standalone
Financial Statements
A company's internal financial controls with reference to
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 controls with reference to 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 With Reference to
Standalone Financial Statements
Because of the inherent limitations of internal financial
controls with reference to 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 with reference to Standalone Financial Statements
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
to future periods are subject to the risk that the internal
financial control with reference to 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 with reference to
standalone financial statements and such internal financial
controls with reference to standalone financial statements
were operating effectively as at March 31, 2022, 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
issued by the ICAI.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Registration Number:
142412W/W100595
per T P Ostwal
Partner
Membership Number: 030848
UDIN: 22030848AIMPYR9342
Place of Signature: Mumbai
Date: May 06, 2022
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership Number: 093649
UDIN: 22093649AIMNPC6387
Place of Signature: Mumbai
Date: May 06, 2022
307
Integrated Annual Report 2021-22Reliance Industries Limited 45,923
37,437
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade
Balance Sheet
As at 31st March, 2022
Assets
Non-Current Assets
Property, Plant and Equipment
Capital Work-in-Progress
Intangible Assets
Intangible Assets Under Development
Financial Assets
Investments
Loans
Other Financial Assets
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
Lease Liabilities
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-Current Liabilities
Total Non-Current Liabilities
Current Liabilities
Financial Liabilities
Borrowings
Lease Liabilities
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
As per our Report of even date
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)
Notes
As at
31st March 2022
As at
31st March 2021
(` in crore)
2,23,824
19,267
15,802
15,395
3,30,493
41,951
2,247
7,297
6,56,276
2,92,092
20,765
14,741
12,070
2,52,620
64,073
1,625
4,968
6,62,954
1
1
1
1
2
3
4
5
6
7
8
9
10
11
13
14
15
16
17
18
19
20
21
22
23
24
25
1 to 47
For and on behalf of the Board
78,304
14,394
21,714
161
54,901
7,001
2,22,398
8,78,674
6,765
4,64,762
4,71,527
1,67,231
2,790
3,210
1,598
30,832
504
2,06,165
27,332
86
138
1,33,867
33,225
5,438
896
2,00,982
4,07,147
8,78,674
94,665
4,159
5,573
993
59,560
8,332
2,10,719
8,73,673
6,445
4,68,038
4,74,483
1,60,598
2,869
1,145
1,499
30,788
504
1,97,403
61,100
116
90
86,909
33,108
19,563
901
2,01,787
3,99,190
8,73,673
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
308
Reliance Industries Limited
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Statement of Profit and Loss
For the year ended 31st March, 2022
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
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.
Items that will not be reclassified to Profit or Loss
ii.
Income tax relating to items that will not be reclassified to Profit or Loss
iii.
Items that will be reclassified to Profit or Loss
iv.
Income tax relating to items that will be reclassified to Profit or Loss
Total Other Comprehensive Income/ (Loss) for the Year (Net of Tax)
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
Notes
2021-22
(` in crore)
2020-21
2,76,181
2,759
2,78,940
13,871
2,65,069
14,818
2,79,887
4,63,067
3,358
4,66,425
21,050
4,45,375
13,872
4,59,247
3,20,852
1,68,262
10,691
(7,962)
21,672
5,426
9,123
10,276
42,383
4,12,461
46,786
-
46,786
787
6,915
39,084
241
(58)
(2,705)
543
(1,979)
37,105
59.24
59.24
58.49
58.49
7,301
610
19,402
5,024
16,211
9,199
30,970
2,56,979
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
26
27
28
29
30
1
31
32
12
19
27.1
27.2
33
33
33
33
1 to 47
* 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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
Integrated Annual Report 2021-22
309
Statement of Changes in Equity
For the year ended 31st March, 2022
A. Equity Share Capital
B. Other Equity
Balance as at
1st April, 2020
Change during the
year 2020-21
Balance as at
31st March, 2021
Change during
the year 2021-22
Balance as at
31st March, 2022
6,339
106
6,445
320
6,765
(` in crore)
Balance
as at 1st
April,
2021
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
As at 31st March, 2022
Share Call Money Account
39,843
Reserves and Surplus
Capital Reserve
Securities Premium
Debenture
Redemption Reserve
Share Based
Payments Reserve
General Reserve
Retained Earnings
Special Economic Zone
Reinvestment Reserve
403
59,442
5,965
419
2,58,410
41,893
4,975
-
-
-
-
-
-
-
-
-
-
-
-
-
39,084
(4,297)
(4,135)
-
-
4,135 *
-
-
-
-
-
-
-
(1,795)
-
$
- (34,348)
-
-
-
- (39,843)
-
-
-
39,447
-
-
841
-
(386)
-
-
-
-
-
-
-
-
-
-
Other Comprehensive Income
56,688
(1,979)
Total
4,68,038
37,105
(4,297)
(36,143)
(396)
455
# Refer Note 14.9
$ Includes transfer of ` 36,143 crore to statement of profit and loss (Refer Note 32(a) & 43.1).
* Considers Special Economic Zone Reinvestment Reserve created during the year of ` 5,040 crore.
(` in crore)
Balance
as at 31st
March,
2022
-
403
99,730
4,170
33
2,24,062
72,545
9,110
54,709
4,64,762
-
-
-
-
-
-
-
-
-
-
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
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
1
-
403
46,329
Debenture Redemption Reserve
9,375
Share Based Payments Reserve
4
General Reserve
Retained Earnings
Special Economic Zone
Reinvestment Reserve
2,55,000
14,146
5,500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31,944
(3,921) (32,692)*
-
-
-
$
(525)
-
-
-
(1)
-
39,843
-
-
-
13,104
-
-
-
-
-
-
-
-
39,843
403
59,442
5,965
419
2,58,410
32,416
41,893
-
-
4,975
56,688
-
-
9
-
415
-
-
-
-
(3,410)
-
3,410
-
-
-
-
-
-
-
-
-
-
52,947
423
32,416 4,68,038
Other Comprehensive Income
54,118
2,570
Total
3,84,876
34,514
(3,921)
(33,217)
# Refer Note 14.9
* Refer Note 32 (c)
$ 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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
310
311
Integrated Annual Report 2021-22Reliance Industries Limited
Statement of Cash Flow
For the year ended 31st March, 2022
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
2021-22
(` in crore)
2020-21
Change in Liability Arising from Financing Activities
1st April, 2021
Cash flow
Foreign exchange
movement / Others
31st March, 2022
(` in crore)
Borrowing - Non-Current (including current
maturities) (Refer Note 16)
Borrowing - Current (Refer Note 21)
1,88,546
33,152
2,21,698
(6,623)
(23,754)
(30,377)
3,242
-
3,242
1,85,165
9,398
1,94,563
(` in crore)
Borrowing - Non-Current (including current
maturities) (Refer Note 16)
Borrowing - Current (Refer Note 21)
1st April, 2020
Cash flow
Foreign exchange
movement/ Others ^
31st March, 2021
2,38,700
(53,526)
3,372
1,88,546
59,899
2,98,599
(18,078)
(71,604)
(8,669)
(5,297)
33,152
2,21,698
^ Others includes short-term loans of ` 10,707 crore, refinanced into Long Term Loan.
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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
A.
Cash Flow from Operating Activities
Net Profit Before Tax as per Statement of Profit and Loss (After Exceptional item
and Tax thereon)
46,786
27,212
Adjusted for:
Premium on buy back of debentures
Provision for Impairment in value of investment (Net)
(Profit) / Loss on Sale / Discard of Property, Plant and Equipment (Net)
Depreciation / Amortisation and Depletion Expense
Effect of Exchange Rate Change
Net Gain on Financial Assets #
Exceptional Item (Net of taxes)
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 / (Used in) Operating Activities *
B.
Cash Flow from Investing Activities
Expenditure on Property, Plant and Equipment and Intangible Assets
Repayment of Capex Liabilities transferred from RJIL
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets
Investments in Subsidiaries
Disposal of Investments in Subsidiaries
Purchase of Other Investments
Proceeds from Sale of Financial Assets
Loans (given) / repaid (net) – Subsidiaries, Associates, Joint Ventures and Others
Interest Income
Dividend Income from Subsidiaries / Associates
Dividend Income from Others
380
-
80
10,276
1,920
(765)
-
(276)
(12,390)
9,123
55,134
(12,639)
(9,337)
35,796
68,954
(1,463)
67,491
(18,149)
(5)
30
(37,574)
956
(5,21,980)
5,02,224
22,952
5,955
275
1
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
-
Net Cash Flow (Used in) / from Investing Activities
(45,315)
74,257
C.
Cash Flow from Financing Activities
Proceeds from Issue of Equity Share Capital
Net Proceeds from Rights Issue
Payment of Lease Liabilities
Proceeds from Borrowings - Non-Current (including current maturities)
Repayment of Borrowings - Non-Current (including current maturities)
Borrowings - Current (Net)
Dividends Paid
Interest Paid
Net Cash Flow (Used in) Financing Activities
Net Increase/(Decrease) in Cash and Cash Equivalents
Opening Balance of Cash and Cash Equivalents
Closing Balance of Cash and Cash Equivalents (Refer Note No. 9)
# Other than Financial Services Segment.
* Includes amount spent in cash towards Corporate Social Responsibility of ` 813 crore (Previous Year ` 922 crore).
5
39,762
(109)
29,916
(36,539)
(23,754)
(4,297)
(11,019)
(6,035)
16,141
5,573
21,714
5
13,210
(53)
32,765
(86,291)
(18,078)
(3,921)
(14,294)
(76,657)
(2,912)
8,485
5,573
312
313
Integrated Annual Report 2021-22Reliance Industries Limited
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, (as
amended from time to time) and Presentation and
disclosure requirements of Division II of Schedule III to the
Companies Act, 2013, (Ind AS Compliant Schedule III) as
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;
314
-
-
-
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 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
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
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
Computer
Software
Over the useful life of the
underlying assets ranging from 5
years to 35 years.
Over a period of 5 years.
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.
In case of Jetty, the aggregate
amount amortised to date is not less
than the aggregate rebate availed
by the Company.
Development
Rights
Others
The amortisation period and the amortisation
method for Intangible Assets with a finite useful life
are reviewed at each reporting date.
(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.
315
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(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 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
316
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.
(l) Employee Benefits Expense
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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
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.
(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.
i. Current Tax
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 29.2.
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 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 Group 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
317
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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.
(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 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
318
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
value on initial recognition. Purchase and sale
of Financial Assets are recognised using trade
date accounting.
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
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 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.
319
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
are being actively marketed and sale has been
agreed or is expected to be concluded within 12
months of the date of classification.
equity shares. Dilutive potential equity shares are
deemed converted as at the beginning of the
period unless issued at a later date.
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 disposal and are presented
separately in the Balance Sheet.
B. Fair Value Hedge
(s) Accounting for Oil and Gas Activity
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.
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.
(r) Non-current Assets Held for Sale
(t) 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
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
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 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 35.1.
(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.
320
321
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(C) Property Plant and Equipment/ 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 and future risks. The depreciation/
amortisation for future periods is revised if there are
significant changes from previous estimates.
(D) Recoverability of Trade Receivables
Judgments 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 (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, assessment of
impairment indicators involves consideration of
future risks. Further, the 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.
(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 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 38 of financial statements.
(I) Global Health Pandemic on Covid-19
The continuance 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.
D. Standards Issued but not Effective
On March 23, 2022, the Ministry of Corporate Affairs
(MCA) has notified Companies (Indian Accounting
Standards) Amendment Rules, 2022. This notification
has resulted into amendments in the following existing
accounting standards which are applicable to
company from April 1, 2022.
i.
ii.
Ind AS 101 – First time adoption of Ind AS
Ind AS 103 – Business Combination
iii.
Ind AS 109 – Financial Instrument
iv.
Ind AS 16 – Property, Plant and Equipment
v.
Ind AS 37 –Provisions, Contingent Liabilities and
Contingent Assets
vi.
Ind AS 41 – Agriculture
Application of above standards are not expected
to have any significant impact on the company’s
financial statements
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
1 .
Property, Plant & Equipment, Capital Work-In-Progress, Intangible Assets and Intangible Assets under Development
Description
Property, Plant
and Equipment
Own Assets:
Land
Buildings
Gross Block
Depreciation / Amortisation and Depletion
Net Block
As at
01-04-2021
Additions /
Adjustments
Deductions /
Adjustments^
As at
31-03-2022
As at
01-04-2021
For the
Year #
Deductions /
Adjustments^
As at
31-03-2022
As at
31-03-2022
As at
31-03-2021
(` in crore)
38,968
19,600
38
1,198
45
4
38,961
20,794
-
7,756
-
751
-
1
-
38,961
38,968
8,506
12,288
11,844
Plant & Machinery
3,26,321
8,546
72,630 2,62,237
1,13,275
5,164
3,413
1,15,026
1,47,211
2,13,046
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
10,186
5,246
623
693
505
46
439
907
42
102
3
-
3,102
7,523
4,336
103
6,050
3,358
6
17
-
-
659
778
508
46
446
490
345
40
695
580
33
78
16
1
624
4,407
3,116
5,850
40
3,898
2,152
1,888
3
13
-
-
476
555
361
41
183
223
147
5
177
203
160
6
4,02,188
11,275
75,907 3,37,556 1,30,046
7,318
4,094 1,33,270 2,04,286
2,72,142
17,693
4,630
10
22,333
4,24,521
5,119
976
43,014
1,084
50,193
4,74,714
4,68,723
1
-
-
1
5
-
-
5
17,689
4,630
10
1,704
669
10
22,329
2,383
170
238
-
408
- *
1,874
15,815
15,989
-
-
-
907
10
3,723
3,961
-
-
2,791
19,538
19,950
11,276
75,912 3,59,885
1,32,429
7,726
4,094 1,36,061 2,23,824 2,92,092
34
39
3,868
192
4,133
15,409
11,053
477
4,676
3,324
139
45
1
-
-
1,014
869
46,882
30,208
2,278
1,276
1,051
159
27
- *
-
-
3,436
1,240
1,795
914
100
107
32,486
14,396
12,806
1,210
66
33
478
53,848
35,452
2,621
27
38,046
15,802
14,741
76,390 4,13,733
1,67,881
10,347
4,121
1,74,107 2,39,626 3,06,833
5,062 4,74,714
1,62,245
9,270
3,634
1,67,881 3,06,833
3,06,478
19,267
20,765
15,395
12,070
^ Includes transfer of assets of gasification undertaking (Refer Note 43.1).
# Depreciation / Amortisation and Depletion Expense for the year includes depreciation of ` 71 crore (Previous Year ` 71 crore) capitalised during
the year. Thus, the net amount ` 10,276 crore has been considered in Statement of Profit and Loss.
$ Includes office equipments.
* Land - ` 40,81,486 and Software - ` 28,40,231
** Other than internally generated.
1.1 Right-of-Use (Land) includes:
i)
` 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 of ` 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) ` 3,522 crore (Previous Year ` 4,377 crore) on account of Project Development Expenditure.
ii) ` 1,591 crore (Previous Year ` 1,894 crore) on account of cost of construction materials at site.
322
323
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
1.5 Additions in Property, Plant & Equipment, Capital work-in-progress, Intangible Assets and Intangible assets under Development
includes ` 635 crore (net loss) [Previous Year ` 204 crore (net gain)] on account of exchange difference during the year.
1.6 For Assets given as security -Refer Note 16.1.
1.7 Details of title deeds of immovable properties not held in name of the Company:
Relevant line item in
the Balance sheet
Description
of item of
property
Gross
carrying
value
(` in crore)
Title deeds
held in the
name of
Whether title deed holder is a
promoter, director or relative of
promoter /director or employee
of promoter /director
Property
held since
which date
Reason for not
being held in
the name of the
company
Property, Plant
and Equipment
Land
83
Gujarat Industrial
Development
Corporation
No
01/02/2015
Lease deed
execution
is under process.
1.8 Capital-Work-in Progress (CWIP)
Ageing as at 31st March,2022:
Projects in progress
Projects temporarily
suspended
Total
Ageing as at 31st March, 2021:
Projects in progress
Projects temporarily
suspended
Total
Less than 1 year
1-2 years
2-3 years More than 3 years
Amount in CWIP for a period of
8,236
-
8,236
2,553
-
2,553
2,830
-
2,830
5,648
-
5,648
19,267
Less than 1 year
1-2 years
2-3 years More than 3 years
Amount in CWIP for a period of
8,356
-
8,356
5,186
-
5,186
2,094
-
2,094
5,129
-
5,129
1.9 Intangible Assets Under Development (IAUD):
Ageing as at 31st March, 2022:
Less than 1 year
1-2 years
2-3 years More than 3 years
Amount in IAUD for a period of
Projects in progress
Projects temporarily
suspended
Total
Ageing as at 31st March,2021:
Projects in progress
Projects temporarily
suspended
Total
6,565
-
6,565
3,971
-
3,971
851
-
851
4,008
-
4,008
15,395
Less than 1 year
1-2 years
2-3 years More than 3 years
Amount in IAUD for a period of
5,404
-
5,404
1,425
-
1,425
1,280
-
1,280
3,961
-
3,961
(` in crore)
Total
12,070
-
12,070
The Company does not have any Capital-work-in progress or intangible assets under development, whose completion is
overdue or has exceeded its cost compared to its original plan.
324
(` in crore)
Total
19,267
-
(` in crore)
Total
20,765
-
20,765
(` in crore)
Total
15,395
-
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
As at
31st March, 2022
As at
31st March, 2021
Units
Amount
Units
Amount
(` in crore)
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 of ` 10 Lakh each
53,360
5,372
5,372
1,18,360
11,880
11,880
Unquoted, fully paid up
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
60,000
6,035
60,000
6,000
1,00,000
10,057
1,00,000
10,000
93,420
9,396
93,420
25,488
9,342
25,342
In Preference Shares of Other Company
Unquoted, fully paid up
0% Redeemable, Non-Participating, Non-Cumulative and Non-
Convertible Preference Shares of Summit Digitel Infrastructure
Private Limited of ` 10 each
5,00,00,000
In Government Securities
Unquoted
6 Years National Savings Certificates (Deposited with Sales
Tax Department and Other Government Authorities) [` 39,087
(Previous Year ` 39,087)]
14
14
-
-
-
-
-
-
-
Total of Investments measured at Amortised Cost
30,874
37,222
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
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)]
In Preference Shares of Joint Venture Companies
Unquoted, fully paid up
68,60,064
1,98,65,33,333
68,60,064
1,98,65,33,333
16
16
269
269
64,29,20,000
64
64,29,20,000
62,63,125
11,08,500
52,00,000
14,302
62,63,125
11,08,500
52,00,000
14,302
1
4
-
-
69
9% Optionally Convertible Preference Shares of Alok Industries
Limited of ` 1 each
2,50,00,00,000
250 2,50,00,00,000
250
$ Net of provision for impairment.
16
16
269
269
64
1
4
-
-
69
250
250
325
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
As at
31st March, 2022
As at
31st March, 2021
Units
Amount
Units
Amount
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
Units
Amount
Units
Amount
(` in crore)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
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 Solution Private Limited of ` 10 each
Football Sports Development Limited of ` 10 each
In Equity Shares of Subsidiary Companies
Unquoted, fully paid up
Reliance BP Mobility Limited of `10 each [` 4,95,790; (Previous
Year ` 4,95,790)]
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
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 New Energy Limited (Formerly known as Reliance New
Energy Solar Limited) of ` 10 each
Reliance Syngas Limited of ` 10 each [` 10,00,000;
(Previous Year ` Nil)]
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
Jio Platforms Limited of ` 10 each
Jio Limited of ` 10 each [` 1,00,000; (Previous Year ` 1,00,000)]
Reliance Digital Health Limited (Formerly known as Kanhatech
Solutions Limited) of ` 10 each
Reliance International Limited of USD 1 each
Reliance Ethane Pipeline Limited of ` 10 each
Rise Worldwide Limited of ` 10 each
18,45,20,000
185
16,24,00,000
5,00,000
1
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
7,62,235
23
134
343
-
-
992
257
65
54
475
1,366
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
-
50,000
5,83,77,58,520
17,317 5,83,77,58,520
1,76,35,43,119
1,764
1,76,35,43,119
20,20,200
26,91,150
5,54,90,00,000
1,00,000
1,50,00,000
26,50,000
10,00,00,000
10,00,00,000
10,00,00,000
2
20,20,200
2,351
5,549
-
25
3
32
26,91,150
-
-
1,50,00,000
26,50,000
10,00,00,000
17,614
10,00,00,000
10,035
10,00,00,000
5,93,78,41,645
54,685
5,93,78,41,645
10,000
7,50,00,000
2,50,00,000
5,00,00,000
10,67,20,148
-
86
189
49
253
10,000
-
-
5,00,00,000
10,67,20,148
162
1
23
134
320
-
-
992
257
65
54
475
161
-
17,317
1,764
2
2,351
-
-
25
3
32
17,614
10,035
53,610
-
-
-
49
253
1,13,163
1,05,059
326
994
113
253
-
275
288
182
-
-
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
-
-
5,51,469
4,02,800
113
4,02,800
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Gas Pipelines Limited of ` 7 each
36,76,50,000
253
36,76,50,000
0.6% Non-Cumulative Optionally Convertible Preference
Shares of Reliance Industrial Investments and Holdings
Limited of ` 10 each
6% Non-Cumulative Optionally Convertible Preference
Shares of Reliance Industrial Investments and 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
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Strategic Business Ventures Limited of ` 10 each
6% Non-Cumulative Optionally Convertible Preference Shares of
Reliance Ethane Pipeline Limited of ` 10 each
4,72,41,72,954
11,628
-
-
-
4,72,41,72,954
11,628
1,71,64,000
103
1,71,64,000
14,39,92,000
1,296
14,39,92,000
103
1,296
5,34,00,60,000
5,340 5,34,00,60,000
5,340
24,99,96,000
250
27,49,96,000
27,75,000
288
27,75,000
18,55,00,000
182
18,55,00,000
0.01% Non-Cumulative Optionally Convertible Preference Shares
of Reliance 4IR Realty Development Limited of ` 10 each
4,88,29,270
10,010
0.01% Non-Cumulative Optionally Convertible Preference
Shares of Reliance Projects & Property Management Services
Limited of ` 10 each
4,44,44,40,000
20,000
-
-
Members Contribution in Subsidiary Companies, Unquoted
49,463
20,472
Reliance Marcellus LLC @$
Reliance Eagleford Upstream LLC @$
Reliance Marcellus II LLC @$
Aurora Algae LLC @ $
Affinity USA LLC @
In Debentures of Subsidiary Companies
Unquoted, fully paid up
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
-
-
-
-
-
-
31
38
-
3,11,10,000
3,75,70,000
2,00,000
3,11,10,000
3,75,70,000
2,00,000
2,12,00,000
21
2,12,00,000
57,10,52,700
571
1,04,15,52,700
Zero Coupon Unsecured Optionally Fully Convertible Debentures
of Reliance Strategic Business Ventures Limited of ` 10 each
1,43,36,715
74,25,454
1,570
2,231
$ Net of provision for impairment.
@ Refer Note 32(c)
-
-
-
-
-
-
31
38
-
21
1,041
817
1,948
327
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
As at
31st March, 2022
As at
31st March, 2021
(` in crore)
Units
Amount
Units
Amount
2.1 Category-Wise Investments-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 Investments-Non-Current
3,30,493
2,52,620
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 39 and Note 40 of Consolidated Financial Statement.
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
30,874
1,69,170
1,30,199
250
37,222
1,31,769
83,379
250
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 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 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
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
$ Net of provision for impairment.
328
3,366
3,366
1,69,170
3,366
3,366
1,31,769
1,00,00,000
1,49,99,990
10,000
58,009
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
-
-
-
58
58
179
4
183
-
-
-
39
39
144
41
185
77,70,11,98,375
77,893
77,70,11,98,375
77,889
-
12,50,000
-
1
5,00,00,000
12,50,000
94
1
77,894
77,984
47
129
612
28,507
-
22,769
52,064
1,30,199
250
250
3,30,493
57,116
62,401
2,73,377
29
21
199
3,550
1,372
-
5,171
83,379
250
250
2,52,620
17,272
21,240
2,35,348
3. Loans- Non-Current
Secured and Considered Good
Loans and advances to Related parties (Refer Note 34 (IV))
Unsecured and Considered Good
Loans and advances to Related parties (Refer Note 34 (IV))
Total
A. Loans and Advances in the Nature of Loans given to Subsidiaries:
Sr.
No.
Name of the Company
Loans - Non-Current ^
1
2
3
4
5
6
7
Reliance Industrial Investments and Holdings Limited
Reliance Corporate IT Park Limited
Reliance Gas Pipelines Limited
Reliance Ethane Pipeline Limited
Reliance 4IR Realty Development Limited
Reliance Projects & Property Management Services Limited
Reliance Strategic Business Ventures Limited
Loans - Current
1
2
3
4
5
6
7
Reliance Strategic Investments Limited
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance Corporate IT Park Limited
Jio Platforms Limited
Reliance New Energy Limited (Formerly known as Reliance
New Energy Solar Limited)
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
-
-
41,951
41,951
41,951
9,923
9,923
54,150
54,150
64,073
As at
31st March,
2022
Maximum
Balance during
the year
As at
31st March, 2021
(` in crore)
Maximum
Balance during
the year
7,148
3,293
395
623
2,867
20,576
7,049
41,951
-
-
-
161
-
-
161
42,112
17,249
12,291
420
838
2,911
33,061
7,049
-
-
-
990
-
1,849
12,277
12,291
420
838
2,305
30,611
5,331
64,073
-
-
-
990
-
-
990
65,063
All the above loans and advances have been given for business purposes.
^ Loans and Advances that fall under the category of ‘Loans - Non-Current ‘ and are re-payable after more than 1 year.
12,536
13,761
1,440
1,020
2,305
32,886
7,996
2,420
7,850
2,360
238
990
11,150
-
329
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Note 1 Investment by Reliance Industrial Investments and Holdings Limited in Subsidiaries
Sr. No. Name of the Company
No. of Shares
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
In Equity Shares:
Sr. No. Name of the Company
1
2
3
4
5
6
7
8
Jio Information Aggregator Services Limited
Jio Infrastructure Management Services Limited
Reliance Payment Solutions Limited
Reliance Petroleum Retail Limited
Reliance Retail Finance Limited
Reliance Retail Insurance Broking Limited
Stoke Park Limited
Vasyerp Solutions Private Limited
Note 2 Investment by Reliance Projects & Property Management Services Limited in Subsidiaries:
In Equity Shares:
Sr. No. Name of the Company
1
2
3
4
5
6
7
8
9
10
11
12
Reliance Carbon Fibre Cylinder Limited
Reliance Hydrogen Electrolysis Limited
Reliance Hydrogen Fuel Cell Limited
Reliance New Energy Carbon Fibre Cylinder Limited
Reliance New Energy Hydrogen Electrolysis Limited
Reliance New Energy Hydrogen Fuel Cell Limited
Reliance New Energy Power Electronics Limited
Reliance New Energy Storage Limited
Reliance Power Electronics Limited
Reliance SMSL Limited
Kutch New Energy Projects Limited (Formerly known as Reliance Solar Projects Limited)
Reliance Storage Limited
Note 3 Investment by Reliance 4IR Realty Development Limited in Subsidiaries:
In Equity Shares:
Sr. No. Name of the Company
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
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
330
No. of Shares
50,000
60,000
11,50,00,000
10,000
6,81,20,000
40,00,000
1,000
5,33,333
No. of Shares
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
50,000
10,000
10,000
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
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
57
58
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
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
Reliance Ambit Trade Private Limited
Reliance Comtrade Private Limited
Reliance Corporate IT Park Limited
Reliance Eminent Trading & Commercial Private Limited
Reliance Progressive Traders Private Limited
Reliance Prolific Commercial Private Limited
Reliance Prolific Traders Private Limited
Reliance Universal Traders Private Limited
Reliance Vantage Retail Limited
Surela Investment and Trading Private Limited
The Indian Film Combine 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
In Preference Shares of Subsidiaries:
Sr. No. Name of the Company
1
2
3
4
Reliance Corporate IT Park Limited
Reliance Eminent Trading & Commercial Private Limited
Reliance Progressive Traders Private Limited
Reliance Universal Traders Private Limited
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
10,00,000
10,00,000
2,37,99,94,480
1,00,00,000
1,00,00,000
10,00,000
1,00,00,000
1,00,00,000
5,60,000
5,000
5,73,751
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
No. of Shares
3,98,09,43,246
17,37,000
2,03,06,000
7,20,00,000
331
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Note 4 Investment by Reliance Strategic Business Ventures Limited in Subsidiaries :
In Equity Shares:
Sr. No. Name of the Company
1
2
3
4
5
Enercent Technologies Private Limited
Reliance Exploration & Production DMCC
Reliance Innovative Building Solutions Private Limited
Reliance Jio Messaging Services Private Limited
Strand life Sciences Private Limited
In Preference Shares:
Sr. No. Name of the Company
1
Reliance Exploration & Production DMCC
In Preferred Shares:
Sr. No. Name of the Company
1
skyTran Inc.
4. Other Financials Assets - Non-Current
Deposits with Related Parties (Refer Note 34 (IV))
Others *
* Includes fair valuation of interest free deposits.
5. 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 35.3).
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.
No. of Shares
95,667
1,76,200
6,46,93,950
9,73,28,000
1,97,08,554
No. of Shares
14,90,700
No. of Shares
3,16,27,738
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
601
1,646
2,247
699
926
1,625
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
4,028
2,906
363
7,297
2,398
2,230
340
4,968
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
2,230
(787)
-
1,463
2,906
2,048
-
(1,508)
1,690
2,230
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
6.
Inventories
Raw Materials (Including Material in Transit)
Work-in-Progress *
Finished Goods
Stock-in-Trade
Stores and Spares
Total
* Includes land, development cost and inventory on completion of projects.
7.
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
In Certificate of Deposit- 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
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
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
16,325
9,479
15,356
63
4,700
45,923
15,023
7,712
9,314
49
5,339
37,437
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
-
-
1,431
4,685
44,340
50,456
2,540
75
10,819
12,493
-
1,921
27,848
78,304
21,471
21,471
56,833
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
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
-
50,456
27,848
78,304
1,000
62,105
31,560
94,665
332
333
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
8. Trade Receivables (Unsecured and Considered Good)
10. Loans - Current
Trade Receivables
Total
8.1 Trade Receivables ageing:
14,394
14,394
4,159
4,159
Secured and Considered Good
Loans and Advances to Related Parties (Refer Note 34 (IV))#
(` in crore)
Other Loans
Unsecured and Considered Good
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
Particulars
As at 31st March, 2022:
(i)
Undisputed Trade Receivables -
considered good
(ii) Undisputed Trade Receivables - which have
significant increase in credit risk
(iii) Undisputed Trade Receivables -
credit impaired
(iv) Disputed Trade Receivables - considered good
(v) Disputed Trade Receivables - which have
significant increase in credit risk
(vi) Disputed Trade Receivables - credit impaired
Total
* Net of provision.
Particulars
As at 31st March, 2021:
(i)
Undisputed Trade Receivables -
considered good
(ii) Undisputed Trade Receivables - which have
significant increase in credit risk
(iii) Undisputed Trade Receivables -
credit impaired
(iv) Disputed Trade Receivables - considered good
(v) Disputed Trade Receivables - which have
significant increase in credit risk
(vi) Disputed Trade Receivables - credit impaired
Total
* Net of provision.
Outstanding for following periods from due date of payment *
Less than
6 months
6 months -
1 year
1-2 years
2-3 years
More than
3 years
1,068
55
-
-
-
-
-
-
-
-
-
-
1,068
55
14
-
-
-
-
-
14
1
-
-
-
-
-
1
5
-
-
-
-
-
5
Outstanding for following periods from due date of payment *
Less than
6 months
6 months -
1 year
1-2 years
2-3 years
More than
3 years
Total
1,143
-
-
-
-
-
1,143
(` in crore)
Total
501
38
30
23
25
617
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
501
38
30
23
25
617
9. 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, 2022
As at
31st March, 2021
17
21,697
21,714
21,714
18
5,555
5,573
5,573
* Includes Unclaimed Dividend of ` 202 crore (Previous Year ` 208 crore), Fixed Deposits of ` 14,620 crore (Previous Year ` 5 crore) with maturity
of more than 12 months and Fixed Deposits of ` 2,186 crore (Previous Year ` 2,468 crore) given as collateral security. Principal amount of these
Fixed Deposits can be withdrawn or an equivalent amount can be availed against such deposits by the Company at any point of time without
prior notice or penalty.
334
Total
# Refer Note 3.A for details of Loans.
11. Other Financial Assets - Current
Deposits to Related Parties (Refer Note 34 (IV))
Other Deposits
Receivables from Related Parties (Refer Note 34(IV))
Call Money Receivable (Refer Note 14.9)
Others *
Total
* Includes fair valuation of derivatives.
12. 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 32
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
161
161
-
-
161
990
990
3
3
993
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
12,000
1,310
34,454
-
7,137
54,901
12,000
904
1,124
39,843
5,689
59,560
(` in crore)
Year ended
31st March, 2022
Year ended
31st March, 2021
787
6,915
7,702
-
(4,732)
(4,732)
(` in crore)
Year ended
31st March, 2022
Year ended
31st March, 2021
46,786
34.944%
16,349
(1,574)
5,716
(19,704)
787
771
6,144
6,915
7,702
16.46%
(6,386)
22,908
34.944%
8,005
(133)
4,910
(12,782)
-
2,354
(7,086)
(4,732)
(4,732)
-
(14,062)
335
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(` in crore)
14.5 Shareholding of Promoter
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
13. Other Current Assets (Unsecured and Considered Good)
Balance with Customs, Central Excise, GST and state authorities
Others #
Total
# Includes prepaid expenses and claims receivable.
14. Share Capital
Authorised Share Capital:
14,00,00,00,000 Equity Shares of ` 10 each
(14,00,00,00,000)
1,00,00,00,000 Preference Shares of ` 10 each
(1,00,00,00,000)
Issued and Subscribed Capital:
6,76,59,94,014 Equity Shares of ` 10 each
(6,33,94,41,920)
-
Equity Shares of ` 10 each (Refer Note 14.9)
(42,26,26,894)
Total
Paid Up Capital:
6,76,59,94,014 Equity Shares of ` 10 each fully paid up
(6,33,94,41,920)
-
Equity Shares of ` 10 each, ` 2.5 paid up (Refer Note 14.9)
(42,26,26,894)
Less: Calls Unpaid (Refer Note 14.9)
As at
31st March, 2022
As at
31st March, 2021
3,461
3,540
7,001
4,536
3,796
8,332
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
14,000
14,000
1,000
1,000
15,000
15,000
6,766
-
6,766
6,766
-
(1)
6,765
6,339
423
6,762
6,339
106
-
6,445
Total
14.1
3,08,03,34,238
(3,08,03,34,238)
Equity shares were allotted as fully paid Bonus Shares in the last five years by capitalisation of
Securities premium and Capital Redemption Reserve.
14.2
14.3
-
Issued as partly paid shares under Right Issue (Refer Note 14.9).
(42,26,26,894)
41,31,91,759
Shares held by Associates.
(41,31,91,759)
Figures in bracket represents Previous year’s figure.
Name of the Shareholder
14.4 The Details of Shareholders Holding more
than 5% Shares:
Srichakra Commercials LLP
Devarshi Commercials LLP
Karuna Commercials LLP
Tattvam Enterprises LLP
Life Insurance Corporation of India
As at
31st March, 2022
As at
31st March, 2021
No. of Shares
% held
No. of Shares
% held
73,95,99,829
54,55,69,460
54,55,69,460
54,55,69,460
41,35,42,219
10.93
8.06
8.06
8.06
6.11
73,95,99,829
54,55,69,460
54,55,69,460
54,55,69,460
37,16,09,077
10.94
8.07
8.07
8.07
5.50
Sr.
no
Class of Equity Share
Promoter’s Name
As at 31st March, 2022
1
2
Fully paid-up equity shares of ` 10 each Mukesh D. Ambani
Partly paid-up equity shares of ` 10
each, ` 2.5 paid-up
Mukesh D. Ambani
Total
Sr.
no
Class of Equity Share
Promoter’s Name
No. of shares
at the
beginning of
the year
change
during the
year
No. of
shares at
the end of
the year
% of total
shares
% change
during the
year
75,00,000
5,52,020 80,52,020
5,52,020 (5,52,020)
-
80,52,020
- 80,52,020
0.12
-
0.12
-
-
No. of shares
at the
beginning of
the year
change
during the
year
No. of
shares at
the end of
the year
% of total
shares
% change
during the
year
As at 31st March, 2021
1
2
Fully paid-up equity shares of ` 10 each Mukesh D. Ambani
Partly paid-up equity shares of ` 10
each, ` 2.5 paid-up
Mukesh D. Ambani
75,00,000
- 75,00,000
-
5,52,020
5,52,020
75,00,000
5,52,020
80,52,020
-
0.01
0.11
0.01
0.12
Total
Particulars
14.6 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: Shares Issued on Rights basis (Refer Note 14.9)
Equity Shares at the end of the year
As at
31st March, 2022
As at
31st March, 2021
No. of Shares
No. of Shares
6,76,20,68,814
6,33,92,67,510
39,25,200
1,74,410
-
42,26,26,894
6,76,59,94,014
6,76,20,68,814
14.7 Options granted under ESOS-2006 prior to withdrawal of scheme, continue to be governed by ESOS-2006. There are no
options pending for vesting under ESOS - 2006. Pursuant to ‘Reliance Industries Limited Employees’ Stock Option Scheme
2017’ (ESOS-2017), 90,000 options have been granted to eligible employees during the year. Options granted and remaining
to be vested as at the end of the year under ESOS-2017 is 3,90,000.
14.8 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.
14.9 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’).
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 First call of ` 314.25 per Rights Equity
Share (including a premium of ` 311.75 per share) in May, 2021 and Second and Final call of ` 628.50 per Rights Equity
Share (including a premium of ` 623.50 per share) in November, 2021. As on March 31, 2022, an aggregate amount of
` 81 crore is unpaid.
336
337
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
15. Other Equity
Share Application Money Pending Allotment
As per last Balance Sheet
Issue of Share/Application money received (Refer Note 15.1)
Share Call Money Account
As per last Balance Sheet
Addition/ (Reduction) during the year (Refer Note 14.9)
Capital Reserve
As per last Balance Sheet
Securities Premium
As per last Balance Sheet
On Employee stock option
Premium on Shares issued under Rights Issue (Refer Note 14.9)
Calls Unpaid - Right Issue (Refer Note 14.9)
Debentures Redemption Reserve
As per last Balance Sheet
Transferred to General Reserves
Share Based Payments Reserve
As per last Balance Sheet
On Employee Stock Option
Special Economic Zone Reinvestment Reserve
As per last Balance Sheet
Transferred from / (to) Retained Earnings *
General Reserve
As per last Balance Sheet
Transferred from Debenture Redemption Reserve
Transferred to Statement of Profit and Loss (Refer Note 32(a) & 43.1)
Retained Earnings
As per last Balance Sheet
Profit for the year
Others (Refer Note 32(c))
Appropriations
Dividend on Equity Shares
[Dividend per Share ` 7 (Previous Year ` 6.5)]
Transferred from/(to) Special Economic Zone
Reinvestment Reserve
Transferred to Statement of Profit and Loss (Refer Note 32(c))
Other Comprehensive Income (OCI)
As per last Balance Sheet
Movement in OCI (Net) during the year
Total
-
-
39,843
(39,843)
59,442
841
39,527
(80)
5,965
(1,795)
419
(386)
4,975
4,135
2,58,410
1,795
(36,143)
41,893
39,084
-
80,977
(4,297)
(4,135)
-
56,688
(1,979)
As at
31st March, 2022
As at
31st March, 2021
(` in crore)
-
39,843
403
-
-
403
1
(1)
-
39,843
46,329
9
13,104
-
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
As at
31st March, 2022
As at
31st March, 2021
Non-Current
Current
Non-Current
Current
(` in crore)
6,626
6,626
26,902
55,549
77,752
402
1,60,605
1,67,231
1,000
1,000
12,114
605
3,675
540
16,934
17,934
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
16. 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
16.1 Secured Non-Convertible Debentures Referred Above to the Extent of:
` 7,626 crore (Previous Year ` 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.
99,730
59,442
16.2 Maturity Profile and Interest Rate of Non-Convertible Debentures are as set out below:
9,375
(3,410)
4,170
5,965
4
415
33
419
5,500
(525)
9,110
4,975
2,55,000
3,410
-
2,24,062
2,58,410
14,146
31,944
32,416
78,506
(3,921)
525
(33,217)
72,545
41,893
54,118
2,570
54,709
4,64,762
56,688
4,68,038
a) Secured:
Rate of Interest
7.97%
8.00%
8.25%
Total
b) Unsecured:
Rate of Interest
MIBOR+2.90%
REPO+2.80%
6.95%
7.00%
7.05%
7.17%
7.20%
7.40%
8.65%
8.70%
8.95%
9.00%
9.05%
9.25%
Total
Non-Current
(` in crore)
Current
2025-26
2024-25
2023-24
Total
2022-23
-
-
1,000
1,000
-
-
1,000
1,000
-
3,626
1,000
4,626
-
3,626
3,000
6,626
1,000
-
-
1,000
Non-Current *
(` in crore)
Current *
2028-29
2025-26
2024-25
2023-24
Total
2022-23
-
-
-
-
-
-
-
-
2,190
800
1,990
-
2,409
-
-
-
-
-
-
-
-
1,990
-
-
-
-
-
-
7,389
1,990
-
-
-
-
-
-
-
-
-
-
-
850
-
1,742
2,592
3,600
4,500
600
-
3,600
4,500
600
-
2,800
2,800
-
-
2,225
5,000
-
-
3,455
-
-
-
-
-
-
-
-
4,900
3,455
1,990
2,190
800
1,990
850
2,409
1,742
-
-
-
-
-
-
-
-
14,955
26,926
12,125
* Includes ` 35 crore (Non-Current ` 24 crore and Current ` 11 crore) as prepaid finance charges.
* Considers Special Economic Zone Reinvestment Reserve created during the year of ` 5,040 crore (Previous Year ` 3,303 crore).
15.1 Share Application Money Pending Allotment represents application money received on account of Employees
Stock Option Scheme.
338
339
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
16.3 Maturity Profile and Interest Rate of Bonds are as set out below:
Non-Current *
(` in crore)
Current *
2096-97 2061-62 2051-52 2046-47 2044-45 2040-41 2031-32 2027-28 2026-27 2025-26 2024-25 2023-24
Total 2022-23
-
-
-
-
-
-
-
-
-
-
-
-
-
-
94
-
-
-
-
-
-
-
-
5,684
-
-
-
-
-
-
-
-
-
-
-
-
-
13,264
-
-
-
-
-
-
-
-
-
-
94 5,684 13,264
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
73
73
-
-
-
-
-
-
-
-
-
5,684
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,790
-
-
-
-
-
-
-
-
-
11,369
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,063
-
-
-
-
38
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
257
168
-
-
147
145
163
171
-
-
-
-
-
-
-
-
-
-
-
147
145
163
171
-
-
-
7,579
-
-
-
-
-
-
-
147
145
163
171
-
-
-
-
-
-
-
-
-
-
-
441
435
489
513
11,369
13,264
6,063
5,684
7,579
5,684
3,790
38
257
168
94
73
147
145
163
171
-
-
-
-
-
-
-
-
-
5,684
3,790 11,369
6,101
425
626
8,205
626 55,941
626
Rate of
Interest
1.87%
2.06%
2.44%
2.51%
2.88%
3.63%
3.67%
3.75%
4.13%
4.88%
6.25%
7.63%
8.25%
9.38%
10.25%
10.50%
Total
* Includes ` 413 crore (Non-Current ` 392 crore and Current ` 21 crore) as prepaid finance charges.
16.4 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
6,949
-
6,949
71,248
402
71,650
Total
78,197
402
78,599
(` in crore)
Current
2022-23
3,811
540
4,351
* Includes ` 581 crore (Non-Current ` 445 crore and Current ` 136 crore) as prepaid finance charges.
Interest rates on term loans are in range of 0.31% to 8.34%
16.5 The Company has satisfied all the covenants prescribed in terms of borrowings.
17. Other Financial Liabilities - Non-Current
Other Payables *
Total
* Includes Creditors for Capital Expenditure
18. Provisions - Non-Current
Provision for decommissioning of Assets #
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
3,210
3,210
1,145
1,145
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
19. 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 [Net of Deferred Tax on exceptional item
of (` 6,386 crore); (Previous year ` 15,570 crore)] ^
Charge to Other Comprehensive Income
At the end of year
^ Refer Note 12 and 32
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
30,788
50,556
529
(20,303)
(485)
30,832
535
30,788
Component of Deferred Tax Liabilities / (Asset)
Deferred tax liabilities / (asset) in relation to:
Property, Plant and Equipment and
Intangible Asset
Financial Assets and Others (Net)
Loan and Advances
Provisions
20. Other Non-Current Liabilities
Advance from Related Parties (Refer Note 34 (II))
Total
21. Borrowings - Current
Secured - at Amortised Cost
Working Capital Loans
From Banks
Rupee Loans
Unsecured - at Amortised Cost
Other Loans and Advances
From Banks
Rupee Loans
From Others
Commercial paper *
Charge / (Credit) to
As at
31st March, 2021
Statement of
Profit and Loss
Other
Comprehensive
Income
(` in crore)
As at
31st March, 2022
36,926
(5,692)
(30)
(416)
30,788
(5,614)
6,169
(1)
(25)
529
-
(485)
-
-
(485)
31,312
(8)
(31)
(441)
30,832
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
504
504
504
504
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
3,579
3,579
2,981
2,981
2,999
5,250
2,820
5,819
17,934
27,332
24,921
30,171
27,948
61,100
1,598
1,598
1,499
1,499
Current maturities of Non-Current Borrowings (Refer Note 16)
Total
# The movement in the provision is towards (i) Utilisation for Tapti facilities and MA well decommissioning (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.
* Maximum amount outstanding at any time during the year was ` 31,596 crore (Previous Year ` 33,718 crore).
21.1 Working Capital Loans from Banks of ` 3,579 crore (Previous Year ` 2,981 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.
21.2 Refer note 38 B (iv) for maturity profile.
21.3 The Company has satisfied all the covenants prescribed in terms of borrowings.
340
341
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
21.4 In respect of working capital loans, quarterly returns or statements of current assets filed by the company with banks are in
agreement with the books of accounts.
22. Trade Payables Due to
Micro and Small Enterprises
Other than Micro and Small Enterprises
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
138
1,33,867
1,34,005
90
86,909
86,999
22.1 There are no overdue amounts to Micro, Small and Medium Enterprises as at 31st March, 2022.
22.2 Trade Payables Ageing
Particulars
As at 31st March, 2022:
(i) MSME
(ii) Others
(iii) Disputed dues- MSME
(iv) Disputed dues- Others
Total
Particulars
As at 31st March, 2021:
(i) MSME
(ii) Others
(iii) Disputed dues- MSME
(iv) Disputed dues- Others
Total
23. Other Financial Liabilities - Current
Interest accrued but not due on Borrowings
Unclaimed Dividends #
Advance/ Deposit from Related Parties (Refer Note 34 (II))
Other Payables *
Total
Outstanding for following periods from
due date of payment
Less than
1 year
1-2 years
2-3 years
More than
3 years
-
-
-
-
-
-
1,338
-
-
1,338
-
76
-
-
76
-
-
-
-
-
Outstanding for following periods from
due date of payment
Less than
1 year
1-2 years
2-3 years
More than
3 years
-
1,519
-
-
1,519
-
77
-
-
77
-
-
-
-
-
-
-
-
-
-
(` in crore)
Total
-
1,414
-
-
1,414
(` in crore)
Total
-
1,596
-
-
1,596
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
2,689
202
24
30,310
33,225
3,217
208
202
29,481
33,108
# 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
25. Provisions - Current
Provisions for Employee Benefits (Refer Note 29.1)**
Other Provisions #
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
289
607
896
293
608
901
** 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, 2021 of ` 343 crore as per
the estimated pattern of dispatches. During the year, ` 343 crore was utilised for clearance of goods. Provision recognised under this class
for the year is ` 243 crore which is outstanding as on 31st March, 2022. 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 ` 187 crore as at 31st March, 2021. During the
year, further provision of ` 668 crore was made and sum of ` 707 crore were reversed on fulfilment of export obligation. Closing balance on this
account as at 31st March, 2022 is ` 148 crore.
26. 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
2021-22
(` in crore)
2020-21
4,35,657
2,61,866
6,319
26
650
470
29
389
4,42,652
2,62,754
1,380
1,343
2,723
1,190
1,125
2,315
4,45,375
2,65,069
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.
27. 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)
2021-22
2020-21
(` in crore)
54
12,247
89
-
647
118
12,390
276
441
765
13,872
83
10,806
83
93
3,560
(694)
11,065
141
746
2,866
14,818
24. Other Current Liabilities
Contract Liabilities
Other Payables ^
Total
^ Includes statutory dues.
342
As at
31st March, 2022
As at
31st March, 2021
615
4,823
5,438
15,163
4,400
19,563
Above includes income from assets measured at Cost/ Amortised Cost of ` 7,055 crore (Previous Year ` 7,413 crore), income from
assets measured at Fair Value Through Profit and Loss of ` 619 crore (Previous Year ` 1,866 crore) and income from assets measured
at Fair Value Through Other Comprehensive Income of ` 5,757 crore (Previous Year ` 4,793 crore).
343
(` in crore)
Total
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
2021-22
2020-21
I)
Reconciliation of opening and closing balances of Defined Benefit Obligation
(` in crore)
Defined Benefit Plan
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
27.1 Other Comprehensive Income - Items that will not be
Reclassified to Profit and Loss
Remeasurement gain / (loss) of Defined Benefit Plan
Equity instruments through OCI
Total
27.2 Other Comprehensive Income - Items that will be
reclassified to Profit and Loss
Government Securities
Debenture or Bonds
Debt Income Fund
Fixed Maturity Plan
Commodity Hedge
Cash flow Hedge
Total
(42)
283
21
329
241
2021-22
2020-21
(121)
(146)
(686)
(344)
91
(1,499)
(2,705)
(152)
83
(491)
84
504
2,727
28. 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
Capitalised during the year
Total
* Excludes inventory on completion of projects.
29. Employee Benefits Expense
Salaries and Wages
Contribution to Provident Fund and Other Funds
Staff Welfare Expenses
Total
2021-22
15,419
5,883
21,302
9,364
4,009
13,373
(33)
13,340
(7,962)
2021-22
4,094
246
1,086
5,426
29.1 As per Indian Accounting Standard 19 “Employee Benefits”, the disclosures as defined are given below:
Defined Contribution Plans
I) 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
2021-22
124
19
55
The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund and Miscellaneous
Provisions Act, 1952.
344
350
(` in crore)
2,755
(` in crore)
2020-21
9,364
4,009
13,373
10,918
3,115
14,033
(50)
13,983
610
(` in crore)
2020-21
4,002
251
771
5,024
(` in crore)
2020-21
122
19
55
Particulars
Defined Benefit Obligation at beginning of the year
Current Service Cost
Interest Cost
Actuarial (Gain) / Loss
Benefits Paid *
Liability Transferred In / (Out) (Net)
Defined Benefit Obligation at end of the year
* Includes benefits of ` 94 crore (Previous Year ` 86 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
Benefits Paid
Assets Transferred In / (Out) (Net)
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)]
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
(` in crore)
Gratuity (Funded)
2021-22
2020-21
954
45
66
39
(100)
(3)
1,001
970
48
66
(17)
(90)
(23)
954
(` in crore)
Gratuity (Funded)
2021-22
2020-21
1,013
67
(6)
(3)
1,071
970
70
(4)
(23)
1,013
(` in crore)
Gratuity (Funded)
As at
31st March,2022
As at
31st March,2021
1,071
1,001
70
1,013
954
59
(` in crore)
Gratuity (Funded)
2021-22
2020-21
45
66
(70)
41
39
3
42
48
66
(66)
48
(17)
(4)
(21)
(` in crore)
As at 31st March, 2022
As at 31st March, 2021
` in crore
% Invested
` in crore
% Invested
1
1,070
1,071
0.09
99.91
100.00
7
1,006
1,013
0.69
99.31
100.00
345
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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)
(` in crore)
2020-21
2006-08
(Ultimate)
6.95%
6.95%
Gratuity (Funded)
2021-22
2012-14
(Ultimate)
7.09%
7.09%
6.00% p.a.
4.00% p.a. for the
next 1 years, 6.00%
p.a. thereafter
Rate of employee turnover (per annum)
2%
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 2021-22.
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%)
As at 31st March, 2022
As at 31st March, 2021
Decrease
Increase
Decrease
Increase
(` in crore)
24
25
2
26
26
2
24
24
2
25
26
2
These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk
and Salary Risk.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
29.2 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)
1) ESOS - 2006
Number of Options Outstanding
As at
31st March, 2022
As at
31st March, 2021
Financial Year
of Vesting
Range of
Exercise price (`)
Range of Fair
value at Grant
Date (`)
i)
Details of Employee Stock Options granted upto 31st March, 2015 but not vested as on 1st April, 2015
2008-09
Sub total
-
-
1,200
2015-16 & 2016-17
322.30
156.20 - 164.90
1,200
ii) Details of Employee Stock Options granted from 1st April, 2015 to 31st March, 2021
2016-17
Sub total
2) ESOS - 2017
-
24,000 2017-18 to 2020-21
548.00
149.80 - 204.50
-
24,000
Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2022
2020-21
2021-22
Sub total
Total (1(i)+1(ii)+2)
3,00,000
90,000
3,90,000
3,90,000
42,00,000 2021-22 to 2024-25
10.00 2,133.40 -2,151.90
- 2022-23 to 2025-26
10.00 2,595.20-2,613.30
42,00,000
42,25,200
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
Particulars
(` in crore)
Year ended
31st March, 2022
Year ended
31st March, 2021
Expenses arising from equity – settled share-based payment transactions
-
0.02
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.
Investment 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.
During the year, 90,000 options were granted under ESOS-2017. The model inputs for options granted during the year
ended 31st March, 2017, 31st March, 2021 and 31st March, 2022 included as mentioned below.
Interest Risk
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.
Longevity Risk
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.
Salary Risk
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.
a) Weighted average exercise price
b) Grant date:
c) Vesting year:
d) Share Price at grant date:
ESOS - 2006
` 1,096
ESOS - 2017
` 10
`10
05.10.2016 & 10.10.2016
05.10.2020
30.03.2022
2017-18 to 2020-21
` 1,089 at 05.10.2016
` 1,096 at 10.10.2016
2021-22 to 2024-25
2022-23 to 2025-26
` 2,212
` 2,673
e) Expected price volatility of Company’s share:
25.1% to 26.5%
30.2% to 31.9%
30.7% to 33%
f) Expected dividend yield:
g) Risk free interest rate:
1.07%
7.00%
0.60%
0.49%
5.1% to 5.6%
5.86% to 6.34%
The expected price volatility is based on the historic volatility (based on remaining life of the options).
346
347
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
d) Movement in share options during the year:
Particulars
As at 31st March, 2022
As at 31st March, 2021
Number of
share options
Weighted average
exercise price
Number of
share options
Weighted average
exercise price
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
42,25,200
90,000
(39,25,200)
-
3,90,000
13.14
10.00
13.38
-
10.00
2,29,540
42,00,000
(1,74,410)
(29,930)
42,25,200
380.59
10.00
368.18
321.00
13.14
Particulars
31.1 Payment to Auditors As:
(a) Fees as Auditors *
(b) Tax Audit Fees
(c) Fees for Other Services
(d) Cost Audit Fees
Total
2021-22
(` in crore)
2020-21
34
1
5
1
41
29
1
3
1
34
* Includes Nil (Previous Year ` 2 crore), in the nature of rights issues expenses accounted in Securities Premium Account.
Weighted average remaining contractual life of the share option outstanding at the end of year is 2,138 days (Previous
Year 2,370 days).
Fees for other services includes certification fees paid to auditors. Statute and other regulations require auditors to certify export
/ import documentation and transfer pricing among others.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
30. Finance Costs
Interest Expenses *
Interest on Lease Liabilities
Applicable loss on foreign currency transactions and translation
Total
* Net of Interest Capitalised of ` 1,316 crore (Previous Year ` 2,333 crore).
31. 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
2021-22
8,807
234
82
9,123
(` in crore)
2020-21
12,755
239
3,217
16,211
2021-22
(` in crore)
2020-21
7,158
17,117
1,125
91
1,307
354
(40)
43
5,034
12,424
431
59
667
(514)
241
33
27,155
18,375
7,553
1,290
599
9,442
447
2,699
113
639
811
357
92
41
93
1,217
6,509
723
42,383
7,169
617
621
8,407
576
1,997
145
384
477
312
58
32
8
1,169
5,158
970
30,970
# 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.
348
31.2 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 ` 737 crore (Previous Year ` 884 crore).
(b) Expenditure related to Corporate Social Responsibility is ` 813 crore (Previous Year ` 922 crore).
Particulars
Rural Transformation
Health (including COVID-19)
Education
Sports for Development
Disaster Response (including COVID-19)
Arts, Culture, Heritage and Urban Renewal
Total
2021-22
(` in crore)
2020-21
101
475
202
27
4
4
813
110
256
452
49
53
2
922
(c) Out of note (b) above, ` 494 crore (Previous Year ` 335 crore) contributed to Reliance Foundation, ` 22 crore (Previous
Year ` 20 crore) to Reliance Foundation Youth Sports and ` 142 crore (Previous Year ` 375 crore) to Reliance Foundation
Institution of Education and Research which are related parties.
Particulars
32. Exceptional Items (Net of Tax)
2021-22
2020-21
(` in crore)
a) (i)
Loss on measurement of gasification undertaking
as held for sale
(ii) Deferred Tax reversal
42,529
(6,386)
(iii) Net Loss on measurement of gasification undertaking as
held for sale (i) – (ii)
(iv) Withdrawal from General Reserve
Subtotal (a) - [(iii)-(iv)]
b) Net gain on sale of investments (net of tax)
c) Loss on acquisition of RHUSA loan
Withdrawal from Retained Earnings
Subtotal (c)
d)
Impairment of Investments in Shale Gas Entities
Recognition of Deferred Tax Asset relating to Shale
Gas Investments
Subtotal (d)
Total (a+b+c+d)
-
-
-
-
-
-
33,217
(33,217)
(15,686)
15,570
36,143
(36,143)
-
-
-
-
-
-
-
-
4,420
-
(116)
4,304
349
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
For the year ended 31st March, 2022
34. Related Parties Disclosures
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
a)
i.
ii.
The Company has recognised loss of ` 36,143 crore (net of deferred tax) in the Statement of Profit and Loss as Exceptional
Item on measurement of gasification undertaking as held for sale pursuant to Ind AS 105, which requires assets to be
measured at lower of its carrying amount and fair value less costs to sell.
Further, the Company has withdrawn from General Reserves, an amount of ` 36,143 crore equal to the loss recognised
in the Statement of profit and loss, and credited the same to the Statement of Profit and Loss. This is in accordance with
Scheme approved by Hon’ble National Company Law Tribunal, Mumbai bench and Ahmedabad bench, overriding the
Indian Accounting Standards (Ind AS), (Refer Note 43.1).
For the year ended 31st March, 2021
b)
c)
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).
Recognition of Reliance Holding USA, Inc.’s (RHUSA) loan and Merger pursuant to Scheme of Amalgamation:
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.
d)
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 exceed 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.
33. 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 (` 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 (`) - 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 (` 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 14.9
2021-22
10
59.24
59.24
39,084
39,084
(` in crore)
2020-21
10
49.66
42.97
31,944
27,640
6,59,81,11,978
6,43,28,74,848
58.49
58.49
39,084
39,084
48.90
42.31
31,944
27,640
6,68,16,52,444
6,53,21,38,901
6,59,81,11,978
6,43,28,74,848
8,35,40,466
9,92,64,053
6,68,16,52,444
6,53,21,38,901
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.
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
Name of the Related Party
Relationship
7-India Convenience Retail Limited^
Aaidea Solutions Limited (formerly known as Aaidea Solutions Private Limited)^
ABC Cable Network Private Limited
Abraham and Thakore Exports Private Limited^
Actoserba Active Wholesale Limited (formerly known as Actoserba Active Wholesale
Private Limited)
Addverb Technologies BV^
Addverb Technologies Private Limited^
Addverb Technologies Pte Limited^
Addverb Technologies Pty Limited^
Addverb Technologies USA Inc.^
Adhunik Cable Network Limited @
Adventure Marketing Private Limited #
AETN18 Media Private Limited #
Affinity USA LLC
Amante India Private Limited (Formerly known as MAS Brands India 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 Limited (formerly known as Asteria Aerospace Private Limited)
Augment Cable Network Private Limited @
Subsidiary
Aurora Algae LLC
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 @
350
351
# Control by Independent Media Trust of which the company is the sole beneficiary.
^ Relationships established during the year.
@ Ceased to be related party during the year.
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Sr.
No.
Name of the Related Party
Relationship
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
94
95
96
97
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
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 Satellite 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 @
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
# Control by Independent Media Trust of which the company is the sole beneficiary.
@ Ceased to be related party during the year.
Subsidiary
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Sr.
No.
98
99
Name of the Related Party
Dronagiri Dongri East Infra Limited
Dronagiri Dongri North Infra Limited
100 Dronagiri Dongri South Infra Limited
101
Dronagiri Dongri West Infra Limited
102 Dronagiri Funde East Infra Limited
103 Dronagiri Funde North Infra Limited
104 Dronagiri Funde South Infra Limited
105 Dronagiri Funde West Infra Limited
106 Dronagiri Navghar East Infra Limited
107 Dronagiri Navghar North First Infra Limited
108 Dronagiri Navghar North Infra Limited
109 Dronagiri Navghar North Second Infra Limited
110
111
112
113
114
115
116
117
118
119
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
120 Dronagiri Pagote West Infra Limited
121
Dronagiri Panje East Infra Limited
122 Dronagiri Panje North Infra Limited
123 Dronagiri Panje South Infra Limited
Relationship
Subsidiary
125
124 Dronagiri Panje West Infra Limited
eDreams Edusoft Private Limited @
e-Eighteen.com Limited #
Ekta Entertainment Network Limited @
126
127
128
129
130
131
132
133
134
135
136
137
138
Elite Cable Network Private Limited
Eminent Cable Network Private Limited
Enercent Technologies Private Limited ^
Fab Den Network Limited @
Faradion Limited ^
Faradion UG^
Foodhall Franchises Limited ^
Fortune (Baroda) Network Private Limited @
Fun Cable Network Private Limited @
Future Lifestyles Franchisee Limited ^
Futuristic Media and Entertainment Limited
139 Galaxy Den Media & Entertainment Private Limited
140 Gemini Cable Network Limited @
141
Genesis Colors Limited
142 Genesis La Mode Private Limited
143 GLB Body Care Private Limited
144 GLF Lifestyle Brands Private Limited
145 Glimpse Communications Private Limited @
146 GML India Fashion Private Limited
147 Grab A Grub Services 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 during the year.
352
353
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Relationship
Sr.
No.
Name of the Related Party
198
Jio Media Limited
Relationship
Sr.
No.
Name of the Related Party
148 Greycells18 Media Limited #
149 Hamleys (Franchising) Limited
150 Hamleys Asia Limited
151
Hamleys Global Holdings Limited @
152 Hamleys of London Limited
153 Hamleys Toys (Ireland) Limited
154 Hathway Bhawani Cabletel and Datacom Limited
155 Hathway Broadband Limited @
156 Hathway Cable and Datacom Limited
157
Hathway Cnet Limited @
158 Hathway Digital Limited
159 Hathway Digital Saharanpur Cable & Datacom Limited @
160 Hathway Enjoy Cable Network Limited @
Hathway Gwalior Cable & Datacom Limited @
161
162 Hathway Internet Satellite Limited @
163 Hathway JMD Farukhabad Cable Network Limited @
164 Hathway Kokan Crystal Cable Network Limited
165 Hathway Krishna Cable Limited @
166 Hathway Mantra Cable & Datacom Limited
Hathway Media Vision Limited @
167
168 Hathway Mysore Cable Network Limited @
169 Hathway Nashik Cable Network Private Limited
Subsidiary
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
Hathway New Concept Cable & Datacom Limited @
Hathway Software Developers Limited @
Hathway Space Vision Cabletel Limited @
Hathway United Cables Limited @
Ideal Cables Limited @
IndiaCast Media Distribution Private Limited #
IndiaCast UK Limited #
IndiaCast US Limited #
Indiavidual Learning Limited
Indiawin Sports Private Limited
Indradhanush Cable Network Limited @
Infomedia Press Limited #
Intelligent Supply Chain Infrastructure Management Private Limited (Formerly Known as Jio
Digital Cableco Private Limited) $
Intimi India Private Limited ^
ITV Interactive Media Limited @
Jaisuryas Retail Ventures Private Limited ^
JD International Pte. Ltd. ^
Jhankar Cable Network Limited @
Jio Cable and Broadband Holdings Private Limited $
Jio Content Distribution Holdings Private Limited $
Jio Digital Distribution Holdings Private Limited $
Jio Estonia OÜ
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
# 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.
@ Ceased to be related party during the year.
354
Jio Platforms Limited
199
200 Jio Satellite Communications Limited ^
Jio Space Technology Limited ^
201
202 Jio Television Distribution Holdings Private Limited $
203 Jio Things Limited
204 Just Dial Inc. ^
205 Just Dial Limited ^
206 Kalamboli East Infra Limited
207 Kalamboli North First Infra Limited
208 Kalamboli North Infra Limited
209 Kalamboli North Second Infra Limited
210
Kalamboli North Third Infra Limited
211
212
213
214
215
216
217
218
Kalamboli South First Infra Limited
Kalamboli South Infra Limited
Kalamboli West Infra Limited
Kalanikethan Fashions Private Limited ^
Kalanikethan Silks Private Limited ^
Kishna DEN Cable Networks Private Limited
Kutch New Energy Projects Limited (Formerly known as Reliance Solar Projects Limited) ^
Liberty Media Vision Limited @
Libra Cable Network Limited
219
220 Luvley Limited @
221 M Entertainments Private Limited
222 Mahadev Den Cable Network Limited
223 Mahavir Den Entertainment Private Limited
224 Maitri Cable Network Private Limited
225 Mansion Cable Network Private Limited
226 Marble Cable Network Private Limited @
227 MAS Brands Exports (Private) Limited ^
228 MAS Brands Lanka (Private) Limited ^
229 Media18 Distribution Services Limited #
230 Meerut Cable Network Private Limited
231 Mesindus Ventures Limited (formerly known as Mesindus Ventures Private Limited)
232 Mindex 1 Limited
233 Model Economic Township Limited
234 Moneycontrol.Dot Com India Limited #
235 Mountain Cable Network Limited @
236 Multi Channel Cable Network Limited @
237 Multi Star Cable Network Limited @
238 Multitrack Cable Network Private Limited
239 MYJD Private Limited ^
240 Nectar Entertainment Limited @
241 Netmeds Marketplace Limited
242 Network18 Media & Investments Limited #
243 New Emerging World Of Journalism Limited
244 Nilgiris Stores Limited ^
245 NowFloats Technologies Private Limited
246 Radiant Satellite (India) 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 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.
355
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Relationship
Sr.
No.
Name of the Related Party
247 Radisys B.V.
248 Radisys Canada Inc.
249 Radisys Cayman Limited
250 Radisys Convedia (Ireland) Limited
251
Radisys Corporation
252 Radisys GmbH
253 Radisys India Limited (formerly known as Radisys India Private Limited)
254 Radisys International LLC
255 Radisys International Singapore Pte. Ltd.
256 Radisys Poland sp. z o.o @
257 Radisys Spain S.L.U.
258 Radisys Systems Equipment Trading (Shanghai) Co. Ltd.
259 Radisys Technologies (Shenzhen) Co. Ltd.
260 Radisys UK Limited
RB Holdings Private Limited #
261
262 RB Media Holdings Private Limited #
263 RB Mediasoft Private Limited #
264 RBML Solutions India Limited
265 REC Americas LLC^
266 REC ScanModule Sweden AB^
267 REC Solar (Japan) Co., Ltd.^
268 REC Solar EMEA GmbH^
269 REC Solar France SAS^
270 REC Solar Holdings AS^
REC Solar Norway AS^
271
272 REC Solar Pte. Ltd.^
273 REC Systems (Thailand) Co., Ltd.^
274 REC Trading (Shanghai) Co., Ltd.^
275 REC US Holdings, Inc.^
276 Recron (Malaysia) Sdn. Bhd.
277 Reliance 4IR Realty Development Limited
278 Reliance Ambit Trade Private Limited
279 Reliance BP Mobility Limited
280 Reliance Brands Holding UK Limited
281
Reliance Brands Limited
282 Reliance Brands Luxury Fashion Private Limited
283 Reliance Carbon Fibre Cylinder Limited^
284 Reliance Clothing India Private Limited
285 Reliance Commercial Dealers Limited
286 Reliance Comtrade Private Limited
287 Reliance Content Distribution Limited
288 Reliance Corporate IT Park Limited
289 Reliance Digital Health Limited (Formerly known as Kanhatech Solutions Limited)
290 Reliance Digital Health USA Inc.
291
Reliance Eagleford Upstream GP LLC
292 Reliance Eagleford Upstream Holding LP
293 Reliance Eagleford Upstream LLC
294 Reliance Eminent Trading & Commercial Private Limited
295 Reliance Ethane Holding Pte Limited
296 Reliance Ethane Pipeline Limited
# Control by Independent Media Trust of which the company is the sole beneficiary.
^ Relationships established during the year.
@ Ceased to be related party during the year.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Sr.
No.
Name of the Related Party
297 Reliance Exploration & Production DMCC
298 Reliance GAS Lifestyle India Private Limited
299 Reliance Gas Pipelines Limited
300 Reliance Global Energy Services (Singapore) Pte. Limited
301
Reliance Global Energy Services Limited
302 Reliance Hydrogen Electrolysis Limited^
303 Reliance Hydrogen Fuel Cell Limited^
304 Reliance Industrial Investments and Holdings Limited
305 Reliance Industries (Middle East) DMCC
306 Reliance Innovative Building Solutions Private Limited
307 Reliance International Limited^
308 Reliance Jio Global Resources LLC
309 Reliance Jio Infocomm Limited
310
Reliance Jio Infocomm Pte. Ltd.
Relationship
Reliance Jio Infocomm UK Limited
Reliance Jio Infocomm USA Inc.
Reliance Jio Media Limited
Reliance Jio Messaging Services Limited
Reliance Lifestyle Products Private Limited
Reliance Marcellus II LLC
311
312
313
314
315
316
317
318
Reliance Marcellus LLC
Reliance New Energy Carbon Fibre Cylinder Limited^
Reliance New Energy Hydrogen Electrolysis Limited^
319
320 Reliance New Energy Hydrogen Fuel Cell Limited^
Subsidiary
Reliance New Energy Limited (Formerly known as Reliance New Energy Solar Limited)^
321
322 Reliance New Energy Power Electronics Limited^
323 Reliance New Energy Storage Limited^
324 Reliance New Solar Energy Limited^
Subsidiary
325 Reliance O2C Limited
326 Reliance Payment Solutions Limited
327 Reliance Petro Marketing Limited
328 Reliance Petroleum Retail Limited
329 Reliance Power Electronics Limited^
330 Reliance Progressive Traders Private Limited
331
Reliance Projects & Property Management Services Limited
332 Reliance Prolific Commercial Private Limited
333 Reliance Prolific Traders Private Limited
334 Reliance Retail and Fashion Lifestyle Limited
335 Reliance Retail Finance Limited
336 Reliance Retail Insurance Broking Limited
337 Reliance Retail Limited
338 Reliance Retail Ventures Limited
339 Reliance Ritu Kumar Private Limited (Formerly known as Ritika Private Limited)^
340 Reliance Sibur Elastomers Private Limited
341
Reliance SMSL Limited
342 Reliance Storage Limited^
343 Reliance Strategic Business Ventures Limited
344 Reliance Strategic Investments Limited
345 Reliance Syngas Limited^
346 Reliance Universal Traders Private Limited
347 Reliance Vantage Retail Limited
348 Reliance Ventures Limited
349 Reliance-GrandOptical Private Limited
^ Relationships established during the year.
356
357
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Relationship
Subsidiary
Sr.
No.
Name of the Related Party
350 Reverie Language Technologies Limited
351
RIL USA, Inc.
352 Rise Worldwide Limited
353 Ritu Kumar ME (FZE) (Formerly known as Ritu Kumar ME (FZC)) ^
354 Roptonal Limited #
355 Rose Entertainment Private Limited
356 RP Chemicals (Malaysia) Sdn. Bhd.
357 RRB Mediasoft Private Limited #
358 Saavn Inc.
359 Saavn LLC
360 Saavn Media Limited
SankhyaSutra Labs Limited
361
362 Sanmati DEN Cable TV Network Private Limited @
363 Sanmati Entertainment Limited @
364 Scrumpalicious Limited @
365
Shopsense Retail Technologies Limited (Formerly known as Shopsense Retail Technologies
Private Limited)
366 Shree Sidhivinayak Cable Network Limited @
367
Shri Kannan Departmental Store Limited (Formerly known as Shri Kannan Departmental Store
Private Limited)
368 Silverline Television Network Limited
369 skyTran Inc.
370 skyTran Israel Ltd.
371
Sree Gokulam Starnet Communication Limited @
Srishti Den Networks Limited
372
373 Stoke Park Limited^
374 Strand Life Sciences Private Limited^
375 Surajya Services Limited (Formerly known as Surajya Services Private Limited)
376 Surela Investment and Trading Limited
Tesseract Imaging Limited
377
378 The Hamleys Group Limited @
379 The Indian Film Combine Private Limited
380 Tira Beauty Limited^
Tresara Health Limited (formerly known as Tresara Health Private Limited)
381
382 Trident Entertainment Private Limited @
383 TV18 Broadcast Limited #
384 Ulwe East Infra Limited
385 Ulwe North Infra Limited
386 Ulwe South Infra Limited
387 Ulwe Waterfront East Infra Limited
388 Ulwe Waterfront North Infra Limited
389 Ulwe Waterfront South Infra Limited
390 Ulwe Waterfront West Infra Limited
Ulwe West Infra Limited
391
392 United Cable Network (Digital) Limited @
393
Urban Ladder Home Décor Solutions Limited (Formerly known as Urban Ladder Home Décor
Solutions Private Limited)
394 UTN Cable Communications Limited @
395 VasyERP Solutions Private Limited^
396 VBS Digital Distribution Network Limited
397 Viacom 18 Media Private Limited #
398 Viacom 18 Media (UK) Limited #
399 Viacom 18 US Inc. #
# Control by Independent Media Trust of which the company is the sole beneficiary.
^ Relationships established during the year.
@ Ceased to be related party during the year.
358
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Sr.
No.
Name of the Related Party
400 Victor Cable TV Network Limited @
401 Vision India Network Limited @
402 Vitalic Health Private Limited
403 Watermark Infratech Private Limited #
404 Web18 Digital Services Limited #
405 Win Cable and Datacom Limited @
406 Digital Media Distribution Trust
407
Independent Media Trust
408 Network18 Media Trust
409 Alok Industries Limited
410
Football Sports Development Limited
411
412
413
India Gas Solutions Private Limited
Jio Payments Bank Limited
Pipeline Management Services Private Limited
414 Gujarat Chemical Port Limited
415
416
417
418
419
Indian Vaccines Corporation Limited
Jamnagar Utilities & Power Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
420 Vadodara Enviro Channel Limited
421
Shri Mukesh D. Ambani
422 Shri Nikhil R. Meswani
423 Shri Hital R. Meswani
424 Shri P. M. S. Prasad
425 Shri Pawan Kumar Kapil
426 Shri Alok Agarwal
427 Shri Srikanth Venkatachari
428 Shri K. Sethuraman ##
429 Smt. Savithri Parekh
430 Smt. Nita M. Ambani
431 Dhirubhai Ambani Foundation
432 Hirachand Govardhandas Ambani Public Charitable Trust
433 Jamnaben Hirachand Ambani Foundation
434 Reliance Foundation
435 Reliance Foundation Institution of Education and Research
436 Reliance Foundation Youth Sports
437 Sir HN Hospital Trust
438 Sir Hurkisondas Nurrotamdas Hospital and Research Centre
439 IPCL Employees Provident Fund Trust
440 Reliance Industries Limited Vadodara Units Employees Superannuation Fund
441
RIL Vadodara Unit Employees Gratuity Fund
442 Reliance Employees Provident Fund Bombay
443 Reliance Industries Limited Staff Superannuation Scheme
444 Reliance Industries Limited Employees Gratuity Fund
445 IPCL Employees Gratuity Fund - Baulpur Unit
# Control by Independent Media Trust of which the company is the sole beneficiary.
@ Ceased to be related party during the year.
## Ceased to be related party during the year.
Relationship
Subsidiary
Company /
Subsidiary
is a beneficiary
Joint Venture
Associates
Key
Managerial Personnel
Relative of Key
Managerial Personnel
Enterprises over
which Key Managerial
Personnel are
able to exercise
significant influence
Post
Employment Benefit
359
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited (II) Transactions during the year with Related Parties :
Sr.
No.
Nature of Transactions (Excluding Reimbursements)
Subsidiaries /
Beneficiary
Associates /
Joint
Ventures
Key
Managerial
Personnel /
Relative
(` in crore)
Others
Total
Sr.
No.
Nature of Balances
Balances as at 31st March, 2022
Subsidiaries /
Beneficiary
Associates /
Joint
Ventures
Key
Managerial
Personnel /
Relative
(` in crore)
Others
Total
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
1
2
3
4
5
6
7
8
9
Purchase of Property, Plant and Equipment and
Intangible Assets
Purchase / Subscription of Investments
Sale / Redemption of Investments
Loans and Advances, Deposits Given
Loans and Advances, Deposits Returned
Deposit Received / (Refund)
Transfer of Liabilities
Revenue from Operations
Other Income
10
Purchases of Goods / Services
11
Electric Power, Fuel and Water
12 Hire Charges
13
Employee Benefit Expense
14
Payment to Key Managerial Personnel/Relative
15
Sales and Distribution Expenses
16
Rent
17
Professional Fees
18 General Expenses #
19
Travelling Expenses
20 Donations
21
Sale of Business (Through Slump Sale)
22 Payment of Call Money on Equity Shares
Note: Figures in italic represents Previous Year’s amounts.
# Does not include sitting fees of Non- Executive Directors.
3,537
2,478
38,254
79,907
1,950
2,06,355
38,119
1,05,322
61,220
85,479
24
-
-
851
1,22,358
50,792
4,446
4,202
8,793
1,935
88
11
316
485
434
617
-
-
90
6
-
-
141
202
649
615
69
-
-
-
30,490
1,060
-
-
2
4
22
527
-
-
1
-
-
23
-
-
-
-
4,134
1,580
19
23
2,786
1,629
4,517
4,782
113
46
6
-
-
-
2,109
2,023
15
15
11
27
11
9
-
-
-
-
-
-
2
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
97
99
-
-
-
-
-
-
-
-
-
-
-
-
-
-
160
54
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
1
5
4
-
1
-
-
-
-
466
451
-
-
-
-
-
-
-
-
5
6
-
-
766
803
-
-
-
-
3,539
2,482
38,276
80,434
1,950
2,06,355
38,120
1,05,322
61,220
85,502
24
-
-
851
1,26,498
52,373
4,470
4,229
11,579
3,565
4,605
4,793
429
531
906
1,068
97
99
2,199
2,029
15
15
152
229
665
630
69
-
766
803
30,490
1,060
162
55
360
1
2
3
4
5
6
7
8
9
Investments
Trade Receivables
Loans and Advances
Deposits
Other Financial Assets-Current
Trade and Other Payables
Other Non-Current Liabilities
Other Financial Liabilities - Current
Other Current Liabilities
10
Financial Guarantees
11
Performance Guarantees
1,68,223
1,30,845
8,517
1,434
42,112
65,063
12,081
12,180
34,454
1,124
1,542
389
504
504
24
202
4
-
12,293
7,067
1,866
1,939
947
924
705
524
-
-
520
519
-
-
1,128
933
-
-
-
-
-
-
-
110
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Figures in italic represents Previous Year’s amounts.
(III) Disclosure in Respect of Major Related Party Transactions during the year
Particulars
Relationship
2021-22
1
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 Lifestyle Products Private Limited
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Limited
Reliance Sibur Elastomers Private Limited
Sikka Ports & Terminals Limited
2 Purchase / Subscription of Investments
Alok Industries Limited
India Gas Solutions Private Limited
Jio Payments Bank Limited
Jio Platforms Limited
Reliance 4IR Realty Development Limited
Reliance Content Distribution Limited
Reliance Digital Health Limited (Formerly known as Kanhatech
Solutions Limited)
Reliance Eagleford Upstream LLC
Reliance Ethane Pipeline Limited
Subsidiary
Subsidiary
Associate
Joint Venture
Joint Venture
Joint Venture
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
1
945
-
2,454
2
93
36
7
1
-
-
22
-
10,010
460
86
-
-
1,69,170
1,31,769
9,222
1,958
42,112
65,063
12,601
12,699
34,454
1,124
2,670
1,322
504
504
24
202
4
-
12,293
7,177
1,866
1,939
(` in crore)
2020-21
1
615
4
1,766
-
83
8
2
3
519
8
-
48,241
-
6
-
7,722
230
361
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Particulars
Reliance Industrial Investments and Holdings Limited
Reliance Industries (Middle East) DMCC
Reliance International Limited ^
Reliance Marcellus LLC
Reliance New Energy Limited (Formerly known as Reliance New
Energy Solar Limited) ^
Relationship
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
Rise Worldwide Limited
3 Sale / Redemption of Investments
Indiavidual Learning Limited
Indiawin Sports Private Limited
Jio Platforms Limited
Radisys Corporation
Reliance BP Mobility Limited
Reliance Content Distribution Limited
Reliance Eagleford Upstream LLC (Refer Note 32 (d))
Reliance Gas Pipelines Limited
Reliance Industrial Investments and Holdings Limited
Reliance Industries (Middle East) DMCC
Reliance Marcellus LLC (Refer Note 32 (d))
Reliance Industries Uruguay Petroquímica S.A. @
Reliance Retail Ventures Limited
Saavn Media Limited
4
Loans and Advances, Deposits Given
Gujarat Chemical Port Limited
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 New Energy Limited (Formerly known as Reliance New
Energy Solar Limited) ^
Reliance O2C Limited
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associates
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
Sikka Ports & Terminals Limited
5
Loans and Advances, Deposits 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
^ Relationships established during the year.
@ Ceased to be related party during the previous year.
Subsidiary
Subsidiary
Subsidiary
Associate
Associates
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
362
2021-22
-
1,207
189
-
5,549
20,000
-
-
753
-
-
25
-
-
-
931
-
-
-
994
-
-
-
-
1
-
2,124
926
-
-
6,292
1,849
10
19,532
-
7,386
-
-
-
-
1,562
160
10,753
215
25
11,421
(` in crore)
2020-21
442
114
-
7,964
-
-
14,000
318
817
52
604
-
1,77,036
539
300
577
7,722
230
442
114
7,964
1
4,000
6,826
-
150
1,341
841
1,020
770
29,063
-
20
61,394
128
8,957
1,638
-
23
11,150
684
-
2,311
182
1,020
27,283
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Particulars
Relationship
Reliance New Energy Limited (Formerly known as Reliance New
Energy Solar Limited) ^
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
6 Deposit Received
Subsidiary
Subsidiary
Subsidiary
Reliance New Energy Limited (Formerly known as Reliance New
Energy Solar Limited) ^
Subsidiary
7 Transfer of Liabilities
Reliance Jio Infocomm Limited
Subsidiary
8 Revenue from Operations
Alok Industries Limited
Genesis La Mode Private Limited
Gujarat Chemical Port Limited
India Gas Solutions Private Limited
Jamnaben Hirachand Ambani Foundation
Jamnagar Utilities & Power Private Limited
Jio Payments Bank Limited
Jio Platforms Limited
Model Economic Township Limited
Pipeline Management Services Private Limited
RBML Solutions India Limited
Recron (Malaysia) Sdn. Bhd.
Reliance BP Mobility Limited
Reliance Brands Limited
Reliance Brands Luxury Fashion Private Limited
Reliance Commercial Dealers Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Foundation
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Investments and Holdings Limited
Reliance Industries (Middle East) DMCC
Reliance International Limited^
Reliance Jio Infocomm Limited
Reliance Marcellus LLC
Reliance O2C Limited
Reliance Petro Marketing Limited
Joint Venture
Subsidiary
Associate
Joint Venture
Other
Associate
Joint Venture
Subsidiary
Subsidiary
Joint Venture
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Other
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Finance Limited
Reliance Retail Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Investments Limited
RIL USA, Inc.
Sikka Ports & Terminals Limited
Viacom 18 Media Private Limited
9 Other Income
e-Eighteen.com Limited
Gujarat Chemical Port Limited
Jamnagar Utilities & Power Private Limited
^ Relationships established during the year.
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Associate
Associate
2021-22
1,849
29,567
-
5,668
-
24
-
(` in crore)
2020-21
-
29,576
238
8,977
4,058
-
851
3,082
1,455
-
11
779
-
257
1
798
1
-
259
2,025
35,977
-
-
11
1
312
5
11
42,381
1,082
406
27,215
2
3
2,519
514
430
-
26
787
-
7,540
3
55
5
15
1
2
4
6
1
107
3
692
-
4
-
1,378
27,414
6
1
10
3
188
-
50
14,164
729
-
-
89
3
112
3,092
273
26
62
619
120
1,758
1
-
5
12
2
363
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Particulars
Relationship
2021-22
(` in crore)
2020-21
Particulars
Relationship
2021-22
(` in crore)
2020-21
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
Jamnaben Hirachand Ambani Foundation
Jio Platforms Limited
Network18 Media & Investments Limited
Recron (Malaysia) Sdn. Bhd.
Reliance 4IR Realty Development Limited
Reliance BP Mobility Limited
Reliance Commercial Dealers Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Europe Limited
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Infrastructure Limited
Reliance Industrial Investments and Holdings Limited
Reliance Industries (Middle East) DMCC
Reliance International Limited ^
Reliance Jio Infocomm Limited
Reliance New Energy Limited (Formerly known as Reliance New
Energy Solar Limited) ^
Other
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Sibur Elastomers Private Limited
Reliance Strategic Business Ventures Limited
RIL USA, Inc.
Rise Worldwide Limited
Saavn Media Limited
Sikka Ports & Terminals Limited
Sir HN Hospital Trust
TV18 Broadcast Limited
10 Purchases Goods / Services
Alok Industries Limited
Gujarat Chemical Port Limited
India Gas Solutions Private Limited
Jamnagar Utilities & Power Private Limited
Reliance BP Mobility Limited
Reliance Brands 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 International Limited ^
Reliance Jio Infocomm Limited
Reliance O2C Limited
Reliance Retail Limited
Reliance Sibur Elastomers Private Limited
RIL USA, Inc.
Sikka Ports & Terminals Limited
Sir HN Hospital Trust
^ Relationships established during the year.
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Other
Subsidiary
Joint Venture
Associate
Joint Venture
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associate
Other
364
4
-
1
6
197
257
-
963
53
-
31
13
2
28
1
2
13
27
2,424
-
-
3
404
4
4
3
-
1
6
86
142
1,094
25
2
4
-
336
-
283
22
1,342
1,908
-
4,877
12
18
11
1,417
-
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
51
175
-
5
-
-
1
151
45
406
23
1,085
-
1
221
9
12
4
1,375
1
11 Electric Power, Fuel and Water
Jamnagar Utilities & Power Private Limited
Reliance Corporate IT Park Limited
Reliance Industrial Infrastructure Limited
Reliance Sibur Elastomers Private Limited
12 Hire Charges
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
13 Employee Benefits Expense
Alok Industries Limited
IPCL employees Provident fund Trust
Jio Platforms Limited
Reliance Corporate IT Park Limited
Reliance Employees Provident Fund Bombay
Reliance Industries Limited Staff superannuation scheme
Reliance Industries Limited Vadodara Units Employees
superannuation Fund
Associate
Subsidiary
Associate
Subsidiary
Subsidiary
Subsidiary
Associate
Associate
Joint Venture
Other *
Subsidiary
Subsidiary
Other *
Other *
Other *
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Limited
Sir HN Hospital Trust
Tresara Health Limited (formerly known as Tresara Health
Private Limited)
14 Payment To Key Managerial Personnel / Relative
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
15 Sales and Distribution Expenses
Gujarat Chemical Port Limited
Reliance BP Mobility Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Industrial Infrastructure Limited
Subsidiary
Other
Subsidiary
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
Relative of KMP
Associate
Subsidiary
Subsidiary
Associate
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Limited
Rise Worldwide Limited
RIL USA, Inc.
Sikka Ports & Terminals Limited
16 Rent
Subsidiary
Subsidiary
Subsidiary
Associate
Reliance Industrial Infrastructure Limited
Associate
17 Professional Fees
Jio Platforms Limited
Reliance Corporate IT Park Limited
Reliance Digital Health USA Inc.
* Also include employee contribution.
## Ceased to be related party during the year.
Subsidiary
Subsidiary
Subsidiary
4,503
4,767
78
14
10
314
2
12
101
6
126
73
177
279
19
1
160
19
41
5
-
24
24
12
4
12
15
2
2
2
66
75
2
4
1
11
-
1
-
15
11
294
191
4
42
-
132
47
394
286
18
2
145
31
13
-
-
24
24
12
4
11
17
3
2
2
62
2
-
-
-
3
1
-
2,039
1,961
15
32
59
8
15
21
140
2
365
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Particulars
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. @
Relationship
Associate
Subsidiary
Associate
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
RIL USA, Inc.
18 General Expenses
Alok Industries Limited
Jamnagar Utilities & Power Private Limited
Reliance BP Mobility Limited
Reliance Brands Limited
Reliance Commercial Dealers Limited
Reliance Digital Health Limited (Formerly known as Kanhatech
Solutions Limited)
Reliance Foundation
Reliance GAS Lifestyle India Private Limited
Reliance Industries (Middle East) DMCC
Reliance Industries Uruguay Petroquímica S.A. @
Reliance Jio Infocomm Limited
Subsidiary
Joint Venture
Associate
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Other
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Retail Limited
Sikka Ports & Terminals Limited
Sir HN Hospital Trust
Vadodara Enviro Channel Limited
19 Travelling Expense
Stoke Park Limited ^
20 Donations
Hirachand Govardhandas Ambani Public Charitable Trust
Jamnaben Hirachand Ambani Foundation
Reliance Foundation
Reliance Foundation Institution of Education and Research
Reliance Foundation Youth Sports
21 Sale of Business (Through Slump Sale)
Reliance BP Mobility Limited
Reliance Syngas Limited ^ (Refer Note 43.1)
22 Payment of Call Money on Equity Shares
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri Pawan Kumar Kapil [` 33,30,735; (Previous Year ` 11,10,245)]
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman [` 2,77,797; (Previous Year ` 2,77,797)] ##
Subsidiary
Associate
Other
Associate
Subsidiary
Other
Other
Other
Other
Other
KMP
KMP
KMP
KMP
KMP
KMP
KMP
KMP
Smt. Nita M. Ambani
Reliance Industrial Infrastructure Limited
Relative of KMP
Associate
^ Relationships established during the year.
## Ceased to be related party during the year.
@ Ceased to be related party during the previous year.
366
Subsidiary
Subsidiary
-
30,490
2021-22
(` in crore)
2020-21
11
2
-
1
-
35
4
1
-
11
1
22
5
4
3
1
28
2
1
1
4
-
424
405
1
5
1
5
-
36
-
170
8
-
2
69
3
101
498
142
22
52
21
20
4
-
9
2
-
52
2
-
-
-
-
1
40
1
163
5
6
2
-
3
49
349
382
20
1,060
-
18
7
7
1
-
3
1
-
17
1
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
(IV) Balances as at 31st March, 2022
Particulars
1
Loans and Advances
Relationship
As at
31st March, 2022
As at
31st March, 2021
(` in crore)
Reliance 4IR Realty Development Limited
Reliance Corporate IT Park Limited
Reliance Ethane Pipeline Limited
Reliance Gas Pipelines Limited
Reliance Industrial Investments and Holdings Limited
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Reliance Strategic Business Ventures Limited
Subsidiary
2 Deposits
Gujarat Chemical Port Limited *
Jamnagar Utilities & Power Private Limited *
Reliance Commercial Dealers Limited *
Reliance O2C Limited
Associate
Associate
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
Sikka Ports & Terminals Limited *
3 Other Financial Assets-Current
Reliance Corporate IT Park Limited
Reliance Syngas Limited ^ (Refer note 43.1)
Reliance Industrial Investments and Holdings Limited
Associate
Subsidiary
Subsidiary
Subsidiary
Reliance Projects & Property Management Services Limited
Subsidiary
4 Other Financial Liabilities
Reliance New Energy Limited (Formerly known as Reliance
New Energy Solar Limited) ^
Reliance Jio Infocomm Limited
5 Financial Guarantees
Recron (Malaysia) Sdn. Bhd.
Reliance Europe Limited
Reliance Global Energy Services Limited
Subsidiary
Subsidiary
Subsidiary
Associate
Subsidiary
Reliance Global Energy Services (Singapore) Pte. Limited
Subsidiary
Reliance Industries (Middle East) DMCC
Reliance International Limited ^
Reliance Jio Infocomm Limited
Reliance Sibur Elastomers Private Limited
RIL USA, Inc.
^ Relationships established during the year.
* Fair value of deposit as per Accounting Standard.
34.1 Compensation of Key Managerial Personnel
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
2,867
3,454
623
395
7,148
20,576
7,049
49
118
51
30
12,000
353
866
30,490
971
2,127
24
-
568
-
-
291
581
3,069
5,072
2,308
404
2,305
13,281
838
420
12,277
30,611
5,331
48
118
160
20
12,000
353
1,124
-
-
-
-
202
683
110
7
-
560
-
3,442
2,358
17
The compensation of directors and other member of Key Managerial Personnel during the year was as follows:
i
ii
Short-term benefits
Post employment benefits
2021-22
93
2
95
(` in crore)
2020-21
95
2
97
35.1 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
2021-22
2020-21
Partners and their Participating Interest (PI)
Country
1
2
3
4
Mid and South Tapti
30%
30%
BG Exploration & Production India Limited - 30%
Oil and Natural Gas Corporation Limited - 40%
NEC - OSN - 97/2
KG - DWN - 98/3
KG-UDWHP-2018/1
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%
India
India
India
India
367
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
35.2 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 *)
2021-22
2020-21
2021-22
2020-21
3.24
0.09
(0.02)
3.31
3.24
-
-
3.24
-
0.08
(0.02)
0.06
-
-
-
-
Proved Reserves in India
(Million M3 *)
Proved Developed Reserves in India
(Million M3 *)
2021-22
2020-21
2021-22
2020-21
57,739
(3)
(4,525)
53,211
58,526
1
(788)
57,739
24,277
7,643
(4,525)
27,395
9,225
15,840
(788)
24,277
* 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.
35.3 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 the 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 referred the issue to arbitration with GOI for resolution of disputes. The demand from the GOI of $ 165 million
(` 1,248 crore) being the Company’s share (total demand $ 247 million- ` 1,872 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, 2022 is disclosed under Other Non-Current Assets. 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 cost recovery arbitration and is pending adjudication.
Tribunal has scheduled further procedural hearing in the matter.
35.4 (a) 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 under Section 34 of the Arbitration Act, against the Final Award
of the Arbitral Tribunal on 15th November, 2018 before the Hon’ble Delhi High Court. The Appeal is currently being heard
before the Hon’ble Delhi High Court.
(b) Arbitration was initiated by BG Exploration and Production India Limited and RIL (together the Claimants) against 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, which delivered its judgment 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 FPA and upheld
Claimants’ challenge in February 2020 and remitted the underlying issue in challenge back to the Arbitration Tribunal
for determination. On 29th January, 2021 the Tribunal issued a further final partial award on the remitted matter and GOI
has challenged the same before the English Commercial Court. Claimants have filed an application before the Arbitral
Tribunal seeking increase in the PSC Cost Recovery Limits and the same is sub-judice. Arbitral Tribunal is yet to schedule
the final re-computation of accounts phase of the arbitration, which will take place post determination of Claimants’
request for increase in 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, ignoring the judgments of English High Court and the subsequent Tribunal Awards. The Claimants contend that
GOI’s Execution Petition is not maintainable. GOI’s Execution Petition is currently sub judice before Delhi High Court.
368
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
(c) NTPC had filed a suit for specific performance of a contract for supply of natural gas by RIL 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 RIL is of the
view that NTPC’s claim lacks merit and no binding contract for supply of gas was executed between NTPC and RIL.
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.
35.5 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
Other Exploration Cost
Exploration Cost for the year
36. Contingent Liabilities and Commitments
(I) Contingent Liabilities
(A) Claims against the Company / disputed liabilities not acknowledged as debts *
(i)
In respect of Joint Ventures
(ii) 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)
In respect of Joint Ventures
(ii) In respect of Others
(B) Other Commitments
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
102
79
181
1
-
1
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
1,458
2,163
12,293
1,866
1,580
4,397
4,395
1,764
2,066
2,202
7,177
1,939
1,391
3,501
6,244
689
(i) Other Commitments - Investments
510
712
* 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) The Income -Tax Assessments of the Company have been completed up to Assessment Year 2018-19. The total demand
upto AY 2018-19 is ` 1,128 crore as on date. Based on the decisions of the Appellate authorities and the interpretations of other
relevant provisions of the Income tax Act, 1961, the company has been legally advised that the demand raised is likely to be
either deleted or substantially reduced and accordingly no provision is considered necessary.
(IV) 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 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.
369
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
37. Capital Management
A.1 Reconciliation of fair value measurement of the investment categorised at level 3:
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
The Company adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main objectives
are as follows:
a) Maintain AAA rating domestically and investment grade rating internationally.
b) 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 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, 2022
As at
31st March, 2021
1,94,563
1,82,235
12,328
4,71,527
0.03
2,21,698
1,82,225
39,473
4,74,483
0.08
* Cash & Marketable Securities include cash and equivalents of ` 21,714 crore (Previous Year ` 5,573 crore), current investments of ` 78,304
crore (Previous Year ` 94,665 crore), other marketable securities of ` 82,136 crore (Previous Year ` 42,144 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 ` 81 crore (Previous Year ` 39,843 crore).
38. Financial Instruments
A. Fair Value Measurement Hierarchy
As at 31st March, 2022
As at 31st March, 2021
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
(` in crore)
30,874
14,394
21,714
42,112
55,428
-
-
-
-
-
28,098
24,825
-
-
-
-
-
-
-
-
-
-
38,222
4,159
5,573
65,066
58,933
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Particulars
Financial Assets
At Amortised Cost
Investments *
Trade Receivables
Cash and Cash Equivalents
Loans
Other Financial Assets
At FVTPL
Investments
At FVTOCI
Investments
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, 2022
As at 31st March, 2021
At FVTPL
At FVTOCI
At FVTPL
At FVTOCI
(` in crore)
250
-
-
-
250
78,272
232
94
330
78,740
Other
Comprehensive
Income- Items
that will not be
reclassified to
Profit or Loss
965
-
715
-
250
77,910
84
-
278
78,272
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 %
(` in crore)
Sensitivity of the fair value to
change in input
31st March, 2022
31st March, 2021
Investment
in OCPS (FVTOCI)
Discounting
Cash Flow
Discounting rate - 14.51%
(Previous Year -13.12%)
+0.10%
-0.10%
(1,547)
1,573
(1,436)
1,463
A.3 The below table summarises the fair value of borrowings which are carried at amortised cost:
Particulars
Non-current borrowings (including current maturities)
Level
Level 1
Level 2
Level 3
(` in crore)
31st March, 2022
31st March, 2021
1,03,546
79,857
3,137
1,11,025
82,180
3,796
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;
Other Financial Assets
1,720
-
3,023
1,720
250
-
31,810
2,245
27,235
-
4,325
2,245
250
-
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.
1,80,655
68,724
33,191
78,740
1,45,484
64,944
2,268
78,272
Valuation Methodology
Other Financial Assets
-
-
-
-
7
-
7
-
All financial instruments are initially recognised and subsequently re-measured at fair value as described below:
Financial Liabilities
At Amortised Cost
Borrowings
Trade Payables
Lease Liabilities
Other Financial Liabilities
At FVTPL
1,94,563
1,34,005
2,876
31,034
Other Financial Liabilities
4,951
At FVTOCI
Other Financial Liabilities
450
-
-
-
-
-
-
-
-
4,951
450
-
-
-
-
-
2,21,698
86,999
2,985
30,790
3,463
-
-
-
-
-
-
-
-
-
3,463
-
-
-
-
-
-
* Exclude Group Company investments ` 1,69,170 crore (Previous Year `1,31,769 crore) measured at cost (Refer Note 2.1).
a)
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.
b)
The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves.
c)
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)
Commodity derivative contracts are valued using available information in markets and quotations from exchange,
brokers and price index developers.
f)
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.
370
371
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance 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 minimize 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.
Foreign Currency Exposure
(` in crore)
Particulars
As at 31st March, 2022
As at 31st March, 2021
Borrowings
Trade and Other Payables
Trade and Other Receivables
Derivatives
USD
1,15,850
1,30,415
(13,639)
EUR
11,993
1,154
(244)
JPY
10,731
-
(13)
USD
96,823
81,227
(3,692)
EUR
12,634
2,528
(110)
JPY
11,555
-
(13)
-
Forwards & Futures
(54,958)
(12,500)
(10,927)
(55,461)
(13,970)
(11,528)
- Currency Swap
- Options
Exposure
-
(2,877)
1,74,791
-
126
529
-
(319)
(528)
2,655
(19,347)
1,02,205
-
(472)
610
-
727
741
Sensitivity analysis of 1% change in exchange rate at the end of reporting period net of hedges *
Particulars
As at 31st March, 2022
As at 31st March, 2021
Foreign Currency Sensitivity
1% Depreciation in INR
Impact on Equity
Impact on P&L
Total
1% Appreciation in INR
Impact on Equity
Impact on P&L
Total
USD
EUR
JPY
USD
(165)
(114)
(279)
165
114
279
-
(5)
(5)
-
5
5
-
5
5
-
(5)
(5)
(260)
(240)
(500)
260
240
500
EUR
(11)
11
-
11
(11)
-
(` in crore)
JPY
(28)
28
-
28
(28)
-
* 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
The exposure of the company’s borrowings and derivatives to interest rate changes at the end of the reporting period
are as follows:
Particulars
Borrowings
Interest Rate Exposure
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
Non-Current - Floating (includes Current Maturities)*
Non-Current - Fixed (includes Current Maturities)*
Current #
Total
Derivatives
Foreign Currency Interest Rate Swaps
- Receive Fix
- Pay Fix
Rupees Interest Rate Swaps
- Receive Fix
- Pay Fix
Currency Swaps
- INR to USD Swap ^
86,216
99,978
9,418
1,95,612
5,647
1,516
32,495
14,525
-
88,618
1,00,721
33,301
2,22,640
2,924
29,606
7,975
11,475
2,655
* Include ` 1,029 crore (Previous Year ` 793 crore) as Prepaid Finance Charges.
# Include ` 20 crore (Previous Year ` 149 crore) as Commercial Paper Discount.
^ Receive fix in INR and pay floating in USD
Sensitivity analysis of 1% change in Interest rate
Particulars
As at 31st March, 2022
As at 31st March, 2021
Interest rate Sensitivity
(` in crore)
Impact on Equity
Impact on P&L
Total Impact
ii) Commodity Price Risk
Up Move
Down Move
Up Move
Down Move
(187)
(976)
(1,163)
182
920
1,102
(123)
(665)
(788)
123
665
788
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.
iv) Liquidity Risk
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.
372
373
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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, 2022
Below 3
Months
3-6 Months
6-12
Months
1-3 Years
3-5 Years
Above 5
Years
Total
(` in crore)
2,169
9,328
11,497
85
3,033
151
-
3,184
6,416
90
6,506
79
601
2
-
603
9,517
74,969
32,724
60,399
1,86,194
-
9,517
148
677
20
4
701
-
-
-
9,418
74,969
32,724
60,399
1,95,612
552
552
4,577
5,993
390
-
43
433
-
-
30
30
-
-
-
-
4,701
173
77
4,951
^ Does not include Trade Payables (Current) ` 1,34,005 crore.
* Include ` 1,029 crore as Prepaid Financial Charges.
@ Does not include interest thereon (For Interest rate refer Note 16.2).
# Include ` 20 crore of Commercial Paper Discount.
$ Interest rate on current borrowings ranges from 2.5% to 8.6%.
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.
@ Does not include interest thereon.
# Include ` 149 crore as Commercial Paper Discount.
$ Interest rate on current borrowings ranges from 3.4% to 8.6%.
C. 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
The table below shows the position of hedging instruments and hedged items as on the balance sheet date:
Disclosure of effects of hedge accounting
A. Fair Value Hedge
Hedging Instrument
Nominal
Value
Quantity
(Kbbl)
Carrying Amount
Assets
Liabilities
Changes in
Fair Value
Hedge Maturity
(` in crore)
Line Item in
Balance Sheet
Particulars
As on 31st March, 2022
Foreign Currency Risk
Derivative Contracts
-
-
-
-
-
-
-
Commodity Price Risk
Derivative Contracts
33,663
1,58,884
1,274
2,114
(1,094)
April 2022 to
December
2023
Other Financial
Assets / Liabilities
As on 31st March, 2021
Foreign Currency Risk
Derivative Contracts
2,557
-
-
86
(72)
April 2021 to
May 2021
Other Financial
Liabilities
Commodity Price Risk
Derivative Contracts
30,478 3,85,566
1,524
597
20
April 2021 to
December 2023
Other Financial
Assets / Liabilities
Hedged Items
Particulars
As on 31st March, 2022
Foreign Currency Risk
Import Firm Commitments
Commodity Price Risk
Firm Commitments for purchase of feedstock and freight
Firm Commitments for sale of products
Inventories
As on 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
Inventories
Carrying Amount
Assets
Liabilities
Changes in
Fair Value
Line Item in
Balance Sheet
(` in crore)
-
-
2,114
3807
86
-
-
2,136
-
-
1,010
(943)
Other Current
Assets / Liabilities
-
-
-
306
1,218
-
2,301 Other Current Assets
(264)
Inventories
72
Other
Financial Assets
(656)
Other Current
Assets / Liabilities
(446) Other Current Assets
1,082
Inventories
374
375
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
B. Cash Flow Hedge
Hedging Instruments
Particulars
As on 31st March, 2022
Foreign Currency Risk
Foreign Currency Risk
Component - Trade Payables
Foreign Currency Risk
Component-Borrowings
Interest Rate Risk
Interest Rate Swaps
As on 31st March, 2021
Foreign Currency Risk
Foreign Currency Risk
Component - Trade Payables
Foreign Currency Risk
Component-Borrowings
Interest Rate Risk
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
40. Details of loans given, investments made and guarantee given covered u/s 186 (4) of the Companies Act, 2013.
(` in crore)
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, 2022
Nominal
Value
Carrying amount
Assets
Liabilities
Changes in
Fair Value
Hedge Maturity
Line Item in Balance
Sheet
22,301
-
22,738
(437)
1,20,017
-
1,23,697
(3,685)
1st April, 2022 to
31st March, 2025
30th September,
2022 to
30th September,
2033
Trade Payables
Non-Current
Liabilities-Financial
Liabilities-Borrowings
Sr.
No.
1
2
3
4
Particulars
Reliance Global Energy Services Limited
Reliance Industries (Middle East) DMCC
Reliance Sibur Elastomers Private Limited
RIL USA, Inc.
All the above Corporate Guarantees have been given for business purpose.
-
-
-
-
-
-
-
-
-
7,218
-
-
-
-
7,311
256
June 2022
Non-Current
Liabilities-Financial
Liabilities-Borrowings
Interest Rate Swaps
33,590
82
-
141
April 2021 to
March 2025
Other
Financial Assets
Hedged Items
Particulars
As on 31st March, 2022
Foreign Currency Risk
Nominal Value
Changes in Fair
Value
Hedge Reserve
(` in crore)
Line Item in
Balance Sheet
41. Ratio Analysis:
Sr. No. Particulars
1
2
3
4
5
6
7
8
9
10
11
Current Ratio
Debt-Equity Ratio
Debt Service Coverage Ratioa
Return on Equity Ratio
Inventory Turnover Ratiob
Trade Receivables Turnover Ratio
Trade Payables Turnover Ratioc
Net Capital Turnover Ratiod
Net Profit Margine
Return on Capital Employedf
Return on Investment
a) Debt Service Coverage Ratio increased due to lower finance cost and principal repayments of loans during the year.
b) Inventory Turnover Ratio increased primarily due to higher feedstock price.
c) Trade Payables Turnover Ratio increased primarily due to increase in crude prices during the year.
Highly Probable Forecasted Exports
1,42,318
4,122
(4,810)
Other Equity
d) Net Capital Turnover Ratio decreased primarily due to increase in inventory & trade receivables and reduction of current liabilities.
Interest Rate Risk
Borrowings
As on 31st March, 2021
Foreign Currency Risk
-
-
-
-
e) Net Profit Margin (after exceptional item) decreased primarily due to higher tax expenses and base effect.
f) Return on Capital Employed increased due to higher operating profit and transfer of gasification undertaking.
Highly Probable Forecasted Exports
7,218
(256)
(3,059)
Other Equity
Interest Rate Risk
Borrowings
C. Movement in Cash Flow Hedge
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
33,590
(141)
(97)
Other Equity
2021-22
(3,156)
(4,334)
2,835
(` in crore)
2020-21
Line Item in Balance Sheet /
Statement of Profit and Loss
(5,883)
914
1,813
Items that will
be reclassified
to Profit & Loss
Value of Sale
(4,655)
(3,156)
Other
Comprehensive Income
39. As per Ind AS 108- “Operating Segment”, segment information has been provided under the Notes to Consolidated
Financial Statements.
376
377
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
7
1,222
2,365
663
7
1,199
2,418
640
2021-22
2020-21
% Changes
1.11
0.41
1.22
9.8%
16.71
50.28
3.40
21.78
8.4%
14.9%
7.5%
1.04
0.47
0.38
8.9%
10.89
47.92
2.61
31.23
11.5%
10.1%
9.0%
6.7
(12.8)
221.1
10.1
53.4
4.9
30.3
(30.3)
(27.0)
47.5
(16.7)
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Corporate
Overview
Management
Review
Governance
Financial
Statements
Standalone
41.1 Formula for computation of ratios are as follows:
44. Other Statutory Information
Sr. No. Particulars
1
2
3
4
5
6
7
8
9
Current Ratio
Debt-Equity Ratio
Debt Service Coverage Ratio
Return on Equity Ratio
Inventory Turnover Ratio
Trade Receivables Turnover Ratio
Trade Payables Turnover Ratio
Net Capital Turnover Ratio
Net Profit Ratio
10
Return on Capital Employed
11
Return on Investment
Formula
Current Assets
Current Liabilities
Total Debt
Total Equity
Earnings before Interest, Tax and Exceptional Items
Interest Expense + Principal Repayments made during the year for
long term loans
Profit After Tax
Average Net Worth
Cost of Goods Sold (Cost of Material Consumed + Purchases +
Changes in Inventory + Manufacturing Expenses)
Average Inventories of Finished Goods, Stock-in-Process
and Stock-in-Trade
Value of Sales & Services
Average Trade Receivables
Cost of Materials Consumed (after adjustment of RM Inventory) +
Purchases of Stock-in-Trade + Other Expenses
Average Trade Payables
Value of Sales & Services
Working Capital (Current Assets - Current Liabilities)
Profit After Tax (after exceptional items)
Value of Sales & Services
Net Profit After Tax + Deferred Tax Expense/(Income) + Finance
Cost (-) Other Income
Average Capital Employed **
Other Income (Excluding Dividend)
Average Cash, Cash Equivalents & Other Marketable Securities
(i) Balances outstanding with Nature of transaction with struck off companies as per section 248 of the Companies Act, 2013 :
Sr.
No.
Name of struck off Company
1
YSR Films Private Limited [` 43,92,000]
Nature of transactions
with struck-off
Company
Balance
outstanding
(` in crore)
Relationship with
the Struck off
company
Trade Payables *
-
NA
* Outstanding balances is on account of non compliance by vendor as per contract.
(ii) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(iii) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iv) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.
45. Events after the Reporting Period
The Board of Directors have recommended dividend of ` 8 per fully paid up equity share of ` 10/- each for the
financial year 2021-22.
46. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make
them comparable.
47. Approval of Financial Statements
The financial statements were approved for issue by the Board of Directors on May 06, 2022.
** Capital employed includes Equity, Borrowings, Deferred Tax Liabilities, Creditor for Capital Expenditure and reduced by Investments,
Cash and Cash Equivalents, Capital Work-in-Progress and Intangible Assets under Development.
As per our Report of even date
For and on behalf of the Board
42. Details of Research and Development Expenditure
Sr. No. Particulars
Capital
Revenue
a)
b)
Total
43. Significant Arrangements
2021-22
1,487
1,121
2,608
(` in crore)
2020-21
1,412
1,160
2,572
43.1 Scheme of arrangement between the Company and Reliance Syngas Limited (wholly–owned subsidiary):
Pursuant to the Scheme of Arrangement between the Company and its shareholders & creditors and Reliance Syngas
Limited (a wholly-owned subsidiary of the Company) and its shareholders & creditors (the Scheme), approved by the
Hon’ble by National Company Law Tribunal, Mumbai bench and Ahmedabad bench, vide their orders dated March 30, 2022,
the Company has transferred its gasification undertaking (Part of Oil to Chemicals Segment) to Reliance Syngas Limited, as
a going concern on a slump sale basis, at carrying value as appearing in the books of the Company on the appointed date
i.e. March 31, 2022, for a consideration of ` 30,490 crore.
43.2 Scheme of arrangement between the Company and Reliance O2C Limited (wholly–owned subsidiary) :
During the year, the Company has withdrawn the petition pending before the National Company Law Tribunal (NCLT) seeking
sanction of the scheme for transfer of O2C undertaking of the Company to Reliance O2C Limited, a wholly-owned subsidiary
of the Company.
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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
378
379
Notesto the Standalone Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Consolidated Independent Auditor’s Report
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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 the 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 2022,
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, 2022, 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 ‘Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements’ section of our
report. We are independent of the Group, associates, 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
judgment, were of most significance in our audit of the
Consolidated Financial Statements for the financial year
ended March 31, 2022. 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
Auditor’s 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
Capitalisation and useful life of tangible and intangible assets
Significant judgment and estimates are involved with respect
to the following matters of tangible and intangibles assets:-
a)
Our audit procedures included and were not limited to
the following:-
• Assessed the design and operating effectiveness of the
controls with respect to capital expenditure incurred on
various projects included in capital work in progress,
intangible assets under development.
a)
During the year ended March 31, 2022, the Holding
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.
Judgement is involved to determine that the aforesaid
capitalisation meet the recognition requirement under
Ind AS including determination of whether the criteria for
intended use of the management has been met.
380
Key audit matters
How our audit addressed the key audit matter
Re-assessment of estimated useful lives by the Holding
Company used for determination of depreciation of
tangible assets, amortisation of intangible assets and
recoverability of their carrying values involves assumptions
used for such technical assessment, consideration of
historical experience and anticipated future risks.
Estimates of oil and gas reserves are used to calculate
depletion charges for the Holding Company's oil and gas
assets and also have a direct impact on the assessment
of the recoverability of their carrying values. Factors such
as the availability of geological and engineering data,
reservoir performance data, acquisition and divestment
activity, drilling of new wells and commodity prices impacts
the determination of the Holding Company's estimates of
oil and natural gas reserves.
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 estimates of oil and gas
reserves topic.
The auditors of Reliance Jio Infocomm Limited ('RJIL'), a
subsidiary of the Holding Company, have reported a key
audit matter on amortization / 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.
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.
b)
c)
d)
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.
Accordingly, the above matters relating to tangible and
intangible assets have been considered as a key audit matter.
Refer Note B.3 (c), B.3 (e) and Note C (a) of the Consolidated
Financial Statements.
• 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 Ind AS 16 – Property, Plant and
Equipment and Ind AS 38 – Intangible Assets, including
intended use of management.
• Reviewed the management re-assessment of estimated
useful lives of tangible assets, intangible assets and
recoverability of their carrying values with respect to
anticipated future risks.
• Performed walk-through of the estimation process
associated with the oil and gas reserves. Further,
assessed the valuation methodology, including
assumptions 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.
• Assessed the objectivity and competence of the Holding
Company’s specialists involved in estimating oil & gas
reserves and valuation specialists engaged by us.
• Assessed whether the updated oil and gas reserve
estimates were included in the Holding Company’s,
accounting for amortisation / depletion and disclosures
of proved reserves and proved developed reserves in the
financial statements.
• Reviewed the disclosure made by the Holding Company
in the financial statements.
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: -
• 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; competence
of the internal experts used by the management for
estimating the oil and gas reserve and future net
income as at the year end; calculation of the depletion
charge and future net income using audited oil and
gas reserves and assessed of the discount rate used by
the subsidiary for calculating the future net income for
impairment calculation.
c)
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.
381
Integrated Annual Report 2021-22Reliance Industries Limited
Consolidated Independent Auditor’s Report
Key audit matters
How our audit addressed the key audit matter
d)
In respect of the key audit matter reported by the auditors
of JPL, we performed inquiry of the audit procedures
performed by them to address the key audit matter. As
informed by the subsidiary auditor, the following procedures
have been performed by them
• Obtain 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, verify the appropriateness of
expenses capitalised.
• Test the source documentation to determine whether
the expenditure is of capital nature and has been
appropriately approved and segregated into appropriate
categories. Review operating expenses to determine
appropriateness of accounting and criterion for
capitalisation determined by the management including
monitoring thereof for timing of capitalization.
• Review the management’s assessment of the ability of
intangible asset to generate future economic benefits
with respect to expenses capitalised during the period.
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, 2022.
• Rolled out of enquiry letters to the Holding Company’s legal
counsel and assessed the responses received 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.
• Obtained representation letter from the management on the
assessment of these matters.
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) 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 of the Consolidated
Financial Statements.
(b) Claim against the Holding Company in respect of
gas said to have migrated from neighbouring blocks
(KGD6). Refer Note 34.4 (a) of the Consolidated
Financial Statements.
(c) 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) of the Consolidated Financial Statements.
(d) Suit for specific performance of a contract for
supply of natural gas before the Hon’ble Bombay
High Court. Refer Note 34.4 (c) of the Consolidated
Financial Statements.
2.
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 in connection
with trades by Company in the stock exchanges in 2007 in
the shares of Reliance Petroleum Limited, then subsidiary
of the Company. Refer Note 35.III of the Consolidated
Financial Statements.
Due to complexity involved in these litigation matters,
management’s judgement regarding recognition,
measurement and disclosure 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Key audit matters
Fair Valuation of Investments
As at March 31, 2022, the Holding Company has investments
of ` 78,144 crore in the Equity and Preference Shares of Jio
Digital Fiber Private Limited (‘JDFPL’) which are measured at fair
value as per Ind AS 109 read with Ind AS 113. Refer Note 2 of the
Consolidated Financial Statements.
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).
Refer Note 37A of the Consolidated Financial Statements.
Accordingly, the same has been considered as a
key audit matter.
How our audit addressed the 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 Holding
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 Holding Company’s internal/external specialist
involved in the process.
• Reviewed the disclosures made by the Holding Company in
the financial statement.
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, has
reported a key audit matter on impairment of investment and
loans given to subsidiaries as the recoverability assessment
involves significant management judgement and estimates.
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. Refer Note B.3 (j) of the Consolidated Financial
Statements for accounting policy regarding impairment of
financial assets. Accordingly, the impairment of these assets is
considered to be a key audit matter.
Our audit procedures included and were not limited
to the following:
• 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: -
Revenue Recognition
a)
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.
- Assessment of the net worth of RIIHL subsidiaries/
associates on the basis of latest available
financial statements.
- 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.
- 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:-
- 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;
- 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;
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Consolidated Independent Auditor’s Report
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Management
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Key audit matters
How our audit addressed the key audit matter
Key audit matters
How our audit addressed the key audit matter
b)
c)
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.
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. Refer Note B.3 (q) of the Consolidated
Financial Statements.
Sale of Eagleford Shale Assets
The auditors in the Combined Financial Statements of Shale
Gas Entities (USA) of Reliance Industries Limited have reported
the following Key Audit Matter.
On November 05, 2021, Reliance Eagleford Upstream Holding
LLP, subsidiary of the Holding Company, signed a purchase
and sale agreement with Ensign Operating III, LLC for sale of its
entire working interest in the Eagleford shale assets, resulting in
a gain of ` 2,872 crore which has been disclosed as exceptional
item in the financial statements. This gain has been computed
by adjusting the initial consideration with transaction costs,
receivables & payables, reversal of provision for future
commitment fees & provision for decommissioning expenses,
related accumulated depletion and impairment against the
cost of these assets. Refer Note 31 (a) of the Consolidated
Financial Statements.
384
- 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;
- 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.
• 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: -
- 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.
- 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: -
- Evaluation of the design and operating effectiveness of
controls over the capture and measurement of revenue
transactions, including evaluating the relevant IT systems;
- Examination of 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;
- Testing of 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;
- Reviewed that the control on reconciliation was operating
effectively by selecting samples from different retail outlets
and dates throughout the period of audit.
- Observation of physical cash count at retail outlets on a
sample basis and also tested the reconciliation with books.
- Examination of the reconciliation between retail outlet sales
and Mode of Payment collection report.
In respect of the key audit matter reported to us by the auditors
of Combined Financial Statements of Shale Gas Entities (USA),
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:-
• Obtained and read the purchase and sale agreement
between Reliance Eagleford Upstream Holding LLP and Ensign
Operating III, LLC.
• Examined the calculation of the gain recognized in the
financial statements in accordance with Ind AS. In doing
so, evaluated and assessed the the reversal of obligation
towards onerous contracts.
• Reviewed the disclosures made in the Financial Statements.
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 Holding 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 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 Holding 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 Auditor’s 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
auditor’s 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 judgments 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.
Auditor’s Responsibilities for the Audit of
the Consolidated 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 auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
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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 judgment 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 auditor’s 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
evidence obtained up to the date of our auditor’s 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, 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.
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, 2022 and
are therefore the key audit matters. We describe these matters
in our auditor’s 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 Matter
(a)
(b)
The accompanying Consolidated Financial Statements
include the financial statements and other financial
information in respect of 24 subsidiaries which reflect
total assets of ` 5,22,997 crore as at March 31, 2022, and
total revenues of ` 2,98,412 crore and net cash inflows
of ` 29 crore for the year ended on that date and the
financial statements and other financial information of
3 associates and 3 joint ventures which reflects Group’s
share of net loss after tax of ` 113 crore for the year ended
March 31, 2022, 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 299 subsidiaries,
whose financial statements include total assets of
` 5,81,190 crore as at March 31, 2022, and total revenues of
` 2,02,660 crore and net cash inflows of ` 2,018 crore for
the year ended on that date. These financial statement
and other financial information have been audited by
other auditors, which financial statements, other financial
information and auditor’s reports have been furnished
to us by the management. The Consolidated Financial
Statements also include the Group’s share of net profit
after tax of ` 275 crore for the year ended March 31, 2022,
as considered in the Consolidated Financial Statements,
in respect of 102 associates and 32 joint ventures, whose
financial statements, other financial information have
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(c)
been audited by other auditors and whose 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 6
subsidiaries, whose financial statements and other
financial information reflect total assets of ` 3,398 crore
as at March 31, 2022, and total revenues of ` 37 crore
and net cash inflows of ` 0.04 crore for the year ended
on that date. These unaudited financial statements
and other unaudited financial information have been
furnished to us by the management. The Consolidated
Financial Statements also include the Group’s share of
net profit of ` 118 crore for the year ended March 31, 2022,
as considered in the Consolidated Financial Statements,
in respect of 19 associates and 20 joint ventures, whose
financial statements, other financial information have not
been audited and whose unaudited financial statements,
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-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 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.
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.
Report on Other Legal and Regulatory
Requirements
1.
As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government of
India in terms of sub-section (11) of section 143 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 the subsidiary
companies, associate companies and joint ventures,
incorporated in India, as noted in the ‘Other Matter’
paragraph we give in the “Annexure 1” a statement on the
matters specified in paragraph 3(xxi) of the Order.
2.
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 matter’ paragraph we
report, to the extent applicable, that:
(a)
(b)
(c)
(d)
(e)
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, 2022 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 subsidiary companies,
associate companies 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, 2022 from being
appointed as a director in terms of Section 164
(2) of the Act;
(f)
With respect to the adequacy of the internal
financial controls with reference to Consolidated
Financial Statements of the Holding Company and
its subsidiary companies, associate companies
and joint ventures, incorporated in India, and the
operating effectiveness of such controls, refer to our
separate Report in “Annexure 2” to this report;
(g) 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, 2022 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;
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(h)
With respect to the other matters to be included
in the Auditor’s 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 matter’ paragraph:
i.
ii.
iii.
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 35 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; and
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, 2022 except for an amount of
` 2 crore which are held in abeyance due to
pending legal cases;
iv. a)
The respective managements of the Holding
Company and its subsidiaries which are
companies incorporated in India whose
financial statements have been audited
under the Act have represented to us and
the other auditors of such subsidiaries
respectively that, to the best of its knowledge
and belief, no funds have been advanced
or loaned or invested (either from borrowed
funds or share premium or any other
sources or kind of funds) by the Holding
Company or any of such subsidiaries to or
in any other person(s) or entities, including
foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
b)
in other persons or entities identified in any
manner whatsoever by or on behalf of the
respective Holding Company or any of such
subsidiaries (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;
The respective managements of the
Holding Company and its subsidiaries
which are companies incorporated in India
whose financial statements have been
audited under the Act have represented
to us and the other auditors of such
subsidiaries respectively that, to the best of
its knowledge and belief, no funds (which
are material either individually or in the
aggregate) have been received by the
respective Holding Company or any of such
subsidiaries from any person(s) or entities,
including foreign entities (“Funding Parties”),
with the understanding, whether recorded
in writing or otherwise, that the Holding
Company or any of such subsidiaries shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and
c)
Based on the audit procedures that
have been considered reasonable
and appropriate in the circumstances
performed by us and those performed by
the auditors of the subsidiaries, associate
and joint ventures which are companies
incorporated in India whose financial
statements have been audited under
the Act, nothing has come to our or other
auditor’s notice that has caused us or
the other auditors to believe that the
representations under sub-clause (a) and
(b) contain any material misstatement.
v.
The final dividend paid by the Holding Company,
its subsidiaries, associates and joint venture
companies incorporated in India during the year
in respect of the same declared for the previous
year is in accordance with section 123 of the Act
to the extent it applies to payment of dividend.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Registration Number:
142412W/W100595
per T P Ostwal
Partner
Membership Number: 030848
UDIN: 22030848AIMQEE7221
Place of Signature: Mumbai
Date: May 06, 2022
388
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership Number: 093649
UDIN: 22093649AIMNSR5740
Place of Signature: Mumbai
Date: May 06, 2022
Annexure 1
To the Independent Auditors’ Report of even date on the Consolidated 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)
In terms of the information and explanations sought by us and given by the company and the books of account and
records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(xxi) There are no qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order
(CARO) reports of the companies included in the consolidated financial statements. Accordingly, the requirement to
report on clause 3(xxi) of the Order is not applicable to the Holding Company.
For D T S & Associates LLP
Chartered Accountants
ICAI Firm Registration Number:
142412W/W100595
per T P Ostwal
Partner
Membership Number: 030848
UDIN: 22030848AIMQEE7221
Place of Signature: Mumbai
Date: May 06, 2022
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership Number: 093649
UDIN: 22093649AIMNSR5740
Place of Signature: Mumbai
Date: May 06, 2022
389
Integrated Annual Report 2021-22Reliance Industries Limited
Consolidated Independent Auditor’s Report
Annexure 2
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 (hereinafter referred to as the “Holding
Company”) as of and for the year ended March 31, 2022, we
have audited the internal financial controls with reference
to Consolidated Financial Statements of the Holding
Company and its subsidiaries (the Holding Company
and its subsidiaries together referred to as “the Group”)
, 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 companies
included in the Group, 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 issued by the Institute of Chartered
Accountants of India (ICAI). 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
Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Holding
Company's , its subsidiaries, its associates and joint
ventures, which are incorporated in India, internal
financial controls with reference to Consolidated Financial
Statements based on our audit. We conducted our audit
in accordance with the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the “Guidance
Note”) and the Standards on Auditing, specified under
section 143(10) of the Act, to the extent applicable to an
audit of internal financial controls, both, issued by ICAI.
Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform
390
the audit to obtain reasonable assurance about whether
adequate internal financial controls with reference to
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 with reference to Consolidated Financial
Statements and their operating effectiveness. Our audit of
internal financial controls with reference to consolidated
financial statements included obtaining an understanding
of internal financial controls with reference to 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 auditor’s 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 with
reference to Consolidated Financial Statements.
Meaning of Internal Financial Controls
with reference to Consolidated
Financial Statements
A company's internal financial control with reference to
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 with reference to 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Inherent Limitations of Internal
Financial Controls With Reference to
Consolidated Financial Statements
Because of the inherent limitations of internal financial
controls with reference to 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 with reference to consolidated financial
statements to future periods are subject to the risk that the
internal financial controls with reference to 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, the Group , its associates and joint
ventures, which are companies incorporated in India,
have, maintained in all material respects, adequate
internal financial controls with reference to Consolidated
Financial Statements and such internal financial controls
with reference to consolidated financial statements were
operating effectively as at March 31, 2022, 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
issued by the ICAI.
Other Matters
Our report under Section 143(3)(i) of the Act on the
adequacy and operating effectiveness of the internal
financial controls with reference to Consolidated Financial
Statements of the Holding Company, in so far as it relates to
these 197 subsidiaries, 52 associates and 16 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
Chartered Accountants
ICAI Firm Registration Number:
142412W/W100595
per T P Ostwal
Partner
Membership Number: 030848
UDIN: 22030848AIMQEE7221
Place of Signature: Mumbai
Date: May 06, 2022
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:
324982E/E300003
per Vikas Kumar Pansari
Partner
Membership Number: 093649
UDIN: 22093649AIMNSR5740
Place of Signature: Mumbai
Date: May 06, 2022
391
Integrated Annual Report 2021-22Reliance Industries Limited Consolidated Balance Sheet
As at 31st March, 2022
Consolidated Statement of Profit and Loss
For the year ended 31st March, 2022
Assets
Non-Current Assets
Property, Plant and Equipment
Capital Work-in-Progress
Goodwill
Other Intangible Assets
Intangible Assets Under Development
Financial Assets
Investments
Loans
Other Financial Assets
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
Lease Liabilities
Deferred Payment Liabilities
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-Current Liabilities
Total Non-Current Liabilities
Current Liabilities
Financial Liabilities
Borrowings
Lease Liabilities
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
As per our Report of even date
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)
Notes
As at
31st March, 2022
As at
31st March, 2021
(` in crore)
5,00,454
68,052
13,009
1,14,335
1,04,454
2,86,146
1,588
2,377
1,043
61,188
11,52,646
4,51,066
71,171
10,212
79,980
54,782
2,12,382
1,117
1,367
1,147
64,977
9,48,201
1,07,778
81,672
1
1
1
1
2
3
4
5
6
7
8
9
10
11
12
14
15
16
17
18
19
5
20
21
22
23
24
1 to 45
For and on behalf of the Board
1,08,118
23,640
36,178
130
23,896
47,279
3,47,019
14,99,665
6,765
7,72,720
1,09,499
1,87,699
13,007
37,184
12,024
1,853
49,644
608
3,02,019
78,606
2,662
1,59,330
44,544
21,584
1,936
3,08,662
6,10,681
14,99,665
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
6,948
18,837
14,616
2,625
37,001
502
2,44,212
88,128
1,366
1,08,897
43,639
33,034
2,504
2,77,568
5,21,780
13,21,212
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
Notes
2021-22
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
25
26
27
28
29
1
30
31
13
13
26.1
26.2
32
32
32
32
1 to 45
6,96,972
95,784
7,92,756
71,122
7,21,634
14,947
7,36,581
3,60,784
1,35,585
(21,457)
21,672
18,775
14,584
29,797
95,815
6,55,555
81,026
280
81,306
2,836
84,142
3,161
13,136
67,845
27,533
(3,215)
(2,584)
526
22,260
90,105
60,705
7,140
22,185
75
82,890
7,215
92.00
87.71
90.85
86.61
(` in crore)
2020-21
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
* 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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
Integrated Annual Report 2021-22
393
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
392
Reliance Industries Limited
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Consolidated Statement of Changes in Equity
For the year ended 31st March, 2022
A. Equity Share Capital
B. Other Equity
Balance as at
1st April, 2020
Change during
the year 2020-21
Balance as at
31st March, 2021
Change during
the year 2021-22
Balance as at
31st March, 2022
6,339
106
6,445
320
6,765
(` in crore)
Balance
as at
1st April,
2021
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
As at 31st March, 2022
Share Call Money Account
39,843
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
Other Comprehensive
Income
291
50
5,976
737
689
4,975
74,508
2,58,426
1,96,059
- (39,843)
-
-
-
-
(303)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
524
(1,795)
-
-
-
-
-
-
115
4,135 $
-
-
-
-
-
-
-
-
1,795
-
-
-
Total
6,93,727
82,890 (4,297)
* Refer Note 14.9
$ Considers Special Economic Zone Reinvestment Reserve created during the year of ` 5,040 crore.
# Includes net movement in Foreign Currency Translation Reserve.
(` in crore)
Balance
as at 31st
March,
2022
-
291
50
4,705
434
804
9,110
1,14,796
2,60,221
-
-
-
-
-
-
-
-
-
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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
As at 31st March, 2021
Share Application Money
Pending Allotment
Share Call Money Account
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
Other Comprehensive
Income
1
-
291
50
9,427
18
561
5,500
61,395
2,55,016
32,972
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(41)
(3,410)
-
128
$
(525)
-
-
-
-
-
-
-
-
3,410
-
-
-
-
39,843
-
-
-
-
-
-
13,104
-
-
-
-
-
-
-
719
-
-
9
(1)
-
-
-
-
-
-
-
-
-
39,843
291
50
5,976
737
689
4,975
74,508
2,58,426
1,96,059
-
-
- 1,17,442^
-
728
1,12,173
49,128
(3,921)
438
77,596
33,849 #
-
Total
4,42,827
82,977
(3,921)
52,947
728 1,18,169
6,93,727
60,705 (4,297)
(4,774)
1,12,173
22,185 #
-
39,447
841
-
-
-
-
-
-
258
2,47,951
-
1,34,358
* Refer Note 14.9
$ Net of Special Economic Zone Reinvestment Reserve created during the year of ` 3,303 crore.
^ Mainly pursuant to fresh issue of equity by subsidiaries.
# Includes net movement in Foreign Currency Translation Reserve.
(396)
538
258
7,72,720
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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
394
395
Integrated Annual Report 2021-22Reliance Industries Limited
Consolidated Statement of Cash Flow
For the year ended 31st March, 2022
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
2021-22
(` in crore)
2020-21
Change in Liability arising from financing activities
Borrowings - Non-current (including Current
Maturities) (Refer Note 16)
Borrowings - Current (Net) (Refer Note 20)
Total
1st April, 2021
Cash Flow
Foreign exchange
movement / Others
31st March, 2022
(` in crore)
1,91,730
60,081
2,51,811
18,696
(8,846)
9,850
4,293
351
4,644
2,14,719
51,586
2,66,305
Borrowings - Non-current (including Current
Maturities) (Refer Note 16)
Borrowings - Current (Net) (Refer Note 20)
Total
1st April, 2020
Cash Flow
Foreign exchange
movement / Others
2,42,508
93,786
3,36,294
(54,029)
(29,681)
(83,710)
3,251
(4,024)
(773)
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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
(` in crore)
31st March, 2021
1,91,730
60,081
2,51,811
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
A.
Cash Flow From Operating Activities
Net Profit Before Tax As Per Statement Of Profit And Loss (After exceptional item
and tax thereon)
84,142
55,461
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
Net Gain on Financial Assets #
Exceptional Item (Net of Tax)
Dividend Income #
Interest Income #
Finance Costs #
Subtotal
Operating Profit before Working Capital Changes
Adjusted for:
Trade and Other Receivables
Inventories
Trade and Other Payables
Subtotal
Cash Generated from Operations
Taxes Paid (Net)
Net Cash Flow from Operating Activities *
B.
Cash Flow from Investing Activities
Expenditure for 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
Repayment of Deferred Payment Liabilities
Interest Income
Dividend Income from Associates
Dividend Income from Others
Net Cash Flow used in Investing Activities
C.
Cash Flow from Financing Activities
Proceeds from Issue of Equity Share Capital
Proceeds from Issue of Share Capital to Non-Controlling Interest (Net of Dividend Paid)
Net Proceeds from Rights Issue
Payment of Lease Liabilities
Proceeds from Borrowings - Non-current (including Current Maturities)
Repayment of Borrowings - Non-current (including Current Maturities)
Borrowings - Current (Net)
Movement in Deposits
Dividend Paid
Interest Paid
Net Cash from Financing Activities
Net Increase / (Decrease) 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 10)
(280)
380
40
29,797
1,821
(1,352)
(2,836)
(41)
(12,529)
14,584
29,584
1,13,726
(14,180)
(24,983)
39,888
725
1,14,451
(3,797)
1,10,654
(1,00,145)
3,137
(6,67,878)
6,68,137
(19,306)
5,933
18
1
(516)
194
47
26,572
(1,645)
(4,964)
(5,642)
(39)
(10,366)
21,027
24,668
80,129
959
(7,769)
(43,148)
(49,958)
30,171
(3,213)
26,958
(1,05,837)
2,319
(6,89,866)
6,42,551
(2)
8,400
26
-
(1,10,103)
(1,42,409)
5
450
39,762
(2,132)
59,343
(40,647)
(8,846)
-
(4,297)
(26,349)
17,289
17,840
17,397
941
36,178
5
2,00,382
13,210
(1,022)
33,211
(87,240)
(29,681)
(4,700)
(3,921)
(18,340)
1,01,904
(13,547)
30,920
24
17,397
# Other than Financial Services Segment.
* Includes amount spent in cash towards Corporate Social Responsibility of ` 1,186 crore (Previous Year ` 1,140 crore).
396
397
Integrated Annual Report 2021-22Reliance 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, 2022.
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 38 – 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 in accordance with Indian
Accounting Standards (Ind AS) notified under the
Companies (Indian Accounting Standards) Rules, 2015
(as amended from time to time) and presentation
requirements of Division II of Schedule III to the
Companies Act, 2013, (Ind AS compliant Schedule III), as
applicable to the CFS.
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.
398
(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.
(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, 2022
to 31st March, 2022 in respect of subsidiaries / joint
ventures / associates having financial year ended
31st December, 2021.
(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.
(i)
(j)
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.
(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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
(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 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 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,
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Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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
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.
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.
400
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Particulars
Depreciation
Technical
Know-How
Computer
Software
Over the useful life of the
underlying assets ranging from 5
years to 35 years
Over a period of 5 to 10 years.
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.
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.
In case of Jetty, the aggregate
amount amortised to date is not
less than the aggregate rebate
availed by the Group.
Development
Rights
License Fee
Spectrum
Fees
Others
The amortisation period and the amortisation
method for Other Intangible Assets with a finite
useful life are reviewed at each reporting date.
(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.
(i) 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.
(j)
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.
(k) Provisions
Provisions are recognised when the Group has
a present obligation (legal or constructive) as a
401
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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.
(m) Employee Benefits Expense
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 exceeds
the contribution already paid, the deficit payable
to the scheme is recognised as a liability. If the
contribution already paid exceeds the contribution
402
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.
i. Current Tax
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 deductible
temporary differences, and the carry forward
of unused tax losses can be utilised. Deferred
Tax Liabilities and Assets are measured at the
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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 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 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.
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
403
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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 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.
404
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
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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
405
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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 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.
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 disposal 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
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.
406
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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 34.
(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 and future risks.
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.
407
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(k) Leases
1 .
Property, Plant and Equipment, Other Intangible Assets, Capital Work-in-Progress and Intangible Assets under Development
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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, 2022, 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 37 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
The continuance 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.
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 or variable or a
combination of both.
D. Standards Issued but not Effective
On March 23, 2022, the Ministry of Corporate Affairs
(MCA) has notified Companies (Indian Accounting
Standards) Amendment Rules, 2022. This notification
has resulted into amendments in the following existing
accounting standards which are applicable to
company from April 1, 2022.
i.
ii.
Ind AS 101 – First time adoption of Ind AS
Ind AS 103 – Business Combination
iii.
Ind AS 109 – Financial Instrument
iv.
Ind AS 16 – Property, Plant and Equipment
v.
Ind AS 37 –Provisions, Contingent Liabilities and
Contingent Assets
vi.
Ind AS 41 – Agriculture
Application of above standards are not expected
to have any significant impact on the Group’s
financial statements.
Gross Block
Depreciation / Amortisation and Depletion
Net Block
As at
01-04-2021
Additions /
Adjustments ^
Deductions /
Adjustments
As at
31-03-2022
As at
01-04-2021
For the
Year #
Deductions /
Adjustments
As at
31-03-2022
As at
31-03-2022
As at
31-03-2021
(` in crore)
Description
Property, Plant and
Equipment
Own Assets:
Land
Buildings
49,938
34,067
Plant & Machinery
4,63,097
Electrical Installations
Equipments $
Furniture & Fixtures
Vehicles
Ships
Aircrafts
and Helicopters
15,334
18,523
4,182
794
505
1,481
288
7,682
43,015
3,265
14,252
2,325
129
3
85
45
67
50,181
41,682
-
-
10,878
4,278
-
17
-
50,181
49,938
15,139
26,543
23,189
1,240
5,04,872
1,34,726 19,360
892
1,53,194
3,51,678
3,28,371
88
137
48
20
-
-
18,511
6,058
1,257
32,638
6,459
903
508
6,083
1,993
1,646
454
578
345
95
16
1,566
475
275
18
7
20
20
-
-
7,297
8,069
2,080
653
361
750
11,214
9,276
24,569
12,440
4,379
2,536
250
147
816
216
160
1,006
Sub-Total
5,87,921
71,044
1,645
6,57,320
1,60,789 27,728
974
1,87,543
4,69,777
4,27,132
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)
18,830
2,714
8,104
61
10
29,719
6,17,640
5,989
60,907
12,328
61,152
7,584
849
3,269
5,889
-
-
10,007
81,051
90
32,270
1,622
3,868
6,023
5
104
-
-
-
19,674
5,879
13,993
61
10
2,454
636
348
883
2,655
1,968
30
10
15
-
- @
59
-
-
-
2,802
1,460
4,623
45
10
16,872
16,376
4,419
9,370
16
-
2,078
5,449
31
-
109
39,617
5,785
3,214
59
8,940
30,677
23,934
1,754
6,96,937
1,66,574 30,942
1,033
1,96,483 5,00,454 4,51,066
-
-
-
6,079
4,167
173
93,177
13,950
9,618
3,855
4,790
1,544
-
-
-
13,473
6,334
18,138
46,882
47,413
2,506
17,433
32,486
17
13,590
1,992
733
15
2,710
79,704
51,289
7,616
14,396
10,880
7,538
13,739
5,592
4,340
1,739
1,822
1,47,960
43,873
18,155
1,73,678
67,980
8,811
17,448
59,343
1,14,335
79,980
Total (A+B)
7,65,600
1,24,924
19,909
8,70,615 2,34,554 39,753
18,481
2,55,826
6,14,789 5,31,046
Previous Year
7,33,529
47,001
14,930
7,65,600
2,11,130 26,793
3,369
2,34,554
5,31,046 5,22,399
Capital
Work-in-Progress
Intangible Assets
Under Development
68,052
71,171
1,04,454
54,782
$ Includes Office Equipments.
@ Land - ` 40,81,486
* Other than internally generated.
^ Additions / adjustments in gross block for the year include ` 19,714 crore on account of entities acquired during the year 2021-22.
# Depreciation / Amortisation and Depletion for the year includes depreciation of ` 99 crore (Previous Year ` 99 crore) capitalised during the year
and ` 9,857 crore (Previous Year ` 122 crore) on account of entities acquired during the year 2021-22. Thus, ` 29,797 crore has been considered in
the Statement of Profit and Loss.
1.1 Buildings include:
i) Cost of shares in Co-operative Societies of ` 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.
1.2 Other Intangible Assets - Others include:
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.
408
409
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
1.3 Capital work-in-Progress and Intangible Assets under Development include:
i) ` 16,181 crore (Previous Year ` 13,697 crore) on account of Project Development Expenditure.
ii) ` 10,153 crore (Previous Year ` 10,100 crore) on account of cost of construction materials at site.
1.4 Additions in Property, Plant & Equipment, Capital work-in-progress, Other Intangible Assets and Intangible Assets under
Development includes ` 749 crore (net loss) [Previous Year ` 279 crore (net gain)] on account of exchange difference
during the year.
1.5 For Assets pledged as security – Refer Note 16.1, 16.2 and 16.3.
2.
A.
Investments - Non-Current
Investment in Associates
Investment 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
Sterling & Wilson Renewable Energy Limited of ` 1 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 [` 42,89,845;
(Previous Year ` 27,38,845)]
Gujarat Chemical Port Limited of ` 1 each
Hathway VCN Cablenet Private Limited of ` 10 each [` 27,91,952;
(Previous Year ` 27,91,952)]
Indian Vaccines Corporation Limited of ` 10 each [` 13,60,037;
(Previous Year ` 12,36,383)]
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 & Power Private Limited Class A shares of ` 1
each [` 40,40,000; (Previous Year ` 40,72,000)]
Vadodra Enviro Channel Limited of ` 10 Each [` Nil; (Previous
Year ` 1,43,020)]
Vay Network Services Private Limited of ` 2 each [` Nil; (Previous
Year ` 39,00,000)]
MM Styles Private Limited of ` 10 each
Future101 Design Private Limited of ` 10 each
Neolync Solutions Private Limited of ` 10 each
Ritu Kumar Fashion (LLC) of AED 1,000 each [` Nil]
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 ` 1,000 each
Big Tree Entertainment Private Limited – Compulsorily
Convertible Preference Shares Series B1 of ` 10 each
As at 31st March, 2022
As at 31st March 2021
Units
Amount
Units
Amount
(` in crore)
68,60,064
4,26,97,825
7,58,77,334
17,04,279
-
35,93,552
19,38,000
50,295
60,94,190
4,23,000
221
497
2,812
3,530
-
-
28
4
63
68,60,064
4,26,97,825
-
17,04,279
20,40,000
35,93,552
19,38,000
50,295
493
60,94,190
-
3,23,000
64,29,20,000
645
64,29,20,000
12,520
62,63,125
92,62,233
10
11,08,500
50,000
52,00,000
14,302
-
4,03,596
5,658
6,667
147
-
-
-
-
41
21,557
-
-
-
262
33
20
-
12,520
62,63,125
92,62,233
10
11,08,500
50,000
52,00,000
14,302
19,57,413
-
-
-
-
210
436
-
646
-
-
25
3
58
437
-
538
-
-
-
-
41
11,854
-
-
-
-
-
-
-
23,146
12,956
1,156
-
1,156
-
17,64,66,916
17,647
17,64,66,916
17,647
2,31,200
-
2,31,200
-
410
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
As at 31st March, 2022
As at 31st March 2021
(` in crore)
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
Dunzo Digital Private Limited - Compulsorly Convertible
Preference Shares Series F of ` 55 each
Two Platforms Inc
Units
Amount
1,807
3,61,400
-
-
Units
1,807
3,61,400
3,41,857
182
3,41,857
69,529
37,50,000
1,442
112
19,383
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
In Debentures or Bonds - Unquoted, fully paid up
Ashwani Commercials Private Limited - Zero Coupon
Unsecured Optionally Fully Convertible Debentures of ` 10 each
13,55,90,000
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
In Limited Liability Partnership
GenNext Ventures Investment Advisers LLP [` 31,64,755;
(Previous Year ` 31,17,337)]
Amount
-
-
212
-
-
17,859
-
-
136
136
-
-
-
-
46,195
46,195
77,792
-
-
12,75,367
13,55,90,000
24,18,393
-
-
136
136
-
-
-
-
59,581
59,581
1,05,776
In Corpus of Trust
Unquoted
Investment in Corpus of Petroleum Trust
Total Investments in Associates
B.
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
1,98,65,33,333
158
1,98,65,33,333
263
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 Private Limited of ` 500 each
[` 26,67,096; (Previous Year ` 32,97,641)]
Hathway Cable MCN Nanded Private Limited of ` 10 each
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
2,45,00,000
2,23,22,952
1,22,50,000
2,43,43,661
5,65,95,000
1,07,00,000
14,85,711
7,000
15,810
13,05,717
-
-
-
2,49,000
20,400
10,200
19
42
17
24
16
1
2,45,00,000
2,23,22,952
1,22,50,000
2,39,45,276
5,65,95,000
1,07,00,000
100
14,85,711
-
-
1
-
-
-
-
-
-
7,000
15,810
13,05,717
25,500
2,55,000
2,42,250
2,49,000
20,400
10,200
15
38
16
24
15
1
131
-
-
1
2
4
7
-
-
-
411
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
As at 31st March, 2022
As at 31st March 2021
Units
Amount
Units
Amount
(` in crore)
As at 31st March, 2022
As at 31st March 2021
Units
Amount
Units
Amount
(` in crore)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Hathway Ice Television Private Limited of ` 10 each
Hathway Latur MCN Cable and Datacom Private Limited of ` 10
each [` 26,61,679; (Previous Year ` 12,11,163)]
Hathway MCN Private Limited of ` 10 each
Hathway Sai Star Cable and Datacom Private
Limited of ` 10 each
Hathway Sonali OM Crystal Cable Private Limited of ` 10 each
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
India Gas Solution 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)
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
CAA Global Brands Reliance Private Limited [` 47,050;
(Previous Year ` Nil)]
Reliance Sideways Private Limited of ` 10 each [` 2,00,000;
(Previous Year ` 25,000)]
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
Sodium-ion Batteries Pty Limited of AUD $1.00 each
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
1,02,000
51,000
9,63,000
68,850
68,000
2,29,500
86,25,000
52,86,250
2,25,00,000
18,45,20,000
81,42,722
9,51,16,546
48,50,000
1,31,00,000
1,35,00,000
11,10,00,000
5,00,000
2,88,12,000
1,37,20,000
10,821
5,000
5,000
2,98,44,272
86,666
81,680
81,545
87,021
81,545
81,545
2,76,70,066
2,65,58,954
2,48,80,086
2,64,80,720
2,46,38,086
2,48,93,086
27,88,823
2,20,000
2,49,999
1
20,35,250
-
-
6
2
8
-
-
132
152
86
43
170
6
6
5
9
8
15
14
10
-
-
6
1
1
1
1
1
1
219
212
200
211
199
200
14
2,159
-
5
-
5
1,02,000
51,000
9,63,000
68,850
68,000
2,29,500
86,25,000
25,05,000
2,25,00,000
16,24,00,000
81,42,722
9,51,16,546
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
-
2,20,000
2,49,999
1
20,35,250
2,50,00,00,000
250 2,50,00,00,000
260
-
-
7
9
1
-
-
39
9
88
40
160
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
412
In Debentures or Bonds - Unquoted, fully paid up
Indospace MET Logistics Park Farukhnagar Private Limited -
Non-Convertible Bonds of ` 10 each
Clarks Reliance Footwear Private Limited - 4.5% Optionally
Convertible Debentures of ` 10 each
49,400
5,10,00,000
In Limited Liability Partnership
Hathway SS Cable & Datacom LLP [` 5,88,980; (Previous
Year ` 11,52,820)]
Total Investments in Joint Ventures
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)]
-
-
5
51
56
-
316
2,633
-
-
-
-
-
-
-
-
-
-
262
2,372
-
-
In Debentures or Bonds - Quoted, Fully paid up
Summit Digitel Infrastructure 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 – 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)
53,360
5,372
1,18,360
11,880
5,372
11,880
60,000
6,035
60,000
6,000
1,00,000
10,057
1,00,000
10,000
93,420
9,396
93,420
25,488
9,342
25,342
In Preference Shares - Unquoted, Fully paid up
0% Redeemable, Non-Participating, Non-Cumulative and Non-
Convertible Preference Shares of Summit Digitel Infrastructure
Private Limited of `10 each
5,00,00,000
In Others
PTC - Master Trust 2019 Series I
Marigold Trust
First Business Receivables Trust
Tower Infrastructure Trust
Investment measured at Fair Value through Other
Comprehensive Income (FVTOCI)
In Membership Interest of LLP - Unquoted
Labs 02 Limited Partnership
First Close Partners I, LLP [` 22,30,050; (Previous Year ` Nil)]
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 PTE. of USD 0.01 each
Netradyne Inc - Series A
14
14
-
60
-
56
116
47
-
129
176
612
612
5
75
36
-
2,34,302
27,16,948
6,25,000
-
-
405
251
875
56
1,587
29
-
21
50
199
199
5
75
36
276
413
2,34,302
27,16,948
6,25,000
1,50,75,708
442
1,91,34,355
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Netradyne Inc - Series B
NexWafe GmbH - Series C
Homodeus Inc - Series B
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
As at 31st March, 2022
As at 31st March 2021
Units
Amount
Units
Amount
(` in crore)
40,58,647
86,887
2,94,118
2
119
213
2
892
-
-
-
2,94,118
2
-
-
2
394
-
77,70,11,98,375
77,893
77,70,11,98,375
77,889
Jio Digital Fibre Private Limited - 10% Cumulative Redeemable
Preference Shares of ` 10 each
12,50,000
Summit Digitel Infrastructure Private limited – 0% Redeemable,
Non-Participating, Non-Cumulative and Non-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
Altigreen Propulsion Labs Private Limited, Series A Compulsorily
Convertible Preference Shares of ` 100 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 STX Global Corporation of GBP 0.30 each
Himachal Futuristic Communications Limited of ` 1 each
KSL and Industries Limited of ` 4 each [` 12,80,632; (Previous
Year ` 12,80,632)]
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
Future101 Design Private Limited of ` 10 each
Hathway Patiala Cable Private Limited of ` 10 each
KaiOS Technologies PTE. Limited of USD 0.01 each
Eliph Nutrition Private Limited of ` 10 each [` 4,80,400; (Previous
Year ` 6,40,400)]
MobileNXT Teleservices Private Limited of ` 10 each
Petronet India Limited of ` 0.10 each [` 10,00,000; (Previous
Year ` 10,00,000)]
414
1
-
10
20
12,50,000
5,00,00,000
22,222
44,443
1
94
10
20
-
22,222
44,443
4,00,00,00,000
4,000 4,00,00,00,000
4,000
5,00,00,000
9,269
2,025
34,000
-
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
-
400
-
71,175
19,04,781
100
3,01,876
1,00,00,000
50
4
466
50
5,00,00,000
9,269
2,025
-
50
6
466
-
82,494
82,536
-
179
1,821
4
385
-
3
9
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
25
19,26,397
2,426
-
-
-
-
-
-
-
3
10,000
1,00,000
6,45,558
8,98,500
21,000
400
2,019
71,175
46
19,04,781
-
-
-
100
3,01,876
1,00,00,000
-
144
1,095
41
122
-
3
8
28
1,441
-
-
-
-
3
-
14
3
46
-
-
-
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
As at 31st March, 2022
As at 31st March 2021
Units
Amount
Units
Amount
(` in crore)
Petronet VK Limited of ` 10 each [` 20,000; (Previous
Year ` 20,000)]
Ushodaya Enterprises Private Limited of ` 100 each [` 27,50,000;
(Previous Year ` 27,50,000)]
VAKT Holdings Limited of USD 0.001 each
Yatra Online Limited of ` 1 each
Ambri Inc. of $ 0.00001 each
In Debentures or Bonds - Unquoted, Fully paid up
Karkinos Health Care Private Limited - 0.1% Optionally
Convertible Debentures of ` 100 each
1,49,99,990
27,500
58,009
11,88,870
4,23,44,173
25,00,000
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 & 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
IIFL Special Opportunities Fund Class A 5.1 of ` 10 each
JM Financial Property Fund – I of ` 3721 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 ` 2,975 paid
up (Previous Year ` 3,762 paid up)
Multiples Private Equity Fund - Scheme 1 of ` 1,00,000 each,
` 5,145 paid up (Previous Year ` 16,971 each)
Multiples Private Equity Fund II LLP of ` 1,000 each
Paragon Partners Growth Fund - I of ` 100 each
Urban Infrastructure Opportunities Fund of ` 23,930 per unit
(Previous Year ` 27,430 each)
3one4 Capital Fund Scheme II of ` 1,00,000 fully paid up
(Previous Year ` 85,000 partly paid up)
Kalaari Capital Partners India IV of ` 1000 each
JMFARC - MARCH 2018 - Trust - Series I of ` 1,000 each
Nepean Focused Investment Fund - Class A of ` 1,00,000 each
CFMARC Trust 88 of ` 1000 each
Total Other Investments
Total Non-Current Investments (A+B+C)
1,49,99,990
27,500
39,894
1,09,348
-
-
-
58
8
372
487
25
25
28,907
-
22,892
2,924
158
360
-
328
11,66,581
1,33,58,384
4,95,06,919
50,000
3,40,000
1,31,512
6,50,000
25,000
5,000
8,70,522
43,27,809
21,600
2,000
35,85,887
8,00,000
2,10,893
70,95,948
347
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
2,78,978
8,00,000
-
-
26
52
4
26
-
13
3
2
167
79
21
68
384
63
2,101
710
4,066
1,77,737
2,86,146
-
-
39
8
-
113
-
-
3,552
1,372
-
2,206
-
491
375
-
160
78
57
4
26
2
5
7
13
125
62
24
30
24
63
-
-
680
1,32,218
2,12,382
415
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited 2.1 Category-wise Non Current Investments
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)
3. Loans – Non-Current (Unsecured and Considered Good)
Loans and Advances - to Others
Total
4. Other Financials Assets - Non Current
Deposits with Related Parties [Refer Note 33 (v)]
Others *
Total
* Includes fair valuation of interest free deposits.
5. Deferred Tax
Component of Deferred Tax
Deferred Tax Assets (Net)
Deferred Tax Liabilities (Net)
Net Deferred Tax Assets / (Liabilities)
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
1,08,409
30,990
1,41,835
4,912
2,86,146
80,164
38,809
91,863
1,546
2,12,382
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
1,588
1,588
1,117
1,117
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
520
1,857
2,377
519
848
1,367
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
1,043
49,644
(48,601)
1,147
37,001
(35,854)
416
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
As at
31st March, 2021
(Charge) / Credit
to Statement of
Profit and Loss ^
(Charge) /
Credit to Other
Comprehensive
Income
Others (Including
Exchange
Difference)
(` in crore)
As at
31st March, 2022
Deferred Tax Assets (Net) in Relation to:
Property, Plant and Equipment and Other
Intangible Asset
(906)
(281)
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)
71
1
248
107
1,762
(136)
1,147
57,301
(7,089)
(30)
(450)
104
(12,607)
(228)
37,001
Net Deferred Tax Assets / (Liabilities)
(35,854)
^ Refer Note 13
-
-
(13)
40
(373)
467
(160)
9,082
5,121
(1)
(72)
13
(1,172)
5
12,976
(13,136)
-
-
-
-
-
-
-
-
-
(422)
-
(1)
15
-
-
(408)
408
30
(1)
-
(1)
(4)
174
(142)
56
(64)
(1)
-
-
36
103
1
75
(19)
(1,157)
70
1
234
143
1,563
189
1,043
66,319
(2,391)
(31)
(523)
168
(13,676)
(222)
49,644
(48,601)
(` in crore)
6. 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 ` 485 crore (Previous Year ` 473 crore) given to Related Parties [Refer Note 33 (v)].
# Refer Note 13
* Includes device rights and advance for acquisition of Right-of-Use assets taken on lease.
7.
Inventories
Raw Materials (Including Material in Transit)
Work-in-Progress *
Finished Goods
Stores and Spares
Stock-in-Trade
Others ^
Total
* Includes land, development cost and inventory on completion of projects.
^ Includes Programming and Film Rights.
As at
31st March, 2022
As at
31st March, 2021
8,712
3,180
5,926
14,980
28,390
61,188
20,787
3,194
5,104
15,500
20,392
64,977
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
17,177
33,985
20,049
12,665
21,221
2,681
1,07,778
15,200
27,781
11,836
11,600
13,285
1,970
81,672
417
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
8.
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 Government Securities - Quoted
In Debentures or Bonds - Quoted, Fully Paid Up
In Mutual Fund - Quoted
In Treasury Bills - Quoted
In Certificate of Deposits - Unquoted
In Mutual Fund - Unquoted
Total Investments - Current
8.1 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
9. Trade Receivables (Unsecured and Considered Good)
Trade Receivables
Total
9.1 Trade Receivables ageing
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
-
-
1,431
6,368
63,527
71,326
2,545
89
474
10,819
1,921
20,944
36,792
1,08,118
1,000
1,000
10,446
2,768
95,006
1,08,220
4,774
1,961
3,238
13,161
-
20,092
43,226
1,52,446
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
-
71,326
36,792
1,08,118
1,000
1,08,220
43,226
1,52,446
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
23,640
23,640
19,014
19,014
Outstanding for following periods
from due date of payment *
Less than
6 Months
6 months -
1 year
1-2 year
2-3 year
More than
3 years
(` in crore)
Total
As at 31st March, 2022:
Undisputed Trade Receivables – considered good
2,742
165
111
83
179
3,280
Undisputed Trade Receivables – which have
significant increase in credit risk
Undisputed Trade Receivables – credit impaired
Disputed Trade Receivables – considered good
Disputed Trade Receivables – which have
significant increase in credit risk
Disputed Trade Receivables – credit impaired
Total
* Net of Provision
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,742
165
111
83
179
3,280
418
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Outstanding for following periods
from due date of payment *
Less than
6 Months
6 months -
1 year
1-2 year
2-3 year
More than
3 years
(` in crore)
Total
As at 31st March, 2021:
Undisputed Trade Receivables – considered good
5,572
300
219
383
44
6,518
Undisputed Trade Receivables – which have
significant increase in credit risk
Undisputed Trade Receivables – credit impaired
Disputed Trade Receivables – considered good
Disputed Trade Receivables – which have
significant increase in credit risk
Disputed Trade Receivables – credit impaired
Total
* Net of Provision
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,572
300
219
383
44
6,518
10. 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, 2022
As at
31st March, 2021
144
26,846
9,188
36,178
36,178
91
11,436
5,870
17,397
17,397
* Includes Unclaimed Dividend of ` 202 crore (Previous Year ` 208 crore), Fixed Deposits of ` 15,501 crore (Previous Year ` 169 crore) with maturity
of more than 12 months and Fixed Deposits of ` 2,467 crore (Previous Year ` 2,683 crore) are given as collateral securities. Principal amount of
these fixed deposits can be withdrawn or an equivalent amount can be availed against such deposits by the Company at any point of time
without prior notice or penalty.
11. Other Financial Assets - Current
Deposits #
Call Money Receivable *
Others ^
Total
# Include Deposits of ` 17 crore (Previous Year ` 17 crore) given to Related Parties [Refer Note 33 (v)].
* Refer Note 14.9
^ Includes fair valuation of derivatives.
12. Other Current Assets (Unsecured and Considered Good)
Balance with Customs, Central Excise, GST and State Authorities
Others **
Total
** Includes prepaid expenses, deposits, advance to vendors and claims receivable.
13. Taxation
Income Tax Recognised in Statement of Profit and Loss
Current Tax
Deferred Tax
Total Income Tax Expenses
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
12,623
-
11,273
23,896
13,491
39,843
7,790
61,124
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
31,342
15,937
47,279
26,638
14,655
41,293
(` in crore)
Year Ended
31st March, 2022
Year Ended
31st March, 2021
3,161
13,136
16,297
2,205
(483)
1,722
419
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
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)
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 ^
^ Refer Note 31
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 #
* Pertains to Provision for Tax on Other Comprehensive Income and Exceptional Item.
# Refer Note 6 and Note 24
(` in crore)
Year Ended
31st March, 2022
Year Ended
31st March, 2021
81,306
34.944%
28,412
(1,599)
7,730
(22,820)
(3,333)
(5,478)
249
3,161
2,352
10,784
13,136
16,297
20.04%
-
49,819
34.944%
17,409
(157)
6,417
(14,882)
(2,184)
(4,261)
(137)
2,205
8,034
(8,517)
(483)
1,722
3.45%
(13,801)
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
5,067
(3,161)
158
3,797
5,861
5,576
(2,205)
(1,517)
3,213
5,067
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
14. Share Capital
Authorised Share Capital:
14,00,00,00,000 Equity Shares of ` 10 each
(14,00,00,00,000)
1,00,00,00,000 Preference Shares of ` 10 each
(1,00,00,00,000)
Total
Issued and Subscribed Capital:
6,76,59,94,014 Equity Shares of ` 10 each
(6,33,94,41,920)
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
14,000
14,000
1,000
1,000
15,000
15,000
6,766
6,339
- Equity Shares of ` 10 each (Refer Note 14.9)
-
423
(42,26,26,894)
Total
Paid Up Capital:
6,76,59,94,014 Equity Shares of ` 10 each, fully paid up
(6,33,94,41,920)
- Equity Shares of ` 10 each, ` 2.5 paid up (Refer Note 14.9)
(42,26,26,894)
Less: Calls unpaid (Refer Note 14.9)
6,766
6,766
-
(1)
6,765
6,762
6,339
106
-
6,445
Total
14.1
3,08,03,34,238
14.2
14.3
(3,08,03,34,238)
-
(42,26,26,894)
41,31,91,759
(41,31,91,759)
Equity 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 14.9)
Shares held by Associates
Figures in brackets represent Previous Year figures.
Name of the Shareholder
14.4 The details of shareholders holding more
than 5% shares:
Srichakra Commercials LLP
Devarshi Commercials LLP
Karuna Commercials LLP
Tattvam Enterprises LLP
Life Insurance Corporation of India
14.5 Shareholding of Promoter
As at
31st March, 2022
As at
31st March, 2021
No. of Shares
% held
No. of Shares
% held
73,95,99,829
54,55,69,460
54,55,69,460
54,55,69,460
41,35,42,219
10.93%
73,95,99,829
8.06%
8.06%
8.06%
6.11%
54,55,69,460
54,55,69,460
54,55,69,460
37,16,09,077
10.94%
8.07%
8.07%
8.07%
5.50%
Sr.
No.
Class of Equity Share
Promoter’s Name
No. of shares at
the beginning
of the year
Change
during the
year
No. of shares
at the end of
the year
% of total
shares
% change
during the
year
As at 31st March, 2022
Fully paid-up equity
shares of ` 10 each
Partly paid-up equity shares of
` 10 each, ` 2.50 paid-up
1
2
Total
Mukesh D. Ambani
75,00,000
5,52,020
80,52,020
Mukesh D. Ambani
5,52,020 (5,52,020)
-
80,52,020
-
80,52,020
0.12
-
0.12
-
-
-
420
421
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Sr.
No.
Class of Equity Share
Promoter’s Name
No. of shares at
the beginning
of the year
Change
during the
year
No. of shares
at the end of
the year
% of total
shares
% change
during the
year
As at 31st March, 2021
1
2
Fully paid-up equity
shares of ` 10 each
Partly paid-up equity shares of
` 10 each, ` 2.50 paid-up
Total
Mukesh D. Ambani
75,00,000
-
75,00,000
Mukesh D. Ambani
-
5,52,020
5,52,020
75,00,000
5,52,020
80,52,020
0.11
0.01
0.12
-
0.01
0.01
14.6 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: Shares Issued on Rights Issue (Refer Note 14.9)
Equity Shares at the end of the year
As at
31st March, 2022
As at
31st March, 2021
No. of Shares
No. of Shares
6,76,20,68,814
6,33,92,67,510
39,25,200
1,74,410
-
42,26,26,894
6,76,59,94,014
6,76,20,68,814
14.7 Options granted under ESOS-2006 prior to withdrawal of scheme, continue to be governed by ESOS-2006. There are no
options pending for vesting under ESOS-2006. Pursuant to ‘Reliance Industries Limited Employees’ Stock Option Scheme
2017’ (ESOS-2017), 90,000 options have been granted to eligible employees during the year. Options granted and remaining
to be vested as at the end of the year under ESOS-2017 is 3,90,000.
14.8 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.
14.9 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’).
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 First call of ` 314.25 per Rights Equity
Share (including a premium of ` 311.75 per share) in May, 2021 and Second and Final call of ` 628.50 per Rights Equity
Share (including a premium of ` 623.50 per share) in November, 2021.As on March 31, 2022, an aggregate amount of
` 81 crore is unpaid.
15. Other Equity
Share Application Money Pending Allotment
As per last Balance Sheet
Issue of Shares / Application Money Received (Refer Note 15.1)
Capital Reserve
As per last Balance Sheet
Capital Redemption Reserve
As per last Balance Sheet
Debenture Redemption Reserve
As per last Balance Sheet
Transferred from / (to) Retained Earnings
Transferred to General Reserve
As at
31st March, 2022
As at
31st March, 2021
(` in crore)
-
-
5,976
524
(1,795)
-
291
50
1
(1)
9,427
(41)
(3,410)
-
291
50
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
As at
31st March, 2022
As at
31st March, 2021
(` in crore)
Share Based Payments Reserve
As per last Balance Sheet
On Employee Stock Options
Statutory Reserve
As per last Balance Sheet
Transferred from Retained Earnings
Securities Premium
As per last Balance Sheet
Premium on Shares issued under Rights Issue (Refer Note 14.9)
On Employee Stock Options
Calls unpaid - Rights Issue (Refer Note 14.9)
Special Economic Zone Reinvestment Reserve
As per last Balance Sheet
Transferred from / (to) Retained Earnings $
General Reserve
As per last Balance Sheet
Transfer from Debenture Redemption Reserve
Share Call Money Account
As per last Balance Sheet
Addition / (Reduction) during the year (Refer Note 14.9)
Retained Earnings
As per last Balance Sheet
Profit for the year
Proceeds from fresh issue of equity by Subsidiaries
Transfer of Foreign Currency Translation Reserve from OCI on
account of merger
Others
Appropriations
Statutory Reserve
Transferred from / (to) Debentures Redemption Reserve
Transferred from / (to) Special Economic Zone
Reinvestment Reserve
Dividend on equity shares
Other Comprehensive Income *
As per last Balance Sheet
Movement During the year
Transfer of Foreign Currency Translation Reserve to Retained
Earnings on account of Merger
737
(303)
689
115
74,508
39,527
841
(80)
4,975
4,135
2,58,426
1,795
39,843
(39,843)
1,96,059
60,705
-
-
258
2,57,022
(115)
(524)
(4,135)
(4,297)
(9,071)
1,12,173
22,185
-
434
804
18
719
561
128
61,395
13,104
9
-
737
689
1,14,796
74,508
5,500
(525)
9,110
4,975
2,55,016
3,410
2,60,221
2,58,426
-
39,843
-
39,843
32,972
49,128
1,18,170
(728)
-
1,99,542
(128)
41
525
(3,921)
(3,483)
2,47,951
1,96,059
77,596
33,849
728
1,34,358
7,72,720
1,12,173
6,93,727
4,705
5,976
$ Considers Special Economic Zone Reinvestment Reserve created during the year of ` 5,040 (Previous Year ` 3,303 crore).
* Includes net movement in Foreign Currency Translation Reserve.
15.1 Share Application Money Pending Allotment represents application money received on account of Employees
Stock Option Scheme.
422
423
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(` in crore)
16.5 Maturity Profile and Rate of Interest of Bonds are as set out below:
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
As at 31st March, 2022
As at 31st March, 2021
Non-Current
Current
Non-Current
Current
a) Unsecured:
16. 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
6,626
2,157
5
8,788
31,864
55,549
90,190
1,308
1,78,911
1,87,699
1,000
227
-
1,227
12,114
605
11,996
1,078
25,793
27,020
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
16.1 Secured Non-Convertible Debentures Referred Above to the Extent of:
a)
` 7,626 crore (Previous Year ` 13,351) 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.
16.2 Secured Term Loans from Banks Referred above to the Extent of:
a)
b)
c)
` 2,293 crore (Previous Year ` 2,340 crore) 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.
` 80 crore (Previous Year ` 80 crore) are secured on freehold property.
` 11 crore (Previous Year ` Nil) are secured by way of pari passu charge on current assets, movable and immovable
property and fixed deposits marked under lien.
16.3 Secured Term Loans from Others Referred above to the Extent of:
a) Term Loan from Others of ` 5 crore (Previous Year ` Nil) are secured by hypothecation of equipments.
16.4 Maturity Profile and Rate of Interest of Non-Convertible Debentures are as set out below:
a) Secured:
Rate of Interest
7.97%
8.00%
8.25%
Total
b) Unsecured:
Rate of Interest
MIBOR+2.90%
REPO+2.80%
6.20%
6.95%
7.00%
7.05%
7.17%
7.20%
7.40%
8.65%
8.70%
8.95%
9.00%
9.05%
9.25%
Total
Non-Current
(` in crore)
Current
2025-26
2024-25
2023-24
Total
2022-23
-
1,000
1,000
-
-
1,000
1,000
-
3,626
1,000
4,626
-
3,626
3,000
6,626
1,000
-
-
1,000
Non-Current *
Year of Maturity
(` in crore)
Current *
2028-29
2026-27
2025-26
2024-25
2023-24
Total
2022-23
-
-
-
-
-
-
-
-
-
2,190
800
1,990
-
2,409
-
7,389
-
-
5,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,990
-
-
-
-
-
-
5,000
1,990
-
-
-
-
-
-
-
-
-
-
-
-
850
-
1,742
2,592
3,600
4,500
-
600
-
2,800
-
3,455
-
-
-
-
-
-
-
14,955
3,600
4,500
5,000
600
-
2,800
-
-
-
2,225
5,000
-
-
4,900
3,455
1,990
2,190
800
1,990
850
2,409
1,742
31,926
-
-
-
-
-
-
-
-
12,125
Non-Current *
(` in crore)
Current *
Rate of
Interest
1.87%
2.06%
2.44%
2.51%
2.88%
3.63%
3.67%
3.75%
4.13%
4.88%
6.25%
7.63%
8.25%
9.38%
10.25%
10.50%
2096-97 2061-62 2051-52 2046-47 2044-45 2040-41 2031-32 2027-28 2026-27 2025-26 2024-25 2023-24
Total
2022-23
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 13,264
-
- 5,684
-
-
-
-
-
-
94
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
94 5,684 13,264
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
73
73
-
-
-
-
-
-
-
-
-
5,684
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,790
-
-
-
-
-
-
-
-
-
11,369
-
-
-
-
-
-
-
- 6,063
-
-
-
-
-
-
-
-
-
-
-
-
-
38
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
257
168
-
-
147
145
163
171
-
-
-
-
-
-
-
-
-
-
-
-
147
145
163
171
-
-
-
-
7,579
-
-
-
-
-
-
-
147
145
163
171
-
-
-
-
-
-
-
-
-
-
-
-
441
435
489
513
11,369
13,264
6,063
5,684
7,579
5,684
3,790
38
257
168
94
73
147
145
163
171
-
-
-
-
-
-
-
-
-
-
-
-
5,684 3,790 11,369
6,101
425
626 8,205
626 55,941
626
* Includes ` 413 crore (Non-Current ` 392 crore and Current ` 21 crore) as prepaid finance charges.
16.6 Maturity Profile of Secured Term Loans are as set out below:
Term Loans - from Banks *
Term Loans - from Others
* Including ` 16 crore as prepaid finance charges.
Non-Current
1-5 years
Above 5 years
949
5
1,224
-
16.7 Maturity Profile of Unsecured Term Loans are as set out below:
Term Loans - from Banks *
Term Loans - from Others
Non-Current
1-5 years
Above 5 years
17,348
906
73,307
402
(` in crore)
Current
1 year
227
-
(` in crore)
Current
1 year
12,133
1,078
Total
2,173
5
Total
90,655
1,308
* Includes ` 588 crore (Non-Current ` 451 crore and Current ` 137 crore) as prepaid finance charges and ` 14 crore as revaluation gain.
Interest rates on term loans are in range of 0.31% to 8.34% (Previous Year 0.31% to 8.34%).
16.8 The Group has satisfied all the covenants prescribed in terms of borrowings.
* Includes ` 39 crore (Non-Current ` 28 crore and Current ` 11 crore) as prepaid finance charges and ` 34 crore as revaluation gain.
424
425
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
17. Deferred Payment Liabilities
Unsecured
Payable to Department of
Telecommunication ("DoT") ^
Total
As at 31st March, 2022
As at 31st March, 2021
Non-Current
Current
Non-Current
Current
37,184
37,184
-
-
18,837
18,837
-
-
^ a)
The Group has prepaid deferred payment liability of ` 18,837 crore during the year against spectrum acquired up to 31st March, 2020.
b)
The deferred payment liability of ` 37,184 crore is payable in 16 equated annual instalments, after a moratorium of two years, commencing
from March, 2024.
(` in crore)
c) Working Capital Loan from Bank of ` 4 crore (Previous Year ` Nil) are secured by way of collateral on Land and Building and
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
hypothecation of stocks / book debts.
d) Working Capital Loan repayable on demand from Bank of ` 2 crore (Previous Year ` 65 crore) are secured by a first pari passu
charge over Property, Plant and Equipment and Current Assets.
e) Working Capital Loan of ` 16 crore (Previous Year ` 230 crore) are secured by way of first charge on current assets and
fixed assets.
f) Refer Note 37 B (iv) for maturity profile.
g) In respect of working capital loans, quarterly returns or statements of current assets filed by the Group with banks are in
agreement with the books of accounts.
h) The Group has satisfied all the covenants prescribed in terms of borrowings.
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
1,59,330
1,59,330
1,08,897
1,08,897
18. Other Financial Liabilities - Non-Current
Other Payables ^
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
12,024
12,024
14,616
14,616
21. Trade Payables
Trade Payables
Total
21.1 Trade Payables Ageing
^ Includes Interest Accrued but not due on Deferred Payment Liabilities, Deposits and Creditors for Capital Expenditure.
19. Provisions - Non-Current
Provision for Annuities
Provision for Decommissioning of Assets #
Others
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
54
1,598
201
1,853
36
2,585
4
2,625
# 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.
As at 31st March, 2022
As at 31st March, 2021
(` in crore)
20. Borrowings – Current
Secured – At Amortised Cost
Working Capital Loans
From Banks
Foreign Currency Loans
Rupee Loans
Unsecured – At Amortised Cost
Other Loans and Advances
From Banks
Foreign Currency Loans
Rupee Loans
Commercial Paper ^
Loans from Related Parties [Refer Note 33 (iii)]
Current maturities of Non-Current Borrowings
(Refer Note 16)
Total
479
3,585
1,635
3,185
30
3,246
4,064
3,276
4,820
42,622
80
27,020
78,606
4,604
5,616
10,220
46,505
80
28,047
88,128
^ Maximum amount outstanding at any time during the year was ` 79,952 crore (Previous Year ` 79,032 crore).
20.1 a) Working Capital Loans from Banks of ` 3,579 crore (Previous Year ` 2,981 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.
b) Working Capital Loans in foreign currency of ` 463 crore (Previous Year ` Nil) are secured on Leasehold property.
Outstanding for following periods from due date of payment
Less than
1 year
1-2 year
2-3 year
More than
3 year
-
3,172
-
-
3,172
-
1,328
-
-
1,328
-
230
-
-
230
-
70
-
-
70
Outstanding for following periods from due date of payment
Less than
1 year
1-2 year
2-3 year
More than
3 year
-
8,620
-
-
8,620
-
713
-
-
713
-
125
-
-
125
-
129
-
-
129
(` in crore)
Total
-
4,800
-
-
4,800
(` in crore)
Total
-
9,587
-
-
9,587
As at 31st March, 2022:
MSME
Others
Disputed-MSME
Disputed-Others
Total
As at 31st March, 2021:
MSME
Others
Disputed-MSME
Disputed-Others
Total
22. Other Financial Liabilities – Current
Interest accrued but not due on Borrowings
Unclaimed Dividend *
Unclaimed / Unpaid matured deposits and interest accrued thereon
Other Payables #
Total
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
3,010
202
2
41,330
44,544
3,255
208
2
40,174
43,639
* 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.
426
427
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
23. Other Current Liabilities
Contract Liabilities
Other Payables ^
Total
^ Includes statutory dues.
24. Provisions – Current
Provision for Employee Benefits (Refer Note 28.1) *
Provision for Income Tax (Net of Advance Tax) ^
Other Provisions @
Total
* Includes gratuity, annual leave and vested long service leave entitlement accrued.
^ Refer Note 13
@ Includes Provision for Customs Duty, Excise Duty on Finished Goods and Other Duties and Taxes.
25. Revenue from Operations
Disaggregated Revenue
Oil to Chemicals
Oil and Gas
Retail
Digital Services
Financial Services
Others
Total *^
* Net of GST.
^ Includes Income from Services.
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
2,172
19,412
21,584
16,023
17,011
33,034
(` in crore)
As at
31st March, 2022
As at
31st March, 2021
1,131
65
740
1,936
2021-22
4,79,083
4,952
1,70,942
12,041
748
53,868
7,21,634
874
37
1,593
2,504
(` in crore)
2020-21
3,01,587
1,596
1,33,935
13,691
1,109
34,408
4,86,326
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.
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
2021-22
2020-21
(` in crore)
99
11,463
790
177
1,139
213
213
9,408
589
156
5,066
(102)
10,366
39
958
4,964
16,327
12,529
41
1,025
1,352
14,947
Above includes income from assets measured at Cost / Amortised cost of ` 4,904 crore (Previous Year ` 5,913 crore), income from
assets measured at Fair value through Profit and Loss of ` 1,441 crore (Previous Year ` 3,540 crore) and income from assets measured
at Fair Value Through Other Comprehensive Income of ` 7,577 crore (Previous Year ` 5,505 crore).
428
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
26.1 Other Comprehensive Income – Items that will not be reclassified to
Profit and Loss
Remeasurement of Defined Benefit Plan
Equity Instruments through OCI
Total
26.2 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
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
Capitalised during the year
Opening Stock of Subsidiaries acquired
during the year
Others
Total
* Excludes inventory on completion of Projects.
28. Employee Benefits Expense
Salaries and Wages
Contribution to Provident and Other Funds
Staff Welfare Expenses
Total
2021-22
227
27,306
27,533
2021-22
(67)
(695)
(371)
91
(1,499)
(121)
78
(2,584)
2021-22
2020-21
41,270
30,388
25,121
24,079
49,200
(33)
942
92
71,658
50,201
(21,457)
25,121
24,079
23,151
16,984
40,135
(50)
51
-
2021-22
15,729
1,106
1,940
18,775
(` in crore)
2020-21
80
37,437
37,517
(` in crore)
2020-21
(203)
(574)
81
504
2,727
(152)
(1,119)
1,264
(` in crore)
49,200
40,136
(9,064)
(` in crore)
2020-21
12,556
884
1,377
14,817
429
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
28.1 As per Indian Accounting Standard 19 – “Employee Benefits”, the Disclosures as Defined are given below:
Defined Contribution Plan
I)
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
2021-22
(` in crore)
2020-21
473
35
298
370
32
225
(` in crore)
Gratuity (Funded)
Gratuity (Unfunded)
2021-22
2020-21
2021-22
2020-21
Defined Benefit Plan
II)
Reconciliation of opening and closing
balances of Defined Benefit Obligation
Defined Benefit Obligation at
beginning of the year
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
1,248
97
70
89
43
(115)
(3)
1,429
1,219
(2)
103
83
(28)
(104)
(23)
1,248
* Includes benefits of ` 106 crore (Previous Year ` 93 crore) paid directly by Employer Entities.
III) Reconciliation of opening and closing balances of Fair Value of Plan Assets
Fair Value of Plan Assets at beginning of the year
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
423
4
85
18
22
(33)
-
519
348
32
80
24
(45)
(16)
-
423
(` in crore)
Gratuity (Funded)
2021-22
2020-21
1,241
241
99
(1)
150
(9)
(4)
1,717
1,166
(1)
83
-
27
(11)
(23)
1,241
(` in crore)
IV) Reconciliation of Fair Value of Assets
and Obligations
Fair Value of Plan Assets
Present Value of Obligation
Amount recognised in Balance Sheet
Surplus / (Deficit)
Gratuity (Funded)
Gratuity (Unfunded)
As at
31st March, 2022
As at
31st March, 2021
As at
31st March, 2022
As at
31st March, 2021
1,717
1,429
288
1,241
1,248
(7)
-
519
(519)
-
423
(423)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
V)
Expenses recognised during the year
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
VI) Investment Details
Government of India Securities
Insurance Policies
Total
Mortality Table (IALM)
VII) Actuarial Assumptions
Discount Rate (per annum)
Expected Rate of Return on Plan
Assets (per annum)
Gratuity (Funded)
Gratuity (Unfunded)
2021-22
2020-21
2021-22
2020-21
(` in crore)
70
89
(103)
56
42
4
46
103
83
(79)
107
(28)
(4)
(32)
85
18
-
103
22
-
22
80
24
-
104
(45)
-
(45)
As at 31st March, 2022
As at 31st March, 2021
(` in crore)
% Invested
(` in crore)
% Invested
1
1,716
1,717
0.06
99.94
100.00
7
1,234
1,241
Gratuity (Funded)
Gratuity (Unfunded)
2021-22
2012-14
(Ultimate)
2020-21
2006-08
(Ultimate)
2021-22
2012-14
(Ultimate)
7.09%
7.09%
6.95%
6.95%
7.09%
7.09%
0.56
99.44
100.00
(` in crore)
2020-21
2006-08
(Ultimate)
6.95%
6.95%
Rate of Escalation in Salary (per annum)
6.00% p.a.
4.00% p.a. for the
next 1 year, 6.00%
p.a. thereafter
6.00% p.a.
4.00% p.a. for the
next 1 year, 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.
VIII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with financial year 2021-22.
IX) These plan’s typically expose the Group to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk
and Salary Risk.
Investment 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.
Interest Risk
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.
Longevity Risk
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.
Salary Risk
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.
430
431
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
28.2 Share Based Payments
1) Reliance Industries Limited
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)
1) ESOS - 2006
Number of Options Outstanding
As At
31st March 2022
As at
31st March 2021
Financial Year
of Vesting
Range of
Exercise price (`)
Range of Fair value
at Grant Date (`)
i) Details of Employee Stock Options granted upto 31st March, 2015 but not vested as on 1st April, 2015
2008-09
-
1,200
2015-16 & 2016-17
322.30
156.20 - 164.90
Sub total
-
Details of Employee Stock Options granted from 1st April, 2015 to 31st March, 2021
1,200
ii)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
d) Movement in share options during the year:
As at 31st March, 2022
As at 31st March, 2021
Number of
share options
Weighted average
exercise price
Number of
share options
Weighted average
exercise price
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
42,25,200
90,000
(39,25,200)
-
3,90,000
13.14
10.00
13.38
-
10.00
2,29,540
42,00,000
(1,74,410)
(29,930)
42,25,200
380.59
10.00
368.18
321.00
13.14
Weighted average remaining contractual life of the share option outstanding at the end of year is 2,138 days (Previous
Year 2,370 days).
2) Jio Platforms Limited
a) Scheme Details
2016-17
Sub total
2) ESOS - 2017
-
-
24,000
2017-18 to 2020-21
548.00
149.80 - 204.50
24,000
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:
i) Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2021
2020-21
2021-22
Sub total
Total
3,00,000
90,000
3,90,000
3,90,000
42,00,000 2021-22 to 2024-25
10.00
2,133.40-2,151.90
- 2022-23 to 2025-26
10.00 2,595.20-2,613.30
42,00,000
42,25,200
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, 2022
Year ended
31st March, 2021
Expenses arising from equity – settled share-based payment transactions
-
0.02
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, 90,000 options were granted under ESOS-2017. The model inputs for options granted during the year
ended 31st March, 2017, 31st March, 2021 and 31st March, 2022 included as mentioned below.
a) Weighted average exercise price
b) Grant date:
c) Vesting year:
d) Share Price at grant date:
ESOS - 2006
` 1,096
ESOS - 2017
` 10
` 10
05.10.2016 & 10.10.2016
05.10.2020
30.03.2022
2017-18 to 2020-21
` 1,089 at 05.10.2016;
` 1,096 at 10.10.2016
2021-22 to 2024-25
2022-23 to 2025-26
` 2,212
` 2,673
e) Expected price volatility of Company's share:
25.1% to 26.5%
30.2% to 31.9%
30.7% to 33%
f) Expected dividend yield:
g) Risk free interest rate:
1.07%
7.00%
0.60%
0.49%
5.1% to 5.6%
5.86% to 6.34%
The expected price volatility is based on the historic volatility (based on remaining life of the options).
Financial Year
(Year of Grant)
1) ESOS - 2020
Number of Options Outstanding
As at
31st March, 2022
As at
31st March 2021
Financial Year of
Vesting
Range of
Exercise price (`)
Range of Fair
value at Grant
Date (`)
i) Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2021
2020-21
2021-22
Sub total
1,33,60,000
2,07,00,000 2021-22 to 2025-26
10.00
541.20 - 542.30
1,18,375
2022-23 to 2028-29
10.00
541.20 - 542.30
1,34,78,375
2,07,00,000
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.
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 current year 1,18,375 options were granted under ESOS - 2020. The model inputs for options granted during the
year ended 31st March, 2022 included as mentioned below.
a) Weighted average exercise price
b) Grant date:
c) Vesting year:
d) Share Price at grant date:
e)
f)
Expected price volatility of Company's share:
Risk free interest rate:
ESOS - 2020
` 10
05.10.2020 & 01.07.2021
2021-22 to 2028-29
` 549.31 at 01.07.2021
` 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:
As at 31st March, 2022
As at 31st March, 2021
Number of
share options
Weighted average
exercise price
Number of
share options
Weighted average
exercise price
Balance at the beginning of the year
Exercised during the year
Granted during the year
Balance at the end of the year
2,07,00,000
(73,40,000)
1,18,375
1,34,78,375
10.00
10.00
10.00
10.00
2,07,00,000
2,07,00,000
10.00
10.00
Weighted average remaining contractual life of the share option outstanding at the end of year is 2,015 days (Previous
Year 2,370 days).
432
433
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
29. 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 ` 4,873 crore (Previous Year ` 4,588 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
Land Development and
Construction Expenditure
Selling and Distribution Expenses
Warehousing and Distribution Expenses
Sales Tax / VAT
Other Selling and Distribution Expenses
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
Less: Transferred to Project
Development Expenditure
Total
28,904
222
17,268
2021-22
7,655
17,902
1,129
200
1,570
440
(40)
48
10,576
1,290
5,402
1,626
24,513
709
8,904
6,108
2,410
578
1,073
1,105
950
365
84
135
1,590
(` in crore)
2020-21
17,135
772
65
3,217
21,189
(` in crore)
2020-21
19,788
190
13,295
2021-22
13,420
1,018
17
129
14,584
5,422
13,214
436
147
862
(713)
241
179
8,503
617
4,175
1,486
21,319
4,543
7,848
4,829
1,782
599
613
680
923
236
64
53
1,410
* Excise Duty shown under manufacturing expenditure represents the aggregate of excise duty borne by the Group and difference between
excise duty on opening and closing stock of finished goods.
50,150
729
95,815
46,385
989
78,669
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
30.1 Payment to Auditors As:
(a) Fees as Auditors *
(b) Tax Audit Fees
(c) Fees for Other Services
(d) Cost Audit Fees
Total
2021-22
(` in crore)
2020-21
73
2
8
1
84
54
2
9
1
66
* Includes ` Nil (Previous Year ` 2 crore), in the nature of rights issue expenses accounted in Securities Premium Account.
Fees for Other Services includes certification fees paid to auditors. Statute and other Regulations require auditors to certify
export / import documentation and transfer pricing among others.
30.2 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 ` 1,112 crore (Previous Year ` 1,102 crore).
(b) Expenditure related to Corporate Social Responsibility is ` 1,186 crore (Previous Year ` 1,140 crore).
Rural Transformation
Health (including COVID-19)
Education
Sports For Development
Disaster Response (including COVID-19)
Arts, Culture, Heritage and Urban Renewal
Total
2021-22
107
783
225
32
30
9
1,186
(` in crore)
2020-21
122
361
532
50
72
3
1,140
(c) Out of Note (b) above, ` 866 crore (Previous Year ` 552 crore) is contributed to Reliance Foundation, ` 22 crore (Previous
Year ` 20 crore) to Reliance Foundation Youth Sports and ` 142 crore (Previous Year ` 375 crore) to Reliance Foundation
Institution of Education and Research which are related parties.
31. Exceptional Items (Net of Tax)
a)
Sale of Marcellus Assets - Ensign JV
b) Net gain on sale of investments (net of tax)
c)
Impairment of Assets of Shale Gas Entities
Recognition of Deferred Tax Asset relating to Shale
Gas Investments
Sub Total (c)
d)
Sale of Marcellus Assets - Chevron JV
e)
Provisions for liabilities pertaining to erstwhile
subsidiary - GAPCO
Total
For the year ended 31st March, 2022
2021-22
Amount
2,872
-
-
-
-
-
(36)
2,836
(` in crore)
2020-21
Amount
Amount
(15,691)
15,570
-
4,966
(121)
850
(53)
5,642
a)
During the year, Reliance Eagleford Upstream Holding, LP (“REUHLP”) a wholly owned step-down subsidiary of Reliance
Industries Limited (“RIL”), signed agreements with Ensign Operating III, LLC, a Delaware limited liability company to divest
its interest in certain upstream assets in the Eagleford shale play of Texas, USA. With this transaction, RIL has divested all its
shale gas assets and has exited from the shale gas business in North America. This transaction resulted into an Exceptional
Gain on sale of assets amounting ` 2,872 crore (part of Oil & Gas segment).
For the year ended 31st March, 2021
b)
c)
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).
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 an investment 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 Tax.
434
435
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
d)
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.
2021-22
10
92.00
87.71
(` in crore)
2020-21
10
76.37
67.60
60,705
49,128
57,869
43,486
6,59,81,11,978
6,43,28,74,848
90.85
86.61
60,705
75.21
66.57
49,128
57,869
43,486
6,68,16,52,444
6,53,21,38,901
6,59,81,11,978
6,43,28,74,848
8,35,40,466
9,92,64,053
6,68,16,52,444
6,53,21,38,901
Relationship
Associates
32. 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
^ Refer Note 14.9
* Dilutive impact of Employee Stock Option Scheme and Partly paid Rights Issue Shares.
33. Related Parties Disclosures
(i) List of Related Parties with relationships
Sr.
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Name of the Related Party
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
# Ceased to be related party during the year.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Name of the Related Party
Relationship
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
Dunzo Digital Private Limited @
Dunzo Merchant Services Private Limited @
Dyulok Technologies Private Limited
East West Pipeline Limited
Eenadu Television Private Limited
Einsten Commercials Private Limited
Enercent Technologies Private Limited ^
Esterlina Solar – Proyecto Cinco, S.L. @
Esterlina Solar – Proyecto Cuatro, S.L. @
Esterlina Solar – Proyecto Diez, S.L. @
Esterlina Solar – Proyecto Dos, S.L. @
Esterlina Solar – Proyecto Nueve, S.L. @
Esterlina Solar – Proyecto Ocho, S.L. @
Esterlina Solar – Proyecto Seis, S.L. @
Esterlina Solar – Proyecto Siete, S.L. @
Esterlina Solar – Proyecto Tres, S.L. @
Esterlina Solar – Proyecto Uno, S.L. @
Esterlina Solar Engineers Private Limited @
Fame Agro Private Limited
Fantain Sports Private Limited
Foodfesta Wellcare Private Limited
Future101 Design Private Limited @
Associates
Sr.
No.
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 Gaurav Overseas Private Limited
46 GCO Solar Pty. Ltd. @
47 GenNext Ventures Investment Advisers LLP
48 GTPL Abhilash Communication Private Limited
49 GTPL Ahmedabad Cable Network Private Limited #
50 GTPL Anjali Cable Network Private Limited #
51
GTPL Bansidhar Telelink Private Limited
52 GTPL Bariya Television Network
53 GTPL Bawa Cable
54 GTPL Blue Bell Network Private Limited #
55 GTPL Broadband Private Limited
56 GTPL Crazy Network
57 GTPL Dahod Television Network Private Limited
58 GTPL DCPL Private Limited
59 GTPL Deesha Cable Net Private Limited #
60 GTPL Hathway Limited
61
GTPL Insight Channel Network Private Limited
62 GTPL Jay Santoshima Network Private Limited
63 GTPL Jaydeep Cable
64 GTPL Junagadh Network Private Limited
65 GTPL Jyoti Cable
66 GTPL Kaizen Infonet Private Limited
^ Entities converted to subsidiaries during the year.
@ Relationships established during the year.
# Ceased to be related party during the year.
436
437
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Relationship
Associates
Sr.
No.
Name of the Related Party
67 GTPL KCBPL Broad Band Private Limited
68 GTPL Khambhat Cable Network
69 GTPL Khusboo Video Channel
70 GTPL Kolkata Cable & Broad Band Pariseva Limited
71
GTPL Leo Vision
72 GTPL Link Network Private Limited
73 GTPL Lucky Video Cable
74 GTPL Ma Bhagawati Entertainment Services
75 GTPL Media Entertainment #
76 GTPL Meghana Distributors Private Limited #
77 GTPL Narmada Cable Services
78 GTPL Narmada Cyberzone Private Limited
79 GTPL Parshwa Cable Network Private Limited
80 GTPL Parth World Vision
GTPL Sai Vision #
81
82 GTPL Sai World Channel
83 GTPL Sharda Cable Network Private Limited #
84 GTPL Shiv Cable Network
85 GTPL Shiv Cable #
86 GTPL Shreenathji Communication
87 GTPL SK Network Private Limited
88 GTPL SK Vision
89 GTPL SMC Network Private Limited
90 GTPL Solanki Cable Network Private Limited
91
GTPL Sorath Telelink Private Limited
92 GTPL Surat Telelink Private Limited #
93 GTPL Swastik Communication
94 GTPL Tridev Cable Network
95 GTPL TV Tiger Private Limited #
96 GTPL V & S Cable Private Limited
97 GTPL Vidarbha Tele Link Private Limited #
98 GTPL Video Badshah Private Limited #
99 GTPL Video Vision Private Limited #
100 GTPL Vision Services Private Limited
101 GTPL Vraj Cable
102 GTPL VVC Network Private Limited
103 GTPL World View Cable
104 GTPL World Vision
105 GTPL Zigma Vision Private Limited
106 Gujarat Chemical Port Limited
107 Hathway VCN Cablenet Private Limited
108 Honeywell Properties Private Limited
109 Indian Vaccines Corporation Limited
110
111
112
113
114
Jaipur Enclave Private Limited
Jamnagar Utilities & Power Private Limited
Kaniska Commercials Private Limited
KCIPI Trading Company Private Limited
Konark IP Dossiers Private Limited
115 Marugandha Land Developers Private Limited
116 MM Styles Private Limited @
117
N.C. Trading Company Private Limited
@ Relationships established during the year.
# Ceased to be related party during the year.
438
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
Name of the Related Party
118 Neolync India Private Limited @
119 Neolync Solutions Private Limited @
120 Netravati Commercials Private Limited
121
Noveltech Agro Private Limited
122 NW18 HSN Holdings PLC
123 Pan Cable Services Private Limited
124 Parinita Commercials Private Limited
125 Pepino Farms Private Limited
126 Petroleum Trust
Prakhar Commercials Private Limited
127
128 Preebee Lifestyle Private Limited @
129 PT Big Tree Entertainment Indonesia
130 Rakshita Commercials Private Limited
131
Reliance Europe Limited
132 Reliance Industrial Infrastructure Limited
133 Reliance Services and Holdings Limited
134 Ritu Kumar Fashion (LLC) @
135 Rocky Farms Private Limited
136 Scod18 Networking Private Limited #
137
Shree Salasar Bricks Private Limited
138 Sikka Ports & Terminals Limited
139 SpaceBound Web Labs Private Limited
140 Sterling and Wilson (Thailand) Limited @
Sterling and Wilson Engineering (Pty) Ltd. @
141
142 Sterling and Wilson International LLP @
143 Sterling and Wilson International Solar FZCO @
144 Sterling and Wilson Kazakhstan, LLP @
145 Sterling and Wilson Middle East Solar Energy LLC @
146 Sterling and Wilson Renewable Energy Limited @
Sterling and Wilson Saudi Arabia Limited @
147
148 Sterling and Wilson Singapore Pte Ltd @
149 Sterling And Wilson Solar Australia Pty. Ltd. @
150 Sterling and Wilson Solar LLC @
Sterling and Wilson Solar Malaysia Sdn. Bhd. @
151
152 Sterling and Wilson Solar Solutions Inc. @
153 Sterling and Wilson Solar Solutions, LLC @
154 Sterling and Wilson Solar Spain, S.L. @
155 Sterling Wilson - SPCPL - Chint Moroccan Venture @
156 Townscript PTE. Ltd, Singapore
157
Townscript USA, Inc.
158 TribeVibe Entertainment Private Limited
159 Two Platforms Inc. @
160 Vadodara Enviro Channel Limited
161
Vay Network Services Private Limited #
162 Vishnumaya Commercials Private Limited
163 Alok Industries International Limited
164 Alok Industries Limited
165 Alok Infrastructure Limited
166 Alok International (Middle East) FZE
167 Alok International Inc.
168 Alok Singapore PTE Limited
@ Relationships established during the year.
# Ceased to be related party during the year.
Relationship
Associates
Joint Ventures
439
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Sr.
No.
Name of the Related Party
169 Alok Worldwide Limited
170 Brooks Brothers India Private Limited
Burberry India Private Limited
171
172 CAA-Global Brands Reliance Private Limited @
173 Canali India Private Limited
174
Clarks Reliance Footwear Private Limited (Formerly known as Clarks Future Footwear
Private Limited) @
175 D. E. Shaw India Securities Private Limited
176 Diesel Fashion India Reliance Private Limited
Relationship
177
Ethane Crystal LLC
178 Ethane Emerald LLC
179 Ethane Opal LLC
180 Ethane Pearl LLC
181
Ethane Sapphire LLC
182 Ethane Topaz LLC
183 Football Sports Development Limited
184 Grabal Alok International Limited
185 Hathway Bhaskar CCN Multi Entertainment Private Limited
186 Hathway Bhawani NDS Network Limited
187 Hathway Cable MCN Nanded Private Limited
188 Hathway CBN Multinet Private Limited #
189 Hathway CCN Entertainment (India) Private Limited #
190 Hathway CCN Multinet Private Limited #
191
Hathway Channel 5 Cable and Datacom Private Limited
192 Hathway Dattatray Cable Network Private Limited
193 Hathway ICE Television Private Limited
194 Hathway Latur MCN Cable & Datacom Private Limited
195 Hathway MCN Private Limited
196 Hathway Prime Cable & Datacom Private Limited
197 Hathway Sai Star Cable & Datacom Private Limited
198 Hathway Sonali OM Crystal Cable Private Limited
199 Hathway SS Cable & Datacom LLP
200 IBN Lokmat News Private Limited
201
Iconix Lifestyle India Private Limited
202 India Gas Solutions Private Limited
203
Indospace MET Logistics Park Farukhnagar Private Limited (Formerly known as Dadri Toe
Warehousing Private Limited)
204 Jio Payments Bank Limited
205 Marks and Spencer Reliance India Private Limited
206 Mileta a.s.
207 Pipeline Management Services Private Limited
208 Reliance Bally India Private Limited
209 Reliance Paul & Shark Fashions Private Limited
210 Reliance Sideways Private Limited
211
Reliance-GrandVision India Supply Private Limited
212 Reliance-Vision Express Private Limited
213 Ryohin-Keikaku Reliance India Private Limited
214 Sodium-ion Batteries Pty Limited @
215 TCO Reliance India Private Limited
216 Ubona Technologies Private Limited
217
Zegna South Asia Private Limited
@ Relationships established during the year.
# Ceased to be related party during the year.
440
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
Name of the Related Party
218 Shri Mukesh D. Ambani
219 Shri Nikhil R. Meswani
220 Shri Hital R. Meswani
221
Shri P. M. S. Prasad
222 Shri P. K. Kapil
223 Shri Alok Agarwal
224 Shri Srikanth Venkatachari
225 Shri K. Sethuraman #
226 Smt. Savithri Parekh
227 Smt. Nita M. Ambani
228 Dhirubhai Ambani Foundation
229 Hirachand Govardhandas Ambani Public Charitable Trust
230 Sir Hurkisondas Nurrotamdas Hospital and Research Centre
231
Sir HN Hospital Trust
232 Jamnaben Hirachand Ambani Foundation
233 Reliance Foundation
234 Reliance Foundation Institution of Education and Research
235 Reliance Foundation Youth Sports
236 IPCL Employees Gratuity Fund - Baulpur Unit
237 IPCL Employees Provident Fund Trust
238 Reliance Employees Provident Fund Bombay
Relationship
Key
Managerial Personnel
Relative of Key
Managerial Personnel
Enterprises over
which Key Managerial
Personnel are
able to exercise
significant influence
Joint Ventures
242 Reliance Jio Infocomm Limited Employees Gratuity Fund
239 Reliance Industries Limited Employees Gratuity Fund
240 Reliance Industries Limited Staff Superannuation Scheme
241 Reliance Industries Limited Vadodara Units Employees Superannuation Fund
Post Employment
Benefit Plans
243 Reliance Retail Limited Employees Gratuity Fund
244 Reliance Retail Limited Employees Provident Fund
245 RIL Vadodara Unit Employees Gratuity Fund
# Ceased to be related party during the year
(ii) Transactions during the year ended March 31, 2022 with Related Parties:
Nature of Transactions (Excluding Reimbursements)
Associates /
Joint Ventures
Key Managerial
Personnel / Relative
Others
Total
(` in crore)
Sr.
No.
1
2
3
4
5
6
7
Purchase of Property, Plant and Equipment and Other
Intangible Assets
Purchase / Subscription of Investments
Sale / Redemption of Investments
Payment of Call Money on Equity Shares
Loans and Advances, Deposits Given
Loans and Advances, Deposits Returned
Revenue from Operations
8
Other Income
141
47
204
146
-
339
2
1
77
7
86
35
4,845
1,931
22
45
-
-
-
-
-
-
160
54
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42
9
5
4
141
47
204
146
-
339
162
55
77
7
86
35
4,887
1,940
27
49
441
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(` in crore)
(iv) Disclosure in respect of Major Related Party Transactions during the year March 31, 2022
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
Nature of Transactions (Excluding Reimbursements)
Associates /
Joint Ventures
Key Managerial
Personnel / Relative
Others
Total
9
Purchases / Material Consumed
10
Electric Power, Fuel and Water
11
Hire Charges
12
Employee Benefits Expense
13
Payment to Key Managerial Personnel / Relative
14
Selling and Distribution Expenses
15
Rent
16 Professional Fees
17
Programming and Telecast Related Expenses
18 General Expenses *
19 Donations
20 Finance Cost
Figures in italic represents balance as on 31st March, 2021.
* Does not include sitting fees of non-executive director.
(iii) Balances as on March 31, 2022 with Related Parties:
2,872
1,655
4,517
4,782
113
46
6
-
-
-
2,279
2,114
16
15
11
36
31
39
30
13
-
-
1
3
-
-
-
-
-
-
-
-
97
99
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
644
583
-
-
-
-
-
-
-
-
-
-
6
6
1,138
1,021
-
-
2,872
1,656
4,517
4,782
113
46
650
583
97
99
2,279
2,114
16
15
11
36
31
39
36
19
1,138
1,021
1
3
Sr.
No.
Nature of Balances
Associates /
Joint Ventures
Key Managerial
Personnel / Relative
Others
Total
(` in crore)
1
2
3
4
5
6
7
8
Investments
Trade Receivables
Loans and Advances
Deposits
Unsecured Loans
Trade and Other Payables
Other Financial Assets
Financial Guarantees
Figures in italic represents balance as on 31st March, 2021.
1,08,409
80,164
852
634
1
23
1,022
1,009
80
80
1,268
997
17
14
-
110
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
2
-
-
-
-
-
-
5
-
-
-
-
-
1,08,409
80,164
854
636
1
23
1,022
1,009
80
80
1,273
997
17
14
-
110
442
Particulars
Relationship
2021-22
2020-21
(` in crore)
1
Purchase of Property, Plant and Equipment and Other
Intangible Assets
Eenadu Television Private Limited
Football Sports Development Limited
Jamnagar Utilities & Power Private Limited
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
2
Purchase / Subscription of Investments
Associate
Joint Venture
Associate
Associate
Associate
Actoserba Active Wholesale Limited (Formerly known as
Actoserba Active Wholesale Private Limited) #
Associate
Clarks Reliance Footwear Private Limited (Formerly known
as Clarks Future Footwear Private Limited)
Enercent Technologies Private Limited ^
Future101 Design Private Limited
Iconix Lifestyle India Private Limited
India Gas Solutions Private Limited
Indospace MET Logistics Park Farukhnagar Private Limited
(Formerly known as Dadri Toe Warehousing Private Limited)
Jio Payments Bank Limited
Neolync Solutions Private Limited
Reliance Paul & Shark Fashions Private Limited
Reliance-Vision Express Private Limited
Ryohin-Keikaku Reliance India Private Limited
3
Sale / Redemption of Investments
Petroleum Trust
Reliance Services and Holdings Limited
4
Payment of Call Money on Equity Shares
Shri Mukesh D. Ambani
Shri Nikhil R. Meswani
Shri Hital R. Meswani
Shri P. M. S. Prasad
Shri P. K. Kapil [` 33,30,736; (Previous Year ` 11,10,145)]
Shri Alok Agarwal
Shri Srikanth Venkatachari
Shri K. Sethuraman [` 2,77,797; (Previous Year ` 2,77,797)] *
Smt. Nita M. Ambani
Joint Venture
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Relative of Key
Managerial Personnel
Reliance Industrial Infrastructure Limited
Associate
5
Loans and Advances, Deposits Given
Chander Commercials Private Limited
GTPL Hathway Limited
Gujarat Chemical Port Limited
Honeywell Properties Private Limited
Kaniska Commercials Private Limited
Parinita Commercials Private Limited
6
Loans and Advances, Deposits Returned
Ashwani Commercials Private Limited
CCN DEN Network Private Limited
Chander Commercials Private Limited
DEN ADN Network Private Limited
Gujarat Chemical Port Limited
Hathway ICE Television Private Limited
Hathway Sai Star Cable & Datacom Private Limited
^ Entities converted to subsidiaries during the year.
# Entities converted to subsidiaries during the previous year.
* Ceased to be related party during the year.
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
4
55
80
-
2
-
51
4
4
89
-
5
22
20
-
6
3
-
-
52
21
20
4
-
9
2
-
52
2
20
1
1
30
3
22
4
18
23
4
-
1
-
-
-
42
1
4
128
-
-
-
-
8
-
-
-
1
8
1
239
100
18
7
7
1
-
3
1
-
17
1
-
-
-
-
7
-
2
-
-
2
23
-
1
443
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(` in crore)
2021-22
2020-21
Particulars
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Relationship
Joint Venture
Particulars
Honeywell Properties Private Limited
Prakhar Commercials Private Limited
Reliance Services and Holdings Limited
7
Revenue from operations
Alok Industries Limited
Big Tree Entertainment Private Limited
Brooks Brothers India Private Limited
Burberry India Private Limited
Canali India Private Limited
CCN DEN Network Private Limited
Clarks Reliance Footwear Private Limited (Formerly known
as Clarks Future Footwear Private Limited)
DEN ADN Network Private Limited
DEN New Broad Communication Private Limited
Den Satellite Network Private Limited
Relationship
Associate
Associate
Associate
Joint Venture
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Associate
Associate
Associate
Diesel Fashion India Reliance Private Limited
Joint Venture
DL GTPL Cabnet Private Limited
Eenadu Television Private Limited
Football Sports Development Limited
GTPL Broadband Private Limited
GTPL Hathway Limited
GTPL Kolkata Cable & Broad Band Pariseva Limited
Gujarat Chemical Port Limited
Hathway Bhawani NDS Network Limited
Hathway Cable MCN Nanded Private Limited
Hathway CCN Entertainment (India) Private Limited
Hathway CCN Multinet Private Limited
Hathway Dattatray Cable Network Private Limited
Associate
Associate
Joint Venture
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Hathway Latur MCN Cable & Datacom Private Limited
Joint Venture
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
India Gas Solutions Private Limited
Jamnaben Hirachand Ambani Foundation
Jamnagar Utilities & Power Private Limited
Jio Payments Bank Limited
Konark IP Dossiers Private 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
Joint Venture
Joint Venture
Others
Joint Venture
Joint Venture
Joint Venture
Others
Associate
Joint Venture
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Others
Reliance Foundation Institution of Education and Research
Others
Reliance Foundation Youth Sports
Reliance Industrial Infrastructure Limited
Reliance Paul & Shark Fashions Private Limited
Reliance-Vision Express Private Limited
RISE Worldwide Limited #
Ryohin-Keikaku Reliance India Private Limited
Sikka Ports & Terminals Limited
TCO Reliance India Private Limited
Ubona Technologies Private Limited
Others
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Joint Venture
# Entities converted to subsidiaries during the previous year.
444
35
1
-
-
-
7
3,083
1,455
1
9
2
4
1
2
1
2
21
10
8
10
29
15
126
60
11
-
7
1
1
1
5
15
7
2
1
3
847
1
258
7
1
47
-
-
3
37
1
1
1
2
4
-
5
227
3
2
-
5
2
2
3
-
1
1
21
5
7
4
1
-
107
25
4
1
7
1
-
1
5
15
8
1
1
3
7
1
107
16
-
39
1
4
1
7
-
-
1
1
2
9
3
51
2
-
Zegna South Asia Private Limited
8
Other Income
Clarks Reliance Footwear Private Limited (Formerly known
as Clarks Future Footwear Private Limited)
Joint Venture
DEN ADN Network Private Limited
GTPL Hathway Limited
Gujarat Chemical Port Limited
Sir HN Hospital Trust
IBN Lokmat News Private Limited
Jamnaben Hirachand Ambani Foundation
Jamnagar Utilities & Power Private Limited
Associate
Associate
Associate
Others
Joint Venture
Others
Associate
Pipeline Management Services Private Limited
Joint Venture
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
RISE Worldwide Limited #
Sikka Ports & Terminals Limited
9
Purchases / Material Consumed
Alok Industries Limited
Ashwani Commercials Private Limited
Brooks Brothers India Private Limited
Canali India Private Limited
Clarks Reliance Footwear Private Limited (Formerly known
as Clarks Future Footwear Private Limited)
Diesel Fashion India Reliance Private Limited
Gujarat Chemical Port Limited
Sir HN Hospital Trust
India Gas Solutions Private Limited
Jamnagar Utilities & Power Private Limited
Jio Payments Bank Limited
Marks and Spencer Reliance India Private Limited
Reliance Bally India Private Limited
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
Zegna South Asia Private Limited
10
Electric Power, Fuel and Water
Jamnagar Utilities & Power Private Limited
Reliance Industrial Infrastructure Limited
11
Hire Charges
Reliance Industrial Infrastructure Limited
Sikka Ports & Terminals Limited
12
Employee Benefits Expense
Alok Industries Limited
Sir HN Hospital Trust
IPCL Employees Provident Fund Trust
Reliance Employees Provident Fund Bombay
Associate
Associate
Joint Venture
Associate
Joint Venture
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Others
Joint Venture
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Associate
Associate
Associate
Associate
Joint Venture
Others
Others *
Others *
Reliance Industries Limited Staff Superannuation Scheme
Others *
Reliance Industries Limited Vadodara Units Employees
Superannuation Fund
Others *
Reliance Jio Infocomm Limited Employees Gratuity Fund
Others *
Reliance Retail Limited Employees Gratuity Fund
Reliance Retail Limited Employees Provident Fund
Others *
Others *
* Also includes employee contribution.
# Entities converted to subsidiaries during the previous year.
(` in crore)
2021-22
2020-21
2
1
1
-
15
1
1
4
1
-
-
2
-
1
92
1
14
2
4
11
142
-
1,094
25
4
26
3
22
2
1
11
1,417
1
2
-
1
13
12
1
2
3
2
6
1
2
5
1
51
-
5
2
-
4
175
1
-
5
-
10
1
23
2
-
1
1,375
1
4,503
4,767
14
12
101
6
42
126
279
19
1
-
26
151
15
4
42
-
13
132
286
18
2
13
14
105
445
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Particulars
Relationship
2021-22
2020-21
13
Payment to Key Managerial Personnel / Relative
Particulars
19
Donations
(` in crore)
Relationship
2021-22
2020-21
(` in crore)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Key Managerial Personnel
Relative of Key
Managerial Personnel
14
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
IBN Lokmat News Private Limited
Jio Payments Bank Limited
Reliance Industrial Infrastructure Limited
RISE Worldwide Limited #
Sikka Ports & Terminals Limited
15
Rent
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Associate
Joint Venture
Associate
Reliance Industrial Infrastructure Limited
Associate
16
Professional Fees
GenNext Ventures Investment Advisers LLP
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
17
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
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Hathway Latur MCN Cable & Datacom Private Limited
Joint Venture
Hathway MCN Private Limited
Hathway Sai Star Cable & Datacom Private Limited
IBN Lokmat News Private Limited
RISE Worldwide Limited #
18
General Expenses
Alok Industries Limited
Ashwani Commercials Private Limited
DEN ADN Network Private Limited
Iconix Lifestyle India Private Limited
Sir HN Hospital Trust
Jamnagar Utilities & Power Private Limited
Reliance Foundation
Sikka Ports & Terminals Limited
Vadodara Enviro Channel Limited
Zegna South Asia Private Limited
# Entities converted to subsidiaries during the previous year.
* Ceased to be related party during the year.
446
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Associate
Associate
Joint Venture
Others
Associate
Others
Associate
Associate
Joint Venture
24
24
12
4
12
15
2
2
2
1
2
8
5
1
105
46
66
1
1
-
4
-
24
24
12
4
11
17
3
2
2
3
2
9
4
1
58
11
62
1
-
1
-
1
2,039
1,961
16
-
11
-
-
16
2
1
1
7
2
2
-
1
-
1
16
1
-
5
8
2
2
15
1
26
9
2
12
2
1
2
7
2
2
9
1
2
-
-
6
1
-
5
2
2
Hirachand Govardhandas Ambani Public Charitable Trust
Others
Jamnaben Hirachand Ambani Foundation
Reliance Foundation
Others
Others
Reliance Foundation Institution of Education and Research
Others
Reliance Foundation Youth Sports
20 Finance Cost
Reliance Europe Limited
Others
Associate
(v) Disclosure in respect of Major Related Party Balances as on 31st March, 2022
3
101
870
142
22
1
3
49
567
382
20
3
(` in crore)
Relationship
2021-22
2020-21
Particulars
1
Loans and Advances
CCN DEN Network Private Limited
DEN ADN Network Private Limited
GTPL Hathway Limited
Associate
Associate
Associate
Hathway ICE Television Private Limited
Joint Venture
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
* Fair value of deposit as per Accounting Standard.
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
-
-
1
-
57
19
77
10
32
15
36
3
17
49
45
4
118
40
5
6
3
28
1
29
6
29
33
353
7
-
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
110
447
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
33.1 Compensation of Key Managerial Personnel
The compensation of directors and other member of Key Managerial Personnel during the year was as follows:
I
Short-Term benefits
II Post Employment benefits
Total
34.1 Disclosure of Group’s interest in Oil and Gas Joint Arrangements (Joint Operations):
2021-22
93
2
95
(` in crore)
2020-21
95
2
97
Sr.
No.
Name of the Fields in the
Joint Arrangement (Joint
Operations)
2021-22
Mid and South Tapti
30.00%
NEC - OSN - 97/2
KG - DWN - 98/3
KG-UDWHP-2018/1
66.67%
66.67%
60.00%
1
2
3
4
5
Company’s % Interest
Partners and their Participating Interest (PI)
Country
2020-21
30.00%
BG Exploration & Production India Limited - 30%
India
Oil and Natural Gas Corporation Limited - 40%
66.67%
BP Exploration (Alpha) Limited - 33.33%
66.67%
BP Exploration (Alpha) Limited - 33.33%
60.00%
BP Exploration (Alpha) Limited. - 40%
India
India
India
USA
EFS JDA Partnership
- *
49.26%
* Sold during the year.
34.2 Quantities of Group’s Interest (on Gross Basis) in Proved Reserves and Proved Developed Reserves:
Reserves in India
Reserves outside India (North America)
Particulars
Proved Reserves
(Million MT **)
Proved Developed
Reserves
(Million MT **)
Proved Reserves
(Million MT **)
Proved Developed
Reserves
(Million MT **)
2021-22
2020-21
2021-22
2020-21
2021
2020
2021
2020
Oil:
Opening Balance
Revision of estimates
Production
Sale during the Year
Closing Balance
** 1 MT = 7.5 bbl
Particulars
Gas:
3.24
0.09
(0.02)
-
3.31
3.24
-
-
-
3.24
-
0.08
(0.02)
-
0.06
-
-
-
-
-
5.29
(0.37)
(0.37)
(4.55)
-
10.00
(4.28)
(0.43)
-
5.29
1.69
1.00
(0.37)
(2.32)
-
2.45
(0.33)
(0.43)
-
1.69
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 $)
2021-22
2020-21
2021-22
2020-21
2021
2020
2021
2020
Opening Balance
57,739
58,526
24,277
Revision of estimates
(3)
1
7,643
Production
(4,525)
(788)
(4,525)
9,225
15,840
(788)
17,806
34,245
13,769
(183)
(14,552)
742
(253)
(1,887)
(253)
17,209
(1,553)
(1,887)
Sale during the Year
-
-
-
-
(17,370)
-
(14,258)
-
Closing Balance
53,211
57,739
27,395
24,277
-
17,806
-
13,769
$ 1 cubic meter (M3) = 35.315 cubic feet and 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.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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 the 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 referred the issue to arbitration with GOI for resolution of disputes. The demand from the GOI of $ 165 million
(` 1,248 crore) being the Company’s share (total demand $ 247 million- ` 1,872 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, 2022 is disclosed under Other Non-Current Assets. 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 cost recovery arbitration and is pending adjudication.
Tribunal has scheduled further procedural hearing in the matter.
34.4 (a) 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 under Section 34 of the Arbitration Act, against the Final
Award of the Arbitral Tribunal on 15th November, 2018 before the Hon’ble Delhi High Court. The Appeal is currently being
heard before the Hon’ble Delhi High Court.
(b) Arbitration was initiated by BG Exploration and Production India Limited and RIL (together the Claimants) against 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, which delivered its judgment 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 FPA and
upheld Claimants’ challenge in February 2020 and remitted the underlying issue in challenge back to the Arbitration
Tribunal for determination. On 29th January, 2021 the Tribunal issued a further final partial award on the remitted matter
and GOI has challenged the same before the English Commercial Court. Claimants have filed an application before
the Arbitral Tribunal seeking increase in the PSC Cost Recovery Limits and the same is sub-judice. Arbitral Tribunal is yet
to schedule the final re-computation of accounts phase of the arbitration, which will take place post determination of
Claimants’ request for increase in 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, ignoring the judgments of English High Court and the subsequent Tribunal Awards. The Claimants contend
that GOI’s Execution Petition is not maintainable. GOI’s Execution Petition is currently sub judice before Delhi High Court.
(c) NTPC had filed a suit for specific performance of a contract for supply of natural gas by RIL 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 RIL is of
the view that NTPC’s claim lacks merit and no binding contract for supply of gas was executed between NTPC and RIL.
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.
448
449
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(` in crore)
36. Capital Management
As at
31st March, 2022
As at
31st March, 2021
The Group adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main
objectives are as follows:
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
35. Details of Contingent Liabilities & Commitments
(I) Contingent Liabilities
(A) Claims against the Group / disputed liabilities not acknowledged as debts *
(a) In respect of joint ventures
(b) In respect of others
(B) Guarantees
(i)
Guarantees to Banks and Financial Institutions against credit facilities
extended to third parties & other guarantees.
(a) In respect of joint ventures
(b) In respect of others
(ii) Performance Guarantees
(a) In respect of others
(iii) Outstanding guarantees furnished to Banks and Financial Institutions including
in respect of Letters of Credits
(a) In respect of joint ventures
(b) In respect of others
(II) Commitments
(A)
Estimated amount of contracts remaining to be executed on capital account and
not provided for:
(a) In respect of Joint Ventures
(b) In respect of others
(B) Uncalled Liability on Shares and other investments partly paid
(C) Other commitments
(i)
Investments
1,458
9,099
20
718
2,133
1,580
9,649
4,395
13,126
3,304
972
2,066
6,563
20
870
2,061
1,391
10,474
7,248
52,331
239
712
* The Group has assessed 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 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.
(IV) Hathway Cable and Datacom Limited has received Show Cause cum Demand Notices (“SCNs”) from the Department of
Telecommunications (“DOT”), Government of India for the financial years from 2006-07 to 2019-20 towards license fees
aggregating to ` 3,587 crore which includes penalty and interest thereon. The Company has made representations to DOT
contesting the basis of such demand. Based on opinion of legal expert, the Company is confident that it has good grounds
on merit to defend itself in the above matter.
a)
Maintain investment grade ratings for all issuing entities, domestically and internationally by ensuring that the financial
strength of their Balance Sheets are preserved.
b)
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, 2022
As at
31st March, 2021
2,66,305
2,31,490
34,815
7,79,485
0.04
2,51,811
2,54,019
(2,208)
7,00,172
-
* Cash and Marketable Securities include Cash and Cash Equivalents of ` 36,178 crore (Previous Year ` 17,397 crore), Current Investments
of ` 1,08,118 crore (Previous Year ` 1,52,446 crore), Other Marketable Securities of ` 87,113 crore (Previous Year ` 44,333 crore) including
investments in Jio Digital Fibre Private Limited and Summit Digitel Infrastructure Private Limited and Share Call money receivable on rights
issue of ` 81 crore (Previous Year ` 39,843 crore).
37. Financial Instruments
A. Fair Value Measurement Hierarchy
As at 31st March, 2022
As at 31st March, 2021
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
(` in crore)
Financial Assets
At Amortised Cost
Investments #
Trade Receivables
Cash and Cash Equivalents
Loans
Other Financial Assets
At FVTPL
Investments
30,990
23,640
36,178
1,718
24,530
-
-
-
-
-
41,704
34,298
Other Financial Assets
1,743
8
-
-
-
-
-
-
-
-
-
-
39,809
19,014
17,397
1,182
59,964
-
-
-
-
-
-
-
-
-
-
7,087
1,735
319
-
44,772
2,520
38,901
36
5,380
2,484
-
-
-
-
-
491
-
At FVTOCI
Investments
2,13,161
91,682
36,805
84,674
2,00,083
1,12,282
4,519
83,282
Other Financial Assets
-
-
-
-
7
Financial Liabilities
At Amortised Cost
Borrowings
Deferred Payment Liabilities
Trade Payables
Other Financial Liabilities
Lease Liabilities
At FVTPL
2,66,305
37,184
1,59,330
50,887
15,669
Other Financial Liabilities
5,231
At FVTOCI
Other Financial Liabilities
450
-
-
-
-
-
-
-
-
-
-
-
-
5,231
450
-
-
-
-
-
-
-
2,51,811
18,837
1,08,897
54,532
8,314
3,723
-
-
-
-
-
-
-
-
-
7
-
-
-
-
-
3,723
-
-
-
-
-
-
-
-
-
# Excludes Investments in Associates and Joint Ventures of ` 1,08,409 crore (Previous Year ` 80,164 crore)] measured at cost (Refer Note 2.1).
450
451
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Reconciliation of fair value measurement of the investment categorised at Level 3:
B. Financial Risk Management
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Opening Balance
Addition during the year
Sale / Reduction during the year
Total Gain / (Loss)
Closing Balance
Line item in which gain / (loss) recognised
(` in crore)
As at 31st March, 2022
As at 31st March 2021
At FVTPL
At FVTOCI
At FVTPL
At FVTOCI
491
-
(174)
2
319
83,282
1,177
(115)
330
84,674
1,104
100
(715)
2
491
82,897
173
(39)
251
83,282
Other Income -
` 2 crore
unrealised
Other
Comprehensive
Income-Items
that will not
be reclassified
to Profit or Loss
Other Income -
` 2 crore
unrealised
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:
Valuation
Technique
Significant
Unobservable Input
Change in %
(` in crore)
Sensitivity of the fair value to
change in input
31st March, 2022
31st March 2021
Investment
in OCPS (FVTOCI)
Discounting
Cash Flow
Discounting rate - 14.51%
(previous year - 13.12%)
+0.10%
-0.10%
(1,547)
1,573
(1,436)
1,463
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.
Valuation Methodology
All financial instruments are initially recognised and subsequently re-measured at fair value as described below:
a)
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.
b)
The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves.
c)
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)
Commodity derivative contracts are valued using available information in markets and quotations from exchange,
brokers and price index developers.
f)
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.
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 minimize 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.
Foreign Currency Exposure
As at 31st March, 2022
As at 31st March, 2021
(` in crore)
USD
EUR
JPY
USD
Borrowings
Trade and Other Payables
Trade and Other Receivables
1,17,302
1,33,506
(14,914)
11,998
12,054
1,261
(319)
60
(22)
98,493
84,280
(4,366)
EUR
12,634
2,584
(110)
JPY
12,962
36
(13)
Derivatives
-
Forwards and Futures
(55,442)
(12,523)
(12,250)
(55,167)
(13,974)
(12,936)
- Currency Swaps
- Options
Exposure
b) Interest Rate Risk
-
(2,877)
1,77,575
-
126
543
-
2,655
(319)
(477)
(19,347)
1,06,548
-
(472)
662
-
727
776
The Group 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 Group issues debt in a variety of currencies based on market
opportunities and it uses derivatives to hedge interest rate exposures.
The exposure of the Group’s borrowings and derivatives to interest rate changes at the end of the reporting period
are as follows:
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 ^
(` in crore)
Interest Rate Exposure
As at
31st March, 2022
As at
31st March, 2021
96,097
1,19,723
52,178
91,399
1,01,143
60,371
2,67,998
2,52,913
7,712
54,845
-
33,279
19,450
2,655
* Includes ` 1,053 crore (Previous Year ` 812 crore) as Prepaid Financial Charges and ` 48 crore as revaluation gain.
# Includes ` 592 crore (Previous Year ` 290 crore) as Commercial Paper Discount.
^ Receive fix in INR and pay floating in USD
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 derivatives
and uses over-the-counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its commodity
and freight exposure.
452
453
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
iii) Credit Risk
C. Hedge Accounting
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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.
Borrowings
Non-Current #@
Current ^
Total
Lease Liabilities (Gross)
Derivative Liabilities
Forwards
Options
Interest Rate Swaps
Total
Maturity Profile As at 31st March, 2022 *
Below 3
Months
3-6 Months
6-12
Months
1-3 Years
3-5 Years
Above 5
Years
Total
(` in crore)
2,266
6,715
18,207
81,494
44,682
62,456
2,15,820
39,736
11,228
1,214
-
-
-
52,178
42,002
17,943
19,421
81,494
44,682
62,456
2,67,998
965
954
1,880
6,765
5,475
6,315
22,354
4,740
1,805
1,001
151
-
2
-
20
4
4,891
1,807
1,025
683
-
598
1,281
-
-
70
70
-
-
-
-
8,229
173
672
9,074
* Does not include Trade Payables (Current) amounting to ` 1,59,330 crore.
# Includes ` 1,053 crore as Prepaid Finance Charges and ` 48 crore as revaluation gain.
@ Does not include interest thereon (For Interest rate refer Note 16.4).
^ Includes ` 592 crore as Commercial Paper Discount.
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)
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 effects of hedge accounting
A. Fair Value Hedge
Hedging Instrument
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, 2022
Foreign Currency Risk
Derivative Contracts
-
Interest Rate Risk
Derivative Contracts
7,825
-
-
-
-
-
-
Commodity Price Risk
-
-
46
(46)
3 to 5 years
Other Financial
Liabilities - Current
Derivative Contracts
61,303
2,11,383 6,400
3,081
4,396
(707)
April 2022 to
March 2023
Other Financial
Assets / Liabilities
As at 31st March, 2021
Foreign Currency Risk
Derivative Contracts
2,557
Interest Rate Risk
Derivative Contracts
-
Commodity Price Risk
-
-
-
-
-
-
86
(72)
April 2021 to
May 2021
Other
Financial Liabilities
-
-
Derivative Contracts
39,236 3,84,949 5,092
1,766
1,071
373
April 2021 to
December 2023
Other Financial
Assets / Liabilities
Borrowings
Non-Current #@
Current ^
Total
Lease Liabilities (Gross)
Derivative Liabilities
Forwards
Options
Interest Rate Swaps
Total
3,083
53,402
56,485
487
1,518
178
10
4,629
2,938
7,567
485
841
-
1
20,489
66,891
62,782
34,668
1,92,542
4,031
-
-
-
60,371
24,520
66,891
62,782
34,668
2,52,913
963
3,483
2,631
4,996
13,045
176
33
241
2,012
-
575
-
-
76
76
-
-
-
-
4,547
211
903
5,661
1,706
842
450
2,587
* Does not include Trade Payables (Current) amounting to ` 1,08,897 crore.
# Includes ` 812 crore as Prepaid Finance Charges.
@ Does not include interest thereon.
^ Includes ` 290 crore as Commercial Paper Discount.
454
455
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Carrying Amount
Assets
Liabilities
Changes in
Fair Value
Line Item in
Balance Sheet
(` in crore)
Hedged Items
As at 31st March, 2022
Foreign Currency Risk
Nominal Value
Changes in
Fair Value
Hedge Reserve
(` in crore)
Line Item in
Balance Sheet
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Highly Probable Forecasted Exports
1,42,317
4,123
(4,810)
Other Equity
Interest Rate Risk
Borrowings
As at 31st March, 2021
Foreign Currency Risk
-
-
-
Highly Probable Forecasted Exports
7,218
(256)
(3,059)
Other Equity
Interest Rate Risk
Borrowings
C. Movement in Cash Flow Hedge
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
33,590
(141)
(97)
Other Equity
2021-22
(3,156)
(4,334)
2,835
(` in crore)
2020-21
Line Item in Balance Sheet /
Statement of Profit and Loss
(5,883)
914
1,813
Items that will
be reclassified
to Profit & Loss
Value of Sale
(4,655)
(3,156)
Other
Comprehensive Income
38 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”.
Hedged Items
As at 31st March, 2022
Foreign Currency Risk
Import Firm Commitments
Interest Rate Risk
Derivative Contracts
Commodity Price Risk
-
-
-
7,777
-
48
Non-Current
Borrowings
Other Current
Assets / Liabilities
Firm Commitments for purchase of feedstock and freight
-
1,010
(943)
Firm Commitments for sale of products
Inventories
2,114
10,484
231
-
2,301 Other Current Assets
(301)
Inventories
As at 31st March, 2021
Foreign Currency Risk
Import Firm Commitments
Interest Rate Risk
Derivative Contracts
Commodity Price Risk
86
-
-
-
72
-
Firm Commitments for purchase of feedstock and freight
-
536
(887)
Other
Financial Assets
Other Current
Assets / Liabilities
Firm Commitments for sale of products
236
1,218
(210) Other Current Assets
Inventories
5,930
-
1,043
Inventories
B. Cash Flow Hedge
Hedging Instruments
As at 31st March, 2022
Foreign Currency Risk
Foreign Currency Risk
Components - Trade Payable
Foreign Currency Risk
Components - Borrowings
Interest Rate Risk
Interest Rate Swap
As at 31st March, 2021
Foreign Currency Risk
Foreign Currency Risk
Components - Borrowings
Interest Rate Risk
Nominal
Value
Carrying amount
Assets
Liabilities
Changes in
Fair Value
Hedge Maturity
Line Item in Balance
Sheet
(` in crore)
22,301
-
22,738
(437)
1,20,017
-
1,23,697
(3,685)
1st April 2022 to
31st March 2025
30th September
2022 to
30th September
2033
Trade Payables
Non Current
Liabilities-Financial
Liabilities-Borrowings
-
-
-
-
-
-
7,218
-
7,311
256
June 2022
Non Current
Liabilities-Financial
Liabilities-Borrowings
Interest Rate Swap
33,590
82
-
141
April 2021 to
March 2025
Other Financial Assets
456
457
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
(I) Primary Segment Information
2021-22
1
Segment Revenue
External Turnover
O2C
Oil and
Gas
Retail
Digital
Services
Financial
Services
Others Unallocable
Total
4,99,663
4,962
1,95,676
27,085
761
64,609
Inter Segment Turnover
1,237
2,530
4,073
73,076
Value of Sales and Services (Revenue) * 5,00,900
7,492
1,99,749
1,00,161
Less: GST Recovered
20,580
10
24,734
15,044
1,366
2,127
13
6,751
71,360
10,741
Revenue from Operations (Net of GST)
4,80,320
7,482
1,75,015
85,117
2,114
60,619
-
-
-
-
-
7,92,756
-
7,92,756
71,122
7,21,634
2
Segment Result before
Interest and Taxes **
Finance Cost ^
Interest Income
Profit Before Tax and Exceptional Items
Exceptional Item (Net of Tax)
(Refer Note 31)
Profit Before Tax
Current Tax
Deferred Tax
Profit after Tax (before adjustment for
Non-Controlling Interest)
Share of (Profit) / Loss transferred to
Non-Controlling Interest
Profit after Tax (after adjustment for
Non-Controlling Interest)
3 Other Information
Segment Assets #
Segment Liabilities #
Capital Expenditure
Depreciation / Amortisation and
Depletion Expense
45,194
2,879
10,198
25,150
708
5,196
(4,339)
84,986
(14,584)
10,904
81,306
2,836
84,142
(3,161)
(13,136)
67,845
(7,140)
60,705
3,79,209
34,938
1,24,736
3,71,907
1,08,597
1,60,961
3,36,206 15,16,554
61,336
10,899
36,031
1,17,938
7,913
5,520
29,873
82,744
7,528
2,578
2,225
15,118
190
46
15
24,371
12,65,789 15,16,554
13,606
5,650
1,45,352
1,942
391
29,797
* Total Value of Sales and Services is after elimination of inter segment turnover of ` 89,033 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 bill discounting of ` 14,784 crore and other non-current assets of ` 2,105
crore, whereas the same has been netted off in the respective heads of Balance sheet.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
(` in crore)
2020-21
O2C
Oil and
Gas
Retail
Digital
Services
Financial
Services
Others Unallocable
Total
(` in crore)
1
Segment Revenue
External Turnover
3,15,105
1,608
1,52,501
27,336
1,114
41,574
Inter Segment Turnover
4,903
532
5,201
62,951
1,324
6,646
5,39,238
-
-
Value of Sales and Services (Revenue) *
3,20,008
2,140
1,57,702
90,287
2,438
48,220
-
5,39,238
Less: GST Recovered
13,518
12
18,566
13,645
5
7,166
52,912
Revenue from Operations (Net of GST)
3,06,490
2,128
1,39,136
76,642
2,433
41,054
-
4,86,326
2
Segment Result before
Interest and Taxes **
Finance Cost ^
Interest Income
Profit Before Tax and Exceptional Items
Exceptional Item (Net of Tax)
(Refer Note 31)
Profit Before Tax
Current Tax
Deferred Tax
Profit after Tax (before adjustment for
Non-Controlling Interest)
Share of (Profit) / Loss transferred to
Non-Controlling Interest
Profit after Tax (after adjustment for
Non-Controlling Interest)
3 Other Information
Segment Assets #
Segment Liabilities #
Capital Expenditure
Depreciation / Amortisation and
Depletion Expense
29,773
(1,477)
7,991
21,181
1,294
3,635
(1,070)
61,327
(21,027)
9,519
49,819
5,642
55,461
(2,205)
483
53,739
(4,611)
49,128
3,58,964
35,163
98,361 3,05,965
80,765
1,34,717
3,25,455
13,39,390
44,284
14,359
20,879
68,328
7,867
3,879
10,321
35,998
93
18
14,272
11,77,175
13,39,390
18,289
3,295
79,667
8,397
1,735
1,851
12,854
-
1,376
359
26,572
* Total Value of Sales and Services is after elimination of inter segment turnover of ` 81,557 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 of ` 2,106 crore, whereas the same is 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.
458
459
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited (V) Secondary Segment Information
1
Segment Revenue – External Turnover
Within India
Outside India
Total
2 Non-Current Assets
Within India
Outside India
Total
2021-22
5,05,324
2,87,432
7,92,756
11,32,279
20,367
11,52,646
(` in crore)
2020-21
3,31,557
2,07,681
5,39,238
9,35,322
12,879
9,48,201
39
Enterprises Consolidated as Subsidiary in accordance with Indian Accounting Standard 110 – Consolidated
Financial Statements
Sr.
No.
Name of the Enterprise
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
7-India Convenience Retail Limited
Aaidea Solutions Limited (Formerly known as Aaidea Solutions Private Limited)
ABC Cable Network Private Limited
Abraham and Thakore Exports Private Limited
Actoserba Active Wholesale Limited (Formerly known as Actoserba Active
Wholesale Private Limited)
Addverb Technologies BV
Addverb Technologies Private Limited
Addverb Technologies Pte Limited
Addverb Technologies Pty Limited
Addverb Technologies USA Inc.
Adventure Marketing Private Limited
AETN18 Media Private Limited
Affinity USA LLC *
India
India
India
India
India
Netherlands
India
Singapore
Australia
United States of
America
India
India
United States of
America
Amante India Private Limited (Formerly known as MAS Brands India Private Limited)
India
Angel Cable Network Private Limited
Asteria Aerospace Limited (Formerly known as Asteria Aerospace Private Limited)
Aurora Algae LLC *
Bali Den Cable Network Limited
Bhadohi DEN 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
C-Square Info-Solutions Private Limited
Dadha Pharma Distribution Private Limited
DEN Ambey Cable Networks Private Limited
DEN BCN Suncity Network Limited
Den Broadband Limited
Den Budaun Cable Network Private Limited
Den Digital Cable Network Limited
Den Discovery Digital Networks Private Limited
Den Enjoy Cable Networks Private Limited
Den Enjoy Navaratan Network Private Limited
DEN Enjoy SBNM Cable Network Private Limited
India
India
United States of
America
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.
460
85.06%
82.07%
66.95%
46.78%
73.28%
47.92%
47.92%
47.92%
47.92%
47.92%
100.00%
21.27%
100.00%
85.06%
66.95%
49.54%
100.00%
66.95%
17.41%
66.95%
50.55%
40.17%
100.00%
73.15%
69.44%
85.06%
40.84%
66.95%
66.95%
34.14%
66.95%
34.14%
34.14%
17.41%
66.95%
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
Name of the Enterprise
Country of
Incorporation
Proportion of
Ownership Interest
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
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
Den F K Cable TV Network Private Limited
Den Fateh Marketing Private Limited
Den Kashi Cable 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 Mod Max Cable Network Private Limited
Den Nashik City Cable Network Private Limited
Den Networks Limited
DEN Pawan Cable Network Limited
Den Premium Multilink Cable Network Private Limited
Den Rajkot City Communication Private Limited
Den Satellite Cable TV Network Limited
Den Saya Channel Network Limited
DEN STN Television Network Private Limited
Den Supreme Satellite Vision Private Limited
Den Varun Cable Network Limited
Den-Manoranjan Satellite Private Limited
Digital Media Distribution Trust
Digital18 Media 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
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
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
34.14%
34.14%
34.14%
66.95%
66.95%
66.95%
34.14%
34.14%
34.14%
66.95%
66.95%
34.14%
34.13%
34.14%
34.14%
66.95%
66.95%
66.95%
34.14%
100.00%
73.15%
66.95%
55.47%
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%
100.00%
100.00%
100.00%
461
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Sr.
No.
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
113
114
115
116
117
118
119
Name of the Enterprise
Dronagiri Panje South Infra Limited
Dronagiri Panje West Infra Limited
e-Eighteen.com Limited
Elite Cable Network Private Limited
Eminent Cable Network Private Limited
Enercent Technologies Private Limited
Faradion Limited
Faradion UG
Foodhall Franchises Limited
Future Lifestyles Franchisee Limited
Futuristic Media and Entertainment Limited
Galaxy Den Media & Entertainment Private 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
Greycells18 Media Limited
Hamleys (Franchising) Limited *
Hamleys Asia Limited *
Hamleys of London Limited *
Hamleys Toys (Ireland) Limited *
Hathway Bhawani Cabletel & Datacom Limited
Hathway Cable and Datacom Limited
Hathway Digital Limited
Hathway Kokan Crystal Cable Network Limited
Hathway Mantra Cable & Datacom Limited
Hathway Nashik Cable Network Private Limited
Independent Media Trust
IndiaCast Media Distribution Private Limited
IndiaCast UK Limited
120
IndiaCast US Limited
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
Indiavidual Learning Limited
Indiawin Sports Private Limited
Infomedia Press Limited
Intelligent Supply Chain Infrastructure Management Private Limited (Formerly
Known as Jio Digital Cableco Private Limited)
Intimi India Private Limited
Jaisuryas Retail Ventures Private Limited
JD International Pte. Ltd.
Jio Cable and Broadband Holdings Private Limited
Jio Content Distribution Holdings Private Limited
Jio Digital Distribution Holdings Private Limited
Jio Estonia OÜ *
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
Country of
Incorporation
Proportion of
Ownership Interest
India
India
India
India
India
India
United Kingdom
Germany
India
India
India
India
India
India
India
India
India
India
India
United Kingdom
Hongkong
United Kingdom
Ireland
India
India
India
India
India
India
India
India
United Kingdom
United States of
America
India
India
India
India
India
India
Singapore
India
India
India
Estonia
India
India
India
India
India
India
India
100.00%
100.00%
67.26%
42.29%
37.49%
59.18%
92.01%
92.01%
85.06%
85.06%
66.95%
66.95%
54.44%
73.25%
79.16%
73.25%
73.25%
70.10%
65.61%
68.05%
68.05%
68.05%
68.05%
40.01%
52.86%
52.86%
52.86%
52.86%
47.61%
100.00%
31.48%
31.48%
31.48%
56.63%
100.00%
37.08%
97.01%
85.06%
85.06%
56.96%
100.00%
100.00%
100.00%
66.43%
100.00%
66.43%
100.00%
100.00%
100.00%
100.00%
66.43%
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Country of
Incorporation
Proportion of
Ownership Interest
Sr.
No.
139
140
141
142
143
Name of the Enterprise
Jio Platforms Limited
Jio Satellite Communications Limited
Jio Space Technology Limited
Jio Television Distribution Holdings Private Limited
Jio Things Limited
144
Just Dial Inc.
145
146
147
148
149
150
151
152
153
154
155
156
157
Just Dial 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
Kalanikethan Fashions Private Limited
Kalanikethan Silks Private Limited
Kishna Den Cable Networks Private Limited
Kutch New Energy Projects Limited (formerly known as Reliance Solar
Projects Limited)
158
Libra Cable Network Limited
159 M Entertainments Private Limited
160 Mahadev Den Cable Network Limited
161
Mahavir Den Entertainment Private Limited
162 Maitri Cable Network Private Limited
163 Mansion Cable Network Private Limited
164 MAS Brands Exports (Private) Limited *
165 MAS Brands Lanka (Private) Limited *
166 Media18 Distribution Services Limited
167 Meerut Cable Network Private Limited
India
India
India
India
India
United States of
America
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
Sri Lanka
Sri Lanka
India
India
168 Mesindus Ventures Limited (Formerly known as Mesindus Ventures Private Limited)
India
169 Mindex 1 Limited
170 Model Economic Township Limited
171
172
173
174
175
176
177
178
179
180
181
182
183
184
Moneycontrol.Dot Com India Limited
Multitrack Cable Network Private Limited
MYJD Private Limited
Netmeds Marketplace Limited
Network18 Media & Investments Limited
Network18 Media Trust
New Emerging World of Journalism Limited
Nilgiris Stores Limited
NowFloats Technologies Private Limited
Radiant Satellite (India) Private Limited
Radisys B.V. *
Radisys Canada Inc. *
Radisys Cayman Limited *
Radisys Convedia (Ireland) Limited *
185
Radisys Corporation *
186
187
Radisys GmbH *
Radisys India Limited (formerly known as Radisys India Private Limited)
188
Radisys International LLC *
Gibraltar
India
India
India
India
India
India
India
India
India
India
India
Netherlands
Canada
Cayman Islands
Ireland
United States of
America
Germany
India
United States of
America
66.43%
66.43%
66.43%
100.00%
66.43%
56.96%
56.96%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.06%
85.06%
17.41%
100.00%
34.14%
83.17%
34.14%
34.14%
66.95%
44.19%
85.06%
85.06%
73.15%
34.14%
70.88%
100.00%
100.00%
67.26%
66.95%
56.96%
85.06%
73.15%
73.15%
49.82%
85.06%
75.13%
34.14%
66.43%
66.43%
66.43%
66.43%
66.43%
66.43%
66.43%
66.43%
463
* Subsidiary Companies having 31st December as Reporting Date.
* Subsidiary Companies having 31st December as Reporting Date.
462
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Country of
Incorporation
Proportion of
Ownership Interest
Sr.
No.
Name of the Enterprise
Country of
Incorporation
Proportion of
Ownership Interest
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
189
190
191
192
193
194
195
196
197
Name of the Enterprise
Radisys International Singapore Pte. Ltd. *
Radisys Spain S.L.U. *
Radisys Systems Equipment Trading (Shanghai) Co. Ltd. *
Radisys Technologies (Shenzhen) Co. Ltd. *
Radisys UK Limited *
RB Holdings Private Limited
RB Media Holdings Private Limited
RB Mediasoft Private Limited
RBML Solutions India Limited
198
REC Americas LLC *
199
REC ScanModule Sweden AB *
200
REC Solar (Japan) Co., Ltd. *
201
202
203
204
205
REC Solar EMEA GmbH *
REC Solar France SAS *
REC Solar Holdings AS *
REC Solar Norway AS *
REC Solar Pte. Ltd. *
206
REC Systems (Thailand) Co., Ltd. *
207
REC Trading (Shanghai) Co., Ltd. *
208
REC US Holdings, Inc. *
209
Recron (Malaysia) Sdn. Bhd. *
210
211
212
213
214
215
216
217
218
219
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
Reliance Carbon Fibre Cylinder Limited
Reliance Clothing India Private Limited
Reliance Commercial Dealers Limited
Reliance Comtrade Private Limited
220
Reliance Content Distribution Limited
221
Reliance Corporate IT Park Limited
222
Reliance Digital Health Limited (Formerly known as Kanhatech Solutions Limited)
223
Reliance Digital Health USA Inc. *
224
Reliance Eagleford Upstream GP LLC *
225
Reliance Eagleford Upstream Holding LP *
226
Reliance Eagleford Upstream LLC *
227
228
229
Reliance Eminent Trading & Commercial Private Limited
Reliance Ethane Holding Pte Limited
Reliance Ethane Pipeline Limited
230
Reliance Exploration & Production DMCC *
231
232
233
234
235
236
Reliance GAS Lifestyle India Private Limited
Reliance Gas Pipelines Limited
Reliance Global Energy Services (Singapore) Pte. Limited
Reliance Global Energy Services Limited
Reliance Hydrogen Electrolysis Limited
Reliance Hydrogen Fuel Cell Limited
* Subsidiary Companies having 31st December as Reporting Date.
464
Singapore
Spain
China
China
United Kingdom
India
India
India
India
United States of
America
Sweden
Japan
Germany
France
Norway
Norway
Singapore
Thailand
China
United States of
America
Malaysia
India
India
India
United Kingdom
India
India
India
India
India
India
India
India
India
United States of
America
United States of
America
United States of
America
United States of
America
India
Singapore
India
United Arab
Emirates
India
India
Singapore
United Kingdom
India
India
66.43%
66.43%
66.43%
66.43%
66.43%
100.00%
100.00%
100.00%
51.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.99%
100.00%
100.00%
100.00%
100.00%
100.00%
51.00%
68.05%
68.05%
61.43%
100.00%
85.00%
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%
34.87%
100.00%
100.00%
100.00%
100.00%
100.00%
Reliance New Energy Limited (Formerly known as Reliance New Energy Solar Limited) India
237
Reliance Industrial Investments and Holdings Limited
238
Reliance Industries (Middle East) DMCC *
239
Reliance Innovative Building Solutions Private Limited
240
Reliance International Limited
241
Reliance Jio Global Resources LLC *
242
243
Reliance Jio Infocomm Limited
Reliance Jio Infocomm Pte. Ltd. *
244
Reliance Jio Infocomm UK Limited *
245
Reliance Jio Infocomm USA Inc. *
246
Reliance Jio Media Limited
247
Reliance Jio Messaging Services Limited
248
Reliance Lifestyle Products Private Limited
249
Reliance Marcellus II LLC *
250
Reliance Marcellus LLC *
Reliance New Energy Carbon Fibre Cylinder Limited
Reliance New Energy Hydrogen Electrolysis Limited
Reliance New Energy Hydrogen Fuel Cell Limited
Reliance New Energy Power Electronics Limited
Reliance New Energy Storage Limited
Reliance New Solar Energy Limited
Reliance O2C Limited
Reliance Payment Solutions Limited
251
252
253
254
255
256
257
258
259
260
Reliance Petro Marketing Limited
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
Reliance Petroleum Retail Limited
Reliance Power Electronics 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 Ritu Kumar Private Limited (Formerly known as Ritika Private Limited)
Reliance Sibur Elastomers Private Limited
Reliance SMSL Limited
Reliance Storage Limited
Reliance Strategic Business Ventures Limited
Reliance Strategic Investments Limited
Reliance Syngas Limited
Reliance Universal Traders Private Limited
280
Reliance Vantage Retail Limited
281
282
283
Reliance Ventures Limited
Reliance-GrandOptical Private Limited
Reverie Language Technologies Limited
284
RIL USA, Inc. *
* Subsidiary Companies having 31st December as Reporting Date.
India
United Arab
Emirates
India
United Arab
Emirates
United States of
America
India
Singapore
United Kingdom
United States of
America
India
India
India
United States of
America
United States of
America
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
United States of
America
100.00%
100.00%
100.00%
100.00%
66.43%
66.43%
66.43%
66.43%
66.43%
100.00%
100.00%
64.74%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.06%
100.00%
100.00%
85.00%
85.06%
44.41%
74.90%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.00%
55.76%
100.00%
465
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Sr.
No.
Name of the Enterprise
285
RISE Worldwide Limited
286
Ritu Kumar ME (FZE) [Formerly known as Ritu Kumar ME (FZC)]
287
288
289
290
Roptonal Limited
Rose Entertainment Private Limited
RP Chemicals (Malaysia) Sdn. Bhd.*
RRB Mediasoft Private Limited
291
Saavn Inc.
292
Saavn LLC
293
294
295
296
Saavn Media Limited
SankhyaSutra Labs Limited
Shopsense Retail Technologies Limited (Formerly known as Shopsense Retail
Technologies Private Limited)
Shri Kannan Departmental Store Limited (Formerly known as Shri Kannan
Departmental Store Private Limited)
297
Silverline Television Network Limited
298
skyTran Inc. *
299
skyTran Israel Ltd. *
300
Srishti Den Networks Limited
301
302
303
Stoke Park Limited *
Strand Life Sciences Private Limited
Surajya Services Limited (Formerly known as Surajya Services Private Limited)
304
Surela Investment And Trading Limited
305
Tesseract Imaging Limited
306
The Indian Film Combine Private Limited
307
Tira Beauty Limited
308
Tresara Health Limited (Formerly known as Tresara Health Private Limited)
309
TV18 Broadcast Limited
310
311
312
313
314
315
316
317
318
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 Limited (Formerly known as Urban Ladder
Home Décor Solutions Private Limited)
319
VasyERP Solutions Private Limited
320
VBS Digital Distribution Network Limited
321
Viacom 18 Media (UK) Limited
322
Viacom 18 Media Private Limited
323
Viacom 18 US Inc.
324
Vitalic Health Private Limited
325 Watermark Infratech Private Limited
326 Web18 Digital Services Limited
* Subsidiary Companies having 31st December as Reporting Date.
466
Country of
Incorporation
Proportion of
Ownership Interest
40 Significant Enterprises Consolidated as Associates and Joint Ventures in accordance with Indian Accounting Standard 28 –
Investments in Associates and Joint Ventures
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
India
United Arab
Emirates
Cyprus
India
Malaysia
India
United States of
America
United States of
America
India
India
India
India
India
United States of
America
Israel
India
United Kingdom
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
United Kingdom
India
United States of
America
India
India
India
100.00%
44.41%
21.27%
34.14%
100.00%
100.00%
57.89%
57.89%
57.89%
57.66%
73.74%
85.06%
66.95%
54.46%
54.46%
34.14%
100.00%
73.23%
45.49%
100.00%
61.39%
83.17%
85.06%
85.06%
41.70%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
85.05%
82.35%
34.14%
21.27%
21.27%
21.27%
60.02%
100.00%
73.15%
Sr.
No.
Name of the Enterprise
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
Alok Industries International Limited
British Virgin Islands
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
India
India
United Arab Emirates
United States
of America
Singapore
British Virgin Islands
United Arab Emirates
Sri Lanka
India
Singapore
Big Tree Sport & Recreational Events Tickets Selling L.L.C
United Arab Emirates
BookmyShow Live Private Limited
Bookmyshow SDN. BHD.
BookmyShow Venues Management Private Limited
Brooks Brothers India Private Limited
Burberry India Private Limited
CAA-Global Brands Reliance Private Limited
Canali India Private Limited
Clarks Reliance Footwear Private Limited (Formerly known as Clarks Future
Footwear Private Limited)
Clayfin Technologies Private Limited
D. E. Shaw India Securities 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
Dunzo Digital Private Limited
Dunzo Merchant Services Private Limited
Dyulok Technologies Private Limited
Eenadu Television Private Limited
Esterlina Solar – Proyecto Cinco, S.L.
Esterlina Solar – Proyecto Cuatro, S.L.
Esterlina Solar – Proyecto Diez, S.L.
Esterlina Solar – Proyecto Dos, S.L.
Esterlina Solar – Proyecto Nueve, S.L.
Esterlina Solar – Proyecto Ocho, S.L.
Esterlina Solar – Proyecto Seis, S.L.
Esterlina Solar – Proyecto Siete, S.L.
Esterlina Solar – Proyecto Tres, S.L.
Esterlina Solar – Proyecto Uno, S.L.
Esterlina Solar Engineers Private Limited
Ethane Crystal LLC
Ethane Emerald LLC
Ethane Opal LLC
Ethane Pearl LLC
Ethane Sapphire LLC
Ethane Topaz LLC
India
Malaysia
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
India
Marshall Islands
Marshall Islands
Marshall Islands
Marshall Islands
Marshall Islands
Marshall Islands
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%
34.02%
30.10%
0.00%
39.15%
50.00%
17.07%
34.14%
17.07%
33.48%
33.34%
5.30%
5.30%
23.73%
23.73%
22.79%
10.22%
39.60%
39.60%
39.60%
39.60%
39.60%
39.60%
39.60%
39.60%
39.60%
39.60%
40.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
467
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Sr.
No.
Name of the Enterprise
Country of
Incorporation
Proportion of
Ownership Interest
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
Fantain Sports Private Limited
Foodfesta Wellcare Private Limited
Football Sports Development Limited
Future101 Design Private Limited
Gaurav Overseas Private Limited
GCO Solar Pty. Ltd.
GenNext Ventures Investment Advisers LLP
Grabal Alok International Limited
GTPL Abhilash Communication Private Limited
GTPL Bansidhar Telelink Private Limited
GTPL Bariya Television Network
GTPL Bawa Cable
GTPL Broadband Private Limited
GTPL Crazy Network
GTPL Dahod Television Network Private Limited
GTPL DCPL 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 Narmada Cable Services
GTPL Narmada Cyberzone Private Limited
GTPL Parshwa Cable Network Private Limited
GTPL Parth World Vision
GTPL Sai World Channel
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 Swastik Communication
GTPL Tridev Cable Network
GTPL V & S Cable Private Limited
GTPL Vision Services Private Limited
GTPL Vraj Cable
GTPL VVC Network Private Limited
100
101
102
103
GTPL World View Cable
GTPL World Vision
GTPL Zigma Vision Private Limited
Gujarat Chemical Port Limited
468
India
India
India
India
India
Australia
India
British Virgin Islands
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
21.81%
28.74%
65.00%
29.26%
50.00%
30.40%
50.00%
40.01%
14.44%
12.42%
10.39%
10.39%
20.37%
10.18%
10.39%
20.37%
20.37%
15.17%
10.39%
10.39%
10.39%
10.39%
20.37%
10.41%
10.39%
10.39%
10.41%
10.39%
10.39%
10.39%
10.39%
10.39%
12.22%
11.67%
10.39%
10.39%
15.28%
10.39%
10.39%
10.39%
10.39%
10.39%
10.39%
10.39%
10.39%
19.61%
10.39%
10.39%
10.39%
10.39%
10.39%
20.37%
41.80%
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
Name of the Enterprise
Hathway Bhaskar CCN Multi Entertainment Private Limited
Hathway Bhawani NDS Network Limited
Hathway Cable MCN Nanded 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
Hathway VCN Cablenet Private Limited
IBN Lokmat News Private Limited
Iconix Lifestyle India Private Limited
India Gas Solutions Private Limited
120
Indian Vaccines Corporation Limited
121
122
123
Indospace MET Logistics Park Farukhnagar Private Limited (Formerly known as
Dadri Toe Warehousing Private Limited)
Jio Payments Bank Limited
Konark IP Dossiers Private Limited
124 Marks and Spencer Reliance India Private Limited
125 Mileta a.s.
126 MM Styles Private Limited
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
Neolync India Private Limited
Neolync Solutions Private Limited
NW18 HSN Holdings PLC
Pan Cable Services Private Limited
Petroleum Trust *
Pipeline Management Services Private Limited
Preebee Lifestyle Private Limited
PT Big Tree Entertainment Indonesia
Reliance Bally India Private Limited
Reliance Europe Limited
Reliance Industrial Infrastructure Limited
Reliance Paul & Shark Fashions Private Limited
Reliance Services and Holdings Limited
Reliance Sideways Private Limited
Reliance-GrandVision India Supply Private Limited
Reliance-Vision Express Private Limited
Ritu Kumar Fashion (LLC)
Ryohin-Keikaku Reliance India Private Limited
Sodium-ion Batteries Pty Limited
SpaceBound Web Labs Private Limited
Sterling and Wilson (Thailand) Limited
Sterling and Wilson Engineering (Pty) Ltd.
Sterling and Wilson International LLP
Sterling and Wilson International Solar FZCO
Sterling and Wilson Kazakhstan, LLP
Sterling and Wilson Middle East Solar Energy LLC
Sterling and Wilson Renewable Energy Limited
Sterling and Wilson Saudi Arabia Limited
Sterling and Wilson Singapore Pte Ltd
* Being Trust, without share capital, percentage shareholding not applicable.
Country of
Incorporation
Proportion of
Ownership Interest
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
Czech Republic
India
India
India
Cyprus
India
India
India
India
Indonesia
India
United Kingdom
India
India
India
India
India
India
United Arab Emirates
India
Australia
India
Thailand
South Africa
Kazakhstan
United Arab Emirates
Kazakhstan
United Arab Emirates
India
Saudi Arabia
Singapore
37.00%
20.65%
23.81%
26.96%
26.96%
26.96%
26.96%
26.96%
26.96%
26.96%
35.94%
26.96%
13.23%
20.85%
34.02%
50.00%
33.33%
26.00%
70.00%
16.74%
41.66%
40.01%
27.22%
29.60%
40.00%
29.77%
17.62%
-
50.00%
17.24%
21.43%
34.02%
50.00%
45.43%
34.02%
50.00%
34.02%
42.51%
42.51%
21.76%
33.34%
45.91%
28.74%
39.84%
24.00%
40.00%
40.00%
40.00%
40.00%
40.00%
38.00%
40.00%
469
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Sr.
No.
156
157
158
Name of the Enterprise
Sterling And Wilson Solar Australia Pty. Ltd.
Sterling and Wilson Solar LLC
Sterling and Wilson Solar Malaysia Sdn. Bhd.
159
Sterling and Wilson Solar Solutions Inc.
160
Sterling and Wilson Solar Solutions, LLC
161
162
163
164
Sterling and Wilson Solar Spain, S.L.
Sterling Wilson - SPCPL - Chint Moroccan Venture
TCO Reliance India Private Limited
Townscript PTE. Ltd, Singapore
165
Townscript USA, Inc.
166
TribeVibe Entertainment Private Limited
167
Two Platforms Inc.
168
169
170
Ubona Technologies Private Limited
Vadodara Enviro Channel Limited
Zegna South Asia Private Limited
Country of
Incorporation
Proportion of
Ownership Interest
Australia
Oman
Malaysia
United States
of America
United States
of America
Spain
India
India
Singapore
United States
of America
India
United States
of America
India
India
India
40.00%
28.00%
40.00%
40.00%
40.00%
39.60%
36.80%
33.34%
22.79%
22.79%
8.56%
16.61%
36.58%
28.57%
33.34%
41
Additional Information, as required under Schedule III to the Companies Act, 2013, of Enterprises Consolidated as
Subsidiaries / Associates / Joint Ventures
Sr.
No.
Name of the Enterprise
Parent
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)
Reliance Industries Limited
60.49% 4,71,527.00
64.38% 39,084.00
(8.92%) (1,979.00)
44.76% 37,105.00
Subsidiaries
Indian
7-India Convenience Retail Limited ^
0.00%
37.88
(0.01%)
(5.23)
-
-
(0.01%)
(5.23)
Aaidea Solutions Limited (Formerly known as
Aaidea Solutions Private Limited) ^
(0.01%)
(41.00)
0.00%
2.07
(0.01%)
Abraham and Thakore Exports Private Limited ^
(0.00%)
(8.73)
(0.00%)
(0.08)
0.00%
(1.71)
0.03
0.00%
0.36
(0.00%)
(0.05)
Actoserba Active Wholesale Limited (Formerly
known as Actoserba Active Wholesale
Private Limited)
Addverb Technologies Private Limited ^
Adventure Marketing Private Limited
Amante India Private Limited (Formerly known
as MAS Brands India Private Limited) ^
Asteria Aerospace Limited (Formerly known as
Asteria Aerospace Private Limited)
Colorful Media Private Limited
C-Square Info-Solutions Private Limited
Dadha Pharma Distribution Private Limited
Den Networks Limited (Consolidated)
0.01%
55.95
(0.06%)
(34.99)
(0.00%)
(0.18)
(0.04%)
(35.17)
0.04%
0.05%
342.04
0.03%
382.96
(0.00%)
17.08
(0.03)
(0.00%)
(0.27)
0.02%
16.81
-
-
(0.00%)
(0.03)
(0.01%)
(43.37)
(0.00%)
(2.21)
(0.00%)
(0.20)
(0.00%)
(2.41)
29.51
(0.01%)
(4.49)
(0.00%)
(0.04)
(0.01%)
(4.53)
0.00%
0.05%
0.01%
0.00%
0.39%
382.95
(0.00%)
(0.03)
46.29
14.51
3,013.29
0.00%
0.01%
0.28%
Digital Media Distribution Trust
0.75%
5,820.98
(0.00%)
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
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
-
-
-
-
-
-
1.67
4.63
171.08
(0.01)
-
-
-
-
-
-
-
-
-
0.00%
0.00%
0.03%
-
0.02
0.06
6.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
(0.03)
0.00%
0.01%
0.21%
(0.00%)
1.69
4.69
177.12
(0.01)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Sr.
No.
Name of the Enterprise
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
57
58
59
60
61
62
63
64
65
66
67
68
69
70
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
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
Enercent Technologies Private Limited ^
Foodhall Franchises Limited ^
Future Lifestyles Franchisee 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
Hathway Cable and Datacom
Limited (Consolidated)
Independent Media Trust
Indiavidual Learning Limited
Indiawin Sports Private Limited
Intelligent Supply Chain Infrastructure
Management Private Limited (Formerly Known
as Jio Digital Cableco Private Limited)
Intimi India Private Limited ^
Jaisuryas Retail Ventures Private Limited ^
Jio Cable and Broadband Holdings
Private Limited
Jio Content Distribution Holdings 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
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
470
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
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)
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%
0.01%
0.00%
0.01%
0.00%
0.01%
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.08
(0.00%)
(4.08)
-
-
(0.00%)
(0.00%)
(0.01)
(0.01)
45.67
54.56
0.33
90.34
14.54
63.85
(0.03%)
(18.34)
0.02%
0.00%
0.01%
0.00%
0.01%
11.69
0.01
6.54
1.49
4.17
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00%
0.00%
-
0.00%
-
0.00%
0.06
0.04
-
0.01
-
0.37
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
(4.08)
(0.00%)
(0.00%)
(0.01)
(0.01)
(0.02%)
(18.28)
0.01%
0.00%
0.01%
0.00%
0.01%
11.73
0.01
6.55
1.49
4.54
0.53%
4,126.78
0.22%
130.52
(0.01%)
(1.45)
0.16%
129.07
0.43%
3,365.74
(0.00%)
0.01%
0.04%
84.07
348.02
0.00%
0.05%
(0.01)
0.33
27.65
(0.00%)
(0.01)
(0.00%)
(0.01)
0.00%
0.00%
3.70
0.41
0.00%
1.14
(0.00%)
(2.62)
0.08%
591.13
(0.00%)
(0.01)
1,980.30
0.00%
553.43
-
0.12
-
1,323.38
(0.00%)
(0.06)
0.25%
0.07%
0.17%
0.04%
0.00%
0.00%
0.10%
(0.00%)
309.61
0.01%
0.03
0.92
791.12
(0.01)
(0.00%)
0.00%
(0.00%)
(0.00%)
0.06%
447.73
0.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
0.00%
0.03%
(0.01)
0.33
27.65
(0.00%)
(0.01)
0.00%
1.14
(0.00%)
(2.62)
(0.00%)
(0.01)
0.00%
-
0.12
-
(0.00%)
(0.06)
6.34
(0.01)
0.31
(0.07)
(0.01)
0.02
0.00%
0.07
-
-
-
-
-
-
-
-
(0.00%)
(0.04)
0.01%
(0.00%)
0.00%
(0.00%)
(0.00%)
(0.00%)
6.41
(0.01)
0.31
(0.07)
(0.01)
(0.02)
471
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance 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
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)
Jio Platforms Limited
26.57% 2,07,095.75
1.00%
610.08
0.96%
212.52
0.99%
822.60
Jio Satellite Communications Limited ^
Jio Space Technology Limited ^
Jio Television Distribution Holdings
Private Limited
Jio Things Limited
Just Dial 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
0.00%
0.00%
8.21
0.39
(0.00%)
(0.00%)
(1.79)
(2.62)
0.07%
569.75
-
-
0.00%
0.67
(0.00%)
0.45%
3,486.08
0.10%
(0.30)
58.60
-
-
-
-
-
-
-
-
(0.01%)
(1.28)
(0.00%)
(0.00%)
(1.79)
(2.62)
-
-
(0.00%)
0.07%
(0.30)
57.32
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Kalanikethan Fashions Private Limited ^
(0.00%)
(5.04)
0.00%
Kalanikethan Silks Private Limited ^
0.01%
68.23
(0.00%)
3.03
(0.14)
0.00%
0.00%
0.04
0.20
0.00%
0.00%
3.07
0.06
Kutch New Energy Projects Limited (Formerly
known as Reliance Solar Projects Limited) ^
88
M Entertainments Private Limited
Mesindus Ventures Limited (Formerly known as
Mesindus Ventures Private Limited)
0.00%
0.00%
0.01
0.13
0.00%
38.46
-
-
-
Model Economic Township Limited
0.82%
6,419.28
0.11%
MYJD Private Limited ^
(0.00%)
(0.03)
(0.00%)
Netmeds Marketplace Limited
0.00%
29.61
0.02%
-
-
-
49.40
(0.01)
10.58
Network18 Media & Investments
Limited (Consolidated)
0.59%
4,607.20
1.38%
837.65
New Emerging World of Journalism Limited
0.01%
45.44
0.00%
Nilgiris Stores Limited ^
-
-
(0.00%)
NowFloats Technologies Private Limited
0.00%
33.39
0.00%
2.49
(0.01)
2.09
-
-
-
0.00%
-
0.00%
0.02%
0.00%
-
0.00%
-
-
-
0.03
-
0.22
3.47
0.07
-
0.01
-
-
-
-
-
-
0.08%
(0.00%)
0.01%
49.45
(0.01)
10.80
1.01%
841.12
0.00%
(0.00%)
0.00%
2.56
(0.01)
2.10
0.02%
188.55
0.04%
26.34
(0.00%)
(0.64)
0.03%
25.70
Radisys India Limited (Formerly known as
Radisys India Private Limited)
RB Holdings Private Limited
RB Media Holdings Private Limited
100
RB Mediasoft Private Limited
RBML Solutions India Limited
Reliance Ambit Trade Private Limited
Reliance BP Mobility Limited
Reliance Brands Limited
0.00%
0.05%
0.05%
0.03%
0.12
(0.00%)
383.37
(0.00%)
414.09
(0.00%)
263.40
(0.01)
(0.02)
(0.03)
3.54
18.84
1.65
-
-
-
-
-
-
-
-
-
-
-
-
336.49
(0.01%)
(2.33)
0.01%
0.03%
0.00%
0.55%
0.12%
0.23%
915.43
1,830.27
(0.05%)
(395.84)
(0.35%)
(213.77)
Reliance 4IR Realty Development Limited
3.67%
28,643.13
Reliance Brands Luxury Fashion Private Limited
Reliance Carbon Fibre Cylinder Limited ^
0.02%
0.00%
166.01
0.01
0.01%
-
3.88
-
Reliance Clothing India Private Limited
(0.01%)
(84.70)
(0.03%)
(16.54)
Reliance Commercial Dealers Limited
Reliance Comtrade Private Limited
Reliance Content Distribution Limited
0.21%
0.02%
0.76%
1,672.26
0.00%
117.87
(0.00%)
5,908.01
(0.00%)
Reliance Corporate IT Park Limited
2.70%
21,078.06
0.19%
0.55
(0.05)
(0.03)
114.75
Reliance Digital Health Limited (Formerly known
as Kanhatech Solutions Limited)
Reliance Eminent Trading & Commercial
Private Limited
Reliance Ethane Pipeline Limited
Reliance GAS Lifestyle India Private Limited
Reliance Gas Pipelines Limited
0.01%
86.42
0.00%
2.01
0.49%
3,826.31
(0.00%)
(2.33)
0.07%
0.01%
0.07%
509.26
103.36
0.20%
0.01%
120.83
4.75
508.25
(0.02%)
(15.12)
(0.00%)
(0.02)
0.00%
0.00%
0.02
0.10
0.00%
0.00%
-
0.00%
0.00%
-
-
0.49
0.30
-
0.02
0.18
-
-
(0.00%)
(0.52)
-
-
-
-
(0.00%)
(0.00%)
(0.00%)
0.00%
0.02%
0.00%
0.40%
(0.01)
(0.02)
(0.03)
3.54
18.84
1.65
334.16
(0.26%)
(213.28)
0.01%
-
4.18
-
(0.02%)
(16.52)
0.00%
(0.00%)
(0.00%)
0.14%
0.73
(0.05)
(0.03)
114.23
0.00%
2.01
(0.00%)
(2.33)
0.15%
0.01%
120.81
4.77
(0.02%)
(15.02)
Sr.
No.
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
89
90
91
92
93
94
95
96
97
98
99
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Name of the Enterprise
Reliance Hydrogen Electrolysis Limited ^
Reliance Hydrogen Fuel Cell Limited ^
Reliance Industrial Investments and
Holdings Limited
Reliance Innovative Building Solutions
Private Limited
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)
0.00%
0.00%
0.01
0.01
-
-
-
-
3.29%
25,631.50
0.48%
294.19
0.00%
7.35
(0.00%)
(0.50)
-
-
-
-
-
-
-
-
-
-
-
-
0.35%
294.19
(0.00%)
(0.50)
Reliance Jio Infocomm Limited
25.37%
1,97,790.18
24.41%
14,817.32
0.00%
0.26
17.88% 14,817.58
(0.00%)
(0.00%)
0.00%
(0.11)
(0.11)
1.80
-
-
-
-
0.00%
0.01
(0.00%)
(0.00%)
0.00%
(0.11)
(0.11)
1.81
Reliance Jio Media Limited
Reliance Jio Messaging Services Limited
Reliance Lifestyle Products Private Limited
Reliance New Energy Carbon Fibre
Cylinder Limited ^
Reliance New Energy Hydrogen
Electrolysis Limited ^
128
Reliance New Energy Hydrogen Fuel Cell Limited ^
Reliance New Energy Limited (Formerly known
as Reliance New Energy Solar Limited) ^
Reliance New Energy Power Electronics Limited ^
Reliance New Energy Storage Limited ^
Reliance New Solar Energy Limited ^
Reliance O2C Limited
Reliance Payment Solutions Limited
Reliance Petro Marketing Limited
Reliance Petroleum Retail Limited
Reliance Power Electronics Limited ^
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%
82.62
85.95
7.20
0.01
0.01
0.01
0.74%
5,774.00
0.01
0.01
0.11
0.00%
0.00%
0.00%
0.00%
0.02%
0.05%
-
0.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.01)
12.40
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.04%
31.50
(0.01%)
(10.77)
0.03%
22.48
-
-
-
-
0.02%
16.44
31.49
0.05%
31.50
190.59
(0.02%)
(10.76)
(0.00%)
391.15
0.02%
10.08
0.06%
-
0.01
-
-
-
-
Reliance Progressive Traders Private Limited
0.51%
3,954.30
0.03%
16.44
Reliance Projects & Property Management
Services Limited
3.12%
24,334.30
0.50%
300.86
(0.07%)
(15.66)
0.34%
285.20
140
Reliance Prolific Commercial Private Limited
0.08%
636.07
Reliance Prolific Traders Private Limited
0.36%
2,809.03
Reliance Retail and Fashion Lifestyle Limited
Reliance Retail Finance Limited
Reliance Retail Insurance Broking Limited
0.01%
0.47%
0.00%
52.38
3,666.18
4.22
0.01%
0.00%
0.00%
0.04%
0.01%
3.48
0.08
0.38
26.96
6.83
Reliance Retail Limited
3.88%
30,254.76
8.13% 4,934.65
Reliance Retail Ventures Limited
8.76%
68,251.25
3.88%
2,354.73
-
-
-
-
-
-
-
-
(0.00%)
(0.01%)
0.21%
(0.11)
(2.10)
47.04
0.00%
0.00%
0.00%
0.03%
0.01%
3.48
0.08
0.38
26.96
6.72
5.95% 4,932.55
2.90%
2,401.77
Reliance Ritu Kumar Private Limited (Formerly
known as Ritika Private Limited) ^
0.01%
110.39
0.01%
3.54
(0.00%)
(0.47)
0.00%
3.07
Reliance Sibur Elastomers Private Limited
0.30%
2,355.66
(0.00%)
Reliance SMSL Limited
Reliance Storage Limited ^
0.00%
0.00%
37.40
0.01
Reliance Strategic Business Ventures Limited
1.66%
12,931.87
Reliance Strategic Investments Limited
Reliance Syngas Limited ^
Reliance Universal Traders Private Limited
Reliance Vantage Retail Limited
Reliance Ventures Limited
0.29%
0.00%
0.22%
0.02%
0.59%
2,228.03
0.10
1,727.63
158.01
4,591.66
0.04%
-
0.30%
0.28%
-
0.00%
0.00%
0.62%
Reliance-GrandOptical Private Limited
(0.00%)
(0.01)
(0.00%)
Reverie Language Technologies Limited
RISE Worldwide Limited
RRB Mediasoft Private Limited
Saavn Media Limited
SankhyaSutra Labs Limited
Shopsense Retail Technologies Limited
(Formerly known as Shopsense Retail
Technologies Private Limited)
0.01%
0.03%
0.04%
1.05%
0.01%
86.85
213.14
0.00%
0.02%
293.87
(0.00%)
(0.03)
8,221.98
69.80
0.00%
0.00%
0.46
0.33
(0.14)
22.91
-
179.81
168.04
-
1.56
2.02
374.76
(0.02)
2.70
12.61
-
0.02%
-
-
4.00
-
(0.00%)
0.03%
-
(0.14)
26.91
-
3.95%
875.36
1.27%
1,055.17
-
-
-
-
-
-
0.00%
0.00%
-
-
-
-
-
-
-
-
0.02
0.14
-
-
0.00%
0.05
0.20%
168.04
-
0.00%
0.00%
0.45%
(0.00%)
0.00%
0.02%
-
1.56
2.02
374.76
(0.02)
2.72
12.75
(0.00%)
(0.03)
0.00%
0.00%
0.46
0.38
0.01%
106.24
0.00%
0.22
(0.00%)
(0.67)
(0.00%)
(0.45)
Sr.
No.
118
119
120
121
122
123
124
125
126
127
129
130
131
132
133
134
135
136
137
138
139
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
472
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
473
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Sr.
No.
164
Name of the Enterprise
Shri Kannan Departmental Store Limited
(Formerly known as Shri Kannan Departmental
Store Private Limited)
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)
0.01%
96.87
(0.07%)
(44.22)
0.00%
0.15
(0.05%)
(44.07)
165
Strand Life Sciences Private Limited ^
0.01%
90.20
0.03%
18.90
(0.00%)
(0.20)
0.02%
18.70
Surajya Services Limited (Formerly known as
Surajya Services Private Limited)
0.00%
27.59
(0.00%)
(1.10)
(0.00%)
(0.00)
(0.00%)
(1.10)
Surela Investment And Trading Limited
(0.00%)
(1.38)
(0.00%)
(0.34)
2,184.18
(0.06%)
(38.62)
0.01%
1.19
(0.05%)
(37.43)
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
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
Tesseract Imaging Limited
The Indian Film Combine Private Limited
Tira Beauty Limited ^
Tresara Health Limited (Formerly known as
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 Limited
(Formerly known as Urban Ladder Home Décor
Solutions Private Limited)
VasyERP Solutions Private Limited ^
Vitalic Health Private Limited
183 Watermark Infratech Private Limited
Foreign
Addverb Technologies BV ^
Addverb Technologies Pte Limited ^
Addverb Technologies Pty Limited ^
Addverb Technologies USA Inc. ^
Affinity USA LLC *
Aurora Algae LLC *
Faradion Limited ^
Faradion UG ^
Hamleys (Franchising) Limited *
Hamleys Asia Limited *
JD International Pte. Ltd. ^
Jio Estonia OÜ *
Just Dial Inc. ^
MAS Brands Exports (Private) Limited * ^
MAS Brands Lanka (Private) Limited * ^
Mindex 1 Limited
Radisys B.V. *
Radisys Canada Inc. *
Radisys Cayman Limited *
Radisys Convedia (Ireland) Limited *
Radisys Corporation *
Radisys GmbH *
Radisys International LLC *
0.00%
20.25
0.02%
9.63
0.00%
0.75
0.01%
10.38
0.00%
0.28%
-
8.60
0.00%
0.06
-
(0.00%)
(0.01)
(0.00%)
(26.08)
(0.01%)
(4.58)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00%
0.00%
0.05%
8.78
(0.00%)
(0.87)
-
38.35
0.00%
2.15
0.00%
383.00
(0.00%)
(0.02)
-
(0.00%)
(2.19)
(0.00%)
0.00%
0.00%
0.00%
-
-
0.03%
0.00%
0.02%
(0.00%)
0.00%
0.00%
0.00%
0.00%
0.01%
0.02%
0.00%
0.00%
0.00%
0.00%
0.68
4.03
4.39
-
-
(0.00%)
0.01%
(0.01%)
-
-
(2.20)
(2.40)
4.05
(3.16)
-
-
257.59
(0.01%)
(5.80)
0.47
168.81
(0.37)
0.00%
0.04%
(0.00%)
0.10
23.10
(0.11)
1.36
0.81
1.48
44.59
180.22
4.93
28.04
0.07
0.39
(0.00%)
(0.07)
0.00%
0.00%
0.01%
0.00%
0.00%
-
0.27
0.61
4.56
0.22
0.34
-
(0.00%)
(0.44)
-
-
-
-
(0.00%)
(0.34)
0.00%
0.06
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
(0.01)
(0.01%)
(4.58)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
(0.03)
(0.00%)
-
0.80
-
0.01
0.07
0.05
0.00%
0.00%
0.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
(0.02%)
(0.01%)
(0.00%)
-
-
-
-
-
(0.74)
(5.11)
(2.35)
(0.38)
-
-
-
-
(0.00%)
(0.87)
0.00%
2.95
(0.00%)
(0.02)
(0.00%)
(0.00%)
0.00%
-
-
(2.19)
(2.33)
4.10
(3.19)
-
-
(0.01%)
(5.80)
0.00%
0.03%
(0.00%)
0.10
23.10
(0.11)
(0.06%)
(47.83)
(0.01%)
(0.00%)
0.00%
(0.00%)
(0.00%)
(0.01%)
0.00%
(0.00%)
0.00%
-
(5.26)
(0.02)
0.25
(0.07)
(0.47)
(4.50)
2.21
(0.16)
0.34
-
Hamleys of London Limited *
(0.03%)
(205.12)
(0.08%)
(47.83)
Hamleys Toys (Ireland) Limited *
(0.01%)
(69.99)
(0.00%)
0.07
(0.00%)
0.00%
(0.02)
(0.02)
0.33
(0.02%)
(5.24)
-
-
(0.00%)
(0.08)
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
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)
Radisys International Singapore Pte. Ltd. *
Radisys Spain S.L.U. *
Radisys Systems Equipment Trading
(Shanghai) Co. Ltd. *
0.00%
0.00%
0.00%
0.56
1.38
(0.00%)
(0.03)
0.00%
0.16
(0.00%)
(0.00%)
13.33
(0.00%)
(0.43)
0.00%
Radisys Technologies (Shenzhen) Co. Ltd. *
(0.00%)
(8.40)
(0.01%)
0.01%
(0.02)
(0.10)
0.32
2.24
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
57
58
59
60
61
62
63
64
65
66
67
Radisys UK Limited *
REC Americas LLC * ^
REC ScanModule Sweden AB * ^
REC Solar (Japan) Co., Ltd. * ^
REC Solar EMEA GmbH * ^
REC Solar France SAS * ^
REC Solar Holdings AS * ^
REC Solar Norway AS * ^
REC Solar Pte. Ltd. * ^
REC Systems (Thailand) Co., Ltd. * ^
REC Trading (Shanghai) Co., Ltd. * ^
REC US Holdings, Inc. * ^
Recron (Malaysia) Sdn. Bhd. *
Reliance Brands Holding UK Limited *
Reliance Digital Health USA Inc. *
Reliance Eagleford Upstream GP LLC *
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 International Limited ^
Reliance Jio Global Resources LLC *
Reliance Jio Infocomm Pte. Ltd. *
Reliance Jio Infocomm UK Limited *
Reliance Jio Infocomm USA Inc. *
Reliance Marcellus II LLC *
Reliance Marcellus LLC *
RIL USA, Inc. *
Ritu Kumar ME (FZE) (Formerly known as Ritu
Kumar ME (FZC)) ^
RP Chemicals (Malaysia) Sdn. Bhd. *
Saavn Inc.
Saavn LLC
skyTran Inc. *
skyTran Israel Ltd. * ^
Stoke Park Limited * ^
0.00%
0.09%
0.00%
0.00%
0.01%
(0.00%)
0.07%
0.10%
0.00%
0.00%
-
0.19%
0.10%
0.00%
-
0.00%
0.05%
0.03%
0.01%
0.14%
0.01%
0.03%
-
0.12%
0.02%
0.01%
0.02%
-
(0.08%)
(613.57)
0.01%
8.68
(0.00%)
(0.06)
9.17
(0.00%)
735.98
0.03%
(0.00%)
0.01%
0.01%
27.80
19.35
78.80
(1.76)
(3.41)
(0.29)
16.37
(0.04)
4.92
3.88
520.74
(0.03%)
(21.23)
773.09
(0.27%)
(165.10)
0.68
6.31
-
-
-
(0.02%)
(9.45)
-
-
778.30
(0.00%)
(0.64)
4.46
-
0.00%
0.00%
0.17
0.23
(0.00%)
(0.05)
0.00%
0.06
(0.00%)
(0.11)
(0.00%)
(0.00%)
0.02%
(1.17)
(0.31)
16.37
(0.00%)
(0.04)
0.01%
0.00%
4.92
3.88
(0.00%)
(0.06)
0.01%
8.68
(0.03%)
(21.23)
(0.20%)
(165.10)
-
-
(0.01%)
(9.45)
-
-
(0.00%)
(0.02)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.01%
0.15%
2.03
33.65
(0.00%)
(0.64)
0.00%
0.00%
0.17
0.23
3.22% 2,668.79
-
-
0.03%
26.45
1.17%
966.39
1,517.98
0.44%
269.58
0.35%
78.11
0.42%
347.69
(0.05%)
(30.04)
(0.13%)
(29.01)
(0.07%)
(59.05)
0.08%
648.41
0.12%
72.98
0.10%
21.68
0.11%
94.66
31.46
0.00%
2.56
0.01%
1.77
0.01%
4.33
(1.43%)
(866.55)
(0.16%)
(36.49)
(1.09%)
(903.04)
394.25
206.09
1,123.99
66.43
211.46
-
0.03%
16.44
40.99
(0.03%)
(18.55)
0.14%
0.00%
86.48
0.31
-
-
(0.07%)
(520.35)
2.54%
1,544.58
0.13%
1,045.18
0.02%
(0.00%)
(9.90)
0.00%
940.90
148.49
51.33
0.03%
0.14%
0.00%
0.00%
0.00%
0.08%
0.00%
0.53
0.90
18.18
0.39
0.02%
(0.02%)
0.13%
0.00%
16.97
(17.65)
104.66
0.70
-
-
-
-
-
-
1.86%
1,544.58
12.18
0.19
17.42
82.75
0.01
0.09%
18.92
-
-
(0.08%)
(16.70)
-
-
-
-
3.98
-
0.04%
0.00%
0.00%
0.10%
0.00%
31.10
0.19
0.72
82.75
0.01
(0.07%)
(54.76)
-
0.01%
-
5.74
126.27
(0.10%)
(58.74)
0.02%
-
-
-
-
0.04%
319.12
0.03%
16.40
(0.05%)
(10.66)
Reliance Eagleford Upstream Holding LP *
0.01%
43.86
4.40%
2,668.79
-
0.15%
0.33%
-
1,151.74
2,579.18
-
0.04%
1.54%
-
24.42
932.74
(0.02%)
(182.53)
0.00%
0.00%
5.57
2.32
0.00%
0.00%
-
2.48
0.22
-
(0.00%)
(0.38)
(0.00%)
-
-
-
0.00%
2.48
(0.16)
-
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
* Subsidiary Companies having 31st December as Reporting Date.
(0.00%)
(0.44)
Adjustments due to Consolidation (Elimination)
(49.79%) (3,88,138.60)
(2.93%)
(1,760.84)
(0.15%)
(33.20)
(2.19%) (1,794.04)
Others
Non-Controlling Interests
(14.05%)
(1,09,499.00)
(11.76%)
(7,140.00)
(0.34%)
(75.00)
(8.70%)
(7,215.00)
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
* Subsidiary Companies having 31st December as Reporting Date.
474
475
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr.
No.
Name of the Enterprise
Foreign
1
2
3
4
5
6
7
Ethane Crystal LLC
Ethane Emerald LLC
Ethane Opal LLC
Ethane Pearl LLC
Ethane Sapphire LLC
Ethane Topaz LLC
Sodium-ion Batteries Pty Limited ^
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)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-
27.02
27.50
27.24
26.44
27.63
26.85
-
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
-
12.80
12.98
12.94
13.58
13.09
13.79
-
(0.00%)
(0.00%)
(0.00%)
(0.01%)
(0.72)
(0.70)
(0.77)
(1.59)
(0.00%)
(0.88)
(0.01%)
(1.63)
-
-
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
-
12.08
12.28
12.17
11.99
12.21
12.16
-
Grand Total
100%
7,79,485
100%
60,705
100%
22,185
100%
82,890
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
42 Other Statutory Information
42.1 Balances outstanding with nature of transactions with Struck off Companies as per section 248 of the
Companies Act, 2013:
Sr.
No.
Name of Struck off Company
Nature of transactions
with Struck off
Company
Balance
outstanding
(` in crore)
Relationship with
the Struck off
Company
1
YSR Films Private Limited (` 43,92,000)
Trade Payables *
-
NA
* Outstanding balance is on account of non-compliance by vendor as per contract.
43 Events after the Reporting Period
The Board of Directors have recommended dividend of ` 8/- per fully paid up equity share of ` 10/- each for the
financial year 2021-22.
44 The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make
them comparable.
45 Approval of Financial Statements
The Consolidated Financial Statements were approved for issue by the Board of Directors on May 06, 2022.
Sr.
No.
Name of the Enterprise
Associates (Investment as per the equity method)
Indian
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)
3.38
0.00%
2.86
0.00%
0.02
0.00%
2.88
Clayfin Technologies Private Limited
Dunzo Digital Private Limited ^
Dunzo Merchant Services Private Limited ^
Future101 Design Private Limited ^
Gaurav Overseas Private Limited
GenNext Ventures Investment Advisers LLP
Gujarat Chemical Port Limited
Indian Vaccines Corporation Limited
MM Styles Private Limited ^
Neolync India Private Limited ^
0.00%
(0.00%)
(0.00%)
0.00%
0.00%
0.00%
0.07%
(0.00%)
0.00%
-
(38.86)
(0.06%)
(38.79)
(0.35)
(0.00%)
(0.07)
1.62
0.01
0.09
580.89
(0.47)
8.00
-
0.00%
0.00%
-
0.18%
0.00%
0.01%
-
1.62
0.06
-
107.14
0.01
8.00
-
Neolync Solutions Private Limited ^
(0.00%)
(0.36)
(0.00%)
(0.36)
-
-
-
-
-
-
-
-
-
-
0.00%
0.04
-
-
-
-
-
-
-
-
(0.05%)
(38.79)
(0.00%)
(0.07)
0.00%
0.00%
-
0.13%
0.00%
0.01%
-
1.62
0.06
-
107.18
0.01
8.00
-
(0.00%)
(0.36)
Petroleum Trust
7.46%
58,165.12
Reliance Industrial Infrastructure Limited
0.03%
205.11
Reliance Services and Holdings Limited
2.77%
21,556.65
-
0.01%
0.01%
-
3.50
5.38
60.75% 13,478.04
16.26% 13,478.04
0.04%
8.11
0.01%
11.61
43.29% 9,603.27
11.59% 9,608.65
Sterling and Wilson Renewable Energy Limited
(Consolidated) ^
(0.01%)
(41.77)
(0.06%)
(33.68)
(0.04%)
(8.09)
(0.05%)
(41.77)
Vadodara Enviro Channel Limited
(0.00%)
(0.25)
(0.00%)
(0.25)
Foreign
1
2
3
Reliance Europe Limited
Ritu Kumar Fashion (LLC) ^
Two Platforms Inc. ^
Joint Ventures (Investment as per the equity method)
Indian
0.00%
37.52
0.00%
0.79
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.00%)
(0.25)
0.00%
0.79
-
-
-
-
Alok Industries Limited (Consolidated)
(0.01%)
(110.58)
(0.14%)
(85.28)
(0.08%)
(16.64)
(0.12%)
(101.92)
Brooks Brothers India Private Limited
(0.00%)
(5.58)
Burberry India Private Limited
CAA-Global Brands Reliance Private Limited ^
Canali India Private Limited
Clarks Reliance Footwear Private Limited
(Formerly known as Clarks Future Footwear
Private Limited) ^
0.00%
0.00%
0.00%
19.26
0.01
4.68
-
-
D. E. Shaw India Securities Private Limited
0.00%
1.50
0.01%
0.01%
-
0.00%
-
-
4.32
7.75
-
1.64
-
-
Diesel Fashion India Reliance Private Limited
(0.01%)
(40.39)
0.00%
1.59
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.01%
0.01%
-
0.00%
-
-
4.32
7.75
-
1.64
-
-
0.00%
1.59
Football Sports Development Limited
(0.02%)
(131.99)
(0.05%)
(30.10)
(0.00%)
(0.21)
(0.04%)
(30.31)
(98.32)
(0.04%)
(23.75)
(0.00%)
(0.08)
(0.03%)
(23.83)
Iconix Lifestyle India Private Limited
India Gas Solutions Private Limited
0.00%
0.02%
11.14
129.21
0.01%
0.23%
4.42
142.33
Indospace MET Logistics Park Farukhnagar
Private Limited (Formerly known as Dadri Toe
Warehousing Private Limited)
Jio Payments Bank Limited
Marks and Spencer Reliance India Private Limited
Pipeline Management Services Private Limited
Reliance Bally India Private Limited
(0.01%)
(0.01%)
0.00%
0.00%
(68.41)
7.23
1.35
(0.00%)
(0.40)
(0.00%)
(0.40)
Reliance Paul & Shark Fashions Private Limited
(0.00%)
(7.43)
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
Zegna South Asia Private Limited
(0.00%)
(8.61)
(0.00%)
(0.23)
(0.01%)
(0.00%)
0.00%
(0.00%)
(101.91)
(13.98)
0.47
(24.11)
(0.01%)
(0.01%)
0.00%
0.00%
(4.13)
(3.32)
1.32
2.23
0.02%
0.01%
0.00%
0.00%
0.00%
13.85
3.61
1.52
0.22
0.03
-
-
-
-
-
-
0.01%
0.17%
4.42
142.33
(0.00%)
(0.40)
-
-
(0.00%)
(0.13)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.02%
0.00%
0.00%
0.00%
0.00%
13.85
3.48
1.52
0.22
0.03
(0.00%)
(0.23)
(0.00%)
(0.00%)
0.00%
0.00%
(4.13)
(3.32)
1.32
2.23
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
^ Company was Subsidiary / Associate / Joint Venture for part of the year.
476
477
Notesto the Consolidated Financial Statements for the year ended 31st March, 2022Integrated Annual Report 2021-22Reliance Industries Limited
Annexure “A”
Statement containing Salient Features of Financial Statements of Subsidiaries / Associates / Joint Ventures as per Companies Act, 2013
Part “A”: Subsidiaries
Sr.
No.
Name of Subsidiary Company
The date
since which
Subsidiary
was
acquired
07.04.2021
19.07.2021
7-India Convenience Retail Limited
Aaidea Solutions Limited (Formerly known as
Aaidea Solutions Private Limited)
Abraham and Thakore Exports Private Limited
23.02.2022
Actoserba Active Wholesale Limited (Formerly
known as Actoserba Active Wholesale
Private Limited)
Addverb Technologies BV
Addverb Technologies Private Limited
Addverb Technologies Pte Limited
18.02.2021
13.07.2021
13.07.2021
13.07.2021
Addverb Technologies Pty Limited
13.07.2021
Addverb Technologies USA Inc.
08.11.2021
10
Affinity USA LLC *
Amante India Private Limited (Formerly known
as MAS Brands India Private Limited)
Asteria Aerospace Limited (Formerly known as
Asteria Aerospace Private Limited)
Aurora Algae LLC *
15.07.2019
11.11.2021
12.12.2019
21.04.2015
C-Square Info-Solutions Private Limited
01.03.2019
Dadha Pharma Distribution Private Limited
18.08.2020
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
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
Dronagiri Navghar North Second Infra Limited
01.02.2019
Dronagiri Navghar South First Infra Limited
Dronagiri Navghar South Infra Limited
01.02.2019
29.01.2019
Dronagiri Navghar South Second Infra Limited
01.02.2019
Dronagiri Navghar West Infra Limited
Dronagiri Pagote East Infra Limited
Dronagiri Pagote North First Infra Limited
Dronagiri Pagote North Infra Limited
29.01.2019
16.01.2019
01.02.2019
24.01.2019
Dronagiri Pagote North Second Infra Limited
01.02.2019
1
2
3
4
5
6
7
8
9
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
INR
INR
INR
INR
EUR
INR
INR
SGD
INR
AUD
INR
USD
INR
USD
INR
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
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
(` in crore)
Foreign Currencies in Million
45.00
(7.12)
93.02
55.14
10.63
1.00
(3.74)
1.49
(5.23)
-
(5.23)
(41.04)
98.09
139.09
32.04
421.49
(65.92)
-
(65.92)
(8.81)
5.26
13.99
4.55
(3.02)
1.90
(4.92)
(1.71)
0.03
(67.63)
(4.89)
1.02
54.93
161.94
105.99
227.55
(34.99)
461.67
119.63
130.11
278.57
0.04
0.08
0.00
0.00
0.51
0.76
4.25
0.18
1.02
1.00
7.58
-
-
(0.26)
(2.19)
341.53
(0.63)
(3.53)
0.54
3.06
(0.42)
(3.18)
-
-
0.42
3.54
0.68
5.73
0.74
4.14
7.18
40.74
0.90
6.82
-
-
0.61
3.42
6.46
36.66
0.32
2.42
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.35
2.95
1.09
6.10
17.00
96.46
-
-
-
-
(0.26)
(2.19)
15.51
0.57
3.19
0.80
4.54
(0.60)
(4.55)
-
-
49.74
(93.11)
90.58
133.95
81.10
(26.28)
0.08
29.43
116.49
86.98
7.67
18.90
(4.49)
-
-
1.78
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
-
-
44.51
13.70
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
-
-
57.96
64.72
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
11.67
50.21
-
-
4.80
6.00
-
-
20.44
190.08
-
-
1.09
6.20
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.33
-
-
0.24
1.36
(0.18)
(1.36)
-
-
-
-
-
-
(0.58)
1.57
(34.99)
(0.18)
(35.17)
(0.26)
(2.19)
13.18
0.57
3.19
0.56
3.18
(0.42)
(3.19)
-
-
-
-
(0.31)
-
-
-
-
-
-
-
-
(0.26)
(2.19)
12.87
0.57
3.19
0.56
3.18
(0.42)
(3.19)
-
-
(26.28)
(0.20)
(26.48)
(4.49)
(0.04)
(4.53)
-
-
1.67
4.63
-
-
0.02
0.06
-
-
1.69
4.69
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.00%
96.49%
55.00%
86.15%
100.00%
56.34%
100.00%
100.00%
100.00%
100.00%
100.00%
74.57%
100.00%
89.45%
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%
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# Representing aggregate % of voting power held by the Company and / or its subsidiaries.
* Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
The date
since which
Subsidiary
was
acquired
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
(` in crore)
Foreign Currencies in Million
Sr.
No.
40
41
42
43
44
45
46
47
48
Name of Subsidiary Company
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
Enercent Technologies Private Limited
Faradion Limited
49
Faradion UG
50
51
52
53
54
55
56
57
58
59
Foodhall Franchises Limited
Football Sports Development Limited
Future Lifestyles Franchisee 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 *
60
Hamleys Asia Limited *
01.02.2019
29.01.2019
24.01.2019
31.01.2019
28.01.2019
28.01.2019
04.02.2019
23.11.2021
04.01.2022
04.01.2022
20.01.2022
28.12.2020
02.02.2022
07.09.2018
07.09.2018
07.09.2018
07.09.2018
07.09.2018
07.03.2019
16.07.2019
16.07.2019
61
Hamleys of London Limited *
16.07.2019
62
Hamleys Toys (Ireland) Limited *
16.07.2019
63
64
65
66
67
Indiavidual Learning Limited
Indiawin Sports Private Limited
Intimi India Private Limited
Jaisuryas Retail Ventures Private Limited
JD International Pte. Ltd.
68
Jio Estonia OÜ *
11.06.2018
07.04.2010
11.11.2021
02.11.2021
01.09.2021
22.11.2018
69
70
71
72
73
74
75
76
77
78
Jio Haptik Technologies Limited
22.09.2014
Jio Information Aggregator Services Limited
09.11.2020
Jio Infrastructure Management
Services Limited
Jio Limited
Jio Media Limited
Jio Platforms Limited
Jio Satellite Communications Limited
Jio Space Technology Limited
Jio Things Limited
Just Dial Inc.
04.09.2017
15.11.2019
11.11.2020
15.11.2019
21.10.2021
23.10.2021
18.11.2020
01.09.2021
INR
INR
INR
INR
INR
INR
INR
INR
GBP
INR
EUR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
GBP
INR
HKD
INR
GBP
INR
EUR
INR
INR
INR
INR
INR
SGD
INR
EUR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
USD
INR
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
4.92
25.90
257.59
0.05
0.40
(0.01)
166.29
(0.01)
33.10
42.56
(1.24)
0.40
9.55
63.79
16.82
168.91
(0.30)
(0.29)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.16
0.00
0.00
0.00
0.00
0.01
2.29
0.01
12.57
12.00
1.57
89.94
4.99
0.06
0.00
0.00
0.00
0.00
2.00
0.01
160.18
187.87
0.35
149.26
102.55
201.05
20.50
205.87
0.83
0.79
0.01
114.51
133.31
0.02
58.92
88.01
137.20
3.68
36.96
1.13
1.08
(22.43)
122.73
143.16
20.08
(225.25)
1,232.49
1,437.66
0.00
0.00
0.54
2.65
6.52
13.74
0.05
0.28
0.05
0.42
49.13
0.05
0.06
0.01
5.00
(8.30)
(69.90)
3.46
29.14
11.76
99.04
83.53
1,571.05
1,486.98
345.37
(2.82)
(13.33)
(0.04)
(0.22)
0.11
0.93
260.48
(0.02)
0.86
(0.02)
442.73
400.86
12.61
40.50
0.01
0.06
0.21
1.80
52.84
8.91
40.09
-
-
0.05
0.45
365.55
55.94
0.03
2.01
0.00
454.47
-
1.09
0.01
6.74
0.04
0.04
0.04
0.04
0.04
0.04
0.04
6.22
27.20
270.52
0.07
0.57
0.01
-
-
-
-
-
-
-
1.14
1.30
12.93
0.02
0.17
0.01
-
-
-
-
-
-
-
-
1.53
15.22
-
-
-
-
-
-
-
-
-
-
2.66
0.63
6.27
2.82
23.73
-
-
-
-
-
-
-
-
(0.44)
(6.45)
(64.15)
0.05
0.44
(0.01)
450.88
282.30
125.81
393.78
(46.30)
-
-
-
-
-
-
-
(0.01)
-
-
0.00
0.03
-
-
-
-
4.27
-
2.78
0.58
1.07
0.90
9.04
-
-
(2.93)
-
-
-
-
-
-
-
(0.43)
(6.45)
(64.15)
0.05
0.41
(0.01)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.43)
(6.45)
(64.15)
0.05
0.41
(0.01)
(46.30)
(0.02)
(46.32)
(0.01)
(18.34)
11.69
0.01
6.54
1.49
4.17
2.27
22.79
(0.12)
(0.11)
(4.71)
-
0.06
0.04
-
0.01
-
0.37
-
-
-
-
-
-
-
-
-
-
-
(0.01)
(18.28)
11.73
0.01
6.55
1.49
4.54
2.27
22.79
(0.12)
(0.11)
(4.71)
(47.30)
(0.67)
(5.64)
0.33
27.65
(0.65)
-
-
(0.01)
52.56
28.00
(18.34)
208.87
15.96
0.02
59.59
100.96
-
74.81
17.50
799.68
0.01
9.32
2.07
5.24
3.17
31.83
(0.12)
(0.11)
(7.64)
5.21
52.32
4.88
4.65
33.88
-
-
3.67
-
-
-
-
-
-
-
-
-
-
-
293.55
322.29
-
-
-
-
-
-
-
-
-
-
3.46
19.46
72.02
-
-
0.59
4.93
37.08
-
4.02
-
0.27
340.23
(76.72)
(29.42)
(47.30)
(0.67)
(5.64)
(0.36)
37.26
(0.65)
-
-
(0.69)
9.61
-
(0.67)
(5.64)
0.33
27.65
(0.65)
(63.59)
(0.80)
(62.79)
0.34
(62.45)
-
-
0.04
0.32
(11.58)
(0.01)
0.41
(0.01)
0.02
817.89
(1.79)
(2.62)
(0.30)
(0.01)
(0.08)
-
-
-
-
(17.92)
-
-
0.04
0.32
6.34
-
(0.01)
0.10
-
-
0.31
(0.01)
0.02
207.81
610.08
-
-
-
-
-
(1.79)
(2.62)
(0.30)
(0.01)
(0.08)
-
-
-
-
0.07
-
-
-
(0.04)
212.52
-
-
-
-
-
-
-
0.04
0.32
6.41
(0.01)
0.31
(0.01)
(0.02)
822.60
(1.79)
(2.62)
(0.30)
(0.01)
(0.08)
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
59.18%
92.01%
100.00%
100.00%
65.00%
100.00%
72.73%
100.00%
100.00%
100.00%
100.00%
82.41%
100.00%
100.00%
100.00%
100.00%
85.38%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
66.43%
100.00%
100.00%
100.00%
100.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,939.03
1,98,156.72
2,09,182.82
2,087.07
1,89,489.39
4,251.50
10.00
3.01
1.00
0.00
0.00
(1.79)
(2.62)
(0.33)
0.11
0.83
8.49
0.60
14.41
0.11
0.83
0.28
0.21
13.74
-
-
3.53
-
0.80
-
-
0.04
-
4.08
0.02
0.15
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# Representing aggregate % of voting power held by the Company and / or its subsidiaries.
* Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
478
479
Integrated Annual Report 2021-22Reliance Industries Limited Annexure “A”
Sr.
No.
79
80
81
82
83
84
85
86
87
88
89
90
91
92
Name of Subsidiary Company
Just Dial 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
Kalanikethan Fashions Private Limited
Kalanikethan Silks Private Limited
Kutch New Energy Projects Limited (Formerly
known as Reliance Solar Projects Limited)
M Entertainments Private Limited
MAS Brands Exports (Private) Limited *
01.09.2021
24.01.2019
25.01.2019
24.01.2019
25.01.2019
25.01.2019
24.01.2019
01.02.2019
21.01.2019
25.11.2021
25.11.2021
17.06.2021
17.04.2018
11.11.2021
93
MAS Brands Lanka (Private) Limited *
11.11.2021
94
95
96
97
98
99
100
101
102
Mesindus Ventures Limited (Formerly known
as Mesindus Ventures Private Limited)
Mindex 1 Limited
Model Economic Township Limited
MYJD Private Limited
Netmeds Marketplace Limited
New Emerging World of Journalism Limited
Nilgiris Stores Limited
NowFloats Technologies Private Limited
Radisys B.V. *
103
Radisys Canada Inc. *
104
Radisys Cayman Limited *
18.08.2020
21.05.2018
09.10.2006
01.09.2021
18.08.2020
26.11.2018
19.01.2022
11.12.2019
11.12.2018
11.12.2018
11.12.2018
105
Radisys Convedia (Ireland) Limited *
11.12.2018
106
Radisys Corporation *
107
Radisys GmbH *
108
Radisys India Limited (Formerly known as
Radisys India Private Limited)
109
Radisys International LLC *
11.12.2018
11.12.2018
24.12.2018
11.12.2018
110
Radisys International Singapore Pte. Ltd. *
11.12.2018
111
Radisys Spain S.L.U. *
11.12.2018
The date
since which
Subsidiary
was
acquired
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
(` in crore)
Foreign Currencies in Million
83.61
3,402.47
4,032.83
546.75
3,798.30
769.11
83.40
12.46
70.94
(1.77)
69.17
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
USD
INR
LKR
INR
INR
GBP
INR
INR
INR
INR
INR
INR
INR
EUR
INR
USD
INR
USD
INR
USD
INR
USD
INR
EUR
INR
INR
USD
INR
SGD
INR
EUR
INR
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
240.39
142.92
245.43
74.69
2.52
33.48
213.18
106.71
(24.62)
(40.79)
0.54
1.45
(25.16)
(42.24)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
10.00
16.00
0.01
0.01
11.61
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(15.04)
52.23
-
0.12
(11.41)
0.01
0.15
1.44
-
0.02
1.24
9.22
116.00
4.35
3.41
0.16
1.61
-
-
-
-
-
-
3.02
-
-
-
0.01
3.14
23.34
446.16
16.73
0.04
0.54
5.37
-
-
(1.24)
(9.22)
28.28
1.06
-
0.52
5.14
86.30
(84.82)
10.70
2,761.31
(1,572.21)
1,305.10
103.55
(58.96)
48.94
0.06
0.00
0.02
38.40
41.87
18.12
180.20
18.28
181.83
97.00
6,362.61
7,532.70
1,073.09
69.42
346.77
49.93
0.00
9.29
0.04
0.01
0.20
0.03
0.25
0.00
0.00
0.00
0.02
0.00
0.00
0.03
0.22
0.21
5.51
(0.03)
20.32
45.40
(0.01)
33.19
0.67
5.65
3.77
0.00
82.73
47.58
0.01
58.53
0.85
7.18
3.98
28.04
29.60
0.01
0.05
0.05
0.39
0.63
5.35
0.01
0.07
0.43
3.21
101.31
753.07
0.92
7.73
0.03
53.12
2.14
0.01
25.14
0.15
1.28
0.21
1.56
-
-
0.38
2.82
125.87
935.60
0.26
2.16
75.00
557.51
(99.56)
(740.04)
188.34
393.24
204.69
(5.20)
40.95
(38.63)
0.00
0.00
0.00
0.03
0.10
0.56
0.16
1.37
0.31
2.32
0.30
1.64
0.20
1.72
-
-
0.20
1.08
0.04
0.32
-
24.72
0.97
-
19.15
0.03
0.22
-
-
-
-
0.42
3.12
6.15
45.69
-
-
-
0.00
0.03
-
-
-
-
-
111.49
4.38
-
24.78
0.71
5.95
0.97
7.21
-
-
-
-
105.88
787.07
0.74
6.24
(0.01)
10.58
0.05
(0.01)
2.09
0.05
0.39
0.09
0.66
-
-
(0.06)
(0.44)
3.36
24.97
0.06
0.49
550.03
35.57
-
-
0.02
0.09
0.22
1.89
-
-
(0.00)
(0.02)
0.02
0.14
-
-
-
-
-
-
-
0.07
0.67
0.51
-
-
(2.44)
-
-
0.01
0.09
0.04
0.32
-
-
-
-
3.02
22.47
0.02
0.21
9.23
-
-
0.00
0.01
0.01
0.06
-
-
-
-
-
-
-
-
0.04
0.20
-
-
0.01
0.07
4.16
0.16
-
-
-
-
-
-
-
-
-
-
-
(25.12)
(42.04)
-
-
(1.23)
(9.15)
32.44
1.22
-
0.45
4.47
-
-
(1.24)
(9.22)
28.28
1.06
-
0.45
4.47
49.42
0.03
49.45
(0.01)
10.58
2.49
(0.01)
2.09
0.04
0.30
0.05
0.34
-
-
(0.06)
(0.44)
0.34
2.50
0.04
0.28
-
0.22
0.07
-
0.01
-
-
-
-
-
-
-
-
-
-
-
-
(0.01)
10.80
2.56
(0.01)
2.10
0.04
0.30
0.05
0.34
-
-
(0.06)
(0.44)
0.34
2.50
0.04
0.28
26.34
(0.64)
25.70
-
-
-
(0.03)
0.01
0.08
-
-
-
-
-
-
-
-
-
(0.03)
0.01
0.08
66.96%
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%
83.33%
100.00%
100.00%
100.00%
100.00%
75.00%
100.00%
88.33%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# Representing aggregate % of voting power held by the Company and / or its subsidiaries.
* Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
(` in crore)
Foreign Currencies in Million
CNY
INR
CNY
INR
GBP
INR
INR
USD
INR
SEK
INR
JPY
INR
EUR
INR
EUR
INR
USD
INR
NOK
INR
USD
INR
THB
INR
CNY
INR
USD
INR
MYR
INR
INR
INR
INR
GBP
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
USD
INR
USD
INR
11.48
0.04
3.48
4.07
41.28
48.31
0.19
1.91
260.00
0.00
0.00
0.06
0.05
7.96
9.31
(48.77)
(57.07)
0.75
7.52
3.38
99.01
735.98
33.78
27.75
13.44
72.71
85.09
1.06
10.60
349.95
127.42
947.18
83.55
68.64
60.00
239.73
336.45
3.87
0.05
0.42
0.05
0.42
15.48
9.31
78.38
(0.26)
(2.18)
21.73
10.54
88.75
2.94
24.73
450.41
(532.95)
120.49
0.06
80.20
93.85
0.12
1.17
86.57
28.41
211.20
49.71
40.84
36.72
2.38
1.18
9.95
3.15
26.49
203.03
3,348.09
(3,961.66)
895.65
1,509.22
992.32
(375.14)
837.27
328.81
(316.53)
(224.81)
865.85
730.56
817.41
248.67
209.82
713.41
2,444.19
(1,671.10)
6,076.22
5,303.13
12.00
2.69
1.57
1.84
0.00
0.00
(8.95)
(2.01)
3.82
4.47
-
-
3.47
0.78
21.03
24.61
0.00
0.00
0.42
0.10
15.64
18.30
-
-
542.99
968.83
307.78
549.16
1,514.31
2,701.91
663.54
1,183.92
-
-
-
-
-
-
281.78
-
-
-
-
-
-
-
-
-
-
0.00
-
8.14
9.53
0.41
4.13
314.73
320.46
(0.36)
(0.43)
(1.73)
(2.03)
0.01
0.15
5.66
69.76
2,382.17
518.55
0.71
0.58
659.68
42.60
68.72
578.71
-
-
0.37
0.30
15.29
0.99
0.82
6.91
(0.03)
(0.28)
102.51
762.01
-
-
0.31
2.27
8.84
(328.56)
65.72
(2,442.36)
57.78
(2,358.35)
48.75
(1,989.86)
386.70
(135.49)
2,874.52
(1,007.16)
-
-
-
-
-
-
-
-
3.00
0.67
80.11
93.75
-
-
3,317.53
5,919.31
1.00
0.10
80.96
813.02
101.08
17.50
0.01
0.05
15.00
1.00
0.05
100.00
28,543.13
31,529.83
2,886.70
22,546.99
518.65
914.43
916.50
1.07
135.59
6.85
1,830.13
4,202.11
2,371.88
594.33
42,280.10
(3.49)
(35.05)
77.48
778.07
0.01
0.10
72.01
723.14
-
-
148.51
303.78
137.77
69.20
230.43
-
(84.75)
0.01
47.64
1,657.26
1,804.14
116.87
118.09
5,907.96
5,908.02
-
132.34
131.88
0.22
0.01
-
-
-
20.69
(16.54)
50.17
596.93
-
5,907.00
-
0.05
238.00
20,839.70
30,579.54
9,501.84
-
3,639.59
75.00
0.01
0.07
0.34
2.52
11.42
0.65
4.86
(0.30)
(2.22)
94.34
0.92
6.82
0.04
0.31
7.92
0.26
1.89
-
0.01
74.14
0.03
0.22
-
-
8.77
0.97
7.19
0.03
0.24
0.14
0.03
3.72
4.35
-
-
206.94
369.24
26.06
1.65
472.78
(0.08)
(0.80)
12.16
-
0.80
(0.05)
(0.03)
170.39
2.93
0.02
0.17
0.03
0.24
(0.36)
(0.43)
(1.82)
(2.14)
0.01
0.13
3.54
51.68
384.15
0.28
0.22
13.00
0.84
0.82
6.90
(0.03)
(0.28)
(328.56)
(2,442.36)
(2,358.35)
(1,989.86)
(135.49)
(1,007.16)
0.11
0.02
2.79
3.26
-
-
151.05
269.53
18.84
1.65
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27.74
49.50
-
-
(0.36)
(0.43)
(1.82)
(2.14)
0.01
0.13
3.54
51.68
384.15
0.28
0.22
13.00
0.84
0.82
6.90
(0.03)
(0.28)
(328.56)
(2,442.36)
(2,358.35)
(1,989.86)
(135.49)
(1,007.16)
0.11
0.02
2.79
3.26
-
-
178.79
319.03
18.84
1.65
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.99%
100.00%
100.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
83.66
100.00%
149.27
-
-
100.00%
100.00%
336.49
(2.33)
334.16
(450.00)
51.00%
-
-
0.09
0.11
0.00
0.02
2.12
18.08
134.40
0.09
0.08
2.29
0.15
0.00
0.01
-
-
-
-
-
-
-
-
0.03
0.01
0.93
1.09
-
-
55.89
99.71
7.22
-
136.29
(0.02)
(0.20)
(0.06)
(0.60)
8.28
-
-
0.25
-
-
55.64
0.92
-
-
-
-
3.88
-
(16.54)
0.55
(0.05)
(0.03)
114.75
2.01
0.02
0.17
0.03
0.24
-
-
0.49
0.30
-
0.02
(0.28)
-
-
(0.88)
-
-
-
-
-
(0.06)
(0.60)
(213.28)
4.18
-
(16.52)
0.27
(0.05)
(0.03)
113.87
2.01
0.02
0.17
0.03
0.24
100.00%
80.00%
99.69%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(496.92)
4,011.10
4,406.94
1,861.83
1,279.32
(273.74)
(59.97)
(213.77)
Sr.
No.
112
Name of Subsidiary Company
Radisys Systems Equipment Trading
(Shanghai) Co. Ltd. *
The date
since which
Subsidiary
was
acquired
11.12.2018
113
Radisys Technologies (Shenzhen) Co. Ltd. *
11.12.2018
114
Radisys UK Limited *
115
116
RBML Solutions India Limited
REC Americas LLC *
11.12.2018
16.03.2021
01.12.2021
117
REC ScanModule Sweden AB *
01.12.2021
118
REC Solar (Japan) Co., Ltd. *
119
REC Solar EMEA GmbH *
120
REC Solar France SAS *
121
REC Solar Holdings AS *
122
REC Solar Norway AS *
123
REC Solar Pte. Ltd. *
01.12.2021
01.12.2021
01.12.2021
01.12.2021
01.12.2021
01.12.2021
124
REC Systems (Thailand) Co., Ltd. *
01.12.2021
125
REC Trading (Shanghai) Co., Ltd. *
01.12.2021
126
REC US Holdings, Inc. *
01.12.2021
127
Recron (Malaysia) Sdn. Bhd. *
20.07.2007
128
129
130
131
132
133
134
135
136
137
138
139
140
Reliance 4IR Realty Development Limited
Reliance Ambit Trade Private Limited
Reliance BP Mobility Limited
Reliance Brands Holding UK Limited *
Reliance Brands Limited
15.04.2019
31.03.2009
23.03.2015
26.06.2019
12.10.2007
Reliance Brands Luxury Fashion Private Limited
07.09.2018
Reliance Carbon Fibre Cylinder 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 Limited (Formerly
known as Kanhatech Solutions Limited)
141
Reliance Digital Health USA Inc. *
29.07.2021
26.09.2013
10.01.2017
31.03.2009
04.09.2017
30.03.2009
01.08.2008
26.03.2012
142
Reliance Eagleford Upstream GP LLC *
17.06.2010
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# Representing aggregate % of voting power held by the Company and / or its subsidiaries.
* Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
480
481
Integrated Annual Report 2021-22Reliance Industries Limited Annexure “A”
Sr.
No.
Name of Subsidiary Company
The date
since which
Subsidiary
was
acquired
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
(` in crore)
Foreign Currencies in Million
143
Reliance Eagleford Upstream Holding LP *
17.06.2010
144
Reliance Eagleford Upstream LLC *
16.06.2010
145
Reliance Eminent Trading & Commercial
Private Limited
146
Reliance Ethane Holding Pte Limited
Reliance Ethane Pipeline Limited
Reliance Exploration & Production DMCC *
31.03.2009
04.09.2014
18.06.2019
06.12.2006
Reliance GAS Lifestyle India Private Limited
09.08.2017
Reliance Gas Pipelines Limited
Reliance Global Energy Services
(Singapore) Pte. Limited
26.11.2012
18.08.2008
147
148
149
150
151
152
Reliance Global Energy Services Limited
20.06.2008
153
154
155
Reliance Hydrogen Electrolysis Limited
Reliance Hydrogen Fuel Cell Limited
Reliance Industrial Investments and
Holdings Limited
29.09.2021
29.09.2021
30.12.1988
156
Reliance Industries (Middle East) DMCC *
11.05.2005
157
Reliance Industries Uruguay Petroquimica S.A.
(En Liquidacion) * ^
21.08.2017
158
Reliance Innovative Building Solutions
Private Limited
159
Reliance International Limited
30.03.2015
16.06.2021
160
Reliance Jio Global Resources LLC *
15.01.2015
161
162
Reliance Jio Infocomm Limited
Reliance Jio Infocomm Pte. Ltd. *
17.06.2010
01.02.2013
163
Reliance Jio Infocomm UK Limited *
30.07.2013
164
Reliance Jio Infocomm USA Inc. *
05.06.2013
165
166
167
168
Reliance Jio Media Limited
Reliance Jio Messaging Services Limited
Reliance Lifestyle Products Private Limited
Reliance Marcellus II LLC *
169
Reliance Marcellus LLC *
170
171
Reliance New Energy Carbon Fibre
Cylinder Limited
Reliance New Energy Hydrogen
Electrolysis Limited
02.01.2015
12.09.2013
05.10.2020
28.06.2010
29.03.2010
24.06.2021
02.07.2021
USD
INR
USD
INR
INR
USD
INR
INR
USD
INR
INR
INR
USD
INR
GBP
INR
INR
INR
INR
USD
INR
USD
INR
INR
USD
INR
USD
INR
INR
USD
INR
GBP
INR
USD
INR
INR
INR
INR
USD
INR
USD
3,203.82
(3,197.85)
23,815.58
(23,771.22)
3,392.55
(3,392.55)
25,218.56
(25,218.56)
7.69
57.13
-
-
1.72
12.77
-
-
-
-
-
-
146.00
365.81
1,085.28
2,719.28
-
-
-
-
10.00
3,816.31
4,432.17
605.86
50.00
48.68
(2.33)
9.09
164.77
68.89
1,248.83
0.01
0.06
155.62
1,179.49
3.30
24.99
2,338.12
1,828.86
45.98
659.69
155.67
1,179.88
50.00
47.99
100.00
261.10
1.18
8.91
3.00
29.84
0.01
0.01
356.70
2,222.48
2,579.39
459.26
298.98
346.99
3.36
247.15
149.89
916.97
0.02
0.21
46.53
408.72
84.38
940.94
855.38
639.50
7,131.59
6,483.18
1.65
16.41
-
-
21.11
209.92
0.01
0.01
16.46
163.67
-
-
3.28
24.88
162.11
126.25
938.47
4.56
(24.66)
10.38
78.67
0.25
2.52
-
-
-
-
8.45
23.84
132.35
983.84
61.72
93.77
-
-
10,049.76
76,169.61
18.45
183.51
-
-
2.30
22.92
-
-
-
-
-
-
-
-
-
41.28
-
-
(0.19)
(9.54)
0.57
4.32
0.00
0.01
-
-
365.81
2,719.28
-
-
(2.33)
3.28
24.88
120.83
126.25
938.47
4.75
(15.12)
9.81
74.35
0.25
2.51
-
-
219.89
25,964.49
37,693.77
11,509.39
28,773.48
3,670.90
362.99
68.80
294.19
207.13
(134.91)
523.13
450.91
397.19
242.82
(117.29)
1,539.70
(1,002.87)
3,888.68
3,351.85
2,952.49
1,804.97
(871.87)
-
-
-
-
-
-
-
-
64.69
(57.34)
20.40
13.05
25.00
189.48
0.00
0.00
2.19
502.29
475.10
16.60
3,806.98
3,600.90
5.52
41.00
6.31
46.93
0.79
5.93
-
-
-
-
-
-
-
-
-
-
-
0.53
(0.50)
3,873.50
29,358.22
11.32
84.14
2.19
16.60
0.75
5.58
-
-
-
-
-
-
-
3.26
24.25
(117.29)
(871.87)
-
-
(0.50)
2.19
16.60
(2.51)
(18.67)
-
-
-
-
-
-
-
(0.02)
-
-
0.02
0.10
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
45,000.00
1,52,790.18
3,18,489.18
1,20,699.00
1,663.27
77,204.64
19,865.07
5,047.75
14,817.32
0.26
14,817.58
21.80
286.43
135.23
162.05
2,129.18
1,005.24
129.40
961.89
6.00
60.25
38.55
286.56
86.01
97.33
17.49
530.11
0.61
6.13
(9.46)
(70.32)
(3.39)
(11.38)
(10.29)
(530.11)
3,940.61
(3,940.61)
4,396.23
(4,466.06)
INR
32,679.36
(33,198.47)
INR
INR
0.01
0.01
-
-
9.40
94.40
32.43
241.07
106.92
86.02
15.15
-
-
13.50
100.33
0.01
0.01
2.79
28.02
3.34
24.83
24.30
0.07
7.95
-
-
83.33
619.44
-
-
-
-
-
-
12.89
95.82
-
0.39
-
-
-
90.75
674.59
15.41
154.75
20.42
151.79
-
0.10
16.54
-
-
14.28
106.15
0.10
1.00
0.58
4.31
(0.11)
(0.11)
1.83
-
-
3.63
26.97
23.62
211.72
175.58
1,573.80
-
-
-
-
-
-
2.57
19.10
0.07
0.70
4.65
11.71
87.05
0.03
0.30
-
-
-
-
(4.07)
(4.43)
34.57
(30.26)
(32.93)
-
-
0.03
-
-
-
-
-
-
(0.11)
(0.11)
1.80
-
-
211.72
1,573.80
-
-
-
-
0.01
-
-
-
-
-
-
11.71
87.05
0.03
0.30
(8.50)
(63.19)
(0.11)
(0.11)
1.81
-
-
211.72
1,573.80
-
-
365.81
2,719.28
-
-
(2.33)
3.28
24.88
120.81
126.25
938.47
4.77
(15.02)
9.81
74.35
0.25
2.51
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
51.00%
100.00%
100.00%
100.00%
100.00%
100.00%
294.19
(28.35)
100.00%
(117.29)
(871.87)
-
-
(0.50)
2.19
16.60
(2.51)
(18.67)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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%
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
(` in crore)
Foreign Currencies in Million
6.72
(30.00)
100.00%
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
INR
INR
INR
INR
USD
INR
INR
AED
INR
MYR
INR
USD
INR
USD
INR
INR
INR
INR
0.01
-
0.01
-
-
5,549.00
225.00
5,774.28
0.28
5,711.31
0.01
0.01
0.11
0.05
115.00
0.05
0.01
0.01
-
-
-
31.44
75.59
391.10
(0.01)
-
0.01
0.01
0.12
331.28
223.62
710.00
-
0.01
-
-
0.01
299.79
33.03
318.85
-
-
10.00
3,944.30
4,925.07
970.77
-
-
-
-
-
-
-
-
-
-
-
-
31.77
(10.76)
12.24
-
-
60.75
16.44
-
-
-
-
-
-
40.95
4,878.20
18.43
481.89
38.95
733.42
100.00
24,234.30
83,171.41
58,837.11
11.54
44,387.95
300.86
1.00
10.00
1.00
68.12
4.00
635.07
636.66
2,799.03
2,881.58
51.38
53.31
3,598.06
3,667.05
0.22
18.13
0.59
72.55
0.93
0.87
13.91
-
-
51.92
3,543.54
-
9.71
32.59
3.39
20.06
40.19
3.48
0.08
0.51
30.87
9.25
-
-
-
-
-
0.27
-
2.16
-
-
-
-
-
-
0.13
3.91
2.42
-
-
-
-
-
31.50
(10.76)
10.08
-
-
16.44
-
-
-
-
-
-
(0.01)
12.40
-
-
-
-
-
-
-
-
31.50
(10.77)
22.48
-
-
16.44
300.86
(15.66)
285.20
3.48
0.08
0.38
26.96
6.83
-
-
-
-
(0.11)
(2.10)
47.04
3.48
0.08
0.38
26.96
4,932.55
2,401.77
4,990.42
25,264.34
88,124.65
57,869.89
716.39
1,69,409.93
6,579.92
1,645.27
4,934.65
6,863.54
61,387.71
88,494.83
20,243.58
35,245.60
8,077.27
3,143.67
788.94
2,354.73
2.01
108.38
328.84
218.45
6.05
253.06
(34.74)
-
(34.74)
(0.34)
(35.08)
2.02
0.10
10.00
0.56
2.69
0.05
0.02
3.00
22.30
106.72
0.15
0.31
2,354.53
1.13
5,415.37
3,059.71
23.06
-
0.05
0.01
37.35
719.83
682.43
-
0.01
-
-
-
3,578.13
-
100.00
12,831.87
20,145.37
7,213.50
10,857.66
1,478.12
2,226.01
2,228.12
0.09
180.90
184.26
3,431.55
34,038.14
30,606.49
1,717.63
1,730.02
157.45
163.09
4,588.97
4,629.84
(0.06)
86.83
137.60
0.04
95.48
291.31
2.39
5.08
38.18
0.05
8.63
150.71
1,022.88
2,165.43
1,120.25
-
-
-
-
4.14
4.35
1,632.44
544.32
-
1.26
-
-
-
20.35
1,035.40
7,696.67
106.42
225.09
11.95
168.90
101.21
(4.95)
(10.21)
1.03
2.13
1,574.14
(1,046.80)
586.02
2,808.67
(1,867.75)
1,045.61
0.00
0.00
19.59
148.49
198.91
(192.14)
1,507.58
(1,456.25)
19.59
148.49
8.94
67.77
5.83
12.03
58.68
104.69
-
-
2.17
16.44
-
-
-
-
19.59
148.49
-
-
0.08
0.11
8,221.90
8,325.60
103.62
1,774.08
69.69
74.31
4.51
6.31
1.08
2.23
289.22
516.05
11.11
84.24
13.08
99.10
1.88
2.11
(0.19)
14.09
-
233.39
176.87
-
1.54
2.13
473.74
(0.02)
2.70
2.25
16.74
12.61
(0.50)
(1.03)
13.23
23.61
11.11
84.24
1.48
11.23
0.46
0.52
(0.05)
(8.82)
-
53.58
8.83
-
(0.02)
0.11
98.98
-
-
0.60
4.49
-
-
-
3.47
6.18
-
-
1.48
11.22
-
0.19
(0.14)
22.91
-
179.81
168.04
-
1.56
2.02
374.76
(0.02)
2.70
1.65
12.25
12.61
(0.50)
(1.03)
9.76
17.43
11.11
84.24
-
0.01
0.46
0.33
-
4.00
-
(0.14)
26.91
-
875.36
1,055.17
-
-
-
-
-
-
0.02
-
-
0.14
-
-
-
-
-
-
-
-
0.00
0.05
168.04
-
1.56
2.02
374.76
(0.02)
2.72
1.65
12.25
12.75
(0.50)
(1.03)
9.76
17.43
11.11
84.24
-
0.01
0.46
0.38
1.82
104.42
161.80
55.56
0.03
121.55
-
(0.22)
0.22
(0.67)
(0.45)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
99.94%
85.06%
52.21%
74.90%
100.00%
100.00%
100.00%
88.24%
100.00%
100.00%
100.00%
100.00%
100.00%
83.94%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
87.15%
85.62%
86.69%
Sr.
No.
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
Name of Subsidiary Company
Reliance New Energy Hydrogen
Fuel Cell Limited
Reliance New Energy Limited (Formerly known
as Reliance New Energy Solar Limited)
The date
since which
Subsidiary
was
acquired
05.08.2021
07.06.2021
Reliance New Energy Power Electronics Limited
14.07.2021
Reliance New Energy Storage Limited
Reliance New Solar Energy Limited
Reliance O2C Limited
Reliance Payment Solutions Limited
Reliance Petro Marketing Limited
Reliance Petroleum Retail Limited
Reliance Power Electronics Limited
15.06.2021
07.06.2021
24.01.2019
07.09.2007
31.03.2009
21.06.2019
29.07.2021
Reliance Progressive Traders Private Limited
31.03.2009
Reliance Projects & Property Management
Services Limited
19.06.2019
Reliance Prolific Commercial Private Limited
31.03.2009
Reliance Prolific Traders Private Limited
31.03.2009
Reliance Retail and Fashion Lifestyle Limited
11.08.2020
Reliance Retail Finance Limited
Reliance Retail Insurance Broking Limited
Reliance Retail Limited
Reliance Retail Ventures Limited
Reliance Ritu Kumar Private Limited (Formerly
known as Ritika Private Limited)
Reliance Sibur Elastomers Private Limited
Reliance SMSL Limited
Reliance Storage Limited
20.02.2007
20.11.2006
20.11.2006
24.04.2007
14.10.2021
21.02.2012
27.11.2007
19.06.2021
Reliance Strategic Business Ventures Limited
21.06.2019
Reliance Strategic Investments Limited
Reliance Syngas Limited
Reliance Universal Traders Private Limited
Reliance Vantage Retail Limited
200
Reliance Ventures Limited
201
202
203
Reliance-GrandOptical Private Limited
Reverie Language Technologies Limited
RIL USA, Inc. *
204
RISE Worldwide Limited
205
Ritu Kumar ME (FZE) (Formerly known as Ritu
Kumar ME (FZC))
28.12.2001
01.11.2021
31.03.2009
27.12.2007
07.10.1999
17.03.2008
22.03.2019
26.02.2009
28.12.2020
14.10.2021
206
RP Chemicals (Malaysia) Sdn. Bhd. *
11.02.2016
207
Saavn Inc.
208
Saavn LLC
209
Saavn Media Limited
210
SankhyaSutra Labs Limited
211
Shopsense Retail Technologies Limited
(Formerly known as Shopsense Retail
Technologies Private Limited)
05.04.2018
05.04.2018
05.04.2018
12.03.2019
13.08.2019
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# 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.
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# Representing aggregate % of voting power held by the Company and / or its subsidiaries.
* Company having 31st December as reporting date.
$ Includes Reserves and Surplus.
482
483
Integrated Annual Report 2021-22Reliance Industries Limited Annexure “A”
Sr.
No.
212
Name of Subsidiary Company
Shri Kannan Departmental Store
Limited (Formerly known as Shri Kannan
Departmental Store Private Limited)
213
skyTran Inc. *
214
skyTran Israel Ltd. * ^
215
Stoke Park Limited *
216
Strand Life Sciences Private Limited
217
218
219
Surajya Services Limited (Formerly known as
Surajya Services Private Limited)
Surela Investment And Trading Limited
Tesseract Imaging Limited
220
The Indian Film Combine Private Limited
221
Tira Beauty Limited
222
223
224
225
226
227
Tresara Health Limited (Formerly known as
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
228
Ulwe Waterfront South Infra Limited
229
230
231
232
233
Ulwe Waterfront West Infra Limited
Ulwe West Infra Limited
Urban Ladder Home Décor Solutions Limited
(Formerly known as Urban Ladder Home
Décor Solutions Private Limited)
VasyERP Solutions Private Limited
Vitalic Health Private Limited
The date
since which
Subsidiary
was
acquired
Reporting
Currency
Equity
Share
Capital
Other
Equity $
Total
Assets
Total
Liabilities
Investments
Total
Income
Profit
Before
Taxation
Provision
for
Taxation
Profit
After
Taxation
Other
Compre-
hensive
Income
Total
Compre-
hensive
Income
Proposed
Dividend
% of
Share-
holding #
03.03.2020
INR
8.49
88.38
275.20
178.33
8.42
276.75
(44.21)
0.01
(44.22)
0.15
(44.07)
26.02.2021
26.02.2021
22.04.2021
06.09.2021
09.05.2019
07.05.2012
07.05.2019
17.04.2018
01.12.2021
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
10.08.2021
18.08.2020
USD
INR
USD
INR
GBP
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
0.00
0.00
-
-
0.00
0.01
23.47
0.03
0.05
0.01
6.90
0.01
16.83
125.08
-
-
31.78
319.11
66.73
27.56
(1.43)
8.59
18.40
136.78
-
-
81.96
823.08
110.96
30.61
21.25
50.04
1.57
11.70
-
-
50.18
503.96
20.76
3.02
22.63
41.44
-
-
-
-
-
-
70.70
-
5.27
2.11
0.24
1.77
-
-
32.01
321.44
102.78
(8.53)
(63.40)
-
-
0.02
0.17
0.00
0.01
(8.53)
(63.41)
-
-
-
-
-
-
0.02
0.17
-
-
-
-
-
-
(8.53)
(63.41)
-
-
0.02
0.17
58.95
(0.69)
59.64
(0.20)
59.44
1.71
(1.49)
(0.39)
(1.10)
(0.00)
(1.10)
0.50
0.06
(0.34)
0.06
-
-
(0.34)
0.06
2,177.28
3,277.54
1,093.36
53.83
51.44
(22.67)
15.95
(38.62)
(0.01)
0.01
0.01
-
-
(0.01)
-
0.11
(0.01)
(4.58)
4.12
(30.20)
65.60
91.68
22.38
233.68
(4.47)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25.07
(4.82)
98.59
78.34
16.95
229.71
9.63
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.19
-
-
-
-
-
-
-
-
-
-
(0.34)
0.06
(37.43)
(0.01)
(4.58)
-
-
-
-
-
-
-
-
9.63
0.75
10.38
0.57
16.73
8.21
21.62
9.00
47.79
0.22
9.44
-
4.50
0.68
57.38
(1.26)
2.51
(0.28)
0.36
(0.98)
2.15
-
0.80
(0.98)
2.95
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.00%
54.46%
100.00%
100.00%
81.79%
68.48%
100.00%
90.00%
83.17%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.99%
82.35%
70.56%
As on 31.12.2021 1 USD=74.3350, 1 GBP=100.4225, 1 EUR=84.2150, 1 SGD=55.1000, 1 HKD=9.5350, 1 MYR=17.8425, 1 CNY=11.7025, 1 AUD=54.0375, 1 AED=20.2375, 100 LKR=37.5000, 1 THB=2.2425, 1 SEK=8.2150, 100 JPY=64.5750, 1 NOK=8.4375
As on 31.03.2022 1 USD=75.7925, 1 GBP=99.4550, 1 EUR=84.2200, 1 SGD=55.9700, 1 HKD=9.6800, 1 MYR=18.0250, 1 CNY=11.9375, 1 AUD=56.7425, 1 AED=20.6350, 100 LKR=22.5930, 1 THB=2.2800, 1 SEK=8.1400, 100 JPY=62.1525, 1 NOK=8.6900
# 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.
(` in crore)
Foreign Currencies in Million
Name of Subsidiaries which are yet to commence operations-
Corporate
Overview
Management
Review
Governance
Financial
Statements
Consolidated
Sr. No. Name of the Company
Sr. No. Name of the 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
32
33
34
35
36
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
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
Foodhall Franchises Limited
Future Lifestyles Franchisee Limited
JD International Pte. Ltd.
Jio Information Aggregator Services Limited
Jio Limited
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
Jio Satellite Communications Limited
Jio Space Technology 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
Kutch New Energy Projects Limited (formerly known as
Reliance Solar Projects Limited)
MYJD Private Limited
Nilgiris Stores Limited
Reliance Carbon Fibre Cylinder Limited
Reliance Hydrogen Electrolysis Limited
Reliance Hydrogen Fuel Cell Limited
Reliance New Energy Carbon Fibre Cylinder Limited
Reliance New Energy Hydrogen Electrolysis Limited
Reliance New Energy Hydrogen Fuel Cell Limited
Reliance New Energy Power Electronics Limited
Reliance New Energy Storage Limited
Reliance New Solar Energy Limited
Reliance Petroleum Retail Limited
Reliance Power Electronics Limited
Reliance Storage Limited
Tira Beauty 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
Name of the Subsidiaries which have ceased to be subsidiary / liquidated / sold / merged during the year-
Sr. No. Name of the Company
Sr. No. Name of the Company
1
2
3
eDreams Edusoft Private Limited *
Hamleys Global Holdings Limited #
Luvley Limited #
* Merged with Indiavidual Learning Limited.
# Dissolved / Liquidated.
4
5
6
Radisys Poland sp. zo.o #
Scrumpalicious Limited #
The Hamleys Group Limited #
484
485
Integrated Annual Report 2021-22Reliance Industries Limited Annexure “A”
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associates and Joint Ventures
Latest
Audited
Balance
Sheet
Date
The
date on
which the
Associate
or Joint
Venture
was
associated
or
acquired
Share of Associate / Joint Venture held
by the company on the year end
No.
Amount of
Investment
in Associate
/ Joint
Venture
(` in crore)
Extent
of
Holding
% *
Net worth
attributable
to
shareholding
as per latest
Audited
Balance
Sheet #
(` in crore)
Profit / Loss for the year
Considered in
consolidation
(` in crore)
Not
Considered in
Consolidation
Description
of how
there is
Significant
Influence
Reason why
Associate /
Joint Venture
is not
consolidated
Sr.
No.
Name of Associates /
Joint Ventures
Associates & Joint Ventures
(7,164.71)
(83.46)
1
2
3
4
5
6
7
8
9
10
11
12
Alok Industries Limited
31.03.2022
28.02.2020
1,98,65,33,333
Gujarat Chemical Port Limited
31.03.2021
01.04.2006
64,29,20,000
India Gas Solutions Private Limited
31.03.2022
26.08.2019
2,25,00,000
Indian Vaccines Corporation Limited 31.03.2021
27.03.1989
62,63,125
268.81
64.29
22.50
0.61
40.01
41.80
50.00
33.33
Pipeline Management Services
Private Limited
31.03.2021
29.03.2019
5,00,000
0.50
50.00
Reliance Europe Limited
31.12.2021
10.06.1993
11,08,500
3.93
50.00
Reliance Industrial
Infrastructure Limited
31.03.2022
19.05.1994
68,60,064
16.30
45.43
Vadodara Enviro Channel Limited
31.03.2021
01.04.2019
14,302
Jio Payments Bank Limited
31.03.2022
10.11.2016
18,45,20,000
Balaji Telefilms Limited
31.03.2021
22.08.2017
2,52,00,000
0.01
184.52
178.79
28.57
70.00
24.92
501.86
119.26
2.75
3.50
67.33
197.58
10.90
86.34
142.90
Jio Digital Fibre Private Limited
31.03.2022
31.03.2019 2,49,54,43,333
249.54
48.46
57,835.76
Jamnagar Utilities & Power
Private Limited
31.03.2021
07.05.2018
52,00,000
0.40
26.00
0.52
109.92
109.86
(0.01)
1.70
0.79
3.79
(1.02)
(23.75)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Note-A
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 is yet to commence operations - Nil
Name of the Associate or Joint Venture which have ceased to be Associate or Joint Venture / liquidated / sold / merged during
the year - Nil
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)
Alok Agarwal
Chief Financial Officer
Srikanth Venkatachari
Joint Chief Financial Officer
M.D. Ambani
N.R. Meswani
H.R. Meswani
P.M.S. Prasad
P.K. Kapil
T P Ostwal
Partner
Membership No. 030848
Vikas Kumar Pansari
Partner
Membership No. 093649
Savithri Parekh
Company Secretary
Date: May 06, 2022
Nita M. Ambani
Prof. Dipak C. Jain
Dr. R.A. Mashelkar
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir Othman H. Al Rumayyan
K.V. Chowdary
Chairman and
Managing Director
Executive Directors
Non-Executive
Directors
486 Reliance Industries Limited
Members’
Feedback Form
2021-22
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 equity shares held : .....................................................................................
Signature of Member
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Contents
Presentation
Contents
Presentation
Contents
Presentation
Contents
Presentation
Contents
Presentation
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
Company Secretary and Compliance Officer
Reliance Industries Limited
C/o. KFin Technologies Limited
(formerly known as KFin Technologies Private Limited)
Selenium Tower B, Plot No. 31-32, Gachibowli,
Financial District, Nanakramguda,
Hyderabad - 500 032
Fold
Company Information
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
Registrar & Transfer Agent
KFin Technologies Limited
Selenium Tower B,
Plot 31-32, Gachibowli, Financial
District, Nanakramguda,
Hyderabad – 500 032
Toll Free No.: 1800 309 401
(From 9:00 a.m. to 6:00 p.m.)
Fax: +91 40 6716 1680
e-mail: rilinvestor@kfintech.com
Website: www.kfintech.com
Board of Directors
Chairman and Managing Director
Committees
Audit Committee
Mukesh D. Ambani
Non-Executive Directors
Raminder Singh Gujral (Chairman)
Adil Zainulbhai
K. V. Chowdary
Adil Zainulbhai
Raminder Singh Gujral
Dr. Shumeet Banerji
Arundhati Bhattacharya
His Excellency Yasir
Othman H. Al Rumayyan
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
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
e-mail: investor.relations@ril.com
Website: www.ril.com
Stakeholders’ Relationship
Committee
K. V. Chowdary (Chairman)
Nikhil R. Meswani
Hital R. Meswani
Arundhati Bhattacharya
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)
Raminder Singh Gujral
Dr. Shumeet Banerji
K. V. Chowdary
Corporate Social Responsibility
and Governance Committee
Dr. Shumeet Banerji (Chairman)
K. V. Chowdary
Nikhil R. Meswani
Health, Safety and Environment
Committee
Hital R. Meswani (Chairman)
Arundhati Bhattacharya
P. M. S. Prasad
Pawan Kumar Kapil