Rating Rationale
March 31, 2023 | Mumbai
Reliance Industries Limited
Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities Rated Rs.100000 Crore (Enhanced from Rs.65000 Crore)
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Assigned)
 
Rs.2500 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.19000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore (Reduced from Rs.15000 Crore) Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.34500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings has reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the debt instruments and long term bank facilities of Reliance Industries Limited (RIL). CRISIL Ratings has also assigned ‘CRISIL A1+’ rating to the short term bank loan facilities of the company.

 

Further, CRISIL Ratings has withdrawn its rating on NCDs aggregating Rs 5,000 crore (see annexure 'Details of Rating Withdrawn' for details) on receipt of independent confirmation of their redemption. The withdrawal is in line with CRISIL Ratings’ rating withdrawal policy.

 

RIL’s operating performance remained healthy for the nine months ended December 2022, with a 32% and 24% y-o-y growth in revenues and operating profitability respectively. The performance was supported by continuing growth in oil to chemical (O2C), retail business and digital service segment. The consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Rs 113302 crore for the nine months ended December 2022 as compared to Rs 91719 crore in the corresponding period of the previous fiscal.

 

The ratings continue to reflect RIL's leadership position and strong competitiveness in the O2C business, leadership position attained by Reliance Jio Infocomm Limited (RJIL; 'CRISIL AAA/Stable/CRISIL A1+') in the telecommunications (telecom) industry and by Reliance Retail Ltd (RRL; 'CRISIL AAA/Stable/CRISIL A1+') in the retail industry, along with its exceptional financial flexibility.

Analytical Approach

CRISIL Ratings continues to follow a consolidated approach and has combined the business and financial risk profiles of RIL and its subsidiaries, as these entities are part of RIL’s core operations.

 

CRISIL Ratings has also fully consolidated the group companies that are strategically important to RIL, and have significant operational linkages with it. These companies are part of the Reliance Industries Holding Pvt Ltd group, viz. Jamnagar Utilities and Power Pvt Ltd (JUPPL; 'CRISIL AAA/CCR AAA/Stable/CRISIL A1+') and Sikka Ports & Terminals Ltd (SPTL; 'CRISIL AAA/Stable/CRISIL A1+'). CRISIL Ratings considers these entities as strategic given their strong integration with RIL's oils-to-chemicals operations.

 

RIL had transferred the fibre and tower assets of RJIL, along with a portion of its liabilities, to two special purpose vehicles (SPVs): Jio Digital Fibre Pvt Ltd (JDFPL; 'CRISIL AAA/Stable/CRISIL A1+') and Summit Digitel Infrastructure Pvt Ltd (SDIPL; 'CRISIL AAA/Stable') that are held by separate trusts outside RIL. While the SPVs operate independently, RJIL has entered into off-take arrangements with these SPVs given the criticality of these assets for its operations. CRISIL Ratings has thus capitalised the present value of a part of payments as per the long-term contracts, as per the applicable accounting standards. CRISIL Ratings has followed a similar approach for contractual payments made to Pipeline Infrastructure Ltd (PIL; 'CRISIL AAA/Stable').

 

Pass-through certificates (PTCs) issued by First Business Receivables Trust ('CRISIL AAA(SO)/Stable'), under a securitisation transaction originated by RIL, have been added to debt.

 

Deferred payment liabilities of RJIL towards the Department of Telecommunication (DoT) for acquisition of spectrum too, has been considered as debt.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Leadership and strong competitiveness in the O2C business in India

RIL has combined its refining and petrochemicals business into an integrated O2C segment. The company is amongst the top global petrochemical manufacturers. It is the leading producer of paraxylene, polyester fibre, purified terephthalic acid (PTA) and polypropylene. In India, RIL accounts for nearly half of the total domestic cracker (ethylene) capacity and has a production share of more than 50% in the polymers (PE, PP and PVC) market. Its strong market position helps it operate its petrochemical plants at full capacity and also benefits from its large scale. 

 

RIL operates the world's largest ethane transportation and cracker facility, which enables a sizeable import of gas from North America.  This provides RIL with flexibility to operate on either ethane or naphtha (produced by its own refinery) as feedstock for its petrochemical operations, based on the prevailing price dynamics. Moreover, its Refinery Off-Gas cracker (ROGC) project enables the use of off-gas, which is a by-product of its refinery.

 

RIL's competitive advantage in refining arises from its global-scale capacity as the largest single-site refinery in the world, broad product portfolio, and highly integrated operations. With a crude refining capacity of 1.4 million barrels per day (mbpd), RIL is a significant player in the domestic oil refining market with a refining capacity share of about 27%. Both refineries of the company have consistently maintained high utilisation levels over the years. The Jamnagar site benefits from a superior Complexity Index (CI) of 21.1, which makes it amongst the most complex in the world, enabling RIL to process crudes of varying specific gravity and sulphur content.

 

High utilisation of the refineries helps maintain strong operating efficiency and healthy profitability. In addition, RIL's proximity to oil fields in West Asia (its facilities are located along India's western coast) gives it a logistical advantage, as it helps control transportation cost in procuring crude and exporting refined products.

 

RIL's strong competitive advantage has been enhanced by improved energy efficiency contributed by its pet-coke gasification project set up. In the long term, RIL plans to maximize downstream and reduce transportation fuels foot print in a phased manner, to hedge the risk of flagging demand for automotive fuels.

 

Strong market position in the retail segment

RRL continues to consolidate its position as India’s largest retailer by revenue, scale and profits. The company’s strong market position is reflected in its leadership position across several formats and has been supported by consistent revenue and profit growth. The company has been expanding its footprint by adding stores, expanding reach of its digital and new commerce platforms and enhancing product and service offerings. It is widely spread in tier-2 and tier-3 cities, with a network of 17,225 stores as on December 31, 2022.

 

RRL has successfully been able to ramp up JioMart, India’s largest hyperlocal platform operating across over 268 cities. Through its New Commerce initiative, RRL is linking producers with small merchants and consumers to create a win-win partnership model. The New Commerce merchant partner footprint has been expanded to more than 300 cities for grocery and 3,500+ cities for Fashion & Lifestyle, leveraging its investments in sourcing, product design and development, supply chain and technology.

 

Market share leadership in telecom and continued traction in customer acquisition

RJIL, subsidiary of JPL, has leadership position in terms of subscriber and revenue market share in the Indian telecom industry. As of December 2022, RJIL had wireless broadband customer market share of ~52% and overall wireless subscriber market share of ~37%. For quarter ended September 2022, RJIL had revenue market share of ~44% in terms of adjusted gross revenue.

 

RJIL purchased spectrum worth ~Rs 87,946 crores during the recently concluded spectrum auction. Post recent spectrum auction, RJIL’s total owned spectrum footprint has increased significantly to 26,768 MHz (uplink + downlink), which is the highest in India. Besides, the company also has access to an extensive network of telecom towers and optical fiber network in the country. This, along with the acquisition of spectrum in premium 700 MHz band in the recent auction would help the company to provide superior quality of services and enhanced coverage across circles, results in better operating efficiencies.

 

Exceptional financial flexibility

RIL's financial flexibility is demonstrated by its ability to raise resources by tapping the capital markets and through its large cash and liquid investments. Financial flexibility is also supported by unutilised bank lines. The company has a strong financial risk profile underpinned by stable, healthy profitability, and strong debt protection metrics.

 

Weaknesses:

Exposure to regulatory and technological risks in the telecom sector  

Regulatory and policy changes have played a central role in defining the risk characteristics of the Indian telecom sector, which is structurally dynamic. However, this has moderated with the structural reform measures announced by the Union Cabinet in last year.

 

The telecom industry also remains susceptible to technological changes. New technology in the telecom industry necessitates fresh investments or overhaul of existing networks. The advent of 4G, for instance, has seen operators investing substantially in upgrading infrastructure even before they had made significant gains on investments in 3G. Similarly, with the transition to 5G, players may again need to incur significant additional capex even after spending heavily for acquiring spectrum. Higher-than-expected investments having a bearing on financial risk profile will continue to be monitored.

 

High competitive intensity in the retail sector

RRL faces competition from other organized retailers, some of which have stores in catchment areas which overlap with its stores. Furthermore, with organized retail penetration in India being moderate at below 15%, players face intense competition from the unorganized segment, which operates in various addressable markets.  However, India's unorganized retail sector is fragmented and plagued by operational inefficiencies. Reliance Retail's New Commerce initiative connects millions of small kirana stores and merchants across India with suppliers, manufacturers, and brands. It enables businesses to become more efficient and offer them a compelling value proposition to grow their businesses and earnings & thus benefit all players in the retail value chain.

Liquidity: Superior 

Liquidity should remain robust owing to the exceptional financial flexibility, given the company’s resource-raising ability from capital markets, and sizeable cash and liquid investments (Rs 193,282 crore as on December 31, 2022) at a consolidated level. Moreover, financial flexibility remains supported by sizable bank lines, which usually remain moderately utilised. Sufficient cash accrual, and cash & cash equivalents should be adequate to meet maturing debt as well a portion of the capex requirement.

 

Environment, social and governance (ESG) profile

CRISIL Ratings believes that RIL’s ESG profile supports its already strong credit risk profile.

The oil and natural gas segment which forms major portion of RIL’s business is exposed to material impact on the environment owing to gas emissions from refineries and petrochemical plants and depletion of fossil fuel reserves. In line with this, RIL is focused on mitigating its environmental and social risks to ensure minimal impact.

 

Key ESG highlights:

  • Company has set the target to achieve net carbon status by year 2035 with focus on energy transition towards renewable and green energy from fossil based fuels.
  • RIL continues to work on energy efficiency of equipment and processes by undertaking a variety of initiatives in the field of waste heat recovery, cogeneration, process optimisation and technology upgradation.
  • RIL is committed to invest Rs. 75,000 crore towards building new energy capabilities over 3 years.
  • RIL has taken various initiative for switching to clean technology such as changing technology from vapour phase reaction to liquid phase isomerisation (LPI) process in Parex train-2 resulting in fuel gas and high pressure (HP) steam saving.
  • In order to reduce carbon emissions, RIL focuses on renewable energy. Company has generated 5101.8 MWh power from 3.56 MW solar power generation project at Silvassa Manufacturing Division.
  • In fiscal 2023, Jio-bp has introduced E20 (20% blend of ethanol) blended petrol supporting GOI’s directive.
  • To ensure that the CSR programs company 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.
  • It’s governance structure is characterized by 50% of its board comprising independent directors, split in chairman and CEO position, healthy investor grievance redressal and extensive disclosures.

 

There is growing importance of ESG among investors and lenders. The commitment of RIL to ESG principles will play a key role in enhancing stakeholder confidence, given its moderate share of market borrowing in its overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes RIL's credit risk profile will continue to be supported by the highly integrated operations in the core business of O2C, healthy profitability in its digital and retail businesses, and exceptional liquidity.

Rating Sensitivity Factors

Downward Factors

  • Considerably large, debt-funded capex or acquisition weakening the capital structure
  • High leverage reflected in sustained net debt to EBITDA ratio of over 2.5 times

About the Company

RIL is one of India's largest private sector companies, with diverse interests, including petrochemicals, oil refining, and upstream oil and gas exploration and production. RIL has strong competitiveness in the global oil refining and petrochemicals business, arising from its integrated business model with superior Complexity Index of 21.1 for its Jamnagar site, which makes it amongst the most complex sites in the world. RIL has also established its presence in the consumer facing business space by providing retail and digital services, which currently is RIL's principal growth drivers. RRL is India's largest retail entity by revenue, while RJIL has also become India's largest telecom service provider by revenue market share. The group is also in the process of establishing itself in the green energy space.

Key Financial Indicators

 Particulars

Unit

FY2022

FY 2021

Revenue

Rs crore

6,98,672

4,66,307

Profit After Tax (PAT)

Rs crore

67,845

53,739

PAT margins

%

9.7%

11.5%

Interest Coverage

Times

7.6

3.8

Total debt/Adjusted Networth

Times

0.4

0.4

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs.Crore)

Complexity level

Rating assigned with outlook

INE002A08633

Debenture

13-May-20

6.95%

12-May-23

825

Simple

CRISIL AAA/Stable

INE002A08658

Debenture

19-May-20

MIBOR LINKED+2.90%

21-Sep-23

3600

Simple

CRISIL AAA/Stable

INE002A08625

Debenture

13-May-20

7.05%

13-Sep-23

4235

Simple

CRISIL AAA/Stable

NA

Debenture%

NA

NA

NA

1159

Simple

CRISIL AAA/Stable

INE002A08567

Debenture

11-Dec-18

8.65%

11-Dec-28

3000

Simple

CRISIL AAA/Stable

INE002A08690

Debenture

11-Dec-18

8.70%

11-Dec-28

2500

Simple

CRISIL AAA/Stable

INE002A08591

Debenture

17-Apr-2020

REPO+2.80%

17-Apr-23

4500

Simple

CRISIL AAA/Stable

INE002A08609

Debenture

17-Apr-2020

7.20%

17-Apr-23

4000

Simple

CRISIL AAA/Stable

INE002A08617

Debenture

27-Apr-2020

7.40%

25-Apr-25

2795

Simple

CRISIL AAA/Stable

INE002A08534

Debenture

17-Oct-18

9.05%

17-Oct-28

3500

Simple

CRISIL AAA/Stable

INE002A08542

Debenture

9-Nov-18

8.95%

9-Nov-28

3000

Simple

CRISIL AAA/Stable

INE110L08037

Debentures

16-Jun-14

9.25%

16-Jun-24

2500

Simple

CRISIL AAA/Stable

INE110L08060

Debentures

21-Jan-15

9.00%

21-Jan-25

1000

Simple

CRISIL AAA/Stable

INE110L07047

Debentures

30-Oct-15

8.25%

30-Oct-25

3000

Simple

CRISIL AAA/Stable

INE110L07088

Debentures

09-Apr-18

8.00%

09-Apr-23

1861

Simple

CRISIL AAA/Stable

INE110L07096

Debentures

17-Apr-18

8.00%

17-Apr-23

2025

Simple

CRISIL AAA/Stable

NA

Commercial Paper

NA

NA

7-365 days

34500

Simple

CRISIL A1+

NA

External Commercial Borrowing

NA

NA

NA

11600

NA

CRISIL AAA/Stable

NA

Fund-Based Facilities*

NA

NA

NA

25080

NA

CRISIL AAA/Stable

NA

Proposed Fund-Based Bank Limits

NA

NA

NA

1440

NA

CRISIL AAA/Stable

NA

Non-Fund Based Limit

NA

NA

NA

58520

NA

CRISIL A1+

NA

Proposed Non Fund based limits

 

NA

NA

NA

3360

NA

CRISIL A1+

%Yet to be assigned

*Fund based facilities are fungible with non-fund based facilities

 

Annexure - Details of Rating Withdrawn

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs.Crore)

Complexity level

INE002A08641

Debenture

13-May-20

6.95%

15-Mar-23

5000

Simple

Annexure – List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

Sikka Ports & Terminals Ltd

Full consolidation

Operational/financial linkages with RIL

Jamnagar Utilities & Power Pvt Ltd

Full consolidation

Operational/financial linkages with RIL

Reliance Industries Holding Private Limited

Full consolidation

Operational/financial linkages with RIL

Reliance Jio Infocomm Limited

Full consolidation

Subsidiary

Reliance Retail Limited

Full consolidation

Subsidiary

7-India Convenience Retail Limited

Full consolidation

Subsidiary

Aaidea Solutions Limited (formerly known as Aaidea Solutions Private Limited)

Full consolidation

Subsidiary

ABC Cable Network Private Limited

Full consolidation

Subsidiary

Abraham and Thakore Exports Private Limited

Full consolidation

Subsidiary

Actoserba Active Wholesale Limited (formerly known as Actoserba Active Wholesale Private Limited)

Full consolidation

Subsidiary

Addverb Technologies BV

Full consolidation

Subsidiary

Addverb Technologies Private Limited

Full consolidation

Subsidiary

Addverb Technologies Pte Limited

Full consolidation

Subsidiary

Addverb Technologies Pty Limited

Full consolidation

Subsidiary

Addverb Technologies USA Inc.

Full consolidation

Subsidiary

Adhunik Cable Network Private Limited

Full consolidation

Subsidiary

Adventure Marketing Private Limited

Full consolidation

Subsidiary

AETN18 Media Private Limited

Full consolidation

Subsidiary

Affinity USA LLC

Full consolidation

Subsidiary

Amante India Private Limited (Formerly known as MAS Brands India Private Limited)

Full consolidation

Subsidiary

Ambika DEN Cable Network Private Limited

Full consolidation

Subsidiary

Amogh Broad Band Services Private Limited

Full consolidation

Subsidiary

Angel Cable Network Private Limited

Full consolidation

Subsidiary

Antique Communications Private Limited

Full consolidation

Subsidiary

Asteria Aerospace Limited (formerly known as Asteria Aerospace Private Limited)

Full consolidation

Subsidiary

Augment Cable Network Private Limited

Full consolidation

Subsidiary

Aurora Algae LLC

Full consolidation

Subsidiary

Bali Den Cable Network Private Limited

Full consolidation

Subsidiary

Bee Network and Communication Private Limited

Full consolidation

Subsidiary

Bhadohi DEN Entertainment Private Limited

Full consolidation

Subsidiary

Big Den Entertainment Private Limited

Full consolidation

Subsidiary

Binary Technology Transfers Private Limited

Full consolidation

Subsidiary

Blossom Entertainment Private Limited

Full consolidation

Subsidiary

Cab-i-Net Communications Private Limited

Full consolidation

Subsidiary

Channels India Network Private Limited

Full consolidation

Subsidiary

Chennai Cable Vision Network Private Limited

Full consolidation

Subsidiary

Colorful Media Private Limited

Full consolidation

Subsidiary

Colosceum Media Private Limited

Full consolidation

Subsidiary

Crystal Vision Media Private Limited

Full consolidation

Subsidiary

C-Square Info Solutions Private Limited

Full consolidation

Subsidiary

Dadha Pharma Distribution Private Limited

Full consolidation

Subsidiary

Den A.F. Communication Private Limited

Full consolidation

Subsidiary

Den Aman Entertainment Private Limited

Full consolidation

Subsidiary

DEN Ambey Cable Networks Private Limited

Full consolidation

Subsidiary

Den Ashu Cable Private Limited

Full consolidation

Subsidiary

DEN BCN Suncity Network Private Limited

Full consolidation

Subsidiary

Den Bindra Network Private Limited

Full consolidation

Subsidiary

Den Broadband Private Limited

Full consolidation

Subsidiary

Den Budaun Cable Network Private Limited

Full consolidation

Subsidiary

Den Citi Channel Private Limited

Full consolidation

Subsidiary

Den Classic Cable TV Services Private Limited

Full consolidation

Subsidiary

DEN Crystal Vision Network Private Limited

Full consolidation

Subsidiary

Den Digital Cable Network Private Limited

Full consolidation

Subsidiary

Den Discovery Digital Network Private Limited

Full consolidation

Subsidiary

Den Elgee Cable Vision Private Limited

Full consolidation

Subsidiary

Den Enjoy Cable Networks Private Limited

Full consolidation

Subsidiary

Den Enjoy Navaratan Network Private Limited

Full consolidation

Subsidiary

DEN Enjoy SBNM Cable Network Private Limited

Full consolidation

Subsidiary

Den F K Cable TV Network Private Limited

Full consolidation

Subsidiary

Den Faction Communication System Private Limited

Full consolidation

Subsidiary

Den Fateh Marketing Private Limited

Full consolidation

Subsidiary

DEN Harsh Mann Cable Network Private Limited

Full consolidation

Subsidiary

Den Jai Ambey Vision Cable Private Limited

Full consolidation

Subsidiary

Den Kashi Cable Network Private Limited

Full consolidation

Subsidiary

Den Kattakada Telecasting and Cable Services Private

Full consolidation

Subsidiary

DEN Krishna Cable TV Network Private Limited

Full consolidation

Subsidiary

Den Maa Sharda Vision Cable Networks Private Limited

Full consolidation

Subsidiary

Den Mahendra Satellite Private Limited

Full consolidation

Subsidiary

Den Malabar Cable Vision Private Limited

Full consolidation

Subsidiary

DEN Malayalam Telenet Private Limited

Full consolidation

Subsidiary

Den MCN Cable Network Private Limited

Full consolidation

Subsidiary

Den Mod Max Cable Network Private Limited

Full consolidation

Subsidiary

Den Nashik City Cable Network Private Limited

Full consolidation

Subsidiary

Den Networks Limited

Full consolidation

Subsidiary

DEN Patel Entertainment Network Private Limited

Full consolidation

Subsidiary

DEN Pawan Cable Network Private Limited

Full consolidation

Subsidiary

Den Pradeep Cable Network Private Limited

Full consolidation

Subsidiary

DEN Prayag Cable Networks Private Limited

Full consolidation

Subsidiary

Den Premium Multilink Cable Network Private Limited

Full consolidation

Subsidiary

Den Prince Network Private Limited

Full consolidation

Subsidiary

Den Radiant Satelite Cable Network Private Limited

Full consolidation

Subsidiary

Den Rajkot City Communication Private Limited

Full consolidation

Subsidiary

Den Sahyog Cable Network Private Limited

Full consolidation

Subsidiary

Den Sariga Communications Private Limited

Full consolidation

Subsidiary

Den Satellite Cable TV Network Private Limited

Full consolidation

Subsidiary

Den Saya Channel Network Private Limited

Full consolidation

Subsidiary

Den Steel City Cable Network Private Limited

Full consolidation

Subsidiary

DEN STN Television Network Private Limited

Full consolidation

Subsidiary

Den Supreme Satellite Vision Private Limited

Full consolidation

Subsidiary

DEN Varun Cable Network Private Limited

Full consolidation

Subsidiary

DEN VM Magic Entertainment Private Limited

Full consolidation

Subsidiary

Den-Manoranjan Satellite Private Limited

Full consolidation

Subsidiary

Desire Cable Network Private Limited

Full consolidation

Subsidiary

Devine Cable Network Private Limited

Full consolidation

Subsidiary

Digital18 Media Limited

Full consolidation

Subsidiary

Disk Cable Network Private Limited

Full consolidation

Subsidiary

Divya Drishti Den Cable Network Private Limited

Full consolidation

Subsidiary

Drashti Cable Network Private Limited

Full consolidation

Subsidiary

Dronagiri Bokadvira East Infra Limited

Full consolidation

Subsidiary

Dronagiri Bokadvira North Infra Limited

Full consolidation

Subsidiary

Dronagiri Bokadvira South Infra Limited

Full consolidation

Subsidiary

Dronagiri Bokadvira West Infra Limited

Full consolidation

Subsidiary

Dronagiri Dongri East Infra Limited

Full consolidation

Subsidiary

Dronagiri Dongri North Infra Limited

Full consolidation

Subsidiary

Dronagiri Dongri South Infra Limited

Full consolidation

Subsidiary

Dronagiri Dongri West Infra Limited

Full consolidation

Subsidiary

Dronagiri Funde East Infra Limited

Full consolidation

Subsidiary

Dronagiri Funde North Infra Limited

Full consolidation

Subsidiary

Dronagiri Funde South Infra Limited

Full consolidation

Subsidiary

Dronagiri Funde West Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar East Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar North First Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar North Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar North Second Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar South First Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar South Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar South Second Infra Limited

Full consolidation

Subsidiary

Dronagiri Navghar West Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote East Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote North First Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote North Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote North Second Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote South First Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote South Infra Limited

Full consolidation

Subsidiary

Dronagiri Pagote West Infra Limited

Full consolidation

Subsidiary

Dronagiri Panje East Infra Limited

Full consolidation

Subsidiary

Dronagiri Panje North Infra Limited

Full consolidation

Subsidiary

Dronagiri Panje South Infra Limited

Full consolidation

Subsidiary

Dronagiri Panje West Infra Limited

Full consolidation

Subsidiary

eDreams Edusoft Private Limited

Full consolidation

Subsidiary

e-Eighteen.com Limited

Full consolidation

Subsidiary

East West Pipeline Ltd

Full consolidation

Subsidiary

Ekta Entertainment Network Private Limited

Full consolidation

Subsidiary

Elite Cable Network Private Limited

Full consolidation

Subsidiary

Eminent Cable Network Private Limited

Full consolidation

Subsidiary

Enercent Technologies Private Limited

Full consolidation

Subsidiary

Fab Den Network Limited

Full consolidation

Subsidiary

Faradion Limited

Full consolidation

Subsidiary

Faradion UG

Full consolidation

Subsidiary

Foodhall Franchises Limited

Full consolidation

Subsidiary

Fortune (Baroda) Network Private Limited

Full consolidation

Subsidiary

Fun Cable Network Private Limited

Full consolidation

Subsidiary

Future Lifestyles Franchisee Limited

Full consolidation

Subsidiary

Futuristic Media and Entertainment Limited

Full consolidation

Subsidiary

Galaxy Den Media & Entertainment Private Limited

Full consolidation

Subsidiary

Gemini Cable Network Private Limited

Full consolidation

Subsidiary

Genesis Colors Limited

Full consolidation

Subsidiary

Genesis La Mode Private Limited

Full consolidation

Subsidiary

GLB Body Care Private Limited

Full consolidation

Subsidiary

GLF Lifestyle Brands Private Limited

Full consolidation

Subsidiary

Glimpse Communications Private Limited

Full consolidation

Subsidiary

GML India Fashion Private Limited

Full consolidation

Subsidiary

Grab A Grub Services Private Limited

Full consolidation

Subsidiary

Greycells18 Media Limited

Full consolidation

Subsidiary

Hamleys (Franchising) Limited

Full consolidation

Subsidiary

Hamleys Asia Limited

Full consolidation

Subsidiary

Hamleys Global Holdings Limited

Full consolidation

Subsidiary

Hamleys of London Limited

Full consolidation

Subsidiary

Hamleys Toys (Ireland) Limited

Full consolidation

Subsidiary

Hathway Digital Saharanpur Cable & Datacom Limited

Full consolidation

Subsidiary

Hathway Bhawani Cabletel & Datacom Limited

Full consolidation

Subsidiary

Hathway Broadband Private Limited

Full consolidation

Subsidiary

Hathway Cable and Datacom Limited

Full consolidation

Subsidiary

Hathway Cnet Private Limited

Full consolidation

Subsidiary

Hathway Digital Limited

Full consolidation

Subsidiary

Hathway Enjoy Cable Network Private Limited

Full consolidation

Subsidiary

Hathway Gwalior Cable & Datacom Private Limited

Full consolidation

Subsidiary

Hathway Internet Satellite Private Limited

Full consolidation

Subsidiary

Hathway JMD Farukhabad Cable Network Private Limited

Full consolidation

Subsidiary

Hathway Kokan Crystal Cable Network Private Limited

Full consolidation

Subsidiary

Hathway Krishna Cable Private Limited

Full consolidation

Subsidiary

Hathway Mantra Cable & Datacom Private Limited

Full consolidation

Subsidiary

Hathway Media Vision Private Limited

Full consolidation

Subsidiary

Hathway Mysore Cable Network Private Limited

Full consolidation

Subsidiary

Hathway Nashik Cable Network Private Limited

Full consolidation

Subsidiary

Hathway New Concept Cable & Datacom Private Limited

Full consolidation

Subsidiary

Hathway Software Developers Private Limited

Full consolidation

Subsidiary

Hathway Space Vision Cabletel Private Limited

Full consolidation

Subsidiary

Hathway United Cables Private Limited

Full consolidation

Subsidiary

Ideal Cables Private Limited

Full consolidation

Subsidiary

Intelligent Supply Chain Infrastructure Management Private Limited (Formerly Known as Jio Digital Cableco Private Limited)

Full consolidation

Subsidiary

IndiaCast Media Distribution Private Limited

Full consolidation

Subsidiary

IndiaCast UK Limited

Full consolidation

Subsidiary

IndiaCast US Limited

Full consolidation

Subsidiary

Indiavidual Learning Private Limited

Full consolidation

Subsidiary

Indiawin Sports Private Limited

Full consolidation

Subsidiary

Indradhanush Cable Network Private Limited

Full consolidation

Subsidiary

Infomedia Press Limited

Full consolidation

Subsidiary

ITV Interactive Media Private Limited

Full consolidation

Subsidiary

Intimi India Private Limited

Full consolidation

Subsidiary

Jaisuryas Retail Ventures Private Limited

Full consolidation

Subsidiary

JD International Pte. Ltd.

Full consolidation

Subsidiary

Jhankar Cable Network Private Limited

Full consolidation

Subsidiary

Jio Cable and Broadband Holdings Private Limited

Full consolidation

Subsidiary

Jio Content Distribution Holdings Private Limited

Full consolidation

Subsidiary

Jio Digital Distribution Holdings Private Limited

Full consolidation

Subsidiary

Jio Estonia OU

Full consolidation

Subsidiary

Jio Futuristic Digital Holdings Private Limited

Full consolidation

Subsidiary

Jio Haptik Technologies Limited

Full consolidation

Subsidiary

Jio Information Aggregator Services Limited

Full consolidation

Subsidiary

Jio Internet Distribution Holdings Private Limited

Full consolidation

Subsidiary

Jio Infrastructure Management Services Limited

Full consolidation

Subsidiary

Jio Limited

Full consolidation

Subsidiary

 Jio Media Limited

Full consolidation

Subsidiary

Jio Platforms Limited

Full consolidation

Subsidiary

Jio Satellite Communications Limited

Full consolidation

Subsidiary

Jio Space Technology Limited

Full consolidation

Subsidiary

Jio Television Distribution Holdings Private Limited

Full consolidation

Subsidiary

Jio Things Limited

Full consolidation

Subsidiary

Just Dial Inc.

Full consolidation

Subsidiary

Just Dial Limited

Full consolidation

Subsidiary

Kalamboli East Infra Limited

Full consolidation

Subsidiary

Kalamboli North First Infra Limited

Full consolidation

Subsidiary

Kalamboli North Infra Limited

Full consolidation

Subsidiary

Kalamboli North Second Infra Limited

Full consolidation

Subsidiary

Kalamboli North Third Infra Limited

Full consolidation

Subsidiary

Kalamboli South First Infra Limited

Full consolidation

Subsidiary

Kalamboli South Infra Limited

Full consolidation

Subsidiary

Kalamboli West Infra Limited

Full consolidation

Subsidiary

Kalanikethan Fashions Private Limited

Full consolidation

Subsidiary

Kalanikethan Silks Private Limited

Full consolidation

Subsidiary

Kutch New Energy Projects Limited (Formerly known as Reliance Solar Projects Limited)

Full consolidation

Subsidiary

Kishna DEN Cable Networks Private Limited

Full consolidation

Subsidiary

Liberty Media Vision Private Limited

Full consolidation

Subsidiary

Libra Cable Network Private Limited

Full consolidation

Subsidiary

Luvley Limited

Full consolidation

Subsidiary

M Entertainments Private Limited

Full consolidation

Subsidiary

Mahadev Den Cable Network Private Limited

Full consolidation

Subsidiary

Mahavir Den Entertainment Private Limited

Full consolidation

Subsidiary

Maitri Cable Network Private Limited

Full consolidation

Subsidiary

Mansion Cable Network Private Limited

Full consolidation

Subsidiary

Marble Cable Network Private Limited

Full consolidation

Subsidiary

MAS Brands Exports (Private) Limited

Full consolidation

Subsidiary

MAS Brands Lanka (Private) Limited

Full consolidation

Subsidiary

Media18 Distribution Services Limited

Full consolidation

Subsidiary

Meerut Cable Network Private Limited

Full consolidation

Subsidiary

Mesindus Ventures Limited

Full consolidation

Subsidiary

Mindex 1 Limited

Full consolidation

Subsidiary

Model Economic Township Limited

Full consolidation

Subsidiary

Moneycontrol Dot Com India Limited

Full consolidation

Subsidiary

Mountain Cable Network Private Limited

Full consolidation

Subsidiary

Multi Channel Cable Network Private Limited

Full consolidation

Subsidiary

Multi Star Cable Network Private Limited

Full consolidation

Subsidiary

Multitrack Cable Network Private Limited

Full consolidation

Subsidiary

MYJD Private Limited

Full consolidation

Subsidiary

Nectar Entertainment Private Limited

Full consolidation

Subsidiary

Netmeds Marketplace Limited

Full consolidation

Subsidiary

Network18 Media & Investments Limited

Full consolidation

Subsidiary

New Emerging World of Journalism Private Limited

Full consolidation

Subsidiary

Nilgiris Stores Limited

Full consolidation

Subsidiary

NowFloats Technologies Private Limited

Full consolidation

Subsidiary

Radiant Satellite (India) Private Limited

Full consolidation

Subsidiary

Radisys B.V.

Full consolidation

Subsidiary

Radisys Canada Inc.

Full consolidation

Subsidiary

Radisys Cayman Limited

Full consolidation

Subsidiary

Radisys Convedia (Ireland) Limited

Full consolidation

Subsidiary

Radisys Corporation

Full consolidation

Subsidiary

Radisys GmbH

Full consolidation

Subsidiary

Radisys India Limited

Full consolidation

Subsidiary

Radisys International LLC

Full consolidation

Subsidiary

Radisys International Singapore Pte. Ltd.

Full consolidation

Subsidiary

Radisys Poland sp. z o.o

Full consolidation

Subsidiary

Radisys Spain S.L.U.

Full consolidation

Subsidiary

Radisys Systems Equipment Trading (Shanghai) Co. Ltd.

Full consolidation

Subsidiary

Radisys Technologies (Shenzhen) Co. Ltd.

Full consolidation

Subsidiary

Radisys UK Limited

Full consolidation

Subsidiary

RB Holdings Private Limited

Full consolidation

Subsidiary

RB Media Holdings Private Limited

Full consolidation

Subsidiary

RB Mediasoft Private Limited

Full consolidation

Subsidiary

RBML Solutions India Limited

Full consolidation

Subsidiary

REC Americas LLC

Full consolidation

Subsidiary

REC ScanModule Sweden AB

Full consolidation

Subsidiary

REC Solar (Japan) Co., Ltd

Full consolidation

Subsidiary

REC Solar EMEA GmbH

Full consolidation

Subsidiary

REC Solar France SAS

Full consolidation

Subsidiary

REC Solar Holdings AS

Full consolidation

Subsidiary

REC Solar Norway AS

Full consolidation

Subsidiary

REC Solar Pte. Ltd

Full consolidation

Subsidiary

REC Systems (Thailand) Co., Ltd.

Full consolidation

Subsidiary

REC Trading (Shanghai) Co., Ltd

Full consolidation

Subsidiary

REC US Holdings, Inc.

Full consolidation

Subsidiary

Recron (Malaysia) Sdn. Bhd.

Full consolidation

Subsidiary

Reliance 4IR Realty Development Limited

Full consolidation

Subsidiary

Reliance Ambit Trade Private Limited

Full consolidation

Subsidiary

Reliance BP Mobility Limited

Full consolidation

Subsidiary

Reliance Brands Luxury Fashion Private Limited

Full consolidation

Subsidiary

Reliance Brands Holding UK Limited

Full consolidation

Subsidiary

Reliance Brands Limited

Full consolidation

Subsidiary

Reliance Carbon Fibre Cylinder Limited

Full consolidation

Subsidiary

Reliance Clothing India Private Limited

Full consolidation

Subsidiary

Reliance Commercial Dealers Limited

Full consolidation

Subsidiary

Reliance Comtrade Private Limited

Full consolidation

Subsidiary

Reliance Content Distribution Limited

Full consolidation

Subsidiary

Reliance Corporate IT Park Limited

Full consolidation

Subsidiary

Reliance Digital Health Limited (Formerly known as Kanhatech Solutions Limited)

Full consolidation

Subsidiary

Reliance Digital Health USA Inc.

Full consolidation

Subsidiary

Reliance Eagleford Upstream GP LLC

Full consolidation

Subsidiary

Reliance Eagleford Upstream Holding LP

Full consolidation

Subsidiary

Reliance Eagleford Upstream LLC

Full consolidation

Subsidiary

Reliance Eminent Trading & Commercial Private Limited

Full consolidation

Subsidiary

Reliance Ethane Holding Pte Limited

Full consolidation

Subsidiary

Reliance Ethane Pipeline Limited

Full consolidation

Subsidiary

Reliance Exploration & Production DMCC

Full consolidation

Subsidiary

Reliance Gas Lifestyle India Private Limited

Full consolidation

Subsidiary

Reliance Gas Pipelines Limited

Full consolidation

Subsidiary

Reliance Global Energy Services (Singapore) Pte Ltd.

Full consolidation

Subsidiary

Reliance Global Energy Services Limited

Full consolidation

Subsidiary

Reliance Hydrogen Electrolysis Limited

Full consolidation

Subsidiary

Reliance Hydrogen Fuel Cell Limited^

Full consolidation

Subsidiary

Reliance Industrial Investments and Holdings Limited

Full consolidation

Subsidiary

Reliance Industries (Middle East) DMCC

Full consolidation

Subsidiary

Reliance Innovative Building Solutions Private Limited

Full consolidation

Subsidiary

Reliance Jio Global Resources LLC

Full consolidation

Subsidiary

Reliance Jio Infocomm Pte. Limited

Full consolidation

Subsidiary

Reliance Jio Infocomm UK Limited

Full consolidation

Subsidiary

Reliance Jio Infocomm USA, Inc.

Full consolidation

Subsidiary

Reliance Jio Media Limited

Full consolidation

Subsidiary

Reliance Jio Messaging Services Limited

Full consolidation

Subsidiary

Reliance Lifestyle Products Private Limited

Full consolidation

Subsidiary

Reliance Marcellus II LLC

Full consolidation

Subsidiary

Reliance Marcellus LLC

Full consolidation

Subsidiary

Reliance New Energy Carbon Fibre Cylinder Limited

Full consolidation

Subsidiary

Reliance New Energy Hydrogen Electrolysis Limited

Full consolidation

Subsidiary

Reliance New Energy Hydrogen Fuel Cell Limited

Full consolidation

Subsidiary

Reliance New Energy Limited (Formerly known as Reliance New Energy Solar Limited)

Full consolidation

Subsidiary

Reliance New Energy Power Electronics Limited

Full consolidation

Subsidiary

Reliance New Energy Storage Limited

Full consolidation

Subsidiary

Reliance New Solar Energy Limited

Full consolidation

Subsidiary

Reliance O2C Limited

Full consolidation

Subsidiary

Reliance Payment Solutions Limited

Full consolidation

Subsidiary

Reliance Petro Marketing Limited

Full consolidation

Subsidiary

Reliance Petroleum Retail Limited

Full consolidation

Subsidiary

Reliance Power Electronics Limited

Full consolidation

Subsidiary

Reliance Progressive Traders Private Limited

Full consolidation

Subsidiary

Reliance Projects & Property Management Services Limited

Full consolidation

Subsidiary

Reliance Prolific Commercial Private Limited

Full consolidation

Subsidiary

Reliance Prolific Traders Private Limited

Full consolidation

Subsidiary

Reliance Retail and Fashion Lifestyle Limited

Full consolidation

Subsidiary

Reliance Retail Finance Limited

Full consolidation

Subsidiary

Reliance Retail Insurance Broking Limited

Full consolidation

Subsidiary

Reliance Retail Ventures Limited

Full consolidation

Subsidiary

Reliance Ritu Kumar Private Limited (Formerly known as Ritika Private Limited)

Full consolidation

Subsidiary

Reliance Sibur Elastomers Private Limited

Full consolidation

Subsidiary

Reliance SMSL Limited

Full consolidation

Subsidiary

Reliance Storage Limited

Full consolidation

Subsidiary

Reliance Strategic Business Ventures Limited

Full consolidation

Subsidiary

Reliance Strategic Investments Limited

Full consolidation

Subsidiary

Reliance Syngas Limited

Full consolidation

Subsidiary

Reliance Universal Traders Private Limited

Full consolidation

Subsidiary

Reliance Vantage Retail Limited

Full consolidation

Subsidiary

Reliance Ventures Limited

Full consolidation

Subsidiary

Reliance-GrandOptical Private Limited

Full consolidation

Subsidiary

Reverie Language Technologies Limited

Full consolidation

Subsidiary

RIL USA, Inc.

Full consolidation

Subsidiary

RISE Worldwide Limited

Full consolidation

Subsidiary

Ritu Kumar ME (FZE) (Formerly known as Ritu Kumar ME (FZC))

Full consolidation

Subsidiary

Roptonal Limited

Full consolidation

Subsidiary

Rose Entertainment Private Limited

Full consolidation

Subsidiary

RP Chemicals (Malaysia) Sdn. Bhd.

Full consolidation

Subsidiary

RRB Mediasoft Private Limited

Full consolidation

Subsidiary

Saavn Inc.

Full consolidation

Subsidiary

Saavn LLC

Full consolidation

Subsidiary

Saavn Media Private Limited

Full consolidation

Subsidiary

SankhyaSutra Labs Limited

Full consolidation

Subsidiary

Sanmati DEN Cable TV Network Private Limited

Full consolidation

Subsidiary

Sanmati Entertainment Private Limited

Full consolidation

Subsidiary

Scrumpalicious Limited

Full consolidation

Subsidiary

Shopsense Retail Technologies Limited

Full consolidation

Subsidiary

Shree Sidhivinayak Cable Network Limited

Full consolidation

Subsidiary

Shri Kannan Departmental Store Limited

Full consolidation

Subsidiary

Silverline Television Network Private Limited

Full consolidation

Subsidiary

skyTran Inc.

Full consolidation

Subsidiary

skyTran Israel Ltd.

Full consolidation

Subsidiary

Sree Gokulam Starnet Communication Private Limited

Full consolidation

Subsidiary

Srishti DEN Networks Private Limited

Full consolidation

Subsidiary

Stoke Park Limited

Full consolidation

Subsidiary

Strand Life Sciences Private Limited

Full consolidation

Subsidiary

Surajya Services Private Limited

Full consolidation

Subsidiary

Surela Investment and Trading Limited

Full consolidation

Subsidiary

Tesseract Imaging Limited

Full consolidation

Subsidiary

The Hamleys Group Limited

Full consolidation

Subsidiary

The Indian Film Combine Private Limited

Full consolidation

Subsidiary

Tira Beauty Limited

Full consolidation

Subsidiary

Tresara Health Private Limited

Full consolidation

Subsidiary

Trident Entertainment Private Limited

Full consolidation

Subsidiary

TV18 Broadcast Limited

Full consolidation

Subsidiary

Ulwe East Infra Limited

Full consolidation

Subsidiary

Ulwe North Infra Limited

Full consolidation

Subsidiary

Ulwe South Infra Limited

Full consolidation

Subsidiary

Ulwe Waterfront East Infra Limited

Full consolidation

Subsidiary

Ulwe Waterfront North Infra Limited

Full consolidation

Subsidiary

Ulwe Waterfront South Infra Limited

Full consolidation

Subsidiary

Ulwe Waterfront West Infra Limited

Full consolidation

Subsidiary

Ulwe West Infra Limited

Full consolidation

Subsidiary

United Cable Network (Digital) Private Limited

Full consolidation

Subsidiary

Urban Ladder Home Décor Solutions Limited

Full consolidation

Subsidiary

UTN Cable Communication Private Limited

Full consolidation

Subsidiary

VasyERP Solutions Private Limited

Full consolidation

Subsidiary

VBS Digital Distribution Network Private Limited

Full consolidation

Subsidiary

Viacom18 Media (UK) Limited

Full consolidation

Subsidiary

Viacom18 Media Private Limited

Full consolidation

Subsidiary

Viacom18 US Inc.

Full consolidation

Subsidiary

Victor Cable TV Network Private Limited

Full consolidation

Subsidiary

Vision India Network Private Limited

Full consolidation

Subsidiary

Vitalic Health Private Limited

Full consolidation

Subsidiary

Watermark Infratech Private Limited

Full consolidation

Subsidiary

Web18 Digital Services Limited

Full consolidation

Subsidiary

Win Cable & Datacom Private Limited

Full consolidation

Subsidiary

Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 38120.0 CRISIL A1+ / CRISIL AAA/Stable   --   -- 26-02-21 CRISIL AAA/Stable 07-05-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   --   -- 04-05-20 CRISIL AAA/Stable --
      --   --   --   -- 06-04-20 CRISIL AAA/Stable --
      --   --   --   -- 26-03-20 CRISIL AAA/Stable --
Non-Fund Based Facilities ST 61880.0 CRISIL A1+ 23-02-23 CRISIL AAA/Stable 23-02-22 CRISIL AAA/Stable 25-11-21 CRISIL AAA/Stable   -- --
      --   --   -- 14-04-21 CRISIL AAA/Stable   -- --
Commercial Paper ST 34500.0 CRISIL A1+ 23-02-23 CRISIL A1+ 23-02-22 CRISIL A1+ 25-11-21 CRISIL A1+ 07-05-20 CRISIL A1+ CRISIL A1+
      --   --   -- 14-04-21 CRISIL A1+ 04-05-20 CRISIL A1+ --
      --   --   -- 26-02-21 CRISIL A1+ 06-04-20 CRISIL A1+ --
      --   --   --   -- 26-03-20 CRISIL A1+ --
Non Convertible Debentures LT 48500.0 CRISIL AAA/Stable 23-02-23 CRISIL AAA/Stable 23-02-22 CRISIL AAA/Stable 25-11-21 CRISIL AAA/Stable 07-05-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   -- 14-04-21 CRISIL AAA/Stable 04-05-20 CRISIL AAA/Stable --
      --   --   -- 26-02-21 CRISIL AAA/Stable 06-04-20 CRISIL AAA/Stable --
      --   --   --   -- 26-03-20 CRISIL AAA/Stable --
All amounts are in Rs.Cr.
 
 
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
External Commercial Borrowings 800 Bank of Baroda CRISIL AAA/Stable
External Commercial Borrowings 400 Punjab National Bank CRISIL AAA/Stable
External Commercial Borrowings 9000 State Bank of India CRISIL AAA/Stable
External Commercial Borrowings 900 Bank of India CRISIL AAA/Stable
External Commercial Borrowings 400 Axis Bank Limited CRISIL AAA/Stable
External Commercial Borrowings 100 Canara Bank CRISIL AAA/Stable
Fund-Based Facilities& 465 IndusInd Bank Limited CRISIL AAA/Stable
Fund-Based Facilities^ 390 IDFC FIRST Bank Limited CRISIL AAA/Stable
Fund-Based Facilities% 1200 Bank of India CRISIL AAA/Stable
Fund-Based Facilities$ 600 Standard Chartered Bank Limited CRISIL AAA/Stable
Fund-Based Facilities# 1800 ICICI Bank Limited CRISIL AAA/Stable
Fund-Based Facilities@ 600 IDBI Bank Limited CRISIL AAA/Stable
Fund-Based Facilities! 585 Indian Bank CRISIL AAA/Stable
Fund-Based Facilities~ 165 Canara Bank CRISIL AAA/Stable
Fund-Based Facilities< 1800 Union Bank of India CRISIL AAA/Stable
Fund-Based Facilities> 270 YES Bank Limited CRISIL AAA/Stable
Fund-Based Facilities&& 4500 State Bank of India CRISIL AAA/Stable
Fund-Based Facilities^^ 870 Punjab National Bank CRISIL AAA/Stable
Fund-Based Facilities%% 2400 HDFC Bank Limited CRISIL AAA/Stable
Fund-Based Facilities$$ 2040 Axis Bank Limited CRISIL AAA/Stable
Fund-Based Facilities## 900 Citibank N. A. CRISIL AAA/Stable
Fund-Based Facilities@@ 75 DBS Bank Limited CRISIL AAA/Stable
Fund-Based Facilities!! 150 Mizuho Bank Limited CRISIL AAA/Stable
Fund-Based Facilities~~ 75 Central Bank Of India CRISIL AAA/Stable
Fund-Based Facilities<< 3300 Bank of Baroda CRISIL AAA/Stable
Fund-Based Facilities>> 30 The Federal Bank Limited CRISIL AAA/Stable
Fund-Based Facilities&&& 45 Bank of America N.A. CRISIL AAA/Stable
Fund-Based Facilities^^^ 45 Credit Agricole Corporate and Investment Bank CRISIL AAA/Stable
Fund-Based Facilities%%% 1800 Kotak Mahindra Bank Limited CRISIL AAA/Stable
Fund-Based Facilities$$$ 300 The Hongkong and Shanghai Banking Corporation Limited CRISIL AAA/Stable
Fund-Based Facilities### 300 Deutsche Bank CRISIL AAA/Stable
Fund-Based Facilities@@@ 300 Sumitomo Mitsui Banking Corporation CRISIL AAA/Stable
Fund-Based Facilities!!! 75 MUFG Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 7700 Bank of Baroda CRISIL A1+
Non-Fund Based Limit 4200 ICICI Bank Limited CRISIL A1+
Non-Fund Based Limit 910 IDFC FIRST Bank Limited CRISIL A1+
Non-Fund Based Limit 70 The Federal Bank Limited CRISIL A1+
Non-Fund Based Limit 175 MUFG Bank Limited CRISIL A1+
Non-Fund Based Limit 175 DBS Bank Limited CRISIL A1+
Non-Fund Based Limit 700 Deutsche Bank CRISIL A1+
Non-Fund Based Limit 1400 Standard Chartered Bank Limited CRISIL A1+
Non-Fund Based Limit 700 Sumitomo Mitsui Banking Corporation CRISIL A1+
Non-Fund Based Limit 630 YES Bank Limited CRISIL A1+
Non-Fund Based Limit 2800 Bank of India CRISIL A1+
Non-Fund Based Limit 1400 IDBI Bank Limited CRISIL A1+
Non-Fund Based Limit 1365 Indian Bank CRISIL A1+
Non-Fund Based Limit 10500 State Bank of India CRISIL A1+
Non-Fund Based Limit 1085 Union Bank of India CRISIL A1+
Non-Fund Based Limit 2030 Punjab National Bank CRISIL A1+
Non-Fund Based Limit 105 Bank of America N.A. CRISIL A1+
Non-Fund Based Limit 105 Credit Agricole Corporate and Investment Bank CRISIL A1+
Non-Fund Based Limit 5600 HDFC Bank Limited CRISIL A1+
Non-Fund Based Limit 4760 Axis Bank Limited CRISIL A1+
Non-Fund Based Limit 1085 IndusInd Bank Limited CRISIL A1+
Non-Fund Based Limit 385 Canara Bank CRISIL A1+
Non-Fund Based Limit 4200 Kotak Mahindra Bank Limited CRISIL A1+
Non-Fund Based Limit 175 Central Bank Of India CRISIL A1+
Non-Fund Based Limit 2100 Citibank N. A. CRISIL A1+
Non-Fund Based Limit 700 The Hongkong and Shanghai Banking Corporation Limited CRISIL A1+
Non-Fund Based Limit 350 Mizuho Bank Limited CRISIL A1+
Non-Fund Based Limit 3115 Union Bank of India CRISIL A1+
Proposed Fund-Based Bank Limits 1440 Not Applicable CRISIL AAA/Stable
Proposed Non Fund based limits 3360 Not Applicable CRISIL A1+
& - Fund based facilities are fungible with non-fund based facilities
^ - Fund based facilities are fungible with non-fund based facilities
% - Fund based facilities are fungible with non-fund based facilities
$ - Fund based facilities are fungible with non-fund based facilities
# - Fund based facilities are fungible with non-fund based facilities
@ - Fund based facilities are fungible with non-fund based facilities
! - Fund based facilities are fungible with non-fund based facilities
~ - Fund based facilities are fungible with non-fund based facilities
< - Fund based facilities are fungible with non-fund based facilities
> - Fund based facilities are fungible with non-fund based facilities
&& - Fund based facilities are fungible with non-fund based facilities
^^ - Fund based facilities are fungible with non-fund based facilities
%% - Fund based facilities are fungible with non-fund based facilities
$$ - Fund based facilities are fungible with non-fund based facilities
## - Fund based facilities are fungible with non-fund based facilities
@@ - Fund based facilities are fungible with non-fund based facilities
!! - Fund based facilities are fungible with non-fund based facilities
~~ - Fund based facilities are fungible with non-fund based facilities
<< - Fund based facilities are fungible with non-fund based facilities
>> - Fund based facilities are fungible with non-fund based facilities
&&& - Fund based facilities are fungible with non-fund based facilities
^^^ - Fund based facilities are fungible with non-fund based facilities
%%% - Fund based facilities are fungible with non-fund based facilities
$$$ - Fund based facilities are fungible with non-fund based facilities
### - Fund based facilities are fungible with non-fund based facilities
@@@ - Fund based facilities are fungible with non-fund based facilities
!!! - Fund based facilities are fungible with non-fund based facilities
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Petrochemical Industry
Rating Criteria for Upstream Oil and Gas Sector
Rating Criteria for Mobile Telephony Services
Rating Criteria for Retailing Industry
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html