INTRODUCTION

This project deals with the different investment decisions made by different people
and focuses on element of risk in detail while investing in securities. It also
explains how portfolio hedges the risk in investment and giving optimum return to
a given amount of risk. It also gives an in depth analysis of portfolio creation,
selection, revision and evaluation. The report also shows different ways of analysis
of securities, different theories of portfolio management for effective and efficient
portfolio construction. It also gives a brief analysis of how to evaluate a portfolio.
 OBJECTIVES OF THE STUDY

 To make an in detailed study on the overall concepts of the portfolio

management
 To find out the various factors that an investor should take into consideration
to make proper investment decisions
 To do an in detailed analysis of the risk and return characteristics of stocks
related to different industries and different companies
 To help the investors to decide the effective portfolio of securities
 To identify the best portfolio of securities
METHODOLOGY

PRIMARY DATA:

 Primary data collected from news papers & magazines.

 Data collected from brokers.
 Data obtained from company journals.
SECONDARY DATA:

 Data collected from various books and sites.

 Data collected from internet.

LIMITATIONS OF THE STUDY

 The data collected is basically confined to secondary sources, with very little
amount of primary data associated with the project.
 There is a constraint with regard to time allocated for the research study.
 The availability of information in the form of annual reports & price
fluctuations of the companies is a big constraint to the study.
  The data collected for a period of one year i.e., from October 2007 to

September 2007

 In this study the statistical tools used are risk, return, average, variance,

correlation.

PORTFOLIO MANAGEMENT

A portfolio is a collection of investments held by an institution or a private

individual. In building up an investment portfolio a financial institution will
typically conduct its own investment analysis, whilst a private individual may
make use of the services of a financial advisor or a financial institution which
offers portfolio management services. Holding a portfolio is part of an investment
and risk-limiting strategy called diversification. By owning several assets, certain
types of risk (in particular specific risk) can be reduced. The assets in the portfolio
could include stocks, bonds, options, warrants, gold certificates, real estate, futures
contracts, production facilities, or any other item that is expected to retain its value.

Portfolio management involves deciding what assets to include in the

portfolio, given the goals of the portfolio owner and changing economic
conditions. Selection involves deciding what assets to purchase, how many to
purchase, when to purchase them, and what assets to divest. These decisions
always involve some sort of performance measurement, most typically expected
return on the portfolio, and the risk associated with this return (i.e. the standard
deviation of the return). Typically the expected returns from portfolios, comprised
of different asset bundles are compared.

The unique goals and circumstances of the investor must also be considered. Some
investors are more risk averse than others. Mutual funds have developed particular
techniques to optimize their portfolio holdings.

Thus, portfolio management is all about strengths, weaknesses, opportunities

and threats in the choice of debt vs. equity, domestic vs. international, growth
vs. safety and numerous other trade-offs encountered in the attempt to
maximize return at a given appetite for risk.

Aspects of Portfolio Management:

Basically portfolio management involves

 A proper investment decision making of what to buy & sell

 Proper money management in terms of investment in a basket of assets so
as to satisfy the asset preferences of investors.
 Reduce the risk and increase returns.
OBJECTIVES OF PORTFOLIO MANAGEMENT:

The basic objective of Portfolio Management is to maximize yield and minimize

risk. The other ancillary objectives are as per needs of investors, namely:

 Regular income or stable return

  Appreciation of capital
 Marketability and liquidity
 Safety of investment
 Minimizing of tax liability.
NEED FOR PORTFOLIO MANAGEMENT:

The Portfolio Management deals with the process of selection securities from the
number of opportunities available with different expected returns and carrying
different levels of risk and the selection of securities is made with a view to
provide the investors the maximum yield for a given level of risk or ensure
minimum risk for a level of return.

Portfolio Management is a process encompassing many activities of investment in

assets and securities. It is a dynamics and flexible concept and involves regular and
systematic analysis, judgment and actions. The objectives of this service are to
help the unknown investors with the expertise of professionals in investment
Portfolio Management. It involves construction of a portfolio based upon the
investor’s objectives, constrains, preferences for risk and return and liability. The
portfolio is reviewed and adjusted from time to time with the market conditions.
The evaluation of portfolio is to be done in terms of targets set for risk and return.
The changes in portfolio are to be effected to meet the changing conditions.

Portfolio Construction refers to the allocation of surplus funds in hand among a

variety of financial assets open for investment. Portfolio theory concerns itself with
the principles governing such allocation. The modern view of investment is
oriented towards the assembly of proper combinations held together will give
beneficial result if they are grouped in a manner to secure higher return after taking
into consideration the risk element.

The modern theory is the view that by diversification, risk can be reduced. The
investor can make diversification either by having a large number of shares of
companies in different regions, in different industries or those producing different
types of product lines. Modern theory believes in the perspectives of combination
of securities under constraints of risk and return.

ELEMENTS:

Portfolio Management is an on-going process involving the following basic tasks.

 Identification of the investors objective, constrains and preferences which

help formulated the invest policy.
 Strategies are to be developed and implemented in tune with invest policy
formulated. This will help the selection of asset classes and securities in each
class depending upon their risk-return attributes.
 Review and monitoring of the performance of the portfolio by continuous
overview of the market conditions, company’s performance and investor’s
circumstances.
 Finally, the evaluation of portfolio for the results to compare with the targets
and needed adjustments have to be made in the portfolio to the emerging
conditions and to make up for any shortfalls in achievements (targets).

Schematic diagram of stages in portfolio management:

Specification and
quantification of
investor
objectives, Monitoring investor
constraints, and related input factors
preferences

Portfolio policies
and strategies Portfolio construction
Attainment of
and revision asset
investor
allocation, portfolio
objectives
optimization, security
Capital market selection,
expectations implementation and
execution Performance
measurement

Relevant
Monitoring economic
economic, social,
and market input
political sector
factors
and security
considerations
Process of portfolio management:

The Portfolio Program and Asset Management Program both follow a disciplined
process to establish and monitor an optimal investment mix. This six-stage process
helps ensure that the investments match investor’s unique needs, both now and in
the future.

1. IDENTIFY GOALS AND OBJECTIVES:

When will you need the money from your investments? What are you saving
your money for? With the assistance of financial advisor, the Investment Profile
Questionnaire will guide through a series of questions to help identify the goals
and objectives for the investments.

2. DETERMINE OPTIMAL INVESTMENT MIX:

Once the Investment Profile Questionnaire is completed, investor’s optimal

investment mix or asset allocation will be determined. An asset allocation
represents the mix of investments (cash, fixed income and equities) that match
individual risk and return needs.

This step represents one of the most important decisions in your portfolio
construction, as asset allocation has been found to be the major determinant of
long-term portfolio performance.

3. CREATE A CUSTOMIZED INVESTMENT POLICY STATEMENT

When the optimal investment mix is determined, the next step is to formalize
our goals and objectives in order to utilize them as a benchmark to monitor
progress and future updates.

4. SELECT INVESTMENTS

The customized portfolio is created using an allocation of select QFM

Funds. Each QFM Fund is designed to satisfy the requirements of a specific
asset class, and is selected in the necessary proportion to match the optimal
investment mix.

5 MONITOR PROGRESS

Building an optimal investment mix is only part of the process. It is equally

important to maintain the optimal mix when varying market conditions cause
investment mix to drift away from its target. To ensure that mix of asset classes
stays in line with investor’s unique needs, the portfolio will be monitored and
rebalanced back to the optimal investment mix

6. REASSESS NEEDS AND GOALS

Just as markets shift, so do the goals and objectives of investors. With the
flexibility of the Portfolio Program and Asset Management Program, when the
 investor’s needs or other life circumstances change, the portfolio has the
flexibility to accommodate such changes.

RISK:

Risk refers to the probability that the return and therefore the value of an asset or
security may have alternative outcomes. Risk is the uncertainty (today)
surrounding the eventual outcome of an event which will occur in the future. Risk
is uncertainty of the income/capital appreciation or loss of both. All investments
are risky. The higher the risk taken, the higher is the return. But proper
management of risk involves the right choice of investments whose risks are
compensation.

RETURN:

Return-yield or return differs from the nature of instruments, maturity period and
the creditor or debtor nature of the instrument and a host of other factors. The most
important factor influencing return is risk return is measured by taking the price
income plus the price change.

PORTFOLIO RISK:

Risk on portfolio is different from the risk on individual securities. This risk is
reflected by in the variability of the returns from zero to infinity. The expected
return depends on probability of the returns and their weighted contribution to the
risk of the portfolio.

RETURN ON PORTFOLIO:
Each security in a portfolio contributes returns in the proportion of its investment
in security. Thus the portfolio of expected returns, from each of the securities with
weights representing the proportionate share of security in the total investments.

RISK – RETURN RELATIONSHIP:

The risk/return relationship is a fundamental concept in not only financial analysis,

but in every aspect of life. If decisions are to lead to benefit maximization, it is
necessary that individuals/institutions consider the combined influence on expected
(future) return or benefit as well as on risk/cost. The requirement that expected
return/benefit be commensurate with risk/cost is known as the "risk/return trade-
off" in finance. All investments have some risks. An investment in shares of
companies has its own risks or uncertainty. These risks arise out of variability of
returns or yields and uncertainty of appreciation or depreciation of share prices,
loss of liquidity etc. and the overtime can be represented by the variance of the
returns. Normally, higher the risk that the investors take, the higher is the return.

GRAPHICAL REPRESENTATION

OF

RISK AND RETURN ANALYSIS

.
 LITERATURE REVIEW

Portfolio theory was introduced by Harry Markowitz (1952) with his paper on
“portfolio selection”. Before this work, investors focused on assessing the risks and
benefits of individual securities. Investment analysis identified securities that
offered the most promising opportunities for gain with the least amount of risk and
then constructed a portfolio from these securities. This approach resulted in a set of
securities that involved, for example, the pharmaceutical industry or the
automotive industry.

Markowitz instead suggested that investors focus on selecting

portfolios based on their over all risk- reward characteristics, rather than only
compiling portfolios from securities that had attractive risk-reward characteristics.
Markowitz noted that if single period returns for various securities were treated as
random variables they could be assigned expected values, standard deviations and
correlations. This led to the ability to calculate the expected return and volatility of
any portfolio constructed with these securities.

He connected linear programming and investments, noting that the

desired out put is a higher return, while the cost to be minimized is the volatility of
the return. To construct this model, the expected return of each potential
component of the portfolio was required, along with determination of the expected
volatility of each components return, and the expected correlation of each
component with every other component. To

Determine these returns; Markowitz suggested the use of the observed values for
the past period.

Markowitz’smodel identified the various components that will yield

the best trade-offs between return and volatility for the portfolio. certain portfolios
would optimally balance risk and reward, which markowitz called an “efficient
frontier” of portfolios. The investor than should select a portfolio that lies on the
“efficient frontier”, as each portfolio would offer the maximum possible expected
return for a given level of risk. This model laid the foundation for the development
of the portfolio theory, although Markowitz acknowledged that anticipating the
future could be as much an art as

Of science

Tobin (1958) expanded on Markowitz work and added a risk-free asset to

the analysis in order to leverage or de-leverage, as appropriate portfolios on the
“efficient frontier” leading to the super efficient portfolio and capital market line.
With leverage, portfolios on the capital market line could outperform portfolios on
the efficient frontier. Sharpe (1964) then prepared a capital asset pricing model that
noted that all the investors should hold the market portfolio, whether leveraged or
de- leveraged, with positions on the risk-free assets.

However even earlier Bernoulli (1738), in an article about the

st.petersburg paradox, stated that risk averse investors should diversify. Bernoulli
explained that goods that are exposed to some small danger should be divided into
several portions rather than grouping them all together as a single unit. Markowitz
(1999) later noted that the Bernoulli’s work was superseded by that of William
Shakespeare in the merchant of Venice, Act 1, scene no1, in which Antonio said:

“ ………. I thank my fortune for it

My ventures are not in one bottom trusted

Nor to one place; nor is my whole estate

Upon the fortune of this present year……”

Markowitz at this time pointed though that while diversification would reduce risk,
it still could not eliminate risk. He stated that an investor should maximize the
expected portfolio return, while minimizing expected variance return. One stock
might provide long-term growth while another might generate short term
dividends. Some stocks should be part of the portfolio in order to insulate it from
wide market fluctuations.
 Markowitz’s approach is know common among institutional
portfolio managers to structure their portfolios and measure their performance and
is used to manage the portfolios of ordinary investors. Its extension has led to
increasingly refined theories of the effects of risks on valuation. The mathematics
of portfolio theory are used extensively in financial risk management as financial
portfolio managers concentrate their efforts on achieving the most optimal trade-
offs between risk and return, taking into account the different levels of risk
tolerance of different investors. The portfolio model therefore strives to obtain the
maximum return with minimum risk.

Portfolio managers thus estimate expected returns, standard deviations and

correlations. The mean is the expected returns of the each potential project and the
variance or the standard deviation measures the risk associated with the portfolio.

In 1990, Markowitz along with Merton miller, William Sharpe shared

a noble prize for their work on a theory of portfolio selection. Portfolio theory
provides a context to help understand the interactions of systematic risk and
reward. It has helped the Sharpe how institutional portfolios are managed and
fostered the use of passive investment management techniques.

COMPANY PROFILE

Reliance Industries Limited is engaged in refining, including manufacturing of

refined petroleum products, and petrochemicals, including manufacturing of basic
chemicals, fertilizers and nitrogen compounds, plastic and synthetic rubber in
primary forms. The Company's segments include Refining, Petrochemicals, Oil
and Gas, Organized Retail and Others. The Refining segment includes production
and marketing operations of the petroleum products. The Petrochemicals segment
includes production and marketing operations of petrochemical products, including
polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, butadiene,
acrylonitrile, caustic soda and polyethylene terephthalate. The Oil and Gas
segment includes exploration, development and production of crude oil and natural
gas. The Organized Retail segment includes organized retail business in India. The
Others segment includes textile, Special Economic Zone (SEZ) development,
telecom or broadband business and media.

The number of shares of RIL are approx. 3.1 billion.[32] The promoter group,
Ambani family, holds approx. 46.32% of the total shares whereas the remaining
53.68% shares are held by public shareholders, including FII and corporate
bodies.[32] Life Insurance Corporation of India is the largest non-promoter investor
in the company, with 7.98% shareholding.[33]

In January 2012, the company announced a buyback programme to buy a

maximum of 120 million shares for ₹104 billion (US$1.5 billion). By the end of
January 2013, the company had bought back 46.2 million shares for ₹33.66
billion (US$490 million).[34]

Listing

The company's equity shares are listed on the National Stock Exchange of
India Limited (NSE) and the BSE Limited. The Global Depository
Receipts (GDRs) issued by the Company are listed on Luxembourg Stock
Exchange.[35][36] It has issued approx. 56 million GDRs wherein each GDR is
equivalent to two equity shares of the company. Approximately 3.46% of its total
shares are listed on Luxembourg Stock Exchange.[32]

Its debt securities are listed at the Wholesale Debt Market (WDM) Segment of the
National Stock Exchange of India Limited (NSE).[37]

It has received domestic credit ratings of AAA from CRISIL (S&P subsidiary) and
Fitch. Moody's and S&P have provided investment grade ratings for international
debt of the company, as Baa2 positive outlook (local currency issuer rating) and
 BBB+ outlook respectively.[38][39][40] On the 28th of December, 2017, RIL
announced that it will be acquiring the wireless assets of Anil Ambani-led Reliance
Communications for about ₹23,000 crores

Company Core Purpose:

To be a well respected and preferred global financial services organization

enabling wealth creation for all our customers.

Values:

Integrity: A company honoring commitment with highest ethical and business

practices.
Team Work: Attaining goals collectively and collaboratively.
Meritocracy: Performance gets differentiated, recognized and rewarded in an
apolitical environment.
Passion & Attitude: High energy and self motivated with a “Do It” attitude and
entrepreneurial spirit.
Excellence in Execution: Time bound results within the framework of the
company’s value system.

MANAGEMENT TEAM:

 Nita Ambani. Non-Executive, Non Independent Director.

 Hital R. Meswani. Executive Director.
 Nikhil R. Meswani. Executive Director.
 P.M.S. Prasad. Executive Director.
 P.K. Kapil. Executive Director.
 R.A. Mashelkar. Independent Director.
 Adil Zainulbhai. Independent Director.
 Mansingh L. Bhakta. Independent Director.

INDUSTRY PROFILE

The company was co-founded by Dhirubhai Ambani and Champaklal Damani in

1960's as Reliance Commercial Corporation. In 1965, the partnership ended and
Dhirubhai continued the polyester business of the firm.[11] In 1966, Reliance
Textiles Engineers Pvt. Ltd. was incorporated in Maharashtra. It established
a synthetic fabrics mill in the same year at Naroda in Gujarat.[12] On 08 May 1973,
it became Reliance Industries Limited. In 1975, the company expanded its business
into textiles, with "Vimal" becoming its major brand in later years. The company
held its Initial public offering (IPO) in 1977.[13] The issue was over-subscribed by
seven times.[14] In 1979, a textiles company Sidhpur Mills was amalgamated with
the company.[15] In 1980, the company expanded its polyester yarn business by
setting up a Polyester Filament Yarn Plant in Patalganga, Raigad, Maharashtra
with financial and technical collaboration with E. I. du Pont de Nemours & Co.,
U.S.[12]
1981–2000

In 1985, the name of the company was changed from Reliance Textiles Industries
Ltd. to Reliance Industries Ltd.[12] During the years 1985 to 1992, the company
expanded its installed capacity for producing polyester yarn by over 145,000
tonnes per annum.[12]

The Hazira petrochemical plant was commissioned in 1991–92.[16]

In 1993, Reliance turned to the overseas capital markets for funds through a global
depositary issue of Reliance Petroleum. In 1996, it became the first private sector
company in India to be rated by international credit rating agencies. S&P rated
Reliance "BB+, stable outlook, constrained by the sovereign
ceiling". Moody's rated "Baa3, Investment grade, constrained by the sovereign
ceiling".[17]

In 1995/96, the company entered the telecom industry through a joint venture
with NYNEX, USA and promoted Reliance Telecom Private Limited in India.[16]

In 1998/99, RIL introduced packaged LPG in 15 kg cylinders under the brand

name Reliance Gas.[16]

The years 1998–2000 saw the construction of the integrated petrochemical

complex at Jamnagar in Gujarat,[16] the largest refinery in the world.

2001 onwards

In 2001, Reliance Industries Ltd. and Reliance Petroleum Ltd. became India's two
largest companies in terms of all major financial parameters.[18] In 2001–02,
Reliance Petroleum was merged with Reliance Industries.[13]

In 2002, Reliance announced India's biggest gas discovery (at the Krishna
Godavari basin) in nearly three decades and one of the largest gas discoveries in
the world during 2002. The in-place volume of natural gas was in excess of 7
trillion cubic feet, equivalent to about 1.2 billion barrels of crude oil. This was the
first ever discovery by an Indian private sector company.[13][19]

In 2002–03, RIL purchased a majority stake in Indian Petrochemicals Corporation

Ltd. (IPCL), India's second largest petrochemicals company, from the government
of India.[20]IPCL was later merged with RIL in 2008.[21][22]

In 2005 and 2006, the company reorganized its business by demerging its
investments in power generation and distribution, financial services and
telecommunication services into four separate entities.[23]

In 2006, Reliance entered the organised retail market in India[24] with the launch of
its retail store format under the brand name of 'Reliance Fresh'.[25][26] By the end of
2008, Reliance retail had close to 600 stores across 57 cities in India.[13]

In November 2009, Reliance Industries issued 1:1 bonus shares to its shareholders.

In 2010, Reliance entered the broadband services market with acquisition of Infotel
Broadband Services Limited, which was the only successful bidder for pan-India
fourth-generation (4G) spectrum auction held by the government of India.[27][28]

In the same year, Reliance and BP announced a partnership in the oil and gas
business. BP took a 30 per cent stake in 23 oil and gas production sharing contracts
that Reliance operates in India, including the KG-D6 block for $7.2
billion.[29] Reliance also formed a 50:50 joint venture with BP for sourcing and
marketing of gas in India.[30]

In 2017, RIL set up a joint venture with Russian Company Sibur for setting up
a Butyl rubber plant in Jamnagar, Gujarat, to be operational by 2018. [31]
Shareholding

Chairman and MD: Mukesh Ambani

The number of shares of RIL are approx. 3.1 billion.[32] The promoter group,
Ambani family, holds approx. 46.32% of the total shares whereas the remaining
53.68% shares are held by public shareholders, including FII and corporate
bodies.[32] Life Insurance Corporation of India is the largest non-promoter investor
in the company, with 7.98% shareholding.[33]

In January 2012, the company announced a buyback programme to buy a

maximum of 120 million shares for ₹104 billion (US$1.5 billion). By the end of
January 2013, the company had bought back 46.2 million shares for ₹33.66
billion (US$490 million).[34]

Listing

The company's equity shares are listed on the National Stock Exchange of
India Limited (NSE) and the BSE Limited. The Global Depository
Receipts (GDRs) issued by the Company are listed on Luxembourg Stock
Exchange.[35][36] It has issued approx. 56 million GDRs wherein each GDR is
equivalent to two equity shares of the company. Approximately 3.46% of its total
shares are listed on Luxembourg Stock Exchange.[32]

Its debt securities are listed at the Wholesale Debt Market (WDM) Segment of the
National Stock Exchange of India Limited (NSE).[37]

It has received domestic credit ratings of AAA from CRISIL (S&P subsidiary) and
Fitch. Moody's and S&P have provided investment grade ratings for international
debt of the company, as Baa2 positive outlook (local currency issuer rating) and
BBB+ outlook respectively.[38][39][40] On the 28th of December, 2017, RIL
announced that it will be acquiring the wireless assets of Anil Ambani-led Reliance
Communications for about ₹23,000 crores[41].

Operations

The company's petrochemical, refining, oil and gas-related operations form the
core of its business; other divisions of the company include cloth, retail business,
telecommunications and special economic zone (SEZ) development. In 2012–13, it
earned 76% of its revenue from refining, 19% from petrochemicals, 2% from oil &
gas and 3% from other segments.[33]

In July 2012, RIL informed that it was going to invest US$1 billion over the next
few years in its new aerospace division which will design, develop, manufacture,
equipment and components, including aircraft, engine, radars, avionics and
accessories for military and civilian aircraft, helicopters, unmanned airborne
vehicles and aerostats.[42]

Major subsidiaries and associates

On 31 March 2013, the company had 123 subsidiary companies and 10 associate
companies.[33]
 Reliance Retail is the retail business wing of the Reliance Industries. In March
2013, it had 1466 stores in India.[43] It is the largest retailer in India.[44] Many
brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance
Digital, Reliance Wellness, Reliance Trends, Reliance Autozone, Reliance
Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, Reliance
Market (Cash n Carry) and Reliance Jewel come under the Reliance Retail
brand. Its annual revenue for the financial year 2012–13 was ₹108
billion (US$1.6 billion) with an EBITDA of ₹780
million (US$11 million).[33][45]
 Reliance Life Sciences works around medical, plant and
industrial biotechnology opportunities. It specializes in manufacturing,
branding, and marketing Reliance Industries' products in bio-
pharmaceuticals, pharmaceuticals, clinical research services, regenerative
medicine, molecular medicine, novel therapeutics, biofuels, plant
biotechnology, and industrial biotechnology sectors of the medical business
industry.[46][47]
 Reliance Institute of Life Sciences (RILS), established by Dhirubhai Ambani
Foundation, is an institution offering higher education in various fields of life
sciences and related technologies.[48][49]
 Reliance Logistics is a single-window company selling transportation,
distribution, warehousing, logistics, and supply chain-related products,
supported by in-house telematics and telemetry solutions.[50][51][52] Reliance
Logistics is an asset based company with its own fleet and infrastructure. [53] It
provides logistics services to Reliance group companies and
outsiders.[54] Merged content from Reliance Logistics to here.
See Talk:Reliance Industries/Archives/2013#Merge proposals.
 Reliance Clinical Research Services (RCRS), a contract research
organisation (CRO) and wholly owned subsidiary of Reliance Life Sciences,
specialises in the clinical research services industry. Its clients are primarily
pharmaceutical, biotechnology and medical device companies.[55]
 Reliance Solar, the solar energy subsidiary of Reliance, was established to
produce and retail solar energy systems primarily to remote and rural areas. It
offers a range of products based on solar energy: solar lanterns, home lighting
systems, street lighting systems, water purification systems, refrigeration
systems and solar air conditioners.[56]Merged content from Reliance Solar to
here. See Talk:Reliance Industries/Archives/2013#Merge proposals.
 Relicord is a cord blood banking service owned by Reliance Life Sciences. It
was established in 2002.[57] It has been inspected and accredited
by AABB,[58] and also has been accorded a licence by Food and Drug
Administration (FDA), Government of India.
 Reliance Jio Infocomm Limited (RJIL) previously known as Infotel
Broadband, is a broadband service provider which gained 4G licences for
operating across India.[59][60]
 Reliance Industrial Infrastructure Limited (RIIL) is an associate company
of RIL. RIL holds 45.43% of total shares of RIIL.[33] It was incorporated in
September 1988 as Chembur Patalganga Pipelines Limited, with the main
objective being to build and operate cross-country pipelines for transporting
petroleum products. The company's name was subsequently changed to CPPL
Limited in September 1992, and thereafter to its present name, Reliance
Industrial Infrastructure Limited, in March 1994.[61] RIIL is mainly engaged in
the business of setting up and operating industrial infrastructure. The company
is also engaged in related activities involving leasing and providing services
 connected with computer software and data processing. [62] The company set up
a 200-millimetre diameter twin pipeline system that connects the Bharat
Petroleum refinery at Mahul, Maharashtra, to Reliance's petrochemical complex
at Patalganga, Maharashtra. The pipeline carries petroleum products
including naphtha and kerosene. It has commissioned facilities like the
supervisory control and data acquisition system and the cathodic protection
system, a jackwell at River Tapi, and a raw water pipeline system at Hazira.
The infrastructure company constructed a 71,000 kilo-litre petrochemical
product storage and distribution terminal at the Jawaharlal Nehru Port Trust
(JNPT) Area in Maharashtra.[citation needed]
 LYF, a 4G-enabled VoLTE device brand from Reliance Retail.[63]
 Network 18, a mass media company. It has interests in television, digital
platforms, publication, mobile apps, and films. It also operates two joint
ventures, namely Viacom 18and History TV18 with Viacom and A+E
Networks respectively. It also have acquired ETV Network and since renamed
its channels under the Colors TV brand.
 Reliance Eros Productions LLP, joint venture with Eros International to
produce film content in India

ASSETS UNDER MANAGEMENT

Reliance Nippon Life Asset Management (RNAM; formerly Reliance Capital

Asset Management Limited) is one of the largest asset manager in India and
manages and advises Rs. 3,58,059 crore as per March 2017, across mutual funds,
pension funds, managed accounts, alternative investments and offshore funds.
RNAM is the only AMC to have the mandate for fund management by EPFO,
PFRDA and CMPFO.
RNAM is the asset manager of Reliance Mutual Fund (RMF) Schemes. Sundeep
Sikka is the Executive Director and Chief Executive Officer of RNAM.

As per March 2017, RMF manages the highest assets from the ‘beyond Top 15
cities’ category across all AMCs in the industry.

RNAM acts as the advisor for India focused Equity and Fixed Income funds in
Japan (launched by Nissay Asset Management) and Korea (Samsung Asset
Management). RNAM also manages offshore funds through its subsidiaries in
Singapore and Mauritius thereby catering to investors across Asia, the Middle East,
the UK, the US, and Europe.

Reliance Nippon Life Insurance[edit]

Reliance Nippon Life Insurance Company is among the leading private sector life
insurance companies in India in terms of individual WRP (weighted received
premium) and new business WRP. The company is one of the largest non-bank
supported private life insurers with over 10 million policy holders, a strong
distribution network of over 700 branches and over 75,000 advisors as on March
31, 2017. The company holds one of the top claim settlement ratios in the industry:
it stands at 95.21% as of March 31, 2017.[4][16]

Ashish Vohra is the Executive Director and Chief Executive Officer of RNLI.[17]

In fiscal year 2016, after the enabling regulations, Nippon Life increased its stake
in Reliance Life from 26% to 49%, subsequent to the receipt of all regulatory
approval. Nippon Life Insurance, also called Nissay, is Japan's largest private life
insurer, with 25% market share. The company, with over 29 million policies in
Japan, offers a wide range of products, including individual and group life and
annuity policies through various distribution channels. It mainly uses face-to-face
sales channel for its traditional insurance products. The company primarily
operates in Japan, North America, Europe and Asia and is headquartered in Osaka,
Japan. It was ranked 114th in Global Fortune 500 firms in 2016.

Reliance General Insurance[edit]

Reliance General Insurance Company

Limited