In 2010 - 2011, Reliance Industries Limited (RIL) attained largest
 profit growth in its history with record operating and financial
 results from each of the three core segments of petrochemicals,
 refining & marketing and oil & gas.
 
 RIL achieved a record turnover exceeding Rs. 258,000 crore ($ 58.0
 billion) and highernet profit of Rs. 20,286 crore ($ 4.5 billion).
 
 This land mark performance was a result of strong global economic
 recovery, Indias consumer demand for products and services linked to a
 better quality of life and best-in-class manufacturing achievements at
 all our plants.
 
 Reliance was able to demonstrate the full potential of its
 manufacturing assets, management capability, high quality of products
 and access to Indian markets by achieving record turnover, gross and
 net profits. This is attributed to volume growth and better margin in
 the core businesses.
 
 The new SEZ refinery and the deep-water gas production facility are
 globally recognized as among the leading projects of the decade in
 terms of project execution, cost competitiveness and on-going
 performance. The new refinery has consistently operated at over 110% of
 its name plate capacity. This performance has led to its recognition as
 the best large, complex refinery ever constructed. The KG-D6 project,
 with over 700 days of incident free uptime has set a benchmark in
 operation of offshore deep-water gas projects.
 
 Reliance took several strategic initiatives during the year.  We
 entered into three partnerships in shale gas in North America thereby
 establishing ourselves as one of the leading foreign investors in this
 emerging unconventional hydrocarbon opportunity. The JVs are expected
 to accrue resources in excess of 10 TCFe and make a meaningful
 contribution to our earnings within the next few years. We are building
 new competencies which will be the basis for a larger footprint in the
 future.
 
 We also announced a strategic partnership with BP, which will enable us
 to exploit the full potential of our domestic oil
 
 & gas portfolio. BP will make available to the partnership its
 sub-surface technical expertise to maximize recoverable resources from
 the large domestic exploration acreage. A joint venture to import gas
 from global sources and invest in infrastructure to provide reliable
 supply of gas to Indian consumers is also contemplated in this
 partnership.
 
 The world is going digital at a pace that was not imaginable a few
 years ago. India is one of the most exciting markets in the world in
 terms of its consumers embracing new technology, experiences and the
 potential to connect a large part of its population with the rest of
 the world. We envisage that significant value will be created for
 consumers as well as operators with the new services and connectivity.
 RIL acquired ownership of a pan-India broadband wireless access license
 in 2010. This will place us in a unique position to build a new
 business to meet consumer aspirations over the next decade and beyond.
 
 The financial services sector is equally poised for rapid and
 significant growth. Several international companies have approached
 Reliance to be their partner of choice in establishing niche businesses
 in India. We will participate in this sector through partnerships with
 leading global companies.
 
 During 2010 - 2011, we stepped up our commitment to build
 organizational capacity, management bandwidth and the ability to
 execute our strategic initiatives. This is a critical commitment that
 we are making to build a process and performance based organization
 with a shared vision.  It is essential to strengthen this platform to
 achieve our next phase of growth.
 
 Over the past 5 years Reliance has entered into over 50 partnerships.
 These partnerships bring new products, competencies, technologies and
 new markets. Growth through partnerships will be a key part of our
 strategy.  These partnerships will address both the Indian markets as
 well as provide us with entry points into global markets.  Our
 partnerships in shale gas and joint ventures in retail are few examples
 towards implementing this strategy.
 
 Participating and investing in Indias growth has been the fundamental
 principle of Reliances evolution. We will augment our commitment to
 the Indian markets by investing in new petrochemical capacity,
 organized retailing and digital services. The new projects announced by
 us represent the largest ever investment by Reliance in a sector and
 largest capital commitment in global arena as well. Our investments in
 organized retailing are anticipated to be significant and will
 transform the Indian market. Our partnership with BP should result in
 renewed investment in the upstream sector.
 
 We are among the 100 most profitable companies in the world and have
 been felicitated consistently for innovation and shareholder value
 creation over the past decade.
 
 We are gearing up for the next phase of growth through a combination of
 our own initiatives and forging new partnerships with leading
 companies. These investments will accelerate Indias growth as a
 consumer and digital economy. RILs contribution to India will be
 compounded by its CSR and Reliance Foundations initiatives.
 
 I am grateful to the Board of Directors for their unwavering support
 and guidance. I take this opportunity to express my gratitude to all
 our stakeholders, who have reposed trust in us and extended their
 constant support.
 
 With best wishes, 
 Sincerely,
 
 Mukesh D. Ambani 
 Chairman & Managing Director
 
 April 21, 2011