Large scale, integrated, and efficient oil refining and petrochemicals businesses. Good business diversity. Low gas prices and disputes with government adversely affecting contribution from oil and gas production business. Exposure to cyclical industries and commodity prices. Concentration of assets in India, a higher risk country. Strong and recurrent cash flows. High capital expenditure to continue for the next 12 months. Large balance of cash and cash equivalents Leverage to weaken for one more year before recovering strongly with the completion of its large projects. The stable outlook reflects our expectation that Reliance Industries Ltd.'s (Reliance) leverage will peak in fiscal year 2016 and will materially improve over the subsequent two years with debt to EBITDA close to 2x. It also
