Large scale, integrated, and efficient oil refining and petrochemical businesses. Large projects under commissioning to further improve scale and lower costs in the energy business. Exposure to cyclical industries and volatile commodity prices. Roll out of telecom operations in a competitive Indian market. Concentration of assets in India, a higher risk country. Strong and recurrent cash flows. High capital expenditure mainly in the telecom business in the next 12-18 months. Large balance of cash and cash equivalents. Leverage to peak this year before recovering strongly. The stable outlook reflects our expectation that Reliance Industries Ltd.'s leverage will significantly improve over the next two years with the debt-to-EBITDA ratio being close to 2x. The outlook also reflects our expectation that the
