Overview Key strengths Key risks Major oil refining and petrochemical producer in Asia, with strong operating efficiency thanks to its large and integrated oil refinery complex. Exposure to oil refining and petrochemical business cycles. Steady operating cash flows owing to its leading domestic market position in digital and retail segments. Growth appetite and investments in the petrochemical, retail and renewable businesses. Flexibility to monetize non-strategic assets should keep its balance sheet in check. The company is one of the largest and most complex refiners globally. Its single-site refinery complex at Jamnagar in western India has a processing capacity of 1.4 million barrels per day (bpd), and a complexity index of 21.1x, well above the industry average. These factors, together with
