Large scale, integrated, and efficient oil refining and petrochemicals businesses support healthy profitability. New projects being commissioned in the energy business to improve scale and lower costs. Exposed to cyclical industries and volatile commodity prices. Assets concentrated in India, a relatively high risk country. Sustained healthy cash flows with low volatility. Appetite for high capital expenditure, mainly in the digital services business. Improving leverage with incremental cash flows from new projects and ramp-up of the digital services business. The stable outlook reflects our expectation that Reliance Industries Ltd.'s (Reliance) cash flow leverage will significantly improve over the next two years with the ratio of debt to EBITDA reaching close to 2.0x, from more than 3.0x in fiscal 2017 (year ended
