India Explained
Company groupOngoingBusiness & Public PowerBig business groupsRegulators & markets

Reliance Group (Reliance Industries)

Profile of Reliance Industries and its businesses: FY26 figures, the 2005 family split, KG-D6, telecom, retail and SEBI matters by government in office, and the status of each proceeding as of 12 October 2026, with the company's responses.

A dossier is a fact file. It records what is on record and who said what; it does not give a verdict. It is not scored and earns or loses no party points. How dossiers are written.

Reliance Industries Limited is a Mumbai-headquartered group whose segments, in the company’s FY2024-25 summary, are oil to chemicals, oil and gas, retail, digital services and media and entertainment [1]. For FY2025-26 it reported consolidated revenue of Rs 11,75,919 crore, EBITDA of Rs 2,07,911 crore, profit of Rs 95,754 crore, capex of Rs 1,44,271 crore and an exchequer contribution of Rs 2,16,472 crore [2]. Its headcount at the end of FY2024-25 was reported as 4,03,303 [21]. The current promoter shareholding and market capitalisation were not verified.

The group in its current form followed a June 2005 mediated settlement between Mukesh and Anil Ambani, under which Mukesh Ambani kept Reliance Industries and Anil Ambani received telecom, power and financial businesses [20].

The dossier records dated touchpoints against the Union government in office: the KG-D6 gas field and the CAG’s 2011 and 2014 reports, the 2010 acquisition of broadband spectrum holder Infotel, the 2015 CAG report on Jio’s licence migration, the 2016 launch and the CCI’s 2017 and 2020 decisions [4][5][10][11][12]. Legal matters include SEBI’s 2017 order on the 2007 Reliance Petroleum trades, which the Supreme Court set aside in part on 29 May 2026 [13][14], the government-versus-contractor arbitrations over KG-D6 [7][8], and the Amazon-Future Retail dispute, in which Future Retail was later ordered into liquidation [16][17].

On political funding, the media-identified electoral-bond buyer Qwik Supply Chain bought Rs 410 crore of bonds; Reliance says it is not a Reliance subsidiary [18]. No purchase by a listed Reliance company was identified in the sources reviewed.

Each allegation shows who made it, its status and the company’s reply. The notShown list sets out what these records cannot establish.

Timeline

In date order. Each item shows what kind of statement it is, who is the actor, and where it comes from.

  1. EventAmbani family / Reliance Industries

    Mediated settlement of the Ambani family dispute: Mukesh Ambani retains Reliance Industries Limited (with control over IPCL); Anil Ambani receives Reliance Infocomm, Reliance Energy and Reliance Capital. Shareholders reportedly approved the demerger scheme on 21 October 2005 and the Bombay High Court on 9 December 2005. Government in office: centre-2004-manmohan-1 (Manmohan Singh). The date and approvals are from secondary summaries.

    Source [20]: Chronology of events: the Reliance split (seen in search results, not opened)
  2. EventReliance Industries

    The Reliance Petroleum Limited (RPL) November 2007 futures settlement trades that later became the subject of SEBI proceedings (month only). Government in office: centre-2004-manmohan-1 (Manmohan Singh).

    Source [13]: Supreme Court grants relief to Reliance Industries in RPL trades case (29 May 2026; internally inconsistent on disgorgement)
  3. EventReliance Industries / Department of Telecommunications

    Reliance Industries acquires Infotel Broadband, which had won pan-India broadband wireless access (BWA) spectrum in the 2010 auction; it is later renamed Reliance Jio Infocomm (year only; reports say the acquisition followed within hours of the auction result). Government in office: centre-2009-manmohan-2 (Manmohan Singh).

    Source [10]: CAG says undue favours shown to Reliance, Airtel (11 May 2015)
  4. FindingComptroller and Auditor General of India

    CAG Report No. 19 of 2011, a performance audit of hydrocarbon production sharing contracts, is tabled. Media coverage records findings on KG-D6: the whole 7,645 sq km block was retained as a discovery area, capex estimates rose from 2.4 billion dollars (2004) to 8.8 billion (2006), and the CAG sought a review of 10 contracts. Government in office: centre-2009-manmohan-2 (Manmohan Singh).

    Source [4]: CAG Report No. 19 of 2011: Performance audit of hydrocarbon production sharing contracts (catalogue page, tabled 8 September 2011)
  5. EventDelhi Government Anti-Corruption Branch

    The Delhi government's Anti-Corruption Branch registers an FIR naming Mukesh Ambani, then Petroleum Minister Veerappa Moily, former Minister Murli Deora and a former Director General of Hydrocarbons over the gas pricing decision (responses of those named were not found in the source seen; a formula approved by the Cabinet Committee on Economic Affairs in June, reported to raise the price from 4.2 to 8.4 dollars per mmBtu from 1 April, the year is not stated in the source seen). The Centre challenged the ACB's jurisdiction in the Delhi High Court. Government in office: centre-2009-manmohan-2 (Manmohan Singh).

    Source [9]: RIL slips as ACB reportedly files FIR on gas pricing issue (seen in search results, not opened)
  6. EventComptroller and Auditor General of India

    CAG Report No. 24 of 2014, a compliance audit of hydrocarbon production sharing contracts, is tabled. Its contents were not read in this research. Government in office: centre-2014-modi-1 (Narendra Modi).

    Source [5]: CAG Report No. 24 of 2014: Compliance audit on hydrocarbon production sharing contracts (catalogue page, tabled 28 November 2014)
  7. FindingComptroller and Auditor General of India

    Media report a CAG audit stating that Reliance Jio received an undue advantage of Rs 3,367.29 crore through the 2013 migration of its licence at 2001-era pricing (Airtel also criticised). Reliance said it had never sought or been given any favour. Government in office: centre-2014-modi-1 (Narendra Modi). The report number and tabling date were not verified.

    Source [10]: CAG says undue favours shown to Reliance, Airtel (11 May 2015)
  8. EventReliance Jio Infocomm

    Commercial launch of Jio services (date from the general record; not confirmed in the sources opened). Government in office: centre-2014-modi-1 (Narendra Modi).

    Source [11]: India: Reliance Jio offers not anti-competitive, says CCI (seen in search results, not opened)
  9. FindingSEBI

    SEBI's whole-time member orders Reliance Industries to disgorge Rs 447.27 crore with 12 percent interest and bars RIL and 12 entities from the equity derivatives segment for one year, on a SEBI finding of fraudulent and manipulative trading in RPL November 2007 futures (March 2017; day not verified in the sources opened). The Supreme Court set aside the fraud findings in part on 29 May 2026 (see below). Government in office: centre-2014-modi-1 (Narendra Modi).

    Source [13]: Supreme Court grants relief to Reliance Industries in RPL trades case (29 May 2026; internally inconsistent on disgorgement)
  10. FindingCompetition Commission of India

    The Competition Commission of India dismisses Bharti Airtel's complaint of predatory pricing against Jio, finding Jio a new entrant without dominance (no more than 7 percent share in any circle) and free offers not in themselves a competition concern (reported as June 2017). Government in office: centre-2014-modi-1 (Narendra Modi).

    Source [11]: India: Reliance Jio offers not anti-competitive, says CCI (seen in search results, not opened)
  11. FindingCompetition Commission of India

    CCI clears Facebook's acquisition of 9.99 percent of Jio Platforms for about 5.7 billion dollars (announced April 2020). Government in office: centre-2019-modi-2 (Narendra Modi).

    Source [12]: Facebook-Jio deal gets Competition Commission nod (seen in search results, not opened)
  12. EventFuture Group / Reliance Retail / Amazon

    Future Group announces sale of its retail, wholesale and logistics businesses to Reliance Retail Ventures for Rs 24,713 crore (August 2020). Amazon objected under its 2019 investment agreement with Future Coupons; a SIAC emergency arbitrator restrained the deal on 25 October 2020. Government in office: centre-2019-modi-2 (Narendra Modi).

    Source [16]: Amazon vs. Reliance Group (tertiary summary of the Future Retail dispute)
  13. FindingSecurities Appellate Tribunal

    The Securities Appellate Tribunal dismisses RIL's appeal against the March 2017 SEBI order by a 2:1 majority (November 2020). Government in office: centre-2019-modi-2 (Narendra Modi).

    Source [13]: Supreme Court grants relief to Reliance Industries in RPL trades case (29 May 2026; internally inconsistent on disgorgement)
  14. FindingSupreme Court of India

    The Supreme Court holds emergency arbitration awards enforceable in India, supporting Amazon's position; Future Retail said it would pursue all avenues to complete the deal (August 2021).

    Source [16]: Amazon vs. Reliance Group (tertiary summary of the Future Retail dispute)
  15. FindingNational Company Law Tribunal, Mumbai

    NCLT Mumbai orders the liquidation of Future Retail Limited after no resolution plan was approved within the statutory period. Government in office: centre-2024-modi-3 (Narendra Modi).

    Source [17]: NCLT orders liquidation of Future Retail (seen in search results, not opened)
  16. FindingSupreme Court of India

    Supreme Court dismisses SEBI's appeal against the SAT order that had quashed the penalty on Mukesh Ambani in the RPL matter (a bench remark reported: you cannot chase a person like this for years) and takes up RIL's cross-appeal.

    Source [15]: Supreme Court rejects SEBI's appeal against SAT order exonerating Mukesh Ambani in 2007 case (11 November 2024)
  17. EventReliance Industries, BP, Niko

    Reliance, BP and Niko Resources file a Supreme Court appeal against a February 2025 Delhi High Court division bench decision that set aside a May 2023 single-judge ruling upholding the July 2018 arbitral award rejecting the government's claim of about 1.73 billion dollars for gas alleged to have migrated from ONGC's block (filing reported on 20 May 2025; the day is approximate). Government in office: centre-2024-modi-3 (Narendra Modi).

    Source [7]: Reliance approaches Supreme Court over gas dispute with ONGC (20 May 2025)
  18. EventArbitral tribunal

    Final hearings conclude in a separate arbitration over the government's claims on KG-D6 production shortfall; a verdict was expected by mid-2026 (per reports). No award was found as of 12 October 2026.

    Source [8]: Reliance denies report of government demanding 30 billion dollars over production losses at KG basin (seen in search results, not opened)
  19. FindingSupreme Court of India

    Supreme Court (Justices J. B. Pardiwala and R. Mahadevan) sets aside SEBI's findings of fraud against RIL in the RPL matter and, per most reports, the Rs 447.27 crore disgorgement; upholds a separate Rs 25 crore penalty; directs SEBI to refund Rs 250 crore deposited by RIL. Government in office: centre-2024-modi-3 (Narendra Modi).

    Source [14]: Supreme Court gives relief to Reliance in RPL case, sets aside fraud findings and Rs 447 crore disgorgement order
  20. Official statementReliance Industries

    At its 49th AGM, Reliance reports FY26 consolidated revenue of Rs 11,75,919 crore, EBITDA of Rs 2,07,911 crore, PAT of Rs 95,754 crore, capex of Rs 1,44,271 crore and an exchequer contribution of Rs 2,16,472 crore.

    Source [2]: Reliance posts record revenue, EBITDA and profit in FY26 (49th AGM, 19 June 2026)

Claims

Findings, official statements, data and events are on record. An allegation is a claim that no finding has established; it is marked with a dashed border, a warning triangle and the words "Not established", and always shows its status and any response.

Claims in this dossierEach claim shows its type, who made it, its current status and any response. Type is shown in words and symbols, not colour.
ClaimTypeMade byStatusResponseSource
SEBI found that RIL used a fraudulent and manipulative strategy, through 12 entities, in the November 2007 RPL futures settlement, building short positions in RPL futures while selling RPL shares in the cash market.FindingSEBI whole-time member (March 2017 order); upheld 2:1 by SAT in November 2020Fraud findings and, per most reports, the Rs 447.27 crore disgorgement set aside by the Supreme Court on 29 May 2026. One report's closing paragraph says the Court declined to interfere with the disgorgement, contradicting its own headline; the judgment text was not opened. Rs 25 crore penalty by SEBI's adjudicating officer upheld; Rs 250 crore to be refunded.RIL appealed at each stage (SAT, then Supreme Court). Its written submissions were not retrieved; the company statement on the May 2026 judgment was not retrieved. [14]: Supreme Court gives relief to Reliance in RPL case, sets aside fraud findings and Rs 447 crore disgorgement order
SEBI's January 2021 adjudication penalties (Rs 25 crore on RIL, Rs 15 crore on Mukesh Ambani, Rs 20 crore on Navi Mumbai SEZ and Rs 10 crore on Mumbai SEZ) in the same matter were upheld by SAT in December 2023 as to RIL only; the penalties on Mr Ambani and the two SEZ entities were quashed.FindingSecurities Appellate Tribunal, December 2023; Supreme Court, 11 November 2024 (dismissed SEBI's appeal on the Ambani and SEZ penalties)Concluded for Mr Ambani and the SEZ entities; RIL's Rs 25 crore penalty upheld on 29 May 2026 (as reported; the orders were not opened)No response found in the sources reviewed. [13]: Supreme Court grants relief to Reliance Industries in RPL trades case (29 May 2026; internally inconsistent on disgorgement)
The CAG's September 2011 audit questioned the Petroleum Ministry and Directorate General of Hydrocarbons for allowing RIL to retain the entire KG-D6 block as a discovery area, did not conclude whether the capex increase was justified, criticised a single-bid 1.1 billion dollar facility contract and sought a review of 10 contracts.FindingComptroller and Auditor General of India (Report No. 19 of 2011, tabled 8 September 2011)Audit report; the report itself was not read, findings taken from Business TodayNo direct Reliance response was retrieved; an article headed 'RIL not kept in loop on CAG report' was seen but its text was not. [6]: CAG flays government for allowing RIL to retain D6 area
The CAG found that Reliance Jio received an undue advantage of Rs 3,367.29 crore from a 2013 migration fee of Rs 1,658 crore set at 2001-era prices, and that the Department of Telecommunications gave Airtel out-of-turn favours.FindingComptroller and Auditor General of India, as reported on 11 May 2015Reported as laid before Parliament; the government's action on it was reported as unclear; later status not verifiedA Reliance spokesperson said the company had never sought or been given any favour by the government and had acted in line with prevailing laws and DoT rules. [10]: CAG says undue favours shown to Reliance, Airtel (11 May 2015)
Not established by a findingThe government sought about 1.55 billion dollars (about 1.73 billion with profit petroleum) from RIL, BP and Niko for gas alleged to have migrated from ONGC's adjoining block; a 2018 tribunal majority rejected the claim and awarded the contractors 8.3 million dollars.AllegationGovernment of India (Ministry of Petroleum and Natural Gas), 2016 demandAward set aside by a Delhi High Court division bench in February 2025; RIL, BP and Niko appealed to the Supreme Court in May 2025; outcome of that appeal not verified. A later government demand of 2.81 billion dollars was reported without a date.Reliance argued the division bench overstepped its jurisdiction by reassessing the merits of an arbitration and wants the 2018 award reinstated. [7]: Reliance approaches Supreme Court over gas dispute with ONGC (20 May 2025)
Not established by a findingThe government is reported to be seeking more than 30 billion dollars from Reliance and BP in the KG-D6 arbitration for gas not produced, excess infrastructure expenditure, marketing margins and interest.AllegationGovernment of India, as reported by Reuters from unnamed sources (2025)Hearings concluded 7 November 2025; no award located as of 12 October 2026Reliance denied the figure, saying the Government of India's claim in relation to the KG D6 block is of the order of 247 million dollars, which is disclosed in its audited financial statements. [8]: Reliance denies report of government demanding 30 billion dollars over production losses at KG basin (seen in search results, not opened)
Not established by a findingThe Delhi government's Anti-Corruption Branch alleged in an FIR of 12 February 2014 that the gas price rise benefited Reliance at public cost.AllegationDelhi government (Chief Minister Arvind Kejriwal, Aam Aadmi Party)The Centre challenged the ACB's jurisdiction in the Delhi High Court; the outcome of the FIR was not verifiedResponses of Mr Ambani, Mr Moily and Mr Deora were not retrieved; the Union government contested the ACB's jurisdiction. [9]: RIL slips as ACB reportedly files FIR on gas pricing issue (seen in search results, not opened)
The Competition Commission of India held Jio's free offers were not predatory in the absence of dominance, dismissing Bharti Airtel's complaint.FindingCompetition Commission of India, June 2017Order of the Commission; any appeal status not verified. TRAI, on the Attorney General's advice, reportedly ruled the free data offer violated no promotion rules.Not applicable to a regulator's finding. Airtel's position was that the offers were predatory. [11]: India: Reliance Jio offers not anti-competitive, says CCI (seen in search results, not opened)
Not established by a findingAmazon described Reliance's early-2022 takeover of more than 200 Future Retail stores as a 'fraudulent and coercive takeover'.AllegationAmazonFuture Retail entered insolvency in July 2022 and was ordered into liquidation on 27 July 2024; no court finding on Amazon's description was locatedReliance said it acted on unpaid rents and lease breaches (as reported). Its own statement was not retrieved. [16]: Amazon vs. Reliance Group (tertiary summary of the Future Retail dispute)
Not established by a findingQwik Supply Chain Pvt Ltd, which bought electoral bonds of Rs 410 crore between January 2022 and November 2023, is described by media as Reliance-linked because one of its directors is an employee of Reliance Industries and sits on boards of Reliance group companies.AllegationJournalists (Reuters, Newslaundry, The Reporters' Collective and others)Link not established by a regulatory finding; bond buyers' recipients are not disclosed in the SBI data except through encashment recordsReliance said Qwik Supply Chain Pvt Ltd is not a subsidiary of any Reliance entity and not part of its group. [18]: Reliance-linked Qwik Supply third largest electoral bond buyer; Reliance says company not its subsidiary (seen in search results, not opened)

What the claim types mean

Finding
A court, regulator or statutory body's recorded finding or order. The order or judgment is cited.
Official statement
What a government, ministry, constitutional body or company officially said or filed.
Allegation
A claim by a party, petitioner, journalist, NGO or analyst that has not been established by a finding. Its current status and the named party’s response are always stated.
Data
A measured figure from an official or audited source, with its period and unit.
Event
A dated, uncontested occurrence, such as a notification issued, a bill passed or an arrest made.

Positions

Who says what, paraphrased with attribution. Every holder gets a card of the same size and the same fields.

Data tables

Reliance Industries FY2025-26 headline figuresConsolidated, year ended 31 March 2026, as stated by the chairman at the 49th AGM on 19 June 2026 (rupees crore unless stated).
ItemFY2025-26
Consolidated revenue11,75,919 (up 9.8 percent)
EBITDA2,07,911
Net profit (PAT)95,754 (up 17.8 percent)
Capital expenditure1,44,271
Exports2,78,808 (6.7 percent of India's merchandise exports)
Contribution to national exchequer2,16,472
Source: [2]: Reliance posts record revenue, EBITDA and profit in FY26 (49th AGM, 19 June 2026)
Contribution to the national exchequerAs stated by the company; rupees crore.
YearContribution
FY2023-241,86,440
FY2024-252,10,269
FY2025-262,16,472
Source: [1]: Reliance Industries Integrated Annual Report 2024-25, financial summary page
Segment revenue and EBITDA, FY2024-25Rupees crore, from the company's FY2024-25 integrated annual report summary page.
SegmentRevenueEBITDA
Retail3,30,94325,094
Digital services1,54,11965,001
Media and entertainment20,6961,833
Oil to chemicals6,26,92154,988
Oil and gas25,21121,188
Source: [1]: Reliance Industries Integrated Annual Report 2024-25, financial summary page
Other scale indicatorsEmployees and market capitalisation figures are from secondary or older sources and are flagged.
IndicatorValueBasis
Employees4,03,303End FY2024-25, media report of company data
Market capitalisationRs 20,14,011 crore (241.5 billion dollars)FY2023-24 annual report (latest official figure located; seen in search results, not opened)
Source: [21]: Reliance narrows hiring gap with TCS as workforce tops 4 lakh in FY25 (seen in search results, not opened)
Electoral bond purchases linked to Reliance in media analysesRupees; bond data released by SBI to the Election Commission in March 2024. Recipients by purchaser are not disclosed in SBI data.
BuyerAmountLink to RelianceReliance response
Reliance Industries Limited and listed Reliance companiesNone identifiedn/an/a
Qwik Supply Chain Pvt LtdRs 410 crore (Jan 2022 to Nov 2023)Director on boards of Reliance group companies (Reuters, as reported)Not a subsidiary of any Reliance entity
Laxmidas Vallabhdas MerchantRs 25 crore (Nov 2023)Described by media as Reliance-linked (basis not verified here)No response found
Source: [18]: Reliance-linked Qwik Supply third largest electoral bond buyer; Reliance says company not its subsidiary (seen in search results, not opened)

What these facts do not show

  • Whether any KG-D6 claim by the government, including the 30 billion dollar figure, will be upheld; the tribunal has not published an award and the Supreme Court appeal on the gas-migration award was pending at last report.
  • The text of the Supreme Court's 29 May 2026 judgment: reports agree that the fraud findings were set aside but one report says the Court declined to interfere with the disgorgement. The judgment itself was not opened.
  • Any causal link between the group's donations or any related bond purchases and any government decision. Bond data show who bought and which party encashed, not why, and no Reliance-listed company appears among purchasers in the sources reviewed.
  • Whether Qwik Supply Chain is part of the Reliance group: the company's denial and the media's directorship linkage are both on record and no regulator finding was located.
  • The effect of the group's absence or restriction on telecom, retail, energy or consumer prices; only the documented figures above are available, and no precedent analysis was performed.
  • Tax disputes, other CCI matters and other court proceedings involving Reliance (including the 2024 Disney merger review): not researched to a verifiable source in this pass. The absence of an entry is not a statement that none exist.
  • Promoter shareholding, FDI approvals for retail and digital investments other than the CCI clearance of the Facebook stake, electoral-trust contributions and the status of the Delhi ACB FIR; no verified source was located.
  • Current status of the Supreme Court appeal on the 2018 gas migration award and any developments after the dates shown.

Sources

Numbers in square brackets refer to this list. Types: primary, official data and court sources are weighed above media and academic ones.

Facts as of . Last reviewed .Report an error.

Printed from https://indiareview.pages.dev/dossiers/reliance-group/. Facts as of 12 Oct 2026; check the sources for later developments.