Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620

30th October 2009- Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects.

With refining cycle passing through trough, D-6 gas ramp-up on track and a likely petrochem trough in FY11E, Goldmach sees multiple growth drivers in the medium term for RIL. Moreover, it is also believed RIL has the room to pursue inorganic growth in its businesses, as no major projects lined up to consume more than US$20bn of excess cash flow for FY11E-14E after its committed capex.

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies

covered by the Global Investment Research Division of Goldman Sachs and referred to in this research.

Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Reliance Industries

(Rs2,003.85)

Goldman Sachs had an investment banking services client relationship during the past 12 months with: Reliance Industries (Rs2,003.85)

Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Reliance Industries

(Rs2,003.85)

Goldman Sachs had a non-securities services client relationship during the past 12 months with: Reliance Industries (Rs2,003.85)

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the Global Investment Research Division of Goldman Sachs and referred to in this research. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Reliance Industries (Rs2,003.85) Goldman Sachs had an investment banking services client relationship during the past 12 months with: Reliance Industries (Rs2,003.85) Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Reliance Industries (Rs2,003.85) Goldman Sachs had a non-securities services client relationship during the past 12 months with: Reliance Industries (Rs2,003.85)

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