MIRA INFORM REPORT

Report Date :

26.09.2008

IDENTIFICATION DETAILS

Name :	RELIANCE COMMUNICATIONS LIMITED

Formerly Known as :	RELIANCE COMMUNICATION VENTURES LIMITED

Registered Office :	H Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra

Country :	India

Financials (as on) :	31.03.2008

Date of Incorporation :	15.07.2004

Com. Reg. No.:	147531

CIN No.: [Company Identification No.]	L45309MH2004PLC147531

TAN No.: [Tax Deduction & Collection Account No.]	MUMR16550C/ MUMR21788E

PAN No.: [Permanent Account No.]	AACCR7832C/ AACCR7832C

Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. It is a subsidiary of Reliance Infocom Limited (now – Reliance Communication Infrastructure Limited).

Line of Business :	Provider of telecommunication services.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums		Large

Maximum Credit Limit :	USD 1200000000

Status :	Very Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Anil Dhirubhai Ambani (ADAG)Group. Available information indicates high financial responsibility of the company. Trade relations are fair. The company is doing very well. Its financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	H Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra, India
Tel No.:	91-22-30386010 / 6286
Fax No.:	91-22-30376622
Email:	www.relaincecommunications.co.in hitesh.chawda@relianceada.com

Corporate Office :	Main Adminstrative Building Block GF 1, Village Meghapur – Padana Taluka Lalpur, Jamnagar, Gujarat, India
Tel. No.:	91-288-3010101
E-Mail :	rohit_shah@ril.com
Website :	http://www.ril.com
Area :	2,000 sq. fts.
Location :	Owned

Administrative Office :	172/2, “Premchand House – Annexe”, Ground Floor, Opposite High Court Way Ashram Road, Ahmedabad – 380 009, Gujarat, India
Area :	5000 sq.fts.
Location :	Owned

Branches :	· “B” Block, Dhirubhai Ambani Knowledge City, Opposite Koparkhairana Railway Station, Thane Belapur Road, Navi Mumbai, Maharashtra, India Tel No : 91-22-30373333 / 30386010 Fax No.: 91-22-30376622 · 2^nd Floor, Brindavan Building, Sri Ram Mills Compound, Ganpatrao Kadam Marg, Worli, Mumbai - 400 018, Maharashtra, India Tel. No. 91-22-24981163 / 67-72 · C-5, 3^rd Floor, Chitrakoot, Shree Ram Mills Compound, Ganpatrao Kadam Marg, Worli, Mumbai, Maharashtra, India

DIRECTORS

Name :	Mr. Mukesh Dhirubhai Ambani
Designation :	Director
Address :	Sea Wind 39 Cuffe Parade Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	19/04/1957
Qualification :	CH/MD

Name :	Mr. Manoj H. Modi
Designation :	Director
Address :	Flat No 7, Best Apartments, Walkeshwar Mumbai, Maharashtra, India
Date of Birth/Age :	03/07/1957

Name :	Mr. Anand Jaikumar Jain
Designation :	Director
Address :	A-13, Sterling Apartments, Walkeshwar Mumbai, Maharashtra, India
Date of Birth/Age :	14/01/1957

Name :	Mr. Bharat Shymsundar Goenka
Designation :	Director
Address :	Shree Thakur Niwas 580, 2^nd Cross, 12^th Main, 4^th Block Koramangala
Date of Birth/Age :	19/08/1961

Name :	Mr. Ramesh Nasrinivasn
Designation :	Director
Address :	C-3, Navageeta CHS Street, Anthony Road, Chembur Mumbai, Maharashtra, India
Date of Birth/Age :	29/04/1957

Name :	Mr. Chhannalal Shah
Designation :	Director
Address :	B, 901/902 Shankar Park, Opp. Suman Apts. Shankar Lane Kandivali (West), 501, Sidharth Apartment, Mumbai, Maharashtra, India
Date of Birth/Age :	14/09/1972

Name :	Mr. Gautam Doshi
Designation :	Additional Director

Name :	Mr. Anil D. Ambani
Designation :	Chairman

Name :	Mr. Deepak Shourie
Designation :	Director

Name :	Mr. J Ramchandran
Designation :	Director

Name :	Mr. S P Talwar
Designation :	Director

Name :	Mr. A K Purwar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Hasit Shukla
Designation :	Company Secretary and Manager
Address:	H Blolck, 1^st Floor, Dhirubhai Amabani Knowledge City, Navi Mumbai-4000710, Maharashtra, India
Tel No.:	91-22-30373333/ 30383333
Fax No.:	91-22-30376622
E Mail:	RCOM.investors@relianceada.com (For Investor Relation Query)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2008

Names of Shareholders (as on 31.03.2007):-	No. of Shares	Percentage of Holding
Indian Promoters	1364811060	66.12
Foreign Holdings
Foreign Holdings - GDRs	52586084	2.55
Direct by Foreign Companies	281087	0.01
Individual and others	12640008	0.61
Foreign Institutional Investors	205377423	9.95
Public Financial/ Development Institutions and Central and state Government owned Institutions holdings	160914407	7.80
Bank and Mutual Funds	66331035	3.21
General Public	201085777	9.75
Total	2064026881	100.00

BUSINESS DETAILS

Line of Business :	Provider of telecommunication services.

Products :	Telecommunication Services

GENERAL INFORMATION

No. of Employees :

36650

Bankers :

· Municipal Co operative Bank

· UBS AG, London

· Deutsche Bank, Singapore

· Barclays PLC, London

· JP Morgan Chase Bank, New York

Banking Relations :

SECURED LOANS	31.03.2008 (Rs. In Millions)
Term Loans from Financial Institutions
Foreign Currency Loans	--
Term Loans from Banks
Rupee Loans	9500.000
Total	9500.000
The Company has secured Term Loans referred to above, inter alia, by way of first pari passu mortgage / charge / assignment, in favour of the Security Trustees for the benefit of Financial Institutions and Banks, on its investments, immovable, movable and intangible assets / properties (but excluding goodwill, brand name and certain other excluded assets) including Intellectual Property Rights, all revenues, account receivables, both present and future and assignment of rights under specified Project Documents and the Telecom License Agreements.

UNSECURED LOANS	31.03.2008 (Rs. In Millions)
Long Term Loans
Foreign Currency Loans from Banks (Repayable within one year Rs. Nil, Previous period Rs. 2156.200 Millions)	76648.200
Foreign Currency Convertible Bonds (FCCBs) (Repayable within one year Rs.Nil (Previous period Rs. Nil))	54932.300
	131580.500
Short Term Loans
From Banks
Foreign Currency Loans	42536.500
Rupee Loans	70750.000
From Others	3850.000
	117136.500
Total	248717.000

Auditors :

Name :

Chaturvedi and Shah

Chartered Accountants

Address :

712/713, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-22308500

Fax No.:

91-22-22872703/22846585

Name :

BSR and Company

Chartered Accountant

Parent Company :

· Reliance Industries Limited

· Reliance Infocom Limited

(Now Reliance Communications Infrastructure Limited)

“Brindavan” 2^nd Floor, Shree Ram Mills Premises, Ganpatrao Kadam Marg, Worli, Mumbai – 400 018, Maharashtra, India

Tel. 91-22-24916000

Fax. 91-22-24916112

Associates/Subsidiaries :

· Reliance Innoventures Private Limited

· AAA Enterprises Private Limited

· AAA Communication Private Limited

· AAA Project Ventures Private Limited

· AAA Power Systems (Global) Private Limited

· Reliance General Insurance Company Limited

· Sonata Investments Limited

· Hansdhwani Trading Company Private Limited

· Reliance Capital Limited

· Reliance Limited

· Reliance India Private Limited

· AAA Pivotal Enterprises Private Limited

· K.D. Ambani Trust

· AAA Entertainment Private Limited

· AAA Industries Private Limited

· Reliance Enterprises and Ventures Private Limited

· AAA Global Ventures Private Limited

· Ambani Industries Private Limited

· AAA & Sons Private Limited

· AAA International Capital Private Limited

· Ambani International Private Limited

· AAA Business Machines Private Limited

· Reliance Big Private Limited

· ADA Enterprises and Ventures Private Limited

· ADAE Global Private Limited

· Ikosel Investments Limited

· Reliance Anil Dhirubhai Ambani Group (UK) Private Limited

· Reliance Anil Dhirubhai Ambani Investments (UK) Limited

· Batiste Unlimited

· Radium Unlimited

· Hui Investments Unlimited

· Serbus Asia Pte Limited

· Millsfield Enterprises Limited

· Tareson Company Limited

· Reliance Land Private Limited

· Reliance Net Limited

· Reliance Infrastructure Limited

· Reliance Natural Resources Limited

· Adlabs Films Limited

· Reliance Power Limited

· Reliance Power Transmission Limited

· Gateway Systems (India) Limited

· Reliance Gateway Net Limited

· Reliance Infoinvestments Limited (Upto 23.07.2007, merged with Reliance Communications Infrastructure Limited pursuant to the Scheme of Amalgamation)

· Reliance Digital Home Services Limited (formerly Reliance Infocomm Solutions Limited)

· Reliance Global IDC Limited (formerly Netizen Gujarat Limited

· Reliance Webstore Limited

· Netizen Rajasthan Limited

· Reliance Communications Investment and Leasing Limited

· Reliance Communications Infrastructure Limited

· Reliance Telecom Limited

· Reliable Internet Services Limited (Upto 28.09.2007, merged with Reliance Telecom Limited pursuant to the Scheme of Amalgamation)

· Campion Properties Limited

· Reliance Telephones Limited (Upto 01.03.2008)

· Reliance Mobile Limited

· Reliance Infratel Limited (formerly known as Reliance Telecom Infrastructure Limited)

· Matrix Innovations Limited

· Synergy Entrepreneur Solution Private Limited (Upto 01.09.2007, merged with Reliance Communications Infrastructure Limited pursuant to the Scheme of Amalgamation)

· Reliance Infocomm Infrastructure Private Limited

· Reliance Infocom BV

· Reliance Infocom Inc.

· Reliance Communications (UK) Limited

· Reliance Communications Hong Kong Limited

· Reliance Communications Inc.

· Reliance Communications Canada Inc.

· Reliance Netway Inc.

· Reliance Communications International Inc.

· Reliance Globalcom Limited, Bermuda (formerly known as Flag Telecom Group Limited)

· FLAG Pacific Holdings Limited

· FLAG Pacific Limited

· FLAG Telecom Singapore Pte. Limited

· FLAG Telecom Development Limited

· FLAG Telecom Development Services Company LLC

· FLAGWEB Limited

· FLAG Telecom Network Services Limited

· Reliance FLAG Telecom Ireland Limited (formerly known as FLAG Telecom Ireland Limited)

· FLAG Telecom Japan Limited

· FLAG Telecom Espana SA

· FLAG Telecom Servizi Italia SpA

· FLAG Telecom Ireland Network Limited

· FLAG Telecom Network USA Limited

· FLAG Telecom Nederland Network BV

· FLAG Telecom Belgium Network SA

· FLAG Telecom France Network SAS

· FLAG Telecom Espana Network SAU

· FLAG Telecom Group Services Limited

· FLAG Telecom USA Limited (Upto 17.12.2007, merged with Yipes Holdings Inc. pursuant to the Agreement)

· FLAG Telecom Asia Limited

· FLAG Telecom France Services Eurl

· FLAG Telecom Deutschland GmbH

· FLAG Telecom Nederland BV

· FLAG Telecom Hellas AE

· FLAG Atlantic UK Limited

· Reliance FLAG Atlantic France SAS (formerly known as Flag Atlantic France SAS)

· FLAG Telecom Korea Limited

· FLAG Telecom Taiwan Services Limited

· FLAG Telecom Taiwan Limited

· Reliance Globalcom (UK) Limited (formerly known as Flag Telecom Limited)

· Flag Access India Private Limited

· Gateway Net Trading Pte. Limited, Singapore (Upto 31.03.2008)

· Reliance Communications (Singapore) Pte. Limited

· Reliance Communications (New Zealand) Pte. Limited

· Reliance Communications (Australia) Pty Limited

· RCOM Malaysia SDN.BHD.

· Seoul Telenet Inc. Board Control

· FLAG Holdings (Taiwan) Limited Board Control

· Reliance Telecom Infrastructure (Cyprus) Holdings Limited Board Control

· Lagerwood Investments Limited Board Control

· Reliance Tech Services Private Limited (w.e.f. 30.07.2007)

· Reliance Big TV Limited (w.e.f. 25.10.2007)

· Flag Projects Pte. Limited(w.e.f. 31.10.2007 Upto 23.03.2008)

· Alsign Holdings Pte. Limited (w.e.f. 31.10.2007, Upto 23.03.2008)

· Actaram Capital Pte. Limited (w.e.f. 31.10.2007, Upto 23.03.2008)

· Yipes Holdings Inc. (w.e.f. 17.12.2007)

· Reliance Globalcom Services Inc. (formerly Yipes Enterprise Services Inc.) (w.e.f. 17.12.2007)

· Yipes Systems Inc. (w.e.f. 17.12.2007)

· YTV Inc.(w.e.f. 17.12.2007)

· Anupam Global Soft (U) Limited(w.e.f 05.03.2008)

· Reliance GlobalCom Limited, India(Upto 17.03.2008)

· Reliance National Communications Limited (Upto 01.03.2008)

· Holding Companies

· AAA Communication Private Limited

· Reliance Innoventures Private Limited (RIPL)IndividualsPromoters

· Shri Anil D. Ambani, the person having control during the year Manager

· Shri Hasit Shukla, Manager

List of Other Related Parties; where there have been transactions Associates

· Warf Telecom International Private Limited Fellow Subsidiaries

· Reliance Capital Limited

· Reliance General Insurance Company Limited

CAPITAL STRUCTURE

As on 31.03.2008

Authorised Capital:

No. of Shares	Type	Value	Amount

3,00,00,00,000	Equity Shares	Rs. 5/- each	Rs. 15000.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

2,06,40,26,881	Equity Shares	Rs. 5/- each	Rs.10320.100 Millions

Notes

(1) Out of the above, 130,81,10,172 Equity Shares (Previous period 130,81,10,172 Equity Shares) are held by the Holding Company, AAA Communication Private Limited and 1,15,29,001 Equity Shares (Previous period 1,15,29,001 Equity Shares) are held by the ultimate Holding Company, Reliance Innoventures Private Limited.

(2) Equity Shares allotted as fully paid up without payment being received in cash.

	Number of Shares
(a) Pursuant to demerger of Telecom Undertaking of Reliance Industries Limited into the Company	1,22,31,30,422
(b) Pursuant to the Scheme of Amalgamation and Arrangement (Refer Note 4(a), Schedule Q)	82,14,84,568

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008 (12 Months)	31.03.2007 (15 Months)	31.12.2005 (9 Months)
SHAREHOLDERS FUNDS
1] Share Capital		10320.100	10223.100	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		238080.200	195032.300	147834.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		248400.300	205255.400	147834.800
LOAN FUNDS
1] Secured Loans		9500.000	51135.700	0.000
2] Unsecured Loans		193364.300	94542.700	0.000
TOTAL BORROWING		202864.300	145678.400	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		451264.600	350933.800	147834.800

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		168876.300	180984.500	1662.400
Capital work-in-progress		71175.600	21856.000	0.000

INVESTMENT		138441.400	54344.300	120741.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2012.200	985.100	0.000
	Sundry Debtors	10932.100	8021.100	0.000
	Cash & Bank Balances	1926.600	684.500	0.500
	Other Current Assets	89921.400	0.000	0.000
	Loans & Advances	80360.600	191379.700	31589.100
Total Current Assets		185152.900	201070.400	31589.600
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	72143.100	63093.300	6132.500
	Provisions	40238.500	44228.100	25.700
Total Current Liabilities		112381.600	107321.400	6158.200
Net Current Assets		72771.300	93749.000	25431.400

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		451264.600	350933.800	147834.800

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008 (12 Months)	31.03.2007 (15 Months)	31.12.2005 (9 Months)

Sales Turnover		127064.300	114538.700	0.000
Operating Income		7097.600	2713.900	0.000
Other Income		104.600	366.500	132.600
Total Income		134266.500	117619.100	132.600

Profit/(Loss) Before Tax		26040.900	24208.500	88.500
Provision for Taxation		176.400	120.000	32.000
Profit/(Loss) After Tax		25864.500	24088.500	56.500

Expenditures :
	Access Charges, License Fees and Network Expenses	52797.300	44448.200	0.000
	Salary, Wages and Other Employee Benefits	8381.300	6399.000	0.000
	Managerial Remuneration	5.300	5.000	0.000
	Provision for Commission to Non Executive Directors	199.900	440.000	0.000
	Financial Charges	4451.700	2481.600	0.000
	Auditor Remuneration	62.000	61.400	0.000
	Provision for Doubtful Debts, Loans and Advances	1465.800	1385.800	0.000
	Exceptional Items	0.000	239.000	0.000
	Business Restructuring	[5148.300]	[6605.200]	0.000
	General Administration Expenses	7702.400	5590.600	0.000
	Manufacturing Expenses	0.000	0.000	0.900
	Employee cost	0.000	0.000	11.100
	Selling and Administration Expenses	14723.300	13998.800	1.400
	Miscellaneous Expenses	0.000	0.000	3.300
	Depreciation	23584.900	24966.400	27.400
Total Expenditure		108225.600	93410.600	44.100

QUARTERLY RESULTS

PARTICULARS			30.06.2008 1^st Quarter
Sales Turnover			35579.700
Other Income			10.900
Total Income			35590.600
Total Expenditure			24315.100
Operating Profit			11275.500
Interest			2487.400
Gross Profit			8788.100
Depreciation			5294.300
Tax			20.000
Reported PAT			3473.800

KEY RATIOS

PARTICULARS		31.03.2008 (12 Months)	31.03.2007 (15 Months)	31.12.2005 (9 Months)
Debt-Equity Ratio		0.77	0.41	0.00
Long Term Debt-Equity Ratio		0.57	0.39	0.00
Current Ratio		1.25	1.94	5.13
TURNOVER RATIOS
Fixed Assets		0.70	0.98	0.00
Inventory		98.70	207.19	0.00
Debtors		15.61	25.45	0.00
Interest Cover Ratio		3.99	6.30	0.00
Operating Profit Margin	(%)	35.95	36.95	0.00
Profit Before Interest And Tax Margin	(%)	23.49	22.56	0.00
Cash Profit Margin	(%)	29.95	33.28	0.00
Adjusted Net Profit Margin	(%)	17.49	18.88	0.00
Return On Capital Employed	(%)	8.66	9.23	0.16
Return On Net Worth	(%)	11.40	10.92	0.10

LOCAL AGENCY FURTHER INFORMATION

History:

Subject is the flagship company of the Anil Dhirubhai Ambani Group (ADAG), is India's largest private sector information and communications company with over 48 million subscribers. It was established in the year 2004 as Reliance Infrastructure Developers Private Limited, Reliance Communications started laying 60,000 route kilometres of a pan-India fibre optic backbone with high capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network and to offer services spanning the entire infocomm value chain. It is capable of delivering a range of services spanning the entire infocomm (information and communication) value chain, including infrastructure and services for enterprises as well as individuals, applications, and consulting.

The Company's business encompasses a complete range of telecom services covering mobile and fixed line telephony. It includes broadband, national and international long distance services and data services along with an exhaustive range of value-added services and applications. During the year 2004, International wholesale telecommunications service provider, FLAG Telecom amalgamates with Reliance Gateway, a wholly owned subsidiary of Reliance Infocomm, the company launched RIM Prepaid with attractive offer, Reliance Infocomm introduced World Card - a Prepaid International calling card for affordable and convenient ISD calls from India, the first regional Customer Contact Centre was launched in Chennai. In the same year the company made partnership with MCI to offer India's First MPLS Global VPN Solution. Introduced Railway Ticket booking from R World data applications suite of Reliance India Mobile.

In 2005, RCL only the company introduced, first e-recharge facility in CDMA in India, the company has had joins hands with Air Deccan to offer air ticket booking facility at Reliance WebWorld. Reliance Infocomm rolls out international roaming facility across several countries to become the first Indian CDMA operator to offer its customers such a service. The company tied-up with the Bombay Stock Exchange to make available livestock quotes on its mobile phones during the same year 2005. The status of the company was changed to Public Limited in July 2005. Name of the company was changed from Reliance Infrastructure Developers Private Limited to Reliance Communication Ventures Limited in August 2005. RCL, UK launched Reliance IndiaCall service in England and Wales enabling callers to make high-quality calls to India from any landline or mobile phone at economical rates. Reliance Infocomm and China Telecom signed agreement for telecom services to provide direct telecommunication service, including a global hubbing service, to subscribers in the both two countries.

India's first Talking Message Service (TMS) enabling the mobile users to send voice messages to not only other mobiles but also fixed wireless phones (FWP) and landlines in Reliance communications network were launched during the year 2006. In the same year 2006, RCL listed on the Bombay Stock Exchange and National Stock Exchange, the company ties up with Disney to offer on Reliance Mobile World India's first 3D animation on mobile, launched 'Hello Capital Plan' to enable its subscribers in 19 state capitals to call each other at the local call rate of 40 paise per minute, T-Com signs contract with FLAG Telecom for Europe-US bandwidth, Reliance Communications' FALCON Cable System was initiated in the same year. RCL launched Free Group Term Life Cover for its CDMA subscribers. RCL and Nokia have joined hands to market the Nokia 1255 mobile handset in India at a price of Rs 1,999 during the period of 2006.

Reliance Infocomm Limited, Ambani Enterprises Private Limited, Reliance Business Management Private Limited, Formax Commercial Private Limited, Reliance Communications Technologies Limited, Reliance Software Solutions Private Limited, Reliance Communications Solutions Private Limited and Panther Consultants Private Limited was amalgamated and the Network division of the Reliance Communications Infrastructure Limited was demerged with the Company during the year 2006. The name of the Company was changed from Reliance Communication Ventures Limited to Reliance Communications Limited with effect from 7th June 2006. The Company joined Lenovo and Intel for 'Internet on the Move' in the year 2007. Also in the same year, RCL ties up with Naukri.com for Search Jobs & Classified Ads from Reliance Mobile World. The demerger of Passive Infrastructure division Reliance Communications & Reliance was approved in March of the year 2007.

Sunny Days And Nights For Reliance Mobile Subscribers as Reliance Communications ties up with SUN TV to offer video streaming of all SUN TV programs online 24x7. In May of the year 2007, the company bagged West Bengal E-Governance Project. RCL slashed its call rate to US and Canada. It's now just Rs 1.99 per minute and also launched Lifetime Validity Recharge @ Just Rs.499. The tie up was made with Cisco to launch Business Internet Services for SMEs in Pune in the year. After, in July of the same year 2007, the company and QUALCOMM was made collaboration on CDMA2000 Expansion. The biggest acquisition deal so far, the company bought US data Communication Company Yipes Holdings' in an all-cash deal for 4300 million (Rs 12000.000 Millions) in July 2007. RCL came forwarded to sale of equity stake in its Tower Company-Reliance Telecom Infrastructure Limited in July of the year. For air and hotel bookings, the company has had joins hands with Yatra.com. The money transfer also available in the RCL, such facility was started in September of the year 2007. The company made strategic partnership with Vanco.

As on April 2008, RCL launched Exam Guru, the educational portal, which provides information on exam result, college admissions, exam schedules, admission deadlines, mock tests and also tips for bettering performance. RCL made ties up with International Cricket Council for rankings in the next eight years. During the same month and same year, the company has acquired UK based eWave World, which offers wireless telephony services using WIMAX technology. In May 2008, Reliance Globalcom, a subsidiary of the company, has acquired London based managed network services provider, Vanco Group, for about $77 million (Rs 3240.000 Millions).

Profile

Reliance Communications Limited (RCOM) is the flagship company of the Reliance Anil Dhirubhai Ambani Group, India’s second largest business house.

RCOM is India’s largest integrated and fully converged communications service provider in the private sector, and has been rated among “Asia’s Top 5 Most Valuable Telecom Companies”.

RCOM has a retail customer base of over 48 million as on 30th April, 2008 including over 1.5 million individual overseas retail customers. The corporate clientele includes 2,100 Indian and multinational corporations, and over 800 global, regional and domestic carriers.

RCOM has established a pan-India, next generation, integrated (wireless and wireline), convergent (voice, data and video) digital network that is capable of supporting best-of-class services spanning the entire communications value chain, covering over 20,000 towns and 450,000 villages, and growing.

RCOM owns and operates the world’s largest next generation IP enabled connectivity infrastructure, comprising over 175,000 kilometers of fibre optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region.

Mission: Excellence in Communication Arena

· To attain global best practices and become a world-class communication service provider – guided by its purpose to move towards greater degree of sophistication and maturity.

· To work with vigour, dedication and innovation to achieve excellence in service, quality, reliability, safety and customer care as the ultimate goal.

· To earn the trust and confidence of all stakeholders, exceeding their expectations and make the Company a respected household name.

· To consistently achieve high growth with the highest levels of productivity._ To be a technology driven, efficient and financially sound organisation.

· To contribute towards community development and nation building.

· To be a responsible corporate citizen nurturing human values and concern for society, the environment and above all, the people.

· To promote a work culture that fosters individual growth, team spirit and creativity to overcome challenges and attain goals.

· To encourage ideas, talent and value systems.

· To uphold the guiding principles of trust, integrity and transparency in all aspectsof interactions and dealings.

Financial Performance

During the year, the Company has earned total revenue of Rs.134266.500 Millions (12 months period) against Rs117619.100 Millions (1 5 months period) in the previous year. The Company earned net profit of Rs.25864.500 Millions compared to Rs24088.500 Millions in previous year. Shareholders equity (Networth) increased to Rs.248400.300 Millions from Rs.205255.400 Millions in the previous year.

Business Operations:

The Company operates on a pan-India basis and offers the full value chain of wireless, wireline, national long distance, international, voice, data, video and internet based communications services under various business units organised into three strategic customer-facing business units; Wireless, Global and Broadband. These strategic business units are supported by fully integrated network operation system and by the largest retail distribution and customer services facilities. The Company also owns through its subsidiary, a global submarine cable network infrastructure and managed Ethernet and application delivery services.

During the year, the Department of Telecommunications (DOT), Government of India, had made necessary amendments to Unified Access Service Licenses (UASL) of the Company to enable the Company to offer GSM services in addition to existing CDMA services and made allotment of start up spectrum to the Company for providing GSM services in 14 Service Area. The DOT had also made necessary amendments to Unified Access Service Licenses (UASL) of Reliance Telecom Limited (RTL), wholly owned subsidiary of the Company to enable RTL to offer CDMA services in Assam and North East Service Area in addition to existing GSM services and made allotment of start up spectrum to RTL for providing CDMA services in Assam and North East Service Area. Accordingly the Company together with RTL will, in due course, offer nation wide GSM and CDMA services.

Amalgamation and Arrangement

a. Scheme of Arrangement for transfer of Passive Infrastructure

In terms of the Scheme of Arrangement amongst the Company Reliance Telecom Limited (RTL) and Reliance Infratel Limited (RITL) (formerly known as Reliance Telecom Infrastructure Limited), subsidiaries of the Company and their respective shareholders and creditors, as sanctioned by the Hon'ble High Court of Judicature at Bombay vide order dated 1 6th March, 2007, the passive infrastructure of the Company and RTL was demerged and vested into RITL, with effect from 10th April, 2007.

b. Reorganisation of subsidiaries

During the year, the group structure involving various subsidiaries of the Company was reorganised in terms of the various Schemes under Sections 391 to 394 of the Companies Act, 1 956 (the Act), as sanctioned bythe Hon'ble High Courts of applicable jurisdictions. Consequently, Reliance Infoinvestments Limited and Synergy Entrepreneur Solutions Private Limited (SESPL) amalgamated with Reliance Communications Infrastructure Limited with effect from 23rd July, 2007 and 1st September, 2007 respectively and Reliable Internet Services Limited amalgamated with Reliance Telecom Limited with effect from 29th September, 2007. FLAG Telecom USA Limited was merged with Yipes Holdings Inc. w.e.f. 17th December, 2007.

Subsidiary Companies

During the year, Reliance Tech Services Private Limited, Reliance Big TV Limited, Yipes Holdings Inc, Reliance Globalcom Services Inc, Yipes Systems Inc, YTV Inc, Anupam Globalsoft (U) Limited, Lagerwood Investments Limited and Reliance Telecom Infrastructure (Cyprus) Holdings Limited became the subsidiaries of the Company

Flag Projects Pte Limited, Alsign Holdings Pte. Limited and Actaram Capital Pte. Limited which became subsidiaries during the year, subsequently ceased to be subsidiaries. Reliance Telephones Limited and Gateway Net Trading Pte. Limited also ceased to be subsidiaries of the Company

In terms of the approval granted by the Central Government under section 21 2(8) of the Companies Act, 1 956, a copy of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and Auditors of the subsisting subsidiaries have not been attached with the Balance Sheet of the Company. However, these documents will be made available upon request by any member of the Company interested in obtaining the same. As directed by the Central Government, the financial data of the subsidiaries have been furnished under 'Details of Subsidiaries', which forms part of the Annual Report. The annual accounts of the Company including that of subsidiaries will be kept for inspection by any member. Further, pursuant to Accounting Standard (AS-21 ) issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented bythe Company include financial information of its subsidiaries.

MANAGEMENT DISCUSSION AND ANALYSIS

Forward looking statements:

Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations describing the Company's objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no responsibility to publicly amend, modify or revise forward-looking statements, on the basis of any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company's operations include cost of inter connection charges, determination of tariff and such other charges and levies by the regulatory authority, changes in government regulations, tax laws, economic developments within and outside the country and such other factors.

The following discussions on the financial condition and results of operations should be read together with the audited consolidated financial statements and the notes to those statements included in the Annual Report. The following discussions are based on the audited consolidated financial statements for the financial year ended 31srMarch, 2008, which have been prepared in accordance with Indian GAAP and on information available from other financial of the Company and its subsidiaries. The most significant accounting conventions and principles of consolidation used by them, and the accounting policies followed by them in the preparation of the financial statements, are extracted from the consolidated financial statements and set out in this section.

Unless otherwise specified or the context otherwise requires, aff references herein to 'they'; 'them'; 'them'; 'the Company'; 'Reliance'; 'RCOM' or 'Reliance Communications' are to Reliance Communications Limited and its subsidiaries.

Overall review:

They remained India's larqest integrated fully converged communications service provider in the private sector with an individual, enterprise and carrier customer base of over 48 million as on 31 1 March, 2008, including 45.8 million wireless customers representing a market share of 17.9% of the Indian wireless market.

Strategic Initiatives:

In the quest to position themselves as a global player, the Company acquired the US-based Yipes Holdings, Inc. ('Yipes'), penetrating the lucrative Rs 4000000.000 Millions (S 100 bn) global enterprise data market.

* Yipes is strongly positioned in Metro Ethernet based enterprise service, by far the highest growth segment in the US datacom market, with an annual growth rate of over 30%.

* Yipes has strategic network presence in the top 14 US metros, which account for 40% of the total US datacom market.

* Yipes also has nearly 1 ,000 enterprise customers and provides mission critical communications platforms to communities of interest within some key verticals.

They have consolidated the Global telecommunications business and operations under a new umbrella brand, namely, 'Reliance Globalcom'. This new global entity brings under its fold a diverse portfolio of communications business services, including Global Voice, Manaqed Network, Carrier Ethernet and Fiber Capacity. Reliance Globalcom, which is structured to serve the existing and emerging demands of the global customers, represents significant value for the shareholders.

The Company initiated further restructuring of its passive infrastructure, demerging it from across different businesses, and vesting it into Reliance Infratel Limited (formerly Reliance Telecom Infrastructure Limited).

On 11th January, 2008, the Company received start-up spectrum to launch nationwide GSM services under its existing Unified Access Service License (UASL). The grant of GSM spectrum to Reliance Communications in 14 service areas reaffirms the Company's stance on UASL being a Technology Neutral license.

Reliance Communications, through its wholly owned subsidiary Reliance Telecom Limited (RTL), already offers GSM services in 8 service areas. RTL has also received start up spectrum for providing CDMA services in Assam and North East service areas. Accordingly, the Company together with RTL will, in due course, offer nation wide GSM and CDMA services.

The launch of nationwide GSM services, slated for the end of 2008, will enable the Company to effectively target the 6 million strong GSM subscriber market every month. It will also enable the Company to address the requirements of the existing 1 92.3 million (as on March, 2008) GSM customers.

The Company is in the advanced stages of testing the launch of its DTH and IPTV initiatives.

They have acquired Uganda-based company Anupam Globalsoft (U) Limited, holding Public Infrastructure Provider License and Public Service Provider License to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services, marking the entry in Uganda. The Uganda-based company has received Spectrum allocation and plans to launch its Mobile services by end of year 2008.

They have also acquired controlling stake in eWave World, a UK headquartered telco focused on the rapidly developing market for wireless telephony services using the WiMAX technology standard. This marks a significant step forward in the global growth strategy to directly reach out to millions of customers - both Corporate and Individual - through a best-in-class future proof Last Mile Network.

Industry Structure and Regulatory Developments

Industry structure:

The total base of landline and wireless subscribers in India surged by a whopping 46 per cent during the year ended 31 It March, 2008 to reach 300.51 million, according to the Telecom Regulatory Authority of India (TRAI).

The number of Internet subscribers also increased to 10.8 million during the year, with the broadband subscriber base reaching 3.47 million.

Key Developments in the Company

Wireless business:

Network Expansion: They undertook the largest network expansion during the year. A total of 12,000 sites were deployed, taking the total coverage to 20,000 towns. To support the network expansion, a comprehensive plan was executed including communication (Total Network campaign), distribution expansion, dedicated company manpower structure (WIN project), customized products (Home Zone Tariff) and separate business volume monitoring.

Classic Range of Handsets: The own branded handset range, Classic, was quick to gain the second position amongst handset brands in the country, overtaking long established brands in the market. In May, 2007 they created a national record by selling over 1 million Classic handsets in a week's time - the largest number of single brand handsets ever sold in such a short time. Subsequently, the Classic range was expanded to include Colour and Colour FM range of handsets. They also launched the Classic handset range for the GSM operations during the year.

LG Range of Handsets: They expanded the LG range of Colour and Colour with FM feature Mobile handset during the third quarter of 2007-08. Subsequently, they expanded the range to introduce features rich with camera, video recording and Bluetooth facilities in handsets. Sellinq prices of these handsets were competitively priced and offered excellent upgrade opportunity for existing customers.

BlackBerry: Reliance was the first CDMA operator in the country to launch BlackBerry phones. They launched the BlackBerry 8830 World Edition Smartphone in September, 2007, and quickly went on to add BlackBerry Pearl. Till today, they are the only operator in the country to offer BlackBerry in CDMA technology. Along with CDMA, Blackberry was also launched for the GSM operations. Today, Reliance is the only operator in the world to offer BlackBerry mail services in Pre-paid platform.

World Roaming: To offer worldwide Voice and Data Roaming for the Blackberry and high-end customers, they tied up with leading operators across the world for dual network roaming. Today, Reliance offers International Roaming to230 countries and 430 networks, with full-fledged Data Roaming Services across 50 countries and 95 networks.

Range of Unlimited products: They launched the Unlimited platform after additional network capacity was built up during the year. The first product launched was Unlimited Local across Pre-paid mobile, Post-paid mobile and Fixed Wireless Phones. After half a million customers in the unlimited product, they have now launched the Unlimited STD product. These products offer complete 'peace of mind' for heavy individual users, Corporates and SME segment etc and create a very strong Reliance Community of users.

Association with Cricket: The Indian customer has extremely strong association with the game of cricket, and they had a very strong tie-up with the game during 2007-08. Reliance became the Title Sponsor of the first ICC Twenty20 World Cup and ICC Under-1 9 World Cup. Fortunately, India won both the tournaments and they derived a lot of mileage from these tournaments.

Rural Telephony: The Government of India extended the Rural Direct Exchange Lines (RDEL) Scheme up to March 2008. This Opportunitywas fully leveraged by oursales and distribution teams in rural areas. With this programme, they have achieved a household penetration of 15 per cent in Rural areas as per Scheme.

Data Card Business: The Data Card customer base and business doubled during 2007-08. This came as a result of strong bundling with laptop manufacturers, increased distribution and retail activity and active product demonstration to target segment. Besides maintaining majority share in this segment, the ARPU also continues to be significantly higher than the competitors.

Expansion into Hinterland: With the coverage expansion during the year, they set up a comprehensive approach to address the rural market. This comprised of dedicated internal organisation, distribution expansion and special products like Home Zone Tariffs. Today, rural contributes a significant percentage of total monthly additions, and over 1000 exclusive rural distributors have been appointed during the year.

Long distance voice services

The Company continues to occupy leadership position in the long distance voice business across wholesale, enterprise and consumer markets.

Through its offshore subsidiaries, the Company is meeting the growing demand of the Information Technology Enabled Services and Enterprise sector outside India by introducing new products like Global Managed Contact Center Services, Global Audio Conferencing and Disaster Recovery.

The Company expanded its retail presence into more countries. The Company offers virtual international calling services in the U.S.A., Canada, U.K., Australia, New Zealand, Hong Kong and Malaysia. The Company launched Reliance Passport suite of services that allows customers to roam cost effectively in several countries.

Global mobile services

The Company acquired 90 per cent stake in Anupam Globalsoft (U) Limited, Uganda-based company holding Public Infrastructure Provider License (PIPL) and Public Service Provider License (PSPL) issued by Uganda Communications Commission. Underthe existing Licenses, the Companytargets to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services in Uganda. The Uganda-based company has received Spectrum allocation and plans to launch its Mobile services by end of 2008.

Global data services

The Company continues to be leading provider of international connectivity and data services to telecom operators, content providers, internet communities and enterprises around the globe.

The Company acquired the US based Yipes Holdings Inc. through its subsidiary Reliance Globalcom (formerly, FLAG Telecom). Yipes is the leading provider of managed Ethernet and application delivery services for the global enterprise and has over 1 ,000 enterprise customers primarily based in the U.S.

The Company has established Managed Storage Services Operations Center in Mumbai, and signed a bilateral agreement with US based GlassHouse Technologies, an independent IT infrastructure consulting and services firm providing managed IT services directly to enterprise customers.

The Company is increasing its penetration of the Middle East on top of the FALCON cable system. The Company has one of the deepest networks and established Network to Network Interconnect (for IPLC, Internet, VPN and Global Ethernet Services) in Bahrain, Saudi Arabia and the U.A.E. during the year.

The Company has awarded the contract for building the Next Generation Network Submarine cable, a multi-terabit, new generation system. Meanwhile, they have also begun work on implementing the Hawk and Eagle systems, the former connecting Egypt and France, and the latter Japan and the U.S.

Broadband

Network coverage: With the increased focus on directly connecting buildings in the top 44 cities in India, the Broadband business now has more than 787,000 buildings directly connected to the network, recording more than 60% growth in the network coverage during the year.

During the year, Broadband business augmented its building connectivity program with the deployment of WiMAX 802.1 6d based last mile access technology. The Broadband business currently serves top 8 cities in the country using this wireless technology also.

Content and value added services:

The Company continued to sustain significant growth in mobile data and content services. With tariff rates for voice services constantly under downward pressure, they have been successful in seeking out new non-voice services to boost revenues, improve profitability, and help in reducing churn of subscribers.

The Company continued to populate the market with data capable('Reliance Mobile World') handsets at the entry level and lowcostwireless data modem cards forInternet connectivity anytime, anywhere. With the increased growth of mobile subscribers in tier 2 and tier 3 markets, the Company successfully adopted a dualprong strategy of promoting content services over interactive voice platforms, in addition to the cost-effective data network.

The Company continues to enjoy market leadership position with the highest penetration of usage for such services in the country, with over 28.3 Million users across various mobile content services such as Reliance Mobile World, Reliance CallerTunes, DIAL 51 234 voice interactive services and SMS to 51234 based content services.

The Company's leadership position in Mobile Advertising (a fast emerging area in the world) was recognised by the Industry peers - Fair & Lovely Scholarship campaign on mobiles for Hindustan Unilever was recognised and awarded for the Best Use of Mobile Marketing - Direct Response Category campaign Mobile Marketing Association in Los Angeles.

Opportunities and Challenges

Opportunities:

Entry into GSM: During the year, Reliance reached a historic landmarkwhen it obtained permission as well as spectrum to launch GSM services in 14 telecom circles. Reliance is making preparations to roll out network and will launch GSM services in a phased manner by the end of this calendar year.

Offer Dual Technology: The Pan-India UAS License places them in the unique position of being able to offer the subscribers the unique and special benefits of dual technology. For example, while CDMA technology will give consumers the benefits of data and VAS, GSM will enable Reliance subscribers to access wider range of handsets and functional features, including roaming.

Enhance CDMA mobility: While offering dualtechnology, Reliance will also benefit from the massive network execution already completed in CDMA during 2007-2008. This will enable the Company to offer highly attractive tariffs and products, leveraging the available capacity.

HR Opportunities - Employer Brand: The events of the last year (permission to offer GSM services under UASL, network expansion, enhanced brand visibility) have made the Company highly sought after as an employer. This employer brand appeal has been further enhanced by implementation of HR practices such as ESOPs and flexible worktimings besides core working hours. The Company is, therefore, in a strong position to attract best talent in India and abroad.

Association with Bollywood and Cricket thereby attracting youth: The association with ICC and other Cricket tournaments, and also with leading Bollywood events have made the Company and its brand much sought after by the youth segment. This will enable the Companyto increase its business in this highly profitable and growing market segment.

ADC removal and Mobile Number Portability (MNP): The removal of ADC will provide an extra fund to pool to increase rural volumes and penetration in a focused manner. The Company has already voluntarily taken aggressive steps to provide substantial discounts on acquisition of rural subscribers, in line with the suggestion made byTRAI while notifying removal of ADC. Similarly, introduction of MNP, which is slated to be introduced in first half of 2009, will provide the Company with a unique opportunity of attracting subscribers from other operators on to its own dual technology platform.

Challenges

Entry of many new competitors:

The year 2008 - 09 will witness the entry of several new players in the mobile industry. It is also possible that some of the players who have acquired license recently will enter into tie-ups with leading international service providers. These events will intensify competition and may lead to pressure on tariff. The Company is uniquely positioned to meet the situation with its superior and world class network roll-out and expansion plans.

Entry of Mobile Virtual Network Operator (MVNO) / Brand franchisees: It is possible that the Government may progressively relax MVNO norms, and more players may access to Indian markets through this route. These operators may put pressure on tariffs.

Risks and concerns

1. Some of the licences are subject to regulatory compliance and Terms and conditions.

The rules and regulations, issued by the government and regulatory authorities, having jurisdiction over the Company's operations and licenses, schedules and obligations require it to meet specified conditions, network build-out requirements. However, the Company does not perceive any default on this account.

2. Rapid technological changes may increase competition and render the Company's technologies, products or services obsolete.

The telecommunication services industry is characterised by rapid technological change and significant capital requirements. However, the Company is constantly assessing such changes in the technologies and taking immediate action whenever necessitated.

3. The Company may be adversely affected by changes in tariff structures for services.

The Company is subject to regulations on its tariff structures. There is no assurance that the Company's business, financial condition and result of operations will not be materially affected by any government mandated or other tarrif adjustments in future.

4. The Company faces significant and intense competition in its markets, which could result in decreases in current and potential customers, revenues and profitability.

The Company faces significant competition in its markets. In particular, competition is expected to intensify amongst providers of mobile telecommunication services, and this will continue to drive prices for services and handsets lower.

Financial Performance - Overview

Results of operations:

The Audited Consolidated Financial Results are given for the Financial year ended on 31 It March, 2008. This is the second reporting year of consolidated operations of the Company; the previous year's figures are for 15 months period, hence not comparable.

Revenues and operating expenses:

The Company earned total revenues of Rs 190677.600 Millions (US$ 4,764.56 million) and the net profit after tax recorded by the Company was Rs54011.400 Millions (US$ 1,349.61 million). The Company incurred total operating expenses of Rs 10868.900 Millions (US$ 2,715.81 million).

Operating profit before finance charges, depreciation and amortisation, exceptional items and provision against fixed assets (EBITDA)

The Company earned EBITDA of Rs 18990.700 Millions (US$ 2,048.74 million). The EBITDA margin for the year is 43%.

Financial charges:

Net finance charges were gain of Rs 3997.000 Millions (US$ 99.88 million). This was mainly due to gain on foreign currency conversion and treasury incomes.

Depreciation and amortisation:

Total of such charges was Rs 28082.600 Millions (US$ 700.96 million).

Profit before tax:

The profit before tax was Rs 70762.900 Millions (US$ 1,768.19 million). The provision for taxes was Rs 2836.200 Millions (US$ 70.87 million). The net profit after tax was Rs 54011.400 Millions (US$ 1,349.61 million).

Balance sheet:

As at 31 It March, 2008, the Company had total assets of Rs 774593.400 Millions (US$ 1 9,355.1 6 million). Stakeholders equity was Rs 290263.300 Millions (US$ 7,252.96 million), while net debt (excluding cash and cash equivalents) was 98250.200 Millions (US$ 2,455.03 million), giving a net debt to equity ratio of 0.34 times.

Segment Wise Performance:

1. Wireless Segment

Customer acquisition

During the year, the Company added 18 million wireless customers (net additions). The customer base grew by 64% during the year. As at 31st March, 2008, the Company had 48 million wireless customers on its network. During the year, the Company reached out aggressively to rural areas on the back of a major network expansion that contributed to the Company's strong customer acquisition.

The Company consolidated its Classic brand as the second largest handset brand in the country. In addition, the Company rejuvenated its handset portfolio by increasing focus on the LG brand, with a series of offerings at progressively higher price points based on features. The Company has also entered into Handset Bundled offers with leading handset sellers like Nokia, Samsung and Spice.

During the year, the Company continued to pioneer tariff innovations. In January, 2008, the Company was the first to announce a simple and unified tariff structure of Re.1 on all mobile calls. Again, in February, 2008 the Company launched a highly attractive price point for its Lifetime proposition at Rs 299.

ARPU: 340 minutes of use averaged Rs 460 per month per subscriber giving a revenue of Re. 0.74 per minute. Nonvoice revenue was 6.68% of ARPU.

Even while overall voice revenue remained under pressure, the focus to stimulate revenue in launching innovative tariffs, driving mobile usage and easy migration to prepaid, leveraged the market position in the convergent telecom businesses.

Revenues and profit

Revenues for the financial year ended 31st March, 2008 were Rs. 152135.400 Millions (US$ 3,801 .48 million). EBITDA during the year was Rs60840.900 Millions (US$ 1 ,520.26 million). Earning before Interest and Tax (EBIT) during the year was Rs. 41251.000 Millions (US$ 1,030.76 million).

2. Global Segment

Minutes of use ILD and NLD operations

Operations in ILD and NLD maintained consistent traffic growth rates, in-line with the growth of the overall market. ILD minutes of use annually were around 7 billion. NLD minutes of use annuallywere around 23 billion. The Company maintained its leadership position forILD inbound India traffic with a marketshare of around 35%. Duringtheyear, Reliance India Call and Reliance Global Call achieved a milestone of 1.5 million international customers. Reliance India Call continued to be the largest retail service with over 40% market share in the U.S.A. for India Calling.

Revenues and profit

Revenues for the financial year ended 31ItMarch, 2008 were Rs. 54750.600 Millions (US$ 1 ,368.08 million). EBITDA during the year was Rs. 14030.000 Millions (US$ 350.57 million). Earning before Interest and Tax (EBIT) during the yearwas Rs. 8371.200 Millions (US$ 209.18 million).

3. Broadband Segment

They maintained the position as Premium Integrated Solutions Provider for Top Corporates in the Broadband segment. The Broadband business maintained its leadership in Centrex, Vitual Private Network and International Data Centre products.

The Company's Broadband segment continued to maintain its growth path and gained significantly during the year even in the midst of aggressive competition in the data and voice segments, and especially in the internet bandwidth segment, from many other telecom service providers. Of a current portfolio of more than 35 products, the Broadband business has not only positioned larger number of products within the top corporate but also increased its share of wallet.

New products launched during the year included One Office Duo, FMC VPN, Hosted Call Centre Solutions, Aggregated Dedicated Internet Access, Telecommute, etc.

Broadband's innovative services assurance model of 'TechCheck' gained further impetus during the year 2007-08 in providing pro-active feedback to its subscribers on the service levels provided by the Company. Customers have rated Broadband Products and Services at a high customer satisfaction and delight rating.

Broadband's Business IT Systems are ISO 27001 :2005 Certified (an Information Security Management System Standard).

Wireline

The Optical Fiber Cable network with 1,17,000 + route-km in totality [inter-city + intra-city] and Broadband provide seamless last mile connectivity.

The transport network is one of the biggest networks in the world, having approx. 20,000+ nodes currently and additional 20,000 nodes will be added in 2008-2009.

Customer Base

Customer acquisition kept momentum with the increase in network coverage during the year. Net additions during the year grew by more than 65%. During the year, the Company has acquired close to 4,08,000 customer circuits, including approximately 2,98,000 voice lines and 1,10,000 enterprise data circuits.

As the Company's Broadband business is currently serving mainly enterprises, the revenue per line reflects the total portfolio of services and solutions being delivered to its customers. The revenue per line has remained well above industry averages, on account of the mainly enterprise customer base and the successful cross-sell of services to the customers.

Revenues and profit

Revenues forthe financialyear ended 31 1 March, 2008 were Rs 17867.300 Millions (US$ 446.46 million). EBITDA during the year was Rs 8652.000 Millions (US$ 216.19 million). Earning before Interest and Tax (EBIT) during the year was Rs.6262.800 Millions (US$ 156.49 million).

Reliance Communications Infrastructure Limited (RCIL)

The Broadband Internet Data Centre (IDC) services (Reliance Data Centre) owned by RCIL, a wholly owned subsidiary, from its IDCs located in Mumbai and Bangalore. Broadband currently has IDC capacity of 2,50,000 sq ft and is proposing to build more IDCs to further enhance the capacity. Broadband IDCs are market leaders within their space having an estimated market share of close to 60%.

RCIL also provides wireless multimedia services through 'Reliance Mobile World', a wireless data application platform offering more than 150 applications and wireless internet access services through 'Reliance Net Connect'.

The Infrastructure facilities of RCIL are interlaced and integrated with wireless network of the Company. With a view to gain synergy in the business operations, the Network Fibre undertaking together with construction machinerywas transferred to the Company during the year.

Operations

Revenues and operating expenses

RCIL earned total revenues of Rs 36226.900 Millions (US$ 905.22 million) during the year as compared to Rs 13231.500 Millions (US$ 307.00 million) for the previous year. RCIL incurred total operating expenses of Rs 3315.200 Millions (US$ 828.39 million as compared to Rs 10012.500 Millions (US$ 250.19 million).

Information technology

1 . Reliance Technology Innovation Centre (RTIC):- Overview

RTIC is instrumental in evaluating multiple vendor equipment and testing the Interoperability with existing network elements. RTIC has a well established Lab, which is an exact replica of the RCOM network, in a reduced scale. RTIC also conducts the database audit of the systems to enable a smooth deployment without initial hitches that follow any major deployment. All the network elements are acceptance tested after installation and certified before commercial deployment.

Handset testing

Allthe mobile devices including Mobile handsets, SIM/ RUIM cards, data cards, FWP/ FWT and modems go through rigorous and automated lab testing process, drive test, field testing and certification before deployed in the network.

GSM systems

The interop testing of the GSM system with existing Network elements is nearing completion.

2. RTIC development division

The following unique RTIC products have been launched during the financial year:

One Office Duo (Fixed-Mobile Converged (FMC) and Virtual Private Network (VPN)) - India's first fixed-Mobile converged VPN (CUG) service.

This service will be used by Enterprise post-paid customers with Reliance Mobile, Fixed Wireless and Fixed line connections. Reliance PABX as well as Centrex customers can also use this service. Even non-Reliance customers can be part of VPN for call termination. The users will be part of a VPN and can use short dialing codes. They enjoy concessional tariff within the group, thereby significantly reducing the overall cost of the communication within the enterprise. The enterprise customers can manage their own VPN by adding, deleting users and granting them different calling permissions.

Inter-standard roaming

Reliance Communication launched the World phone, by which the Reliance CDMA customer can roam in the GSM network anywhere in the world with the same Directory number.

INRich

IN Rich is an Intelligent Network system, hosting Variety of Services targeting Wireless / Wire line customers as well as Enterprise domains. The service provides facilities for call restrictions (within SDCA, Intra circle, N LD, ILD, etc) to various customers. It provides much needed facilities for PCO subscribers, like the mobility restriction, Voucher Management, CustomerAccount Management, Recharge and Balance Enquiry through IVR, 1 6Khz metering from Network and Fraud Management. This is a high capacity system (2 Million BHCA) catering to both wire line and Wireless customers.

Achievements and Awards

The Company's focus on Information Technology (IT) is demonstrated by more than 5,600 person-years of rich experience across various domains, with more than 13% of the IT team members having more than 9 years of experience.

The IT team's innovation and delivery continues to win recognition for its ability to use information technology for enabling and enhancing business value. The key accolades won by the Company include the following:

* SAP ACE Awards 2007 for Customer Excellence in the Best Telecommunications Sector Implementation Category.

* 2007 CIO 100 Award (2nd year in a row) for innovation in Enterprise IT.

* CIO 100 Smart Infrastructure Award for exceptional use of network technology deployed to further business objectives,reduce spending, improve profits.

* CTO Forum - Hall of Fame Award given to CIO for having made significant contribution to organisation.

* Symantec 2007 Visionary Award for technology innovation and business value impact in the areas of High Availability, Backup and Recovery.

* Government of Maharashtra, Directorate of Industries honored the Company as IT Service Provider for Maharashtra Information Technology Award for the year 2007.

* The Company was selected in NASSCOM's 100 IT Innovators-2007 for creating exciting IP and using business model and process innovation to realize significant business benefits and extend these advantages to their customers.

* NetApp Innovation 2007 award (Enterprise Infrastructure Category for Business Impact and Innovation).

The Company continues to excel in creating advertisements for its products and services. Reliance Mobile was recently awarded 1 3

ABBY awards for its advertising campaigns overthe last 1 2 months. Some of the advertising campaigns which won top honors at ABBY's are Apun Ka Sapna, Bol India Bol and Network. ABBY is the industry goldstandard for creative excellence and is adjudged by 'Advertising Agencies Association of India' (AAAI).

During the year, the Company continued to invest in IT to increase efficiency, scale, availability and uptime of all mission and business critical systems. Notable achievements include creation of valueadded solutions for services like IPTV and DTH, international long distance calling, optimisation of the collection and invoice processes in the ERP system, enhancement of revenue assurance and fraud control system, significant automation of back-office processes.

Capitalising on the robust foundations already laid, the Company will continue investments into IT to drive the vision of managing scale and growth to newer heights. Special emphasis will be given to the following areas:

* Increased implementation of 'Green computing' principles to reduce the Company's carbon footprint- reduction of energy and waste in the existing systems in addition to evaluating environmental attributes while selecting new IT equipment.

* Introduction of GSM-based services.

* Enhancement of all back office operations like HR management, supply chain and financial processes to maintain world class standards.

* Enhancement of business continuity processes to recover out of unforeseen situations.

* Continued emphasis on design and implementation of control systems that enable the Company to deliver benchmark level quality in the area of information risk management.

* Increased usage of convergent IT architecture with reusable components.

* Creation of Loyalty Program Management system to track and offer benefits to loyal customers

7. Details of Directors

The abbreviated resumes of all Directors are furnished hereunder:

Shri Anil D Ambani

Regarded as one of the foremost corporate leaders of contemporary India, Shri AnilD Ambani, 49, is the Chairman of all listedcompanies of the Reliance Anil Dhirubhai Ambani Group, namely, Reliance Communications, Reliance Capital, Reliance Infrastructure, Reliance Natural Resources and Reliance Power.

He is also the President of the Dhirubhai Ambani Institute of Information and Communication Technology, Gandhinagar, Gujarat.

An MBA from the Wharton School of the University of Pennsylvania, Shri Ambani is credited with pioneering several path-breaking financial innovations in the Indian capital markets. He spearheaded the country’s first forays into overseas capital markets with international public offerings of global depository receipts, convertibles and bonds. Under his chairmanship, the constituent companies of the Reliance ADA group have raised nearly US$ 7 billion from global financial markets in a period of less than three years.

Shri Ambani has been associated with a number of prestigious academic institutions in India and abroad.

He is currently a member of :

• Wharton Board of Overseers, The Wharton School, USA

• Board of Governors, Indian Institute of Management (IIM),Ahmedabad

• Executive Board, Indian School of Business (ISB), Hyderabad.

In June 2004, Shri Ambani was elected as an Independent member of the Rajya Sabha or the Upper House of Indian Parliament; a position he chose to resign voluntarily on 29th March, 2006.

Select Awards and Achievements

• Voted ‘the Businessman of the Year’ in a poll conducted byThe Times of India – TNS, December 2006

• Voted the ‘Best role model’ among business leaders in the biannual Mood of the Nation poll conducted by India Todaymagazine, August 2006

• Conferred ‘the CEO of the Year 2004’ in the Platts Global Energy Awards

• Conferred ‘The Entrepreneur of the Decade Award’ by theBombay Management Association, October 2002

• Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader across a number of business areas, December, 2001

Prof. J. Ramachandran

Prof. J. Ramachandran, Director (51) is the Chair Professor of Business Policy at the Indian Institute of Management, Bangalore. He is a qualified Chartered Accountant and Cost Accountant and has obtained his doctorate from the Indian Institute of Management, Ahmedabad.

He is also a director of Reliance Communications Infrastructure Limited, Sasken Communication Technologies Limited, Redington (India) Limited, Bhoruka Power Corporation Limited, Indofil Organic Industries Limited and Tejas Networks Limited.

Prof. J Ramachandran is the Chairman of the Audit Committee in the Company and Reliance Communications Infrastructure Limited and member in Sasken Communication Technologies Limited and Redington (India) Limited. He is also Chairman of Shareholders’/ Investors’ Grievances Committee in Sasken Communication Technologies Limited and Redington (India) Limited and member in the Company.

Mr. S. P. Talwar

Shri S.P. Talwar, Director (69) was a former Deputy Governor of Reserve Bank of India. He was also former Chairman-cum- Managing Director of Bank of Baroda, Union Bank of India and Oriental Bank of Commerce. He is graduate in Arts and Law. He is also qualified as CAIIB. He has vast experience in financial services sector in the country.

He is also director of Crompton Greaves Limited, Reliance Communications Infrastructure Limited, Reliance Asset Reconstruction Company Limited, Reliance General Insurance Company Limited, Reliance Infratel Limited, Videocon Industries Limited, Ambience Projects & Infrastructure Limited, SPS Steel & Power Limited, Reliance Life Insurance Company Limited and Housing Development Infrastructure Limited.

Mr. Deepak Shourie

Shri Deepak Shourie, Director (59) is Bachelor of Arts in Economics with Honours and has more than 38 years’ exposure with an emphasis on media, consumer goods, and corporate affairs.

He presently holds the position of Executive Vice President and Managing Director of Discovery Communications India. He is also on the Board of Indian Broadcasting Foundation.

Mr. A. K. Purwar

Shri A. K. Purwar (62) was a former Chairman and Managing Director of State Bank of India (SBI). He was also former Managing Director of State Bank of Patiala. He is graduated in Commerce and Diploma in Business Administration. Under his leadership, the State Bank of India had taken giant strides in technological innovations. All the 13800+ branches of the SBI were fully computerized by 2004.

He is also Director of Vardhman Textiles Limited, Jindal Steel & Power Limited, Deccan Infrastructure and Land Holdings Limited, Apollo Tyres Limited, Engineers India Limited, IL&FS Renewable Energy Limited and India Infoline Limited. Shri Purwar has been associated with a number of prestigious academic institutions, committees set up by various State and Central Governments and international institutions.

Shri A. K. Purwar is member of the Audit Committee andShareholders’/ Investors’ Grievances Committee in the Company.

Scheme of Amalgamation

(a) The Company, during the previous period, undertook restructuring of ownership structure of telecom business so as to align the interest of the promoters and public shareholders. Accordingly, pursuant to the Schemes of Amalgamation and Arrangement (“the Schemes”) under Sections 391 to 394 approved by Hon’ble High Court of respective judicature, group structure involving the group companies and subsidiary companies was reorganized. The Company, during the previous period, recorded all necessary accounting effects, along with requisite disclosure in the notes to the accounts, in accordance with the provisions of the Schemes. The cumulative effects of the Schemes in case of Equity Share Capital of the Company have been disclosed below the respective Schedule to the Accounts. In relation to Reserves, the effects incorporated in the amounts of the previous period, included, the following.

Out of the excess of assets over liabilities of the transferor companies;

- Credit of Rs. 90306.300 Millions to the Securities Premium Account being part of the Securities Premium of erstwhile Reliance Infocomm Limited (RIC), the transferor company, attributable to shares of RIC other than those being cancelled under the Schemes.

- Withdrawal from General Reserves and transfer to the Profit and Loss Account of Rs. 92397.700 Millions being an amount equal to the write off consequent to the amalgamation of RIC into the Company of investments held by the Company in Equity Shares of RIC.

- Credit to General Reserves of Rs. 28126.200 Milliond being the unadjusted balance of the excess of assets over liabilities received by the Company pursuant to the Schemes.

- Pursuant to the Schemes, additional depreciation arising on fair value of the assets have been adjusted against the balance of Provision for Business Restructuring.

(b) Pursuant to the Scheme of Amalgamation (‘’the Scheme”) under Section 391 to 394 of the Companies Act, 1956, sanctioned by the Honourable High Court of Bombay vide Order dated 21st April, 2007, Reliance Infoinvestments Limited (“RIIL” or “the Transferor Company”), a wholly owned subsidiary of the Company, whose core activity was investment and fund management, was amalgamated, with effect from the Appointed Date as at 1st April, 2006, with Reliance Communications Infrastructure Limited (“RCIL”, or “the Transferee Company”), also a wholly owned subsidiary of the Company.

(i) Upon the Scheme becoming effective,

- RCIL has issued 20,000, 8% Cumulative, Redeemable Preference Shares to the Equity Shareholders of RIIL, whose names appear on the Register of Members on the Effective Date, in the Share Exchange Ratio of 1 (One) Preference Share of the face value of Rs. 10 each in RCIL for every 105 (One hundred five) Equity Shares of the face value of Rs. 10 each held in RIIL.

- Investments of Rs. 20.800 Millions in the Equity Shares of RIIL has, as a consequence, been written off to the Profit and Loss Account of the Company.

(C) Pursuant to the Scheme of Amalgamation (“the Scheme”) under Section 391 to 394 of the Act, sanctioned by the Honourable High Court of Bombay vide Order dated 12th June, 2007, Reliable Internet Services Limited (“RISL” or “the Transferor Company”), a subsidiary of the Company, whose core activities were providing telecom services, was amalgamated with effect from the Appointed Date as 1st April, 2006 with Reliance Telecom Limited (“RTL” or “the Transferee Company”), another subsidiary of the Company.

The Transferee Company was not required to issue any shares and/ or pay any consideration to any of the Shareholders of the Transferor Company.

(i) Upon the Scheme becoming effective,

- Investments of Rs. 60.000 Millions in the Equity Shares of RISL has, as a consequence, been written off to the Profit and Loss Account of the Company.

Scheme of Arrangement for transfer of Passive Infrastructure

The Scheme of Arrangement (“the Scheme”) under Section 391 to 394 of the Act between the Company (“RCOM” or “the First Demerged Company” or “the Company”), Reliance Telecom Limited (“RTL” or “the Second Demerged Company”) and Reliance Infratel Limited (formerly known as Reliance Telecom Infrastructure Limited) (“RITL” or “the Resulting Company”), a subsidiary of the Company through Reliance Communications Infrastructure Limited (RCIL) for transfer of Passive Infrastructure from RCOM and RTL to RITL was approved by the Honourable High Court of Bombay vide order dated 16th March, 2007, with the effective date as 10th April, 2007. Upon the Scheme becoming effective and in accordance with direction of the Honourable High Court, the Company has;

(i) Written off Passive Infrastructure assets, transferred to RITL having book value of Rs. 32007.400 Millions to the Profit and Loss Account.

(ii) Revalued investment in RCIL, the holding company of RITL by Rs. 44878.400 Millions. The said amount of Rs. 44878.400 Millions has been recognised as Reserve for Business Restructuring.

(iii) Withdrawn from Reserve for Business Restructuring, an equivalent amount as the amount of write off i.e. Rs. 32007.400 Millions. Balance Rs. 12871.000 Millions in Reserve for Business Restructuring shall be available to meet the increased depreciation, costs, expenses, and losses including on account of impairment of or write down of assets etc. pursuant to the Scheme.

Contingent Liabilities

Particulars	31.03.2008 (Rs. In Millions)
(i) Estimated amount of contracts remaining to be executed on capital accounts (net of advances) and not provided for	43658.700
(ii) Disputed Liabilities in Appeal
Sales Tax and VAT	184.200
Excise and Service Tax	20.800
Entry Tax and Octroi	59.300
Other Litigations	4.300
Total	268.600

FIXED ASSETS:

· Building

· Plant and Machinery

· Freehold Land

· Lease Hold Land

· Telecomlincene

AS PER WEBSITE DETAILS:

Profile:

The Late Dhirubhai Ambani dreamt of a digital India — an India where the common man would have access to affordable means of information and communication. Dhirubhai, who single-handedly built India’s largest private sector company virtually from scratch, had stated as early as 1999: “Make the tools of information and communication available to people at an affordable cost. They will overcome the handicaps of illiteracy and lack of mobility.”

It was with this belief in mind that Reliance Communications (formerly Reliance Infocomm) started laying 60,000 route kilometres of a pan-India fibre optic backbone. This backbone was commissioned on 28 December 2002, the auspicious occasion of Dhirubhai’s 70th birthday, though sadly after his unexpected demise on 6 July 2002.

Reliance Communications has a reliable, high-capacity, integrated (both wireless and wireline) and convergent (voice, data and video) digital network. It is capable of delivering a range of services spanning the entire infocomm (information and communication) value chain, including infrastructure and services — for enterprises as well as individuals, applications, and consulting.

Today, Reliance Communications is revolutionising the way India communicates and networks, truly bringing about a new way of life.

The Founder:

About Sh. Dhirubhai Ambani

Few men in history have made as dramatic a contribution to their country’s economic fortunes as did the founder of Reliance, Sh. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of India’s capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 600000.000 Millions colossus—an achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronised by a small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets.

Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become India’s largest private sector enterprise.

Through out this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the world’s largest shareholder families.

Business:

India ’s leading integrated telecom company

Reliance Communications is the flagship company of the Anil Dhirubhai Ambani Group (ADAG) of companies. Listed on the National Stock Exchange and the Bombay Stock Exchange, it is India’s leading integrated telecommunication company with over 57 million customers.

Our business encompasses a complete range of telecom services covering mobile and fixed line telephony. It includes broadband, national and international long distance services and data services along with an exhaustive range of value-added services and applications. Our constant endeavour is to achieve customer delight by enhancing the productivity of the enterprises and individuals they serve.

Reliance Mobile (formerly Reliance India Mobile), launched on 28 December 2002, coinciding with the joyous occasion of the late Dhirubhai Ambani’s 70th birthday, was among the initial initiatives of Reliance Communications. It marked the auspicious beginning of Dhirubhai’s dream of ushering in a digital revolution in India. Today, they can proudly claim that they were instrumental in harnessing the true power of information and communication, by bestowing it in the hands of the common man at affordable rates.

They endeavour to further extend the efforts beyond the traditional value chain by developing and deploying complete telecom solutions for the entire spectrum of society.

Looking back, looking forward

Reliance – Anil Dhirubhai Ambani Group, an offshoot of the Reliance Group founded by Shri Dhirubhai H Ambani (1932-2002), ranks among India’s top three private sector business houses in terms of net worth. The group has business interests that range from telecommunications (Reliance Communications Limited) to financial services (Reliance Capital Limited) and the generation and distribution of power (Reliance Energy Limited).

Reliance – ADA Group’s flagship company, Reliance Communications, is India's largest private sector information and communications company, with over 57 million subscribers. It has established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain.

Other major group companies — Reliance Capital and Reliance Energy — are widely acknowledged as the market leaders in their respective areas of operation.

Chairman’s Profile:

Regarded as one of the foremost corporate leaders of contemporary India,Shri Anil D Ambani, 48, is the chairman of all listed companies of the Reliance ADA Group, namely, Reliance Communications, Reliance Capital, Reliance Energy and Reliance Natural Resources limited.

He is also Chairman of the Board of Governors of Dhirubhai Ambani Institute of Information and Communication Technology, Gandhi Nagar, Gujarat.

Till recently, he also held the post of Vice Chairman and Managing Director of Reliance Industries Limited (RIL), India’s largest private sector enterprise.

Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrally involved in every aspect of the company’s management over the next 22 years.

He is credited with having pioneered a number of path-breaking financial innovations in the Indian capital markets. He spearheaded the country’s first forays into the overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. Starting in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. He also steered the 100-year Yankee bond issue for the company in January 1997.

He is a member of:

· Wharton Board of Overseers, The Wharton School, USA

· Central Advisory Committee, Central Electricity Regulatory Commission

· Board of Governors, Indian Institute of Management, Ahmedabad

· Board of Governors Indian Institute of Technology, Kanpur

In June 2004, he was elected for a six-year term as an independent member of the Rajya Sabha, Upper House of India’s Parliament a position he chose to resign voluntarily on March 25, 2006.

Awards and Achievements:

· Conferred the ‘CEO of the Year 2004’ in the Platts Global Energy Awards

· Rated as one of ‘India’s Most Admired CEOs’ for the sixth consecutive year in the Business Barons – TNS Mode opinion poll, 2004

· Conferred ‘The Entrepreneur of the Decade Award’ by the Bombay Management Association, October 2002

· Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader in many of its business areas, December 2001

· Selected by Asiaweek magazine for its list of ‘Leaders of the Millennium in Business and Finance’ and was introduced as the only ‘new hero’ in Business and Finance from India, June 1999.

AUDITED FINANCIAL RESULTS (CONSOLIDATED) FOR THE YEAR ENDED 31^ST MARCH, 2008

(Rs. In Millions)

Particulars	Twelve months ended		Previous year ended (Fifteen months) 31.03.2007 Audited
	31.03.2008 Audited	31.03.2007 Unaudited
Income from Operations	188273.900	142624.700	171903.700
Other Income	2403.700	2058.200	2498.800
Total Income	190677.600	144682.900	174402.500
Expenditure
a) Access Charges	28196.500	27287.600	35305.000
b) License Fee	12386.400	10534.600	12438.100
c) Employee Cost	12036.800	9079.000	11288.000
d) Depreciation and Amortization	28052.600	24653.000	29192.800
e) Other Expenses	56067.200	40575.400	48443.300
Total	136739.500	112129.600	1366667.200
Financial Charges (Net)	[3997.000]	3.700	646.800
Exceptional Items	[12827.800]	302.400	1093.200
Profit Before tax	70962.900	32247.200	35995.300
Provision for Taxation ( including Fringe Benefit Tax and Deferred Tax)	2836.200	615.500	731.000
Profit after tax (Before adjustment of Minority Interest and Associates )	67926.700	31631.700	35264.300
Share of Minority Interest	132900.600	[49.500]	[49.200]
Share of Associates	14.700	5.300	5.300
Profit after Tax ( after adjustment of Minority Interest and Associates)	54011.400	31675.900	35308.200
Paid-up Equity Share Capital (Face Value of Rs.5 each)	10320.100	10223.100	10223.100
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year			219083.400
Earning per Share (Not annualized)
- Basic (Rs.)	26.32	15.74	17.56
- Diluted (Rs.)	24.97	15.45	16.71
Public Shareholding
- Number of equity shares of Rs. 5 each	699215.821	679803930	679803930
- Percentage of shareholding	33.88%	33.25%	33.25%

SEGEMENT – WISE (CONSOLIDATED) REVENUE, RESULTS AND CAPITAL EMPLOYED)

(Rs. In Millions)

Particulars	Twelve months ended		Previous year ended (Fifteen months) 31.03.2007 Audited
	31.03.2008 Audited	31.03.2007 Unaudited
Segment revenue
a) Wireless	152135.400	107276.100	128184.300
b) Global	54750.600	51769.800	70507.900
c) Broadband	17867.300	11441.400	13129.800
d) Investments	1526.900	1071.600	1301.800
e) Others / Unallocated	2778.200	2644.600	4185.700
Total	229058.400	174203.500	217309.500
Less: Inter segment Revenue	[38380.800]	[29520.600]	[42907.000]
Income from Operations	190677.600	144682.900	174402.500

Segment results
Profit / (Loss) before tax and financial charges from each segment
a) Wireless	41251.000	22508.200	27372.100
b) Global	8371.200	7326.800	8616.100
c) Broadband	6262.800	3544.400	3499.000
d) Investments	1526.300	957.500	1111.300
e) Others / Unallocated	[3473.200]	[1783.600]	[2863.200]
Total	53938.100	32553.300	37735.300
Less : Financial Charges (Net)	[3997.000]	3.700	646.800
Less : Exceptional Item	[12827.800]	302.400	1093.200
Total Profit Before Tax	70762.900	32247.200	35995.300
Capital Employed (Segment Assets - Segment Liabilities)
a) Wireless	299481.900	156461.700	156461.700
b) Global	85999.400	56846.500	56846.500
c) Broadband	42904.000	30298.300	30298.300
d) Investments	113810.000	144947.100	144947.100
e) Others / unallocated	33441.600	15192.300	15192.300
Total	575636.900	403745.900	403745.900

Notes:

1. During the previous period, the financial year of the Company was for fifteen months from 1st January, 2006 to 31st March, 2007.To enable comparison, fifth quarter from 1st January, 2007 to 31st March, 2007 of the previous period and twelve months from 1st April, 2006 to 31st March, 2007 of the previous period have been reported as corresponding previous periods.

2. The Board has recommended a dividend of 15% i.e. Re. 0.75 per equity share of Rs. 5 each for the financial year 2007-08, subject to the approval of the shareholders at the ensuing Annual General Meeting.

3. As already reported in the quarterly results for the quarter ending 30th June, 2007, the Scheme o fArrangement (Scheme) for demerger of the passive infrastructure of the Company and Reliance Telecom Limited (RTL), a holly owned subsidiary of the Company, to Reliance Infratel Limited (RITL, formerly known as Reliance Telecom Infrastructure Limited), another subsidiary of the Company, as approved by the Hon’ble High Court of Judicature at Bombay vide Order dated 16th March, 2007 became effective from 10th April, 2007. In accordance with the approval accorded in the Scheme, the Company has written-off passive infrastructure having book value of Rs. 31655.600 Millions through Profit and Loss Account and an equivalent amount has been drawn from General Reserve No. 1.

4. As already reported in the quarterly results for the quarter ending 30th September, 2007, exceptional items include Rs. 12827.800 Millions being the net gain on the sale during the year of 5% of the shares of RITL. The shares of the said subsidiary are held in Trust for the benefit of the Company and / or its shareholders and accordingly, the income attributable to the subsidiary viz. Rs12827.800 Millions is included in the computation of the minority interest. Consequently, there is no impact on the profit for the year.

5. As required by Accounting Standard 11 “The Effect of Changes in Foreign Exchange Rates” (AS) as notified by the Companies (Accounting Standards) Rules, 2006 applicable to the current accounting year commencing on 1st April, 2007, and in accordance with the announcement of Institute of Chartered Accountants of India dated 29th March, 2008 regarding Accounting for Derivatives, the Company and its subsidiaries, collectively referred to as the Group, has adopted with effect from 1^st April, 2007 the accounting policy of crediting or charging to the Profit and Loss Account the gain or loss, as the case may be, on account of foreign exchange difference relating to liabilities for acquisition of fixed assets and on account of marking to market all derivative instruments. The net effect of these changes is a charge of Rs. 253.400 Millions to the Profit and Loss Account for the year. If these changes had not been made the profit for the year would have been higher by this amount.

6. During this financial year, under the head “Financing Charges – Net”, the Group has accounted an amount of Rs. 4645.800 Millions, being its share of profits including accrued interest and dividends on the units held by it in the fixed income schemes, in the year in which the income arises. As these amounts were not material; the same were not so accounted for in earlier years.

7. No complaint from Investors was pending for redressal at the beginning and end of the quarter. During the quarter 142 complaints were received and all the complaints were resolved.

8. The Company is operating Wireless, Broadband, Global, and Others / unallocated segments as per Accounting Standard 17 (Segment Reporting), issued by the Institute of Chartered Accountants of India, and accordingly segment wise information are given.

9. Standalone financial results, for the year ended on 31st March, 2008, of the Company can be viewed on the website of the Company, National Stock Exchange of India Limited and Bombay Stock Exchange Limited at www.reliancecommunications.co.in, www.nseindia.com, and www.bseindia.com respectively.

10. After review by the Audit Committee, Board of Directors of the Company has approved the above results at their meeting held on 30th April, 2008.

Corporate Governance

Organizations, like individuals, depend for their survival, sustenance and growth on the support and goodwill of the communities of which they are an integral part, and must pay back this generosity in every way they can

This ethical standpoint, derived from the vision of the founder, lies at the heart of the CSR philosophy of the Reliance – ADA Group.

While they strongly believe that the primary obligation or duty as corporate entities is to the shareholders – they are just as mindful of the fact that this imperative does not exist in isolation; it is part of a much larger compact which they have with the entire body of stakeholders: From employees, customers and vendors to business partners, eco-system, local communities, and society at large.

They evaluate and assess each critical business decision or choice from the point of view of diverse stakeholder interest, driven by the need to minimize risk and to pro-actively address long-term social, economic and environmental costs and concerns.

For them, being socially responsible is not an occasional act of charity or that one-time token financial contribution to the local school, hospital or environmental NGO. It is an ongoing year-round commitment, which is integrated into the very core of the business objectives and strategy.

Because they believe that there is no contradiction between doing well and doing right. Indeed, doing right is a necessary condition for doing well.

Code of Conduct (adopted by the Company)

Reliance – Anil Dhirubhai Ambani Group of Companies continually reviews corporate governance best practices to ensure that they reflect global developments. It takes feedback into account, in its periodic reviews of the guidelines to ensure their continuing relevance, effectiveness and responsiveness to the needs of local and international investors and other stakeholders.

The Code of Conduct(s) and Business Policies adopted by the Reliance – Anil Dhirubhai Ambani Group (ADAG) Companies are given here.

1. Values and Commitments

2. Code of Ethics

3. Business Policies

4. Ethics Management

5. Prevention of Sexual Harassment

6. Policy on Insider Trading

Milestones

2008

January 12

Reliance Communications receives Start-up GSM Spectrum

January 16
Yahoo partners with Reliance Communications to provide Yahoo One Search for its CDMA and GSM customers.

January 31
RCOM's Q 3 Net Profit increases by 48.5% and Revenues Up by 29.8 %. Remains the most profitable Telecom Company in India.

February 4
Reliance Communications offers Lifetime Validity at Rs 199
RCOM’s subsidiary Infratel files Draft Red Herring Prospectus with SEBI

February 5
Reliance Mobile strengthens its religious content portfolio on Mobile by tie-up with Sadhana TV

February 14
RCOM in partnership with CanvasM, launches Mulitplayer Mobile Games

February 19
HDFC Bank ties up with RCOM, turns every Reliance Mobile into a credit card

February 27
Reliance Communications consolidates Global Telecom Business under “Business Globalcom”
Reliance Communications forays into International Mobile Market with GSM License in Uganda.

March 3
Reliance Communications drops prices of Internet Data Cards

March 10
Reliance Communications announces ESOPs for over 20,000 employees

March 20
Reliance Communications and HTC forge Strategic Alliance

March 27
Corporation Bank Launches Banking Services on Reliance Mobile World

April 1
Reliance Communications forays into IT space, launches Reliance Technology Services Company

April 9
RCOM launches Educational Portal on Reliance Mobile Phones

April 25
Reliance Globalcom unit Reliance Infocom BV, Netherlands acquires Global WiMAX Operator eWave World

April 29
Reliance Communications Announces Unlimited Free STD calls

April 30
Reliance Globalcom Launches Passport Global SIM
RCOM's Net Profit up by 70.8% to Rs 54010.0000 Millions

May 2
Reliance Communications’ Net Profit up by 70.8% to Rs 54010.000 Millions (US$ 1,350 million), Revenues higher by 31.8% to Rs.190680.000 Millions (US$ 4,765 million) and EBIDTA increases by 43.3% to Rs.81990.000 Millions (US$ 2049 million)

May 12
Reliance Communications and Alcatel form Joint Venture to offer Managed Network Services to telcos across the globe

May 26
Reliance Globalcom acquires UK based VANCO Group Limited

June 24

Reliance Globalcom, Stealth Communications forge Strategic Alliance to extend VOIP Network across 50 ountries

July 12

CA Exam Results on Reliance Mobile

July 22

Reliance Communications Mobile Subscriber base crosses 50 Million

July 29

CA Professional Exam Results on Reliance Mobile

July 31

Reliance Communications (RCOM) announces its financial results for the first quarter ended June 30, 2008. NetProfit up by 23.9% to Rs. 15120.000 Millions (US$ 352 million)

2007

January 10
Reliance Communications adds a record 1.4 million subscribers in December ‘06

January 18
Reliance Communication launches unique "Simply 2030" plan on Reliance Hello

January 25
Reliance Communications promotes Roger Waters Music Concert

January 29
RCOM shareholders approve tower business demerger with a 99.99% overwhelming majority

January 30
Overwhelming response to Reliance World’s National Digital Elocution Competition

January 30
Reliance joins Lenovo and Intel for "Internet on the Move"

February 2
Reliance Communications’ market capitalization tops Rs 1 lakh crore ( 1 trillion rupees or 24.39 billion US dollars) on Bombay Stock Exchange

February 16
Reliance Communications offers best value on roaming

February 26
Search Jobs & Classified Ads from Reliance Mobile World - Reliance Communications ties up with Naukri.com

March 6
Reliance Communications ushers in ‘Virtual Global Conference Network’

March 7
DHIRUBHAI AMBANI – THE MAN I KNEW By KOKILABEN Book on Founder Chairman launched.

March 8
Reliance Communications launches ‘Roam Jamaica on Reliance Mobile

March 16
Reliance Mobile launches ' Suno Zee’

March 19

Demerger of Passive Infrastructure division Reliance Communications & Reliance Telecom approved by the mbay High Court

March 21
Reliance World Offers Program to Help Students ’Crack Admissions in Colleges Abroad’

March 23
Govt’s Rural Telephone Scheme(RDEL)through Reliance Communications successfully closes by March 31,2007

March 26
Booking train ticket from Reliance Mobile Phones becomes more easy now… with ITZ Cash Cards

April 4
Reliance Communications unleashes the power of mobile advertising

April 6
Reliance Communications acquires 1.2 million subscribers in March 2007.

April 11
Sunny Days And Nights For Reliance Mobile Subscribers as
Reliance Communications ties up with SUN TV to offer video streaming of all SUN TV programs online 24x7

April 11
Reliance World launches summer e camp for school kids

April 30
RCOM first listed Indian telecom company to reward shareholders

May 2
A Classic Bonanza – Reliance Communications unveils handsets @ Rs 777

May 9
RCOM bags West Bengal E-Governance Project

May 10
Reliance sets a new record, one million Classic handsets sold in just one

May 12
Reliance Communications slashes rate to US and Canada. It's now just Rs 1.99 per minute

May 14
Reliance Communications launches Classic Color Bonanza - Color handsets @ Rs 1234

May 17
RCOM kick starts world's fastest and largest rural infrastructure rollout on World Telecom Day.

May 18

Reliance Communications Launches Lifetime Validity Recharge @ Just Rs.499.

May 22

RCOM slashes roaming rates by as much as 70 percent

May 25
Reliance Communications launches unlimited calling

June 5
RCOM hosts seminar on ‘Emerging Trends in Mobile Applications Development’

June 6
Reliance Communications adds 1.4 million new mobile subscribers in May2007

June 6
Reliance Classic' Makes Music - FM Radio Phones Launched at just Rs.1888

June 27
Reliance World, BIMTECH & Philadelphia University unveil Executive Program in Retail Management (EPRM)

June 28
Reliance Communications ties up with Cisco to launch Business Internet Services for SMEs in Pune

July 4
Bengali movie ‘Anuranan’ on Reliance Mobile World

July 7
RCOM and QUALCOMM Collaborate on CDMA2000 Expansion

July 12
Reliance Communications awards Alcatel-Lucent a Next-Gen network expansion contract

July 12
Reliance Communications awards Huawei all IP Next-Gen network expansion contract

July 19
RCOM announces sale of equity stake in its Tower Company-Reliance Telecom Infrastructure Limited

July 19
RCOM's AGM on Reliance Mobile World

July 23
Reliance Communications launches Passport Calling Solutions

July 25
RCOM join hands with Yatra.com for air and hotel bookings

August 20
RCOM offers 'Live Mandi Prices' on Reliance Mobile World

August 31

Reliance Communications , the official global partner for the first edition of ICC Twenty 20 World Cup hampionship 2007 in South Africa unveils the coveted Trophy in Mumbai and announces Dhoni - Dhanadan Pac

September 9

Reliance Communications launches Money Transfer on Reliance Mobile Phones

September 10

RCOM launches BlackBerry 8830 World Edition Smartphone

'Bloomberg Professional' now on Reliance Mobile

September 11
Reliance Communications ties up with Sulekha.com to offer local search on Reliance Mobile World

September 18
Strategic partnership with Vanco

October 3
Reliance Communications announces Classic Celebrations- Classic Handset sales top 10 million- Color Handset @ Rs.999

October 20
Reliance Communications to launch nationwide GSM Services under existing Unified Access Service Licenses

October 22
Reliance Communications brings 'Durgotsav Live' Videocast on mobile

November 7
Reliance Communications Launches 'Diwali Dhamaka'

November 15
RCOM launches Rural Mobile Application Contest

November 16
Fair & Lovely Scholarship on Reliance Mobile World is winner at the MMA awards, USA

November 27
FLAG and GlassHouse ink landmark partnership

December 11
Reliance Communications adjudged World’s Top CDMA Operator at the Global CDMA Industry Achievements

Awards Fete

December 20
Reliance Communications completes Yipes’ acquisition

December 24
RCOM announces special offers for Christmas and New Year.

2006

January 01

Reliance Infocomm launches "One Nation, One Tariff" to enable Reliance IndiaMobile prepaid users to call anywhere in India at Re one per minute.

January 19
Reliance Demerger adds record Rs.550000.000 Milllions to shareholder wealth

January 23
TIMES NOW launched on Reliance Mobile Phones, making it the world’s first TV channel to be launched on a mobile phone.

March 06
Reliance Communications Ventures Limited (RCVL), India's leading integrated telecommunications company, a member of the Reliance - Anil Dhirubhai Ambani group, lists on the Bombay Stock Exchange and National Stock Exchange.

March 21
Reliance Infocomm introduces R World in Hindi to become the world's first operator to offer mobile data services in more than one language on the same handset. This will make it possible for millions of Indians to access the popular R World with hundreds of every-day-use applications in the national language.

March 23
Reliance-Anil Dhirubhai Ambani Group signs up Indian cricket's whiz kid and heartthrob of millions Mahendra Singh Dhoni as the brand ambassador for Reliance Communications Ventures Limited

March 29
Reliance Infocomm becomes India’s first telecom operator to launch seamless inter-standard international roaming service - 1World.1Number, with single number on international CDMA and GSM networks.

April 27
Reliance Communications launches India’s first Talking Message Service (TMS) enabling its mobile users to send voice messages to not only other mobiles but also fixed wireless phones (FWP) and landlines.

June 22
Reliance Communications ties up with Disney to offer on Reliance Mobile World India's first 3D animation on mobile.

July 03
Reliance Communications launches 'Hello Capital Plan' to enable its subscribers in 19 state capitals to call each other at the local call rate of 40 paise per minute.

July 19
Reliance Communications slashes ILD rates by up to 66%

August 7
T-Com signs contract with FLAG Telecom for Europe-US bandwidth

September 5

Union Communications & IT Minister Thiru Dayanidhi Maran inaugurates Reliance Communications’ FALCON Cable System.

November 17
Reliance Communications launches Free Group Term Life Cover for its CDMA subscribers

December 28
Reliance Communications’ FLAG Telecom announces FLAG Next Gen to cover 60 countries

2005

January 04
Reliance introduces first e-recharge facility in CDMA in India.

January 24

Reliance IndiaMobile announces mega rural plan to cover 0.400 Millions villages and 650.000 Millions s Indians by December 2005.

June 26
Anil Ambani appointed Chairman of Reliance Infocomm

July 30
Air Deccan and Reliance WebWorld join hands to offer air ticket booking facility at Reliance WebWorld

August 11
XLRI's Post-Graduate Certificate programme in Logistics Supply Chain Management (PGCLSCM) launched on Reliance WebWorld's virtual classroom platform. first of its kind e-learning programme in India.

August 18
Reliance Infocomm rolls out international roaming facility across several countries to become the first Indian CDMA operator to offer its customers such a service.

September 06
Reliance Infocomm tied-up with the Bombay Stock Exchange to make available live stock quotes on its mobile phones.

September 15
Reliance Communications, UK launched Reliance IndiaCall service in England and Wales enabling callers to make high-quality calls to India from any landline or mobile phone at economical rates.

September 21
Apollo Hospital and Reliance Infocomm join hands to provide top class healthcare service to millions of Indians in over a hundred Indian cities.

October 13
Reliance WebWorld wins Frost & Sullivan Market Leadership Award for Video Conferencing services.

November 12
Reliance Infocomm hosts the 4th global CDMA Operators Summit.

November 22
Reliance Infocomm joins hands with Indian Airlines to offer India's first mobile booking of domestic airline ticket.

November 30
Reliance Infocomm introduces MOREbile, redefines customer rewarding with 33 % more talk time on prepaid recharges of Rs 315 denomination and above and much more.

December 12
Reliance Infocomm and China Telecom sign agreement for telecom services to provide direct telecommunication service, including a global hubbing service, to subscribers in the two countries.

2004

January 12
International wholesale telecommunications service provider, FLAG Telecom amalgamates with Reliance Gateway, a wholly owned subsidiary of Reliance Infocomm

February 9
Launches RIM Prepaid with attractive offer - For Rs 3500 get a Motorola C131 mobile phone and Rs 3240 worth of re- charge vouchers instantly and stay connected for 1 year

February 17
Reliance subsidiary Flag Telecom announces FALCON Project - a major new Middle East Loop Terabits Submarine Cable System with links to Egypt and Hong Kong via India

March 22
Reliance Infocomm launches multi-player gaming on RIM handsets - a first in India

April 05
Reliance IndiaMobile introduces International Roaming facility to 172 countries, 300 networks

April 23
Reliance Infocomm introduces first ever auction facility on Mobile phones through R Word

May 27
Reliance Infocomm receives the Most Promising Service Provider of the Year 2003 (Asia Pacific) award at the Asia Pacific Technology Awards instituted by Frost & Sullivan

June 8
Reliance Infocomm introduces World Card - a Prepaid International calling card for affordable and convenient ISD calls from India

July 29
Announces India's First MPLS Global VPN Solution in partnership with MCI

August 5
Launches the first regional Customer Contact Centre in Chennai

September 6
Mukesh D. Ambani, Chairman, Reliance Infocomm, receives Voice & Data "Telecom Man of the Year" award

September 9
Introduces Railway Ticket booking from R World data applications suite of Reliance IndiaMobile

October 12
Mukesh Ambani voted the world’s most infuential telecom person by UK-based publication Total Telecom.

October 19
Reliance Infocomm bags the CDMA Development Group's 3G CDMA Industry Achievement Award for International Leadership.

2003

January 15
Introduces Dhirubhai Ambani Pioneer Offer for Reliance IndiaMobile service

February 14
Launches Reliance WebWorld in top 16 cities

March 31
Launches International Long Distance Services

April 3
Commissions all backbone rings

April 25
Introduces colour handsets

May 1
Launches Reliance IndiaMobile Service commercially in top 92 cities with one million customers.

June 10
Launches India's first wireless Point of Sale (POS)

July 1
Introduces "Monsoon Hungama" Offer: Instant multimedia mobile phone and connection for just Rs 501.

Sets world record - acquires one million customers in 10 days

July 3
Launches R Connect Internet connection cable

Aug 26
Introduces Reliance IndiaPhone Fixed Wireless Phone and Terminal

September 20
"Navratri" a data service in R-World posts a world record of 10 million downloads on the first day of the launch.

September 30
R World clocks a phenomenal 1 billion hits in 1 month

October 6
Launches integrated broadband centre at Reliance WebWorld, Bangalore

October 24
Deploys pilot of Home Netway in Mumbai

October 30
Reliance becomes India's largest mobile service provider within 7 months of commercial launch

November 3
Customer base touches 5 million

November 12
Migrates to Unified License Regime

November 16
Launches National Roaming

November 21
Launches International SMS to 159 countries launched

December 19
Adds 4500th Contact Centre Executive
Contact Centre becomes the largest such facility deployed by any single Indian Service Provider

2002

January 15
First Base Transceiver Station (BTS) made "Ready for Electronics"

February 25
Obtains International Long Distance License from Govt. of India

December 22
Commissions 1st Optic Fibre Backbone ring

December 24
Establishes 1st Point of Interconnect (POI) in New Delhi

December 27
Hon'ble Prime Minister of India, Atal Behari Vajpayee e-inaugurates Reliance Infocomm
Hon'ble Union Minister for Parliamentary Affairs, Information Technology and Communications, Pramod Mahajan, inaugurates NNOC

2001

May 1
First Media Convergence Node made "Ready for Electronics" at Jaipur

2000

May 10
Optic fibre laying process commences in Gujarat, Andhra Pradesh & Maharashtra

1999

The Dream, 1999
"Make a phone call cheaper than a postcard and you will usher in a revolutionary transformation in the lives of millions of Indians" - Dhirubhai Ambani

The Reality, November 15
Reliance Infocomm begins Project Planning

MEDIA RELEASE

September 17, 2008

Reliance Mobile Launches Prepaid BlackBerry Services in India

India's first Pre-paid Blackberry Service

Extends reach of BlackBerry smartphones to over 200 million prepaid users in India.

Mumbai, September 16, 2008 Reliance Communications and Research In Motion (RIM) today announced the launch of India's first prepaid service for the BlackBerry wireless solution. This first of its kind 'pay as you use' pricing model in India is in line with Reliance Communications' strategy to extend BlackBerry services to customers who are looking for cost-effective options, flexibility and control over their expenses for wireless services.

Reliance Communications has been on the forefront of offering a wide range of prepaid options to consumers across its data cards, mobile phones and fixed wireless phones offering.

"We recognize the needs of customers and believe a prepaid option enabled by Reliance Communications will significantly broaden the consumer interest in BlackBerry smartphones and expand our business opportunity," said Mr. Mahesh Prasad, President - Mobile Data and Content Services, Reliance Communications.

This prepaid service option is available on a range of BlackBerry smartphones including:

*The BlackBerry 8830 World Edition smartphone, which operates on both CDMA & GSM networks

*The BlackBerry Curve 8330 smartphone on CDMA networks

*The BlackBerry Curve 8300 smartphone on GSM networks

*The BlackBerry Pearl 8100 smartphone on GSM networks

*The BlackBerry Pearl 8130 smartphone on CDMA networks, and

*The BlackBerry 8703e smartphone on CDMA networks

For further query, customers can visit any Reliance World or Reliance Communications outlet.

About Reliance Communications: :

Reliance Communications Limited founded by the late Shri. Dhirubhai H Ambani (1932-2002) is the flagship company of the Reliance Anil Dhirubhai Ambani Group. The Reliance Anil Dhirubhai Ambani Group currently has net worth in excess of Rs. 5850000.000 Millions (US$ 14 billion), cash flows of Rs. 120000.000 Millions (US$ 3 billion), net profit of Rs. 80000.000 Millions (US$ 2 billion) and zero net debt.

Rated among "Asia's Top 5 Most Valuable Telecom Companies", Reliance Communications is India's foremost and truly integrated telecommunications service provider. The company, with a customer base of 57 million including over 1.7 million individual overseas retail customers, ranks among the Top 10 Asian Telecom companies by number of customers. Reliance Communications corporate clientele includes 2,100 Indian and multinational corporations, and over 800 global, regional and domestic carriers. Reliance Communications has established a pan-India, next generation, integrated (wireless and wireline), convergent (voice, data and video) digital network that is capable of supporting best-of-class services spanning the entire communications value chain, covering over 20,000 towns and 450,000 villages. Reliance Communications owns and operates the world's largest next generation IP enabled connectivity infrastructure, comprising over 175,000 kilometers of fibre optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region. Website : www.rcom.co.in

About Research In Motion (RIM)

Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications. RIM technology also enables a broad array of third party developers and manufacturers to enhance their products and services with wireless connectivity to data. RIM's portfolio of award-winning products, services and embedded technologies are used by thousands of organizations around the world and include the BlackBerry wireless platform, the RIM Wireless Handheld product line, software development tools, radio-modems and software/hardware licensing agreements. Founded in 1984 and based in Waterloo, Ontario, RIM operates offices in North America, Europe and Asia Pacific. RIM is listed on the Nasdaq Stock Market (NASDAQ: RIMM) and the Toronto Stock Exchange (TSX: RIM). For more information, visit www.rim.com or www.blackberry.com

For further Information, please contact:

Reliance Communications:

Anuj Bakshi

+91 9321721722

anuj.bakshi@relianceada.com

Research In Motion

Satchit Gayakwad

Manager Public Relations – India

+91 9892579925

sgayakwad@rim.coom

Forward-looking statements in this news release are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used herein, words such as "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions made by and information available to Research In Motion Limited. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, without limitation, possible product defects and product liability, risks related to international sales and potential foreign currency exchange fluctuations, the initiation or outcome of litigation, acts or potential acts of terrorism, international conflicts, significant fluctuations of quarterly operating results, changes in Canadian and foreign laws and regulations, continued acceptance of RIM's products, increased levels of competition, technological changes and the successful development of new products, dependence on third-party networks to provide services, dependence on intellectual property rights, and other risks and factors detailed from time to time in RIM's periodic reports filed with the United States Securities and Exchange Commission, and other regulatory authorities. RIM has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The BlackBerry and RIM families of related marks, images and symbols are the exclusive properties and trademarks of Research In Motion Limited. RIM, Research in Motion and BlackBerry are registered with the U.S. Patent and Trademark Office and may be pending or registered in other countries. RIM assumes no obligations or liability and makes no representation, warranty, endorsement or guarantee in relation to any aspect of any third party products or services.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.25
UK Pound	1	Rs.85.92
Euro	1	Rs.68.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

MIRA INFORM REPORT

NETWORTH

TOTAL BORROWING

DEFERRED TAX LIABILITIES

TOTAL

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]

Capital work-in-progress

INVESTMENT

DEFERREX TAX ASSETS

CURRENT ASSETS, LOANS & ADVANCES

Inventories

2012.200

985.100

0.000

Sundry Debtors

10932.100

8021.100

0.000

Cash & Bank Balances

1926.600

684.500

0.500

Other Current Assets

89921.400

0.000

0.000

Loans & Advances

80360.600

191379.700

31589.100

Total Current Assets

185152.900

201070.400

31589.600

Less : CURRENT LIABILITIES & PROVISIONS

Current Liabilities

72143.100

63093.300

6132.500

Provisions

40238.500

44228.100

25.700

Total Current Liabilities

112381.600

107321.400

6158.200

Net Current Assets

72771.300

93749.000

25431.400

MISCELLANEOUS EXPENSES

TOTAL

Unit