---
endpoint: analytics
pattern: Energy
status: done
latency_ms: 177014
conversation_id: 3223cc50-fba7-4528-9c01-51d7e511d00f
citations: 11
created: 2026-05-31 18:31:00Z
---

# Who are the key customers and suppliers of Reliance Industries?

# Reliance Industries Limited (RELIANCE-IN) — Key Customers & Suppliers

Reliance Industries (RIL) is a five-segment conglomerate (O2C, Oil & Gas E&P, Jio digital services, Retail, and Media). Customer and supplier dynamics differ sharply by segment. The following synthesizes RIL's own filings and earnings-call disclosures (no India-specific internal CLSA single-name reports on RIL's value chain were found beyond a June 2025 O-PF trigger note that focused on segment triggers rather than vendor/customer breakouts).

---

## A. Customers

### 1. Oil-to-Chemicals (O2C) — RIL's largest segment by revenue
The customer base is fundamentally **B2B / domestic-channel weighted**, with a strong export overlay:

| Customer cohort | Products consumed | Notes |
|---|---|---|
| **Domestic OMCs / petrol-pump network** | HSD, MS, ATF (transportation fuels) | RIL is one of the few private refiners; Jio-bp JV operates retail forecourts |
| **Indian polymer converters & plastic processors** | PE, PP, PVC | RIL is the dominant domestic polymer supplier |
| **Indian polyester / textile value chain** | PSF, PFY, PET, PTA, MEG | RIL is now the largest specialty fiber producer in India after consolidating polyester capacity |
| **Export customers (global)** | Refined product cargoes (gasoline, diesel, jet, naphtha) | Asian, European, African discharge ports; weighting shifts with arb economics |
| **Auto, packaging, agri, consumer-durables OEMs** | New polymer grades (e.g., grades for safer/lighter plastic fuel tanks) | Innovation-led grade development for end-markets [4] |

Management explicitly cited new polymer grades being developed *for* auto OEMs (fuel-tank applications) and consumer-durable / packaging / agri customers as growth vectors [4].

### 2. Reliance Jio (Digital Services)
The customer base is overwhelmingly **B2C retail subscribers** plus a growing enterprise/fixed-broadband cohort:

- **488 million** mobile + fixed-broadband subscribers, including ~**191 million Jio True 5G** users (FY25) [1]
- ~85% share of new fixed-broadband subscriber additions in India [1]
- JioAirFiber traction beyond top-1,000 towns [1]
- Enterprise customers via Jio Platforms (5G RAN, JioAICloud); strategic technology customers via JV with Meta and Google partnerships [10]

### 3. Reliance Retail
Customer base spans **B2C consumers, B2B merchants, and brand partners**:

- 1-in-8 Indians shops at Reliance Retail (per management commentary).
- **B2B / merchant partners** via JioMart Digital (JMD) — accelerated by the Metro India acquisition, which was "integrated… with grocery new commerce business to provide omni-channel experience and wider assortment to our B2B customers and merchant partners" [2]
- Brand-partner ecosystem — collaborated with **over 125 leading brands** for the "SMART Bazaar Chaliye" marketing campaign [1]
- Online customers via JioMart, Ajio (fashion), Ajio Luxe (luxury), Tira (beauty), Netmeds (pharma), Urban Ladder (furniture)

### 4. Oil & Gas E&P (KG-D6)
Customer mix is concentrated in **Indian gas off-takers**: city gas distribution (CGD) companies, power producers, and fertilizer plants. Government reallocated KG-D6 gas to CGD in the public interest [5]. Gas is sold near the regulated ceiling price (~$8.9/MMBTU at the time of the cited call) [5].

---

## B. Suppliers / Strategic Partners

### 1. Crude oil & feedstock (O2C upstream supply chain)
RIL's Jamnagar refinery is built around **feedstock diversification** as a strategic moat:

- Processed **60 grades of crude oil**, including **30 new grades** in FY25 [9]
- Heavy-crude suppliers (refinery uniquely optimized for heavy barrels): **Venezuela** ("very heavy oil"), **Canada** ("heavy"), **Colombia, Ecuador** (heavy South American grades) [4]
- Middle-East benchmark substitutes: **Urals from Russia** ("very much like a lookalike to the Middle Eastern crudes," sulfur/gravity comparable) [4]
- **U.S. crude** (lighter grades, blended) [4]

### 2. Ethane supply chain (US-to-India)
RIL operates a "virtual pipeline" from North America:
- Existing fleet of **6 Very Large Ethane Carriers (VLECs)** sourcing ethane from US Mt. Belvieu [8]
- **3 additional VLECs** being added to the fleet [8]
- Ethane feeds the C2 cracker at Jamnagar; ethane economics have remained favorable vs. naphtha cracking

### 3. LNG suppliers
Indian gas market relies on **50–55% LNG imports**, of which **~60% comes from Qatar** [5] — making QatarEnergy/QatarGas the single most important external gas supplier to the Indian system that RIL operates within (Reliance procures spot/term LNG and sources gasification feed accordingly).

### 4. Strategic / equity partners — upstream & fuel retail
- **BP plc** — long-running partner in (a) the KG-D6 deepwater gas block (revived production from near-zero to ~20 mmscmd) [7] and (b) the **Jio-bp** fuel-retail and mobility JV (BP holds 49%; ₹7,629 crore investment) [7]

### 5. Jio Platforms — global strategic / financial investors (capital-stack partners)
Jio Platforms raised **₹152,056 crore** in 2020 from a consortium that doubles as long-term ecosystem partners [10]:
- **Strategic technology**: Facebook (Meta) as "premier strategic partner," Google, Intel Capital, Qualcomm Ventures [10]
- **Financial / PE**: Silver Lake, Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton [10]
- **Sovereign wealth**: ADIA, Mubadala (UAE), Public Investment Fund (Saudi Arabia) [10]

### 6. Reliance Retail Ventures (RRVL) — equity partners
RRVL raised ₹37,710 crore from a similar marquee group, with the per-investor stakes disclosed by RIL [11]:

| Investor | Amount (INR Cr) | Stake |
|---|---:|---:|
| Silver Lake Holdings | 7,500.0 | 1.64% |
| KKR | 5,550.0 | 1.21% |
| General Atlantic | 3,675.0 | 0.80% |
| Silver Lake & Co-Investors | 1,875.0 | 0.41% |
| Mubadala | 6,247.5 | 1.36% |
| GIC | 5,512.5 | 1.20% |
| TPG | 1,837.5 | 0.40% |
| ADIA | 5,512.5 | 1.20% |
| **Total** | **37,710.0** | **8.22%** |

[11]

### 7. Operational supplier base (cross-segment procurement)
- Retail "robust sourcing ecosystem involving MSMEs national and international suppliers" [3]
- In FY 2023-24, **2,255 suppliers** delivering materials/services worth over **₹14,000 crore** were formally assessed; **185 marginalised local suppliers + 1,976 MSME vendors** delivered ~₹35 Cr and ₹5,529 Cr respectively; ~₹5,450 Cr of materials/services sourced from local vicinity of RIL sites [3]
- Sustainable-procurement assessment via **EcoVadis** (third-party) covering supply-chain partners [3]

---

## C. Summary table — at a glance

| Segment | Key Customers | Key Suppliers / Partners |
|---|---|---|
| **O2C — Refining** | Indian OMCs, export fuel markets, Jio-bp retail forecourts | Crude from Russia (Urals), Venezuela, Canada, US, Colombia/Ecuador, Middle East (60 grades) [9][4] |
| **O2C — Petchem** | Indian polymer converters, polyester / textile chain, auto / packaging / agri OEMs [4] | Naphtha (in-house from refinery); US ethane via 6+3 VLECs from Mt. Belvieu [8] |
| **Oil & Gas E&P** | Indian CGD, power, fertilizer companies [5] | **BP plc** (deepwater partner in KG-D6) [7] |
| **Jio (Digital)** | 488M Indian mobile + broadband subscribers; ~191M 5G users [1]; enterprises | **Meta (Facebook), Google, Qualcomm, Intel** (tech partners); Silver Lake, KKR, GA, TPG, ADIA, Mubadala, PIF (equity) [10] |
| **Reliance Retail** | 1-in-8 Indian shoppers; merchant/B2B base post-Metro India; 125+ brand partners [1][2] | MSMEs + national & international suppliers; 2,255 vendors assessed in FY24 [3][11] |
| **Fuel retail** | Indian motorists via Jio-bp forecourts | **BP plc** (49% in Jio-bp JV) [7] |

---

**Sources**
[1] Reliance Industries — Annual Report for period end 31-Mar-2025 (BRSR 2024-25, Customer Satisfaction & Digital Engagement)
[2] Reliance Industries — Annual Report for period end 31-Mar-2024 (Retail Strategic Progress, Metro India integration)
[3] Reliance Industries — Annual Report for period end 31-Mar-2024 (Supplier assessment & MSME procurement)
[4] Reliance Industries Q4 FY25/26 Earnings Call (O2C feedstock diversification & polymer grade innovation)
[5] Reliance Industries Q4 FY2026 Earnings Call, 24-April-2026 (Qatar LNG, KG-D6 reallocation, Venezuelan / Russian crude commentary)
[6] Reliance Industries — Shareholder Call (RIL feedstock strategy)
[7] Reliance Industries — Shareholder/Analyst Call (BP partnership — KG-D6 and Jio-bp fuel retail JV)
[8] Reliance Industries — Shareholder/Analyst Call (VLEC fleet expansion for US ethane sourcing)
[9] Reliance Industries — Shareholder/Analyst Call (60 grades of crude oil, 30 new grades)
[10] Reliance Industries — Shareholder/Analyst Call (Jio Platforms strategic partners: Facebook/Google/Silver Lake/KKR/etc.)
[11] Reliance Industries Q2 FY21 IR PPT (Reliance Retail Ventures investor table — Silver Lake, KKR, GA, Mubadala, GIC, TPG, ADIA)

## Citations

- [1] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [2] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2024 (English) - PDF** · external
- [3] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2024 (English) - PDF** · external
- [4] **Reliance Industries Limited, Q4 25/26** · external
- [5] **Reliance Industries Ltd., Q4 2026 Earnings Call, 24-April-2026** · external
- [6] **Reliance Industries Limited - Shareholder/Analyst Call** · external
- [7] **Reliance Industries Limited - Shareholder/Analyst Call** · external
- [8] **Reliance Industries Limited - Shareholder/Analyst Call** · external
- [9] **Reliance Industries Limited - Shareholder/Analyst Call** · external
- [10] **Reliance Industries Ltd. IR PPT: Q2 2021 Earnings Call** · external
- [11] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2024 (English) - PDF** · external

