It is back to square one as far as Reliance Industries is concerned. The company backward integrated its operation from textiles to petrochemical to refining and then to oil and gas exploration. Subsequent valuations of the company changed as it kept on integrating. Its valuation received a big fillip with is discovery of gas in 2002. However, with a sharp decline in gas production, the company’s valuation will once again be dictated by refining and petrochemical margins.

><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Reliance--back to where it began</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>With a sharp decline in gas output, the firm

Reliance--back to where it began

With a sharp decline in gas output, the firms valuation will once again be dictated by refining & petrochemical margins

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