Reliance Industries
India's largest conglomerate with ₹9 trillion (~$110 billion) revenue, demonstrating vertical integration as fractal depth.
India's largest conglomerate with ₹9 trillion (~$110 billion) revenue, demonstrating vertical integration as fractal depth. Rather than horizontal brand proliferation, Reliance shows vertical fractal depth: petroleum refining → petrochemicals → polymers → textiles → garments → retail → telecom. Each level feeds the next, creating a nested, interdependent fractal.
The company captures margins at every level of the value chain - competitors capture only one level's margin while Reliance captures cumulative margins. This vertical integration also provides supply chain resilience through internal transfer pricing that insulates from market volatility.
Cautionary Notes on Reliance Industries
- Coordination complexity across 7-layer vertical integration
- Technological lock-in makes shifting technologies expensive