MUMBAI, AUG 30: Reliance Industries Ltd's (RIL) effective share price is only Rs 94.2, if the current market price of Rs 181 is adjusted for valuations of the company's holdings in Reliance Petroleum Ltd (RPL), says ABN Amro Asia in its latest India market report.``We believe the market has not factored the start-up of associate RPL's refinery project into RIL's valuations, despite Reliance holding nearly 50 per cent of RPL's equity and the company's stated intention to consolidate the accounts of the two firms,'' the report said.``We have worked out the market value of RIL's holding in RPL to nearly Rs 86.8 per share of RIL (based on RPL's current market price of Rs 41.5), implying the effective price of Reliance's petrochemical business at Rs 94.2 per share,'' ABN Amro said.
