Reliance Industries’ board is strongly backing telecom, its latest venture, and petrochemicals that propelled it to fame in its early years but it is reluctant to invest in the oil and gas which has swallowed $14 billion but plunging output along with regulatory and pricing uncertainty has clouded the outlook.A senior company executive told ET that the board has questioned further investment in exploration and production (E&P) that was once the key driver of its profits but is now almost irrelevant to the valuation of its shares that have lagged the market in recent years.

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