Mukesh Ambani's Reliance Bags 104th Spot In Fortune Global 500 List; LIC Becomes Top-Ranked Indian Firm

LIC, with revenue of $97.26 billion and a profit of $553.8 million, was ranked 98th on the just released Fortune 500 list

Reliance, with revenue of $93.98 billion and a net profit of $8.15 billion in the latest year, has been on the list for 19 years.

Source : Getty

Mukesh Ambani-led Reliance Industries (RIL) has jumped 51 places to 104 on the latest Fortune Global 500 list, the PTI reported. According to the report, recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list.

Reliance, with revenue of $93.98 billion and a net profit of $8.15 billion in the latest year, has been on the list for 19 years.

The country' biggest life insurer, with revenue of $97.26 billion and a profit of $553.8 million, was ranked 98th on the just released Fortune 500 list. This is the first outing of LIC on the list, which ranks listed companies by sales.

The list topped by US retailer Walmart, has nine Indian companies, five of them state-owned, and four from the private sector.

Indian Oil Corporation (IOC) rose 28 places to 142nd rank while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190.

The list had two Tata group firms, Tata Motors at 370 and Tata Steel at 435th spot. Rajesh Exports at 437th rank was the other private Indian company on the list. State Bank of India (SBI) climbed 17 places to rank 236th and Bharat Petroleum Corporation Ltd 19 places to 295.

Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2022.

"The rebound from Covid-19 created a huge tailwind for the world's largest companies by revenue," Fortune said.

Aggregate sales for the Fortune Global 500 hit $37.8 lakh crore, an increase of 19 per cent, the highest annual growth rate in the list's history.

Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. Chinese energy giants State Grid, China National Petroleum, and Sinopec rounded out the top five.

For the first time, revenues from Global 500 companies in Greater China (including Taiwan) exceeded revenues from US companies on the list, accounting for 31 per cent of the total.

"The corporations that make up our annual ranking of the world's largest companies also reaped record-busting profits in 2021. But this year's turmoil has confronted the leaders of the Fortune Global 500 with a new set of crises, many of them political as well as economic," it added.