LIC, Reliance among Indian companies in Fortune Global 500 list
The Fortune Global 500 is the list of the top 500 corporations in the world based on their revenue. In the 2022 edition of the list published by Fortune magazine, nine companies from India have found their place. Life Insurance Corporation of India (LIC) led the pack at the 98th position. Out of nine, five are state-run and the remaining four are private.
Why does this story matter?
Being included in the Fortune Global 500 list is a prestigious accomplishment for corporations around the world. Indian companies have fared markedly better this time with the first-time entrant LIC breaking into the top 100 and Reliance Industries, the country's biggest company by market capitalization, jumping 51 places. The presence of four state-run companies on the list is certainly an achievement for the government.
Reliance Industries takes the 104th rank
The 2022 Fortune Global 500 list saw a surprise with LIC making its first appearance. The Indian insurance giant, which launched its IPO earlier this year, posted revenue of $97.26 billion with a profit of $553.8 million. It surpassed Mukesh Ambani's Reliance Industries (RIL). RIL is placed 104th on the list with $93.98 billion in revenue and a net profit of $8.15 billion.
Indian Oil climbed 28 places to 142nd position
The next two Indian companies in the Fortune Global 500 list are oil giants Indian Oil and Oil and Natural Gas Corporation (ONGC). They are placed 142nd and 190th on the list. Indian Oil climbed 28 places, while ONGC made a 16 positions leap from last year. Bharat Petroleum is also on the list at 295th position after climbing 19 places.
Tata Motors and Tata Steel are also on the list
State Bank of India (SBI) is the only representative from India's banking sector on the list. It is placed 236th with a revenue of $54.64 billion. It jumped 17 places. The last three Indian companies on the list are Tata Motors, Tata Steel, and Rajesh Exports. The two Tata companies are placed at 370th and 405th, while the multinational gold retailer secured 437th position.
Walmart leads the pack for 9th straight time
Walmart topped the Fortune list for the ninth straight year with a whopping $572.75 billion in revenue. It is followed by Jeff Bezos' Amazon, which secured its best position ever. The top 5 are completed by three Chinese corporations, including State Grid, China National Petroleum, and Sinopec Group. Apple is placed seventh, while Volkswagen came at eighth position.
