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Jamnagar Refinery of Reliance Industries Ltd. Image: RIL
Billionaire Mukesh Ambani-led Reliance Industries Limited has climbed two places to reach the 86th spot on the Fortune 500 companies list in 2024. An official press release said the conglomerate's previous ranking was 88.
The oils-to-chemicals (O2C) refining giant is the largest company in India in terms of market capitalisation. Its market capitalisation stands at ₹19.585 trillion as of August 5, according to Companiesmarketcap data.
Reliance Industries has maintained its highest ranking amongst all the Indian companies listed in the Fortune 500 list. The current rank of 86th on the Fortune 500 list is the highest-ever rank achieved by the oil refiner.
Nine Indian companies on the Fortune 500 list
India Inc has nine companies listed on the Fortune 500 list, five of which are in the public sector and the remaining four in the private sector.
The Fortune 500 lists weigh in a company's total revenues, which makes them eligible to be included. For Reliance, at the end of the financial year 2024, the company posted a 2.6 per cent year-on-year rise at ₹10,00,122 crore. The company's EBITDA rose 16.1 per cent year-on-year to ₹1,78,677 crore, which was contributed by the company's O2C, oil and gas, retail, and digital services businesses.
“The Global 500 is the ultimate scorecard for business success. The aggregate revenue of the Fortune Global 500 in 2023 reached $41 trillion, a record level. That sum represents more than a third of global GDP—a sign of how much economic power is concentrated in these companies," said Scott DeCarlo, vice president of research at Fortune, in a statement.
Other Indian companies on the list are Life Insurance Corporation of India (LIC), which ranks 95th, Indian Oil, which ranks 116th, State Bank of India, which ranks 178th, Oil and Natural Gas Corporation (ONGC), which ranks 180th, and Bharat Petroleum (BPCL), which ranks 258th. Tata Motors, HDFC Bank, and Rajesh Exports rank 271, 306, and 463, respectively, on the list, as per Fortune 500 data.
(By arrangement with livemint.com)
