Huge milestone for Mukesh Ambani's RIL, pips IOC to emerge as highest ranked Indian firm on Fortune 500 list
Mukesh Ambani-led Reliance Industries (RIL) has jumped 42 places to become the highest-ranking Indian firm on the Fortune Global 500 list.
Indian Oil Corporation (IOC) had been the top-ranked Indian company on the list and was first on the Fortune India 500 list which was started in 2010.
“This year, ranked 106, Reliance Industries (RIL) has replaced IOC (117) as the top-ranked Indian company on the Global 500 list,” Fortune said.
Indian Oil Corporation (IOC) had been the top-ranked Indian company on the list and was first on the Fortune India 500 list which was started in 2010.
RIL’s revenue soared 32.1% from $62.3 billion in 2018 to $82.3 billion in 2019. In comparison, IOC clocked a 17.7% growth in revenue from $65.9 billion to $77.6 billion.
“Over the past 10 years, RIL’s revenue rose at a compounded annual growth rate of 7.2% from $41.1 billion in 2010, while that of IOC rose at 3.64% from $54.3 billion in 2010,” it said. ONGC, SBI, Tata Motors, BPCL and Rajesh Exports are the other Indian companies to feature on the list.
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