Reliance Industries Ltd, owned by billionaire Mukesh Ambani, climbed two spots to No. 53 on Forbes’ latest Global 2000 list of public companies worldwide.
Forbes Global 2000 ranks the world’s largest companies based on four metrics: sales, profits, assets, and market value, according to Forbes, which released the 2022 ranking of the world’s top 2,000 companies.
Reliance is the highest-ranked Indian company on the list, followed by State Bank of India at 105, HDFC Bank at 153, and ICICI Bank at 204.
RIL & others
State-owned Oil and Natural Gas Corporation (ONGC) is ranked 228th, Housing Development Finance Corporation Ltd (HDFC) is ranked 268, Indian Oil Corporation (IOC) is ranked 357th, Tata Consultancy Services Ltd (TCS) is ranked 384th, Tata Steel is ranked 407th, and Axis Bank is ranked 431st.
“Energy and banking sector corporations were among the highest-ranking Indian companies in Forbes’ Global 2000 list of public companies this year,” the publication said.
Reliance, the oil-to-telecom-to-retail conglomerate, became the first Indian company to generate more than USD 100 billion in annual revenue, with sales of USD 104.6 billion between April 2021 and March 2022.
“On the Global 2000, Reliance climbed two spots to No. 53 among all public companies worldwide and ranked first among Indian companies,” it said. “Earlier this year, Forbes estimated Ambani’s net worth to be USD 90.7 billion, landing him at No. 10 on this year’s billionaires list.” Dhirubhai Ambani, Mukesh Ambani’s father, founded the company in the early 1960s, beginning with import and export licences for nylon, rayon, and polyester. Plastics and petrochemicals, mobile telecom services, and retail are now among the company’s businesses.
Ambani’s RIL goes high but others remain
SBI is the second largest company in India, with a market capitalization of USD 56.12 billion. “The Mumbai-based bank operates 24,000 branches and 62,617 ATMs across the country”. Private sector banks ICICI and HDFC were next on the list of Indian companies on the Global 2000. Highlighting the growth of the banking sector in India”. The companies of billionaire Gautam Adani, Adani Enterprises Limited, Adani Transmission Ltd, and Adani Total Gas Ltd. Are among the notable newcomers to the list.
“Adani made headlines when he became the richest Asian billionaire in history. Earlier this year, Adani passed Warren Buffett to become the 5th richest person in the world,” Forbes said.
His businesses include everything from power generation and transmission to edible oil, real estate, and coal. Adani Enterprise is ranked No. 1,453 on the Forbes list, followed by Adani Ports & Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Total Gas.
Gautam Adani, 59, is a college dropout who founded a commodities export company in 1988. He first appeared on Forbes’ list of the World’s Billionaires in 2008. With a net worth of USD 9.3 billion, which he has since increased to USD 90 billion.
Meanwhile, Vedanta Limited, an oil, gas, and metal conglomerate, jumped 703 spots on the list. The highest jump among all Indian companies due to a price increase. It is ranked 593rd. After China’s output fell, the Mumbai-based aluminium miner saw a staggering increase in profits in 2021.
Mukesh Ambani continues to grow his empire and RIL plays out to be the key player.