Life Insurance Corporation of India (LIC), a government-owned company, made its debut on the Fortune Global 500 list. Reliance Industries (RIL), the largest corporation in India by market capitalisation, rose 51 spots in the meantime. The number one Indian company on the list, nevertheless, was LIC. Nine Indian enterprises in all have made the list, of which five are state-owned and four are private businesses. Automobile and steel industry leaders supported by the Tata Group were also included on the list, with SBI serving as the sole banker. The oil and gas industry accounted for the majority of the Indian companies.
With over $97.27 billion in sales and a $553.8 million profit for the year, LIC was ranked 98th on the Fortune Global 500 list. RIL, meanwhile, was ranked 104th with $93.98 billion in revenue and $8.15 billion in net profit for the previous year.
However, this year saw the IPO of LIC, which overtook RIL to become the top Indian firm on the Fortune Global list.
In addition, state-owned Indian Oil rose 28 spots to keep the 142nd spot while ONGC rose 16 spots to hold the 190th spot. BPCL, a corporation involved in the oil and gas industry, climbed 19 spots to take up position 295 in the ranking.
The Tata Group companies Tata Motors and Tata Steel ranked 370th and 435th, respectively. Along with RIL and the aforementioned Tata companies, Rajesh Exports was the other private company, ranking 437th overall.
The State Bank of India (SBI) climbed 17 spots to claim the 236th position in the banking industry.
Two of the top five businesses on the list belonged to the US, while three others were Chinese.
For the seventh consecutive year, Walmart topped the Fortune Global list. Jeff Bezos’ Amazon came in second, climbing to its highest position ever. China National Petroleum Corporation and State Grid Corporation of China occupied the third and fourth spots, respectively. Sinopec Group occupied the fifth position.
Aramco, a Saudi Arabian company, was ranked sixth, and Apple was ranked seventh. The top 10 list included more businesses like CVS Health, Volkswagen, and China State Construction Engineering.
In its statement, Fortune said, “the rebound from COVID-19 created a huge tailwind for the world’s largest companies by revenue. Aggregate sales for the Fortune Global 500 hit $37.8 trillion, an increase of 19%—the highest annual growth rate in the list’s history. ”
Greater China’s (including Taiwan) Global 500 firms’ revenues surpassed those of the list’s American counterparts for the first time, making up 31% of the total. Additionally, the businesses that comprise our yearly list of the largest companies in the world made record-breaking earnings in 2021, it continued.
It added that the turmoil of this year has presented the Fortune Global 500 leaders with a fresh set of difficulties, many of them political as well as economic.