RIL (Reliance Industries), the well-known conglomerate and the largest private sector corporation in India, has amped up its position to No. 1 and become the top-ranked Indian company to feature in the Fortune Global 500 list of 2019.
The oil-to-retail major has overthrown state-run Indian Oil Corporation (IOC), which was earlier the top-ranked Indian company of the list. RIL’s revenue skyrocketed 32.1 percent from $62.3 billion in 2018 to $82.3 billion in 2019.On the other hand, IOC has achieved 17.7 percent growth in revenue from $65.9 billion to $77.6 billion.
As stated by Fortune, “Over the past 10 years, RIL’s revenue has risen at a compounded annual growth rate of 7.2 percent from $41.1 billion in 2010, while that of IOC rose at 3.64 percent from $54.3 billion in 2010.” Apart from these two, the other Indian companies to feature on the list include Oil & Natural Gas Corp (ONGC), State Bank of India (SBI), Tata Motors, Bharat Petroleum Corp Ltd (BPCL) and Rajesh Exports.
On the top of the Fortune 500 list this year is the U.S. giant Walmart Inc. which is followed by Sinopec Group, a Chinese state-owned oil and gas company. On rank third was Royal Dutch Shell Plc followed by China National Petroleum and State Grid.
On the global list, ONGC has stepped up 37 places to achieve 160th rank, while SBI has stepped down 20 places to finally settle at 236th rank. Tata Motors has slipped 33 places to 265th position and BPCL, now on rank 275 has risen 39 places from its earlier spot, while Rajesh Exports slipped 90 places to reach rank 495th.
Also, the Saudi Arabian Oil Co. has made it to the sixth rank in the list of Top 10 Fortune 500, while BP Plc, Exxon Mobil Corp., Volkswagen AG, and Toyota Motor Co. Ltd. have bagged the 7th, 8th, 9th and 10th ranks respectively.
In 2018, Reliance was ranked 148th and Indian Oil was at the 137th place. RIL’s journey over the years is worth looking back to. From 2010 to 2018, the average difference in its revenues with that of Indian Oil was $9.4 billion. The difference between the two was as high as $13.2 billion in 2010.
Also, along with its other achievements, Xiaomi has ranked at the 468th position for the first time ever.