Big Fortune Global 500 List: LIC is the only Indian company to top the list than Reliance Industries Limited
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The recently listed Life Insurance Corporation (LIC) has touched the heights in the new Fortune Global 500 list. While Reliance Industries has jumped 51 places. The country’s largest life insurance company LIC has reached the 98th position in the recently released Fortune 500 list with a revenue of US$ 97.26 billion and profit of US$ 553.8 million. In this list for the year 2022, Reliance Industries has jumped 51 places to 104.
LIC has joined this list for the first time. The companies listed in the list are ranked on the basis of sales. This year, Reliance earned a revenue of US$ 93.98 billion and a net profit of US$ 8.15 billion. Reliance has been in the list for 19 years.
American retailer Walmart has nine Indian companies at the top of this list. Of these, five are government-owned and four are in the private sector. Only LIC, which came out with its IPO in the last financial year, is above Reliance among Indian corporates.
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Indian Oil Corporation (IOC) climbed 28 places to 142nd position, while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190th. There are two Tata Group companies in this list – Tata Motors is at 370th position and Tata Steel is at 435th position. The second private Indian company in the list is Rajesh Exports at 437th rank. State Bank of India (SBI) has climbed 17 places to 236th and Bharat Petroleum Corporation Limited has climbed 19 places to 295th position.
The Fortune Global 500 list ranks companies on the basis of total revenue in the respective financial year ended on or before March 31. The total sales of the Fortune Global 500 reached US$37.8 trillion, an increase of 19 percent. This is the highest annual growth rate in the history of the list.
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