Reliance Industries at 96th rank in Fortune Global 500 list
Reliance Industries, headed by the Indian Billionaire Mukesh Ambani, has jumped 10 places to break into the world’s top 100 companies on the Fortune Global 500 list. Reliance is ranked 96th in the 2020 ranking released by Fortune. This is the highest any Indian company has been ranked on the Fortune Global 500 list.
Background
In 2012 also, Reliance had been ranked within the top 100 lost by Fortune. At that time, the company was ranked as 99th in the rankings but since then, the company slipped to the 215th position in 2016. The company has improved since then steadily.
Details of the Fortune Report
State-owned Indian Oil Corporation slipped 34 positions to rank 151st on the 2020 rankings whereas Oil and Natural Gas Corporation is ranked 190th, 30 places lower than the last year ranking achieved by the company. The top lender of the country, State Bank of India, has been ranked 221st in the list, after rising 15 places in the rankings. Other Indian companies in this list are Bharat Petroleum Corp Limited at 309th, Tata Motors at 337th and Rajesh Exports at 462nd positions. The list has been topped by Walmart with revenue of $524 billion, followed by three Chinese companies – Sinopec Group ($407 billion), State Grid ($384 billion) and China National Petroleum ($379 billion).
How are the rankings decided?
The report has been published based on the total revenues for their respective fiscal years ended on or before March 31, 2020. Reliance had revenue of $86.2 billion, Indian Oil Corp had the revenue of $69.2 billion and ONGC clocked revenue of $57 billion. SBI had revenue of $51 billion.
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Month: Current Affairs - August, 2020