LIC becomes top-ranked Indian firm on Fortune 500 list; Reliance, SBI included
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. For the ninth consecutive year, Walmart came in first, followed by Amazon, which attained its best ever position.
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FollowThe most recent Fortune Global 500 list has been broken into by the recently floated Life Insurance Corporation (LIC), while Reliance Industries has climbed 51 spots. With $97.26 billion in sales and a profit of $553.8 million, the largest life insurer in the country was rated 98th on the most recent Fortune 500 list. Reliance Industries moved up 51 spots to position 104 on the list for 2022.
This is LIC's first appearance on the list, which lists firms according to sales. Reliance has been on the list for 19 years, with sales of $93.98 billion and a net profit of $8.15 billion in the most recent year. There are nine Indian enterprises on the list, with US retailer Walmart at the top. Five of them are state-owned, while the other four are private.
Among Indian corporates, only the rookie LIC, which had its IPO the previous fiscal year, was placed higher than Reliance.
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Oil and Natural Gas Corporation advanced 16 spots to rank 190, while Indian Oil Corporation climbed 28 spots to 142. Tata Steel was ranked 435th while Tata Motors was ranked 370th on the list. The other private Indian business on the list was Rajesh Exports, which came in at position 437. Bharat Petroleum Corporation Ltd. moved up 19 spots to rank 295 and State Bank of India rose 17 spots to number 236.
For the ninth consecutive year, Walmart came in first, followed by Amazon, which attained its best ever position. State Grid, China National Petroleum, and Sinopec, three energy behemoths from China, rounded out the top five. Companies are ranked on the Fortune Global 500 list according to total sales for the fiscal years that concluded on or before March 31, 2022.
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(With PTI inputs)
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