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Reliance jumps 16 places, now at number 88 on Fortune Global 500 list

Billionaire Mukesh Ambani’s Reliance Industries has maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication.

The company has gained a whopping 67 places in the last two years from number 155 in 2021. As many as eight Indian companies feature in this year’s Fortune Global 500 ranking. State-owned Indian Oil Corporation (IOC) jumped 48 places to rank at number 94.

Life Insurance Corporation of India (LIC) slipped nine places to rank at 107. Oil and Natural Gas Corporation (number 158), Bharat Petroleum Corporation Ltd (number 233), and State Bank of India (number 235) were the other state-owned firms on the list.

Overview of the news:

  • Tata Motors rose 33 places to rank at number 337 and Rajesh Exports jumped 84 spots to number 353.
  • The ranking of number 88 is the best-ever achieved by Reliance on the Fortune Global 500 ranking list.
  • It is now the 20th year of Reliance being a part of the Fortune Global 500 list – much longer than any other private sector company in India.
  • Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2023.
  • Reliance Industries closed FY23 with record-high consolidated revenues of Rs 9,76,524 crore, up 23.2 per cent, and EBITDA of Rs 1,54,691 crore, up 23.1 per cent, with each of the O2C, retail and digital services businesses posting all-time high revenues.

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