RIL Jumps Up 2 Places In Fortune’s Global 500 List For 2024

Reliance Industries Limited (RIL) has achieved a milestone by advancing two positions in the 2024 Fortune Global 500 list, securing the 86th spot. This marks the highest ranking ever attained by the conglomerate on the list, underscoring its growth and stability within the global business arena.

Company’s robust performance and its strategic growth

According to a press release, the latest ranking reflects an impressive climb from the previous year’s position of 88th. Over the past three years, Reliance Industries has surged an impressive 69 places from its 155th position in 2021. This leap highlights the company’s robust performance and its strategic growth across various sectors.

Highest-ranked Indian corporation in the Fortune Global 500 list

For the 21st consecutive year, Reliance Industries is the highest-ranked Indian corporation in the Fortune Global 500 list, a record unmatched by any other private sector firm in India. This enduring presence underscores the company’s resilience and significant impact on both the Indian and global economies.

Based on total revenues

The Fortune Global 500 list ranks companies based on total revenues for their respective fiscal years ending on or before March 31, 2024. For FY24, Reliance Industries reported record-high consolidated revenues of Rs 10,00,122 crore, reflecting a 2.6 per cent year-on-year increase.

A substantial rise of 16.1 per cent

The company’s EBITDA also saw a substantial rise of 16.1 per cent year-on-year, reaching Rs 1,78,677 crore. This growth trajectory was driven by strong performance across its diverse business segments, including Oil to Chemicals (O2C), Oil & Gas, Retail, and Digital Services.

Nine companies featured in the Fortune Global 500 list

India continues to be a player in the global business landscape with nine companies featured in the Fortune Global 500 list this year. Among these, five are public sector entities–Indian Oil Corporation Limited (IOCL), Life Insurance Corporation of India (LIC), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Limited (BPCL), and State Bank of India (SBI)–while the remaining four are private sector firms.

Comment on the significance of the list

Scott DeCarlo, Vice President of Research at Fortune, commented on the significance of the list, stating, “The Global 500 is the ultimate scorecard for business success. The aggregate revenue of the Fortune Global 500 in 2023 reached $41 trillion, a record level. That sum represents more than a third of global GDP–a sign of how much economic power is concentrated in these companies.”