LIC’s entry in Fortune 500 list: Reliance’s 51 rank jump behind LIC
Recently listed in the Indian stock market, Life Insurance Corporation (LIC) has made it to the new Fortune Global 500 list. Apart from this, India’s top company Reliance Industries has jumped 51 places in this list.
LIC is the largest insurance company in the country with revenues of $97.26 billion and profits of $55.38 billion. LIC is ranked 98th in the recently released Fortune 500 list. On the other hand, the country’s most valuable company Reliance Industries has jumped 51 places to 104th position in the list of 2022.
The Fortune 500 is ranked based on the sales of listed companies. Reliance has been on the list for 19 years with revenues of $93.98 billion and net profit of $8.15 billion.
Globally, American retail company Walmart tops the list. There are a total of nine Indian companies in this Fortune list, out of which five are public sector companies and four are private sector companies. Only LIC is above Reliance among Indian companies.
Indian Oil Corporation (IOC) has jumped 28 places to 142nd position. Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190. Tata Motors (rank 370) and Tata Steel (rank 435) are the two Tata group companies in the list.
Rajesh Exports is another private Indian company with 437th position in the list. State Bank of India (SBI) has moved up 17 places to 236th and Bharat Petroleum Corporation Ltd. has moved up 19 places to 295th position.
The Fortune Global 500 list ranks companies based on total revenue for the fiscal year ended on or before March 31, 2022. Chinese energy giants State Grid, China National Petroleum and Sinopec are in the top five spots. For the first time, the total revenue of companies in Greater China (including Taiwan) exceeded the total revenue of US companies on the list.