LIC Becomes Top-Ranked Indian Firm On Fortune Global 500 List

LIC becomes the top-ranked Indian company on the Fortune Global 500 list

Fortune Global 500 List: Life Insurance Corporation tops the list of Indian companies.

Bombay (Maharashtra):

Recently listed Life Insurance Corporation (LIC) has broken through the latest Fortune Global 500 list, while Reliance Industries has moved up 51 places.

The country’s largest life insurer, with revenues of USD 97.26 billion and profits of USD 553.8 million, was ranked 98th on the Fortune 500 list just released.

Reliance Industries jumped 51 places to 104 on the 2022 list.

This is LIC’s first appearance on the list, in which listed companies are ranked by revenue. Reliance, with sales of $93.98 billion and net profit of $8.15 billion in the last year, has been on the list for 19 years.

The list, led by US retailer Walmart, has nine Indian companies, five of which are state-owned and four private sector.

Only the debutant LIC, who announced its IPO last fiscal year, was higher than Reliance among Indian corporates.

Indian Oil Corporation (IOC) rose 28 places to 142nd, while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190.

The list had two companies from the Tata group: Tata Motors in 370th and Tata Steel in 435th place. Rajesh Exports in 437th place was the other privately owned Indian company on the list.

State Bank of India (SBI) climbed 17 places to 236th and Bharat Petroleum Corporation Ltd 19 places to 295.

Fortune Global 500 list ranks companies by total revenue for their respective fiscal years ended on or before March 31, 2022.

“The COVID-19 revival has created a huge tailwind for the world’s largest companies in terms of revenue,” Fortune said.

Total revenue for the Fortune Global 500 reached $37.8 trillion, an increase of 19 percent — the highest annual growth rate in the list’s history.

Walmart reached number 1 for the ninth year in a row, followed by Amazon, which reached its all-time high. Chinese energy giants State Grid, China National Petroleum and Sinopec rounded out the top five.

For the first time, the revenues of Global 500 companies in Greater China (including Taiwan) surpassed the revenues of U.S. companies on the list, accounting for 31 percent of the total.

“The companies that make up our annual ranking of the world’s largest companies also made record profits in 2021. But this year’s turmoil has confronted Fortune Global 500 leaders with a new set of crises — many of them political. as economic,” it added.

(Except for the headline, this story has not been edited by NDTV staff and has been published from a syndicated feed.)

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