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Reliance makes it to Fortune's Global 500 list
Tuesday, 13 July 2004, 19:30 IST
NEW YORK: Three new entrants from India with collective revenues of $60 billion have joined the state-owned Indian Oil Corp. in the big league listing of Fortune magazine's Global 500 companies.
The prestigious list now includes two more state-owned companies - Hindustan Petroleum Corp. and Bharat Petroleum Corp. - and one from the private sector, the Ambanis-controlled diversified conglomerate Reliance Industries.
"When it comes to changes in the world economy, the Global 500 reflects them pretty well," said Fortune in its upcoming issue that will mark the 10th anniversary of the Global 500 listing.
"Although the US will probably remain the world's economic engine, companies in the developing world are coming on fast. Expect that trend to continue," the magazine said in its upcoming July 26 issue.
Only 14 countries have more number of companies than India in the list, which is dominated by the US with 189 companies posting total revenues of $5.84 trillion.
Finland, like India, has four companies in the list, but their collective turnover is higher at $71 billion.
Japan is the second in the list with its 82 companies reporting total revenues of $2.2 trillion, while China ranks sixth with 15 companies and a $358-billion turnover.
Topping revenues of $25.32 billion, Indian Oil Corp. improved its position this year to 189, from 191 a year ago. It was thanks to a 12.5 percent increase in revenues since 2002. The magazine estimates the firm's assets at $13.96 billion.
Bharat Petroleum, which makes a maiden entry into the Global 500 list, is ranked 450th, followed by Hindustan Petroleum at 462nd.
Bharat Petroleum's revenues at $12.05 billion were up 16 percent, while Hindustan Petroleum's $11.75 billion were up almost 13 percent, the magazine said.
Reliance Industries, though the last on the list from India, became the first private company to make it to the list with revenues at $11.33 billion, which was up almost 20 percent last year.
Source: IANS
Source: IANS