LIC Surpasses Reliance, Emerges as Top Indian Firm in Fortune Global 500 List
This is the first outing of LIC on the list, which ranks listed companies by sales.
The Quint DAILY
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The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.
Reliance Industries jumped 51 places to 104 on the 2022 list.
This is the first outing of LIC on the list, which ranks listed companies by sales. Reliance, with revenue of USD 93.98 billion and a net profit of USD 8.15 billion in the latest year, has been on the list for 19 years.
Other Indian Companies on the List
The list, topped by US retailer Walmart, has nine Indian companies -- five of them state-owned, and four from the private sector.
Only the debutant LIC, which came out with its IPO last fiscal, was ranked higher than Reliance among the Indian corporates.
State Bank of India (SBI) climbed 17 places to rank 236th and Bharat Petroleum Corporation Ltd 19 places to 295.
Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2022.
"The rebound from COVID-19 created a huge tailwind for the world's largest companies by revenue," Fortune said.
Aggregate sales for the Fortune Global 500 hit USD 37.8 trillion, an increase of 19 per cent -- the highest annual growth rate in the list's history.
US Retailer Walmart Tops List For 9th Year in a Row
For the first time, revenues from Global 500 companies in Greater China (including Taiwan) exceeded revenues from US companies on the list, accounting for 31 per cent of the total.
"The corporations that make up our annual ranking of the world's largest companies also reaped record-busting profits in 2021. But this year's turmoil has confronted the leaders of the Fortune Global 500 with a new set of crises -- many of them political as well as economic," it added.
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