Explore the Indian Companies that made it to the Fortune 500 list — Curiousden
Fortune India has published the list of top 500 Indian companies by revenue and Reliance India Limited (RIL) topped the list with a revenue of Rs. 615,854.00. Interestingly, RIL has managed to bag 96 thposition in the Fortune Global 500 ranking, becoming the only Indian company in the Top 100 corporations worldwide.
Reliance clinched the number one position by toppling the state run major Indian Oil Corporation (IOC), which comes as a first since the Fortune India began publishing the list.
Following on the heels of Reliance are Indian Oil Corporation (IOC) with a revenue of Rs. 493,932.99 and Oil & Natural Gas Corporation (ONGC) with a revenue of Rs. 405,243.31.
Four State managed CPSEs (Central Public Sector Enterprises) gets featured in the top 10 list, which comprises about 40% of the top 10 corporations. With the markets buoyed by complacency achieved in tackling the pandemic, Modi led government is looking to gain big by selling its stake in various PSUs.
Economists housed at ‘North Block’ were struggling to come up with effective policy decisions to meet the Modi’s vision of $5 trillion economy by 2024. Their cause has become even more frantic with the disruption caused by Covid-19, with Indian economy contracting highest in the world at 23.9%.
Government indecisiveness in trying to monetize state owned stakes in public sector enterprises is partly a reflection of public sentiment to these CPSEs. There is a huge domestic resistance to the Modi government’s policy of selling PSUs and different political parties are trying to gain mileage by playing into these established societal notions.
The other companies that were featured in the list include banking behemoth State Bank of India (SBI) at 4 thposition, oil retailer Bharat Petroleum Corporation at 5 thposition, followed by Tata Motors at number 6.
Ever since acquiring largest gold refiner in the world, Valcambi of Balerna, Switzerland, in 2015, Rajesh Exports has continually featured in the Fortune list, this time occupying 7 thposition.
The list trailed off with software major Tata Consultancy Services (TCS) at 8 th, largest private banker ICICI at 9 thand Larsen and Toubro at 10 th.
Originally published at https://curiousden.com on December 4, 2020.
