Reliance becomes top-ranked Indian firm on Forbes Global 2000 list
Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value
New Delhi: Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No 53 on Forbes' latest Global 2000 list of public companies worldwide.
Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies.
Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No 105, HDFC Bank at No 153 and ICICI Bank at No 204.
Other top 10 Indian firms on the list include state-owned Oil and Natural Gas Corporation (ONGC) at 228 rank, Housing Development Finance Corporation Ltd (HDFC) at No 268, Indian Oil Corporation (IOC) at No 357, Tata Consultancy Services Ltd (TCS) at No 384, Tata Steel at No 407 and Axis Bank at No 431.
"Energy and banking sector corporations were among the highest-ranking Indian companies in Forbes' Global 2000 list of public companies this year," the publication said.
Oil-to-telecom-to-retail conglomerate Reliance, which recorded sales of USD 104.6 billion between April 2021 and March 2022, became the first Indian company to generate over USD 100 billion in annual revenue.
"On the Global 2000, Reliance climbed two spots to No 53 among all public companies worldwide and ranked first among Indian companies," it said. "Earlier this year, Forbes estimated Ambani's net worth to be USD 90.7 billion, landing him at No 10 on this year's billionaires list."
Mukesh's father Dhirubhai launched the business in the early 1960s, starting with import and export licences for nylon, rayon and polyester. Today, the company's businesses include plastics and petrochemicals, mobile telecom services and retail.
With a market cap of USD 56.12 billion, SBI grabbed the No 2 spot on the list of India's largest.
"The bank, headquartered in Mumbai, has 24,000 branches and 62,617 ATMs across the country. Private sector banks ICICI and HDFC followed next on the Global 2000 list of Indian companies, highlighting the growth of the banking sector in India."
Some notable newcomers to the list include billionaire Gautam Adani's companies: Adani Enterprises Limited, Adani Transmission Ltd and Adani Total Gas Ltd.
"Adani made headlines when he became the richest Asian billionaire in history. Earlier this year, Adani passed Warren Buffett to become the 5th richest person in the world," Forbes said.
His companies include a mix of businesses ranging from power generation and transmission to edible oil, real estate and coal. Adani Enterprise is ranked at No 1,453 in the Forbes list, Adani Ports & Special Economic Zone at No 1,568, Adani Green Energy at 1,570, Adani Transmission at No 1,705 and Adani Total Gas at 1,746.
Gautam Adani, 59, is a college dropout who started a commodity export firm in 1988. He first appeared on Forbes' list of the World's Billionaires back in 2008 with a net worth of USD 9.3 billion, which he has multiplied to a whopping USD 90 billion.
Meanwhile, oil, gas and metal conglomerate Vedanta Limited jumped 703 spots on the list, the highest leap among all Indian companies thanks to a surge in price. It is ranked at 593. The
Mumbai-headquartered company that mines aluminum saw a staggering rise in profits in 2021 after China's production declined.
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Mukesh Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002
Speaking at the event, Ambani said, "PM Modi has set the goal to reach 400 gw of renewable energy capacity by 2030. Out of this, Reliance will establish at least 100 gw of solar energy by 2030."
Ambani said that his company is fully committed to the cause and will create or enable at least 100 GW out of 450 GW renewable target of India by 2030.