Billionaire Mukesh Ambani’s Reliance Industries Ltd climbed two places to 53rd in Forbes’ latest Global 2000 list of the world’s public companies.
Forbes Global 2000 ranks the world’s largest companies using four measures: sales, earnings, assets and market value, Forbes said in releasing the 2022 ranking of the world’s top 2,000 companies.
Reliance is the highest ranked Indian company 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 companies on the list include state-owned Oil and Natural Gas Corporation (ONGC) at No. 228, Housing Development Finance Corporation Ltd (HDFC) at No. 268, Indian Oil Corporation (IOC) at No. 357, Tata Consultancy Services Ltd (TCS) at 384, Tata Steel at 407 and Axis Bank at 431.
“Companies in the energy and banking sector were among India’s top-ranked companies in Forbes’ Global 2000 list of public companies this year,” the publication said.
Oil-telecom-to-retail conglomerate Reliance, which recorded sales of $104.6 billion between April 2021 and March 2022, became India’s first company to generate more than $100 billion in annual revenue.
“On the Global 2000, Reliance moved up two places to 53rd among all public companies in the world and ranked first among Indian companies,” he said. “Earlier this year, Forbes estimated Ambani’s net worth at $90.7 billion, which placed him 10th on this year’s list of billionaires.”
Mukesh’s father, Dhirubhai, started the business in the early 1960s, starting with import and export licenses for nylon, rayon and polyester. Today, the company’s businesses include plastics and petrochemicals, mobile telecommunications services and retail.
With a market cap of $56.12 billion, SBI took second place on the list of India’s largest companies. “The bank, which is headquartered in Mumbai, has 24,000 branches and 62,617 ATMs across the country. Private sector banks ICICI and HDFC follow next on the Global 2000 list of Indian companies, highlighting the growth of the banking sector in India.
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 overtook Warren Buffett to become the 5th richest person in the world,” Forbes said.
Its businesses 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 No. 1,570, Adani Transmission at No. 1,705 and Adani Total Gas at No. 1 746.
Gautam Adani, 59, is a college dropout who started a commodity export business in 1988. He first appeared on the Forbes list of the world’s billionaires in 2008 with a net worth of 9.3 billion dollars, which he multiplied to 90 dollars. billion.
Meanwhile, oil, gas and metals conglomerate Vedanta Limited jumped 703 places on the list, the highest jump among any Indian company thanks to a surge in prices. It is ranked 593rd. The Mumbai-based aluminum mining company has seen a dizzying rise in profits in 2021 after China’s production slumped.
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