Billionaire Mukesh Ambani-led Reliance Industries has toppled PSU giant IOC for the first time ever to emerge as the highest ranked Indian firm on Fortune 500 list. Until now, PSU major Indian Oil Corp (IOC) had been the top-ranked Indian company on the list since 2010, when the list was first compiled. “This year, ranked 106, Reliance Industries (RIL) has replaced IOC (117) as the top-ranked Indian company on the Global 500 list,” Fortune said. Notably, Reliance Industries’ revenue has increased by 32.1% from $62.3 billion in 2018 to $82.3 billion in 2019, according to Forbes. In comparison, IOC’s witnessed a 17.7% growth in revenue from $65.9 billion to $77.6 billion in the same period. “Over the past 10 years, RIL’s revenue rose at a compounded annual growth rate of 7.2% from $41.1 billion in 2010, while that of IOC rose at 3.64% from $54.3 billion in 2010,” Fortune noted.
