Mukesh Ambani-led Reliance Industries has jumped 42 places to become the highest-ranking Indian firm on the Fortune Global 500 list.
State-owned Indian Oil Corp (IOC) had been the top-ranked Indian company on the list and was first on the Fortune India 500 list which was started in 2010.
“This year, ranked 106, Reliance Industries (RIL) has replaced IOC (117) as the top-ranked Indian company on the Global 500 list,” Fortune said.
RIL’s revenue soared 32.1 per cent from $62.3 billion in 2018 to $82.3 billion in 2019. In comparison, IOC clocked a 17.7 per cent growth in revenue from $65.9 billion to $77.6 billion.
“Over the past 10 years, RIL’s revenue rose at a compounded annual growth rate of 7.2 per cent from $41.1 billion in 2010, while that of IOC rose at 3.64 per cent from $54.3 billion in 2010,” it said.
