Steel debuts on Fortune 500 list, ranks 315
New York, July 10 (IANS)
to its acquisition of the Corus group, Tata Steel has entered the
Fortune 500 list at rank 315, while India's largest corporate group
Reliance Industries jumped 63 places to reach 206. Tata Steel had
an annual revenue of $25,707 million. The Mukesh Ambani-led Reliance
Industries posted $35,915 million. Reliance and Tata Steel are the
only two Indian companies in the private sector to figure among
the Fortune 500, the other five are in the public sector.
Steel, part of the Ratan Tata-led Tata Group, has also been named
as the company with the highest revenue growth of more than 350%
over the past year, thanks to the consolidation of Corus' revenues
with its balance sheet. Tata acquired Anglo-Dutch steelmaker Corus
in October 2006.
qualify for the Fortune list on the basis of their revenues. The
rankings are based on 2007 audited revenues. Reliance and Tata Steel
are the only two Indian companies in the private sector to figure
among the Fortune 500, the other five are in the public sector.
Reliance, in fact, comes behind Indian Oil, which is ranked 116
with a revenue of $57,427 million. The other PSUs on the list are
Bharat Petroleum (287), Hindustan Petroleum (290), ONGC (335) and
the State Bank of India (380).
US-based retail chain Wal-Mart continues to remain the world's biggest
corporate with revenues of $378 billion. Oil majors Exxon Mobile
and Royal Dutch Shell follow Wal-Mart on the global list with revenues
of $373 billion and $355 billion respectively.
were fewer American companies on the list this time (153 as compared
to 162 last year) while 29 Chinese companies made it to the list,
the best ever performance by China.