On Forbes' Global 2000 list, Reliance Industries moves up eight spots to position 45
- IBEF
- June 14, 2023
On Forbes' most recent Global 2000 list of public firms globally, billionaire Mr. Mukesh Ambani's Reliance Industries Ltd. rose eight spots to the 45th position, the highest position for an Indian business. Forbes announced the 2023 list of the top 2,000 firms in the world. The Global 2000 rates the largest corporations in the world using four metrics: sales, profitability, assets, and market value.
For the first time since 2011, JP Morgan Chase & Company, America's largest bank with US$ 3.7 trillion in assets, is at the top of the list. It has recovered more strongly from the regional banking crisis this spring, it was claimed, with greater deposits and the opportunistic purchase of the failing First Republic Bank. Due to unrealized losses in its investment portfolio, Warren Buffett's Berkshire Hathaway, which led the list last year, dropped to position 338 in the most recent ranking.
Saudi oil behemoth Aramco, the world's largest oil company, is in second place, followed by three enormous state-owned Chinese banks. Apple and Alphabet, two titans of technology, are ranked seventh and tenth, respectively. Reliance, an oil-to-telecom conglomerate with sales of US$ 109.43 billion and profits of US$ 8.3 billion, is the highest-ranked Indian company, coming in at position 45, up from the 53 slot it held in the previous ranking.
Reliance came in first place, beating out household brands like the US-based Procter & Gamble, the German BMW Group, the Swiss Nestle, the Chinese Alibaba Group, and the Japanese Sony. State Bank of India improved from 105th place in the 2022 rating to 77th place. ICICI Bank is at position 163 (204 in 2022) and Housing Development Finance Corporation (HDFC) Bank is at position 128 (153 in 2022).
State-owned Oil and Natural Gas Corporation at number 226 and HDFC at number 232 are two further Indian companies on the list. Tata Consultancy Services (TCS) dropped to 387th place from 384th last year, while Life Insurance Corporation (LIC) made its first appearance at 363 overall. Axis Bank (423), NTPC (433), Larsen & Toubro (449), Bharti Airtel (478), Kotak Mahindra Bank (502), Indian Oil Corporation (540), Infosys (554), Bank of Baroda (586), Coal India (591), Tata Steel (592), Hindalco (660), and Vedanta (687) are other notable Indian firms on the list. In all, 55 Indian firms figured on the list.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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