In a remarkable feat, Mukesh Ambani’s Reliance Industries Ltd has catapulted eight spots to secure the 45th position on Forbes’ prestigious Global 2000 list, marking the highest ranking for an Indian company. Forbes, while unveiling the latest rankings of the world’s top 2,000 public companies, emphasized that the Global 2000 list is determined based on four key metrics: sales, profits, assets, and market value.
JPMorgan, the largest bank in the United States with $3.7 trillion in assets, has claimed the top spot on the list, a position it last held in 2011. Despite the regional banking crisis earlier this year, JPMorgan has emerged stronger, demonstrating increased deposits and a strategic acquisition of the failed First Republic Bank.
Warren Buffett’s conglomerate, Berkshire Hathaway, which topped the list last year, has experienced a decline to the 338th position in the latest ranking due to unrealized losses in its investment portfolio.
Aramco, the Saudi oil giant, secures the second position on the list, followed by three colossal state-owned Chinese banks. Noteworthy technology giants Alphabet and Apple hold the 7th and 10th positions, respectively.
Reliance, renowned for its diverse range of businesses spanning from oil to telecommunications, has achieved an outstanding ranking as the highest-placed Indian firm at number 45. With impressive sales of $109.43 billion and profits amounting to $8.3 billion, Reliance has climbed from its previous position of 53rd in last year’s ranking. This remarkable achievement places Reliance ahead of renowned global names such as Germany’s BMW Group, Switzerland’s Nestle, China’s Alibaba Group, Procter & Gamble from the United States, and Japan’s Sony.
Among other Indian companies, State Bank of India has significantly improved its position, climbing from 105th to 77th in the 2023 ranking, while HDFC Bank is at 128th (up from 153rd in 2022) and ICICI Bank holds the 163rd position (previously 204th in 2022).
Several other prominent Indian firms have also made their mark on the list, including the state-owned Oil and Natural Gas Corporation at 226, HDFC at 232, and the Life Insurance Corporation (LIC) making its debut at 363. However, Tata Consultancy Services (TCS) slipped to the 387th position from 384th last year.
Other notable Indian companies that feature on the list include 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). In total, an impressive 55 Indian companies have secured positions on the Global 2000 list.
Furthermore, three companies belonging to the conglomerate led by billionaire Gautam Adani have also found their place on the list. These include Adani Enterprises at 1062, Adani Power at 1488, and Adani Ports & Special Economic Zones at 1598. The Adani Group faced significant scrutiny earlier this year after being targeted by a US short seller, causing Gautam Adani to lose his position as the world’s third-richest individual.
With Reliance Industries leading the charge and a substantial representation of Indian companies on the Global 2000 list, India’s corporate sector continues to make its mark on the global stage.
