Billionaire Mukesh Ambani's Reliance Industries has retained its position as the highest-ranked Indian company on the 2025 Fortune Global 500 list, according to the latest rankings released by the publication.
The oil-to-telecom-and-retail conglomerate has been ranked at No.88 on the latest list, down from 86th position in 2024.
However, the company has gained a whopping 67 places in the last four years, from No.155 in 2021.
US retail giant Walmart continues to be the top-ranked company in the world, followed by Amazon. The top 10 has three Chinese companies - state-owned electric utility State Grid at No.3, China National Petrol at No.5 and oil and gas giant Sinopec Group at No.6.
World's largest oil exporter Saudi Aramco is ranked at No.4 and Apple at No.8.
India has 9 companies in the Fortune's Global 500 list this year - 5 of them from the public sector and 4 from the private sector.
Life Insurance Corporation of India (LIC) is ranked at No.95, unchanged from last year.
Indian Oil Corporation (IOC) slipped 11 slots to be ranked No.127 in the 2025 ranking.
Country's largest lender State Bank of India (SBI) gained 15 slots to be ranked at 163, while HDFC Bank soared 48 places to come in at No.258.
Oil and Natural Gas Corporation (ONGC) lost one place to be ranked at 181.
Other Indian firms on the list included Tata Motors at No.283 (down 12 positions from 2024), Bharat Petroleum Corporation Ltd (BPCL) at No.285 (down 27 position) and ICICI Bank at No.464 (unchanged).
It is now the 22nd year of Reliance being a part of the Fortune Global 500 list - much longer than any other private sector company in India.
The Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2025.
The Indian rupee's depreciation against the USD from 83.35 in March 2024 to 85.45 in March 2025 had a negative impact on Reliance's revenues when converted to USD.
Reliance closed FY25 with record high consolidated gross revenues of Rs 1,071,174 crore, up 7.1 per cent year-on-year, and EBITDA of Rs 183,422 crore, up 2.9 per cent, with each of the oil-to-chemical (O2C), oil and gas, retail and digital services businesses posting healthy growth.
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