2021 Fortune Global 500 list released on Monday, Billionaire Mukesh Ambani’s Reliance Industries Ltd slipped by 59 places, now ranked 155th. Reliance scored the lowest ranking since 2017, as revenue dropped because of the Covid-19 pandemic.
Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China’s State Grid at $384 billion. Other Indian oil companies on the list too slipped ranks as their revenues fall because of the fluctuation in oil prices.
State Bank of India (SBI) improved its rank again and moved up by 16 places to rank 205. Indian Oil Corporation (IOC) ranked 212 got a drop by 61. Oil and Natural Gas Corporation (ONGC) slipped by 53 notches and ranked 243rd. Rajesh Exports, another Indian firm that improved its ranking with a massive 114 positions jump to 348th rank. Tata Motors ranked 357th, and Bharat Petroleum Corporation Ltd (BPCL) fell to 394 from 309 last year. SBI has a revenue of $52 billion, IOC had revenue of $50 billion. ONGC had revenue of $46 billion and Rajesh Exports $35 billion. Fortune said that the companies featured are ranked by their total revenues for the given respective fiscal year ended on or before March 31, 2021.
“Walmart claimed the top spot for the eighth consecutive year, and for the 16th time since 1995,” Fortune said. “Fortune Global 500 companies generated revenues totaling more than one-third of the world’s GDP. They generated $31.7 trillion in revenues (down 5%), $1.6 trillion in profits (down 20%), and employ 69.7 million people worldwide,” it said. Apple stood 6th and is the Fortune Global 500’s most profitable company in 2021.