Fortune Magazine Updates List of India’s Largest Companies

The Indian edition of the global business publication, Fortune magazine, has released a country-specific list using the latest findings from its renowned annual ranking of the world’s 500 largest companies.

The list shows the highest ranking Global 500 companies based in India, using financial figures for the fiscal year ending on or before March 31 2013.

Overall, the new data shows that sales growth among India’s Global 500 companies has slowed but that signs of recovery are there in terms of profit. It is the reaction to more difficult circumstances that has particularly impressed Fortune magazine India. “The good news is that the data shows that Indian companies are maturing,” the magazine said.

Top ten Indian Global 500 companies headed by Indian Oil Corp

1. Indian Oil Corp (IOC)
2. Reliance Industries (RIL)
3. Bharat Petroleum
4. Hindustan Petroleum
5. State Bank of India
6. Tata Motors
7. Oil & Natural Gas Corp
8. Tata Steel
9. Essar Oil
10. Coal India

The latest top ten Indian Global 500 companies reveal no changes of rank among last year’s top eight, with the state-run Indian Oil Corp and private sector giant, Reliance Industries, leading the way.

As ever, Fortune magazine’s Global 500 companies list is based around a company's annual revenue in a fiscal year. Indian Oil Corp’s revenue for 2012 surpassed US$85 billion, whereas Reliance Industries posted approximately US$74 billion and Bharat Petroleum c. US$44 billion.

Indian Oil Corp is one of six state-run companies featuring in the Fortune magazine list’s top ten, with the remaining four companies representing the private sector. Notably, there are currently as many as seven energy companies among India's top ten.