Mukesh Ambani's Reliance tops India Inc in Forbes' Global 2000 list, LIC makes its maiden entry

Mukesh Ambani's Reliance Industries Limited (RIL) on Tuesday climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide. The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value.

JPMorgan, America's biggest bank with USD 3.7 trillion in assets, is at the top of the list for the first time since 2011 and has emerged stronger from this spring's regional banking crisis, with more deposits and opportunistic acquisition of the failed First Republic Bank. Meanwhile, Warren Buffett's Berkshire Hathaway that topped the list last year, fell to the 338th position in the latest list due to unrealised losses in its investment portfolio.

Saudi oil behemoth Aramco is at second position followed by three giant-sized state-owned Chinese banks. Technology giants Alphabet, Microsoft and Apple are at seventh, ninth and tenth place, respectively.

Oil-to-telecom conglomerate Reliance, with sales of USD 109.43 billion and profit of USD 8.3 billion, is the top most-ranked Indian firm at the 45th spot. Reliance was ranked ahead of well-known names like Germany's BMW Group, Switzerland's Nestle, China's Alibaba Group, and US-based Procter & Gamble, among others.

Interestingly, Life Insurance Corporation (LIC) made its maiden entry at 363. State Bank of India climbed to 77th spot from 105th in the 2022 ranking. HDFC Bank is at 128th position (153 in 2022) and ICICI Bank is at 163 (204 in 2022).

All in all, 55 Indian firms figured on the list.

Three firms of the conglomerate helmed by billionaire Gautam Adani, whose group faced a scathing attack from a US short seller earlier this year that led to him losing the world's third richest tag, featured in the list.

The three Adani Group firms in the list include Adani Enterprises at 1062, Adani Power at 1488, and Adani Ports & Special Economic Zones at 1598.

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