Reliance Industries rises to 86th spot on Fortune Global 500 list for 2024, ET EnergyWorld

Mumbai (Maharashtra) (India), August 5 (ANI): Reliance Industries Limited (RIL) has achieved a milestone by moving up two spots on the Fortune Global 500 list for 2024 to 86th position.

This is the highest position the company has ever achieved on the list, underlining its growth and stability in the global business arena.

According to a press release, the latest ranking reflects an impressive climb from the previous year’s 88th position. Over the last three years, Reliance Industries has moved up an impressive 69 places from its 155th position in 2021. This jump underlines the company’s solid performance and strategic growth across sectors.

Reliance Industries has been the highest-ranked Indian corporation on the Fortune Global 500 list for the 21st consecutive year, a record that no other private sector company in India has achieved.

This long-standing presence underlines the company’s resilience and significant impact on both the Indian and global economies.

The Fortune Global 500 list ranks companies based on total revenue for their fiscal years ending on or before March 31, 2024. In FY24, Reliance Industries reported a record-high consolidated revenue of Rs 10,00,122 crore, up 2.6% year-on-year.

The company’s EBITDA also registered a significant growth of 16.1 per cent year-on-year to Rs 1,78,677 crore. This growth trajectory was driven by strong performance across business segments including Oil to Chemicals (O2C), Oil & Gas, Retail and Digital Services.

India continues to be a player in the global business landscape, with nine companies making it to the Fortune Global 500 list this year. Five of them are public sector entities – Indian Oil Corporation Limited (IOCL), Life Insurance Corporation of India (LIC), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Limited (BPCL) and State Bank of India (SBI) – while the remaining four are private sector companies.

Scott DeCarlo, vice president of research at Fortune, commented on the significance of the list, stating, “The Global 500 is the ultimate measure of business success. The combined revenue of the Fortune Global 500 in 2023 reached $41 trillion, a record high. This total represents more than one-third of global GDP — a sign of how much economic power is concentrated in these companies.”