Thursday, July 10, 2008

Indian Firms Still Minnows In Global League - July 10 , 2008

India Inc''s presence has grown in the Global Fortune 500 club with the debut of Tata Steel but its top seven entities collectively too are no match to global leader Wal-Mart, which is entering the country in partnership with Sunil Mittal''s Bharti group. The combined size of the seven Indian members in the league of Global Fortune 500 is less than 60 per cent of the turnover of the numero-uno Wal-Mart. As per the latest global rankings released on July 9 by the US business magazine Fortune, which is based on the companies'' annual revenue, there are now seven Indian companies in this league, up from six last year.

Together these seven companies - Indian Oil Corp, Reliance Industries, BPCL, HPCL, Tata Steel , ONGC and SBI - have a turnover of $221.07 billion. In comparison, Wal-Mart has retained its top position in the list with an annual turnover $378.8 billion. Excluding IOC, ranked at top among Indian companies, the six other Indian companies have a turnover of less than one-tenth of that of Wal-Mart. Including Wal-Mart, as many as five companies globally have a higher revenue than the combined turnover of seven Indian firms. These firms include ExxonMobil, ranked second after Wal-Mart with a revenue of $372.8 billion, Royal Dutch Shell (3rd with $355.7 billion), BP (4th with $291.4 billion) and Toyota Motors (5th with $230.20 billion).

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