Reliance Industries Jumps Two Places in Fortune’s Global 500 List for 2024
Introduction
Reliance Industries Limited (RIL), one of India’s largest and most influential conglomerates, has made significant strides in the global business landscape. In the 2024 edition of Fortune’s Global 500 list, RIL has climbed two places, securing the 86th spot, up from 88th in 2023. This achievement underscores the company’s robust performance across its diverse business segments and its growing influence on the global stage.
1. Reliance Industries’ Performance in Fortune’s Global 500
- Current Ranking: RIL is now ranked 86th on the Fortune Global 500 list for 2024, maintaining its position as the highest-ranked Indian company on the list.
- Three-Year Progression: Over the past three years, RIL has seen a remarkable rise in its ranking, moving up 69 places from the 155th position in 2021. This consistent improvement highlights the company’s sustained growth and strategic expansion.
- Financial Performance:
- Revenue: For the fiscal year 2024, RIL reported a revenue of ₹10,00,122 crore, marking a 2.6% year-on-year increase.
- EBITDA: The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached ₹178,677 crore for FY24, a significant 16.1% increase compared to the previous year. This growth reflects RIL’s strong operational performance across its key business segments.
2. Growth in Key Business Segments
- RIL’s diverse portfolio has been a major driver of its upward trajectory in the Fortune Global 500 list. The company has seen notable growth in its Oil & Gas, Retail, and Digital Services segments:
- Oil & Gas: Continued expansion and efficiency improvements in the energy sector have bolstered RIL’s revenue and profitability.
- Retail: RIL’s retail arm has rapidly expanded, making it one of the largest retail chains in India and contributing significantly to the company’s overall revenue.
- Digital Services: With its flagship Jio platform, RIL has revolutionized the Indian telecommunications market, driving substantial growth in subscriber base and digital revenues.
3. Indian Presence in Fortune’s Global 500
- Total Indian Companies: The 2024 Fortune Global 500 list features nine Indian companies, highlighting the country’s growing influence in the global economy.
- Public Sector Representation: Indian public sector enterprises such as Indian Oil Corporation (IOCL), Life Insurance Corporation (LIC), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Limited (BPCL), and State Bank of India (SBI) continue to hold strong positions on the list.
- Private Sector Presence: RIL leads the pack in the private sector, with three other Indian private companies also making it to the list, underscoring the vitality and competitiveness of India’s private enterprises on the global stage.
4. Overview of Fortune Global 500
- Aggregate Revenue: The Fortune Global 500 companies collectively achieved a record high aggregate revenue of $41 trillion in 2023, demonstrating their massive scale and economic impact.
- Economic Significance: These companies represent more than a third of the global GDP, underscoring their critical role in the global economy.
- Top 5 Companies: The top five positions in the 2024 list are held by Walmart, Amazon, State Grid, Saudi Aramco, and Sinopec Group, reflecting the dominance of retail, energy, and state-owned enterprises in the global market.
Conclusion
Reliance Industries’ consistent rise in Fortune’s Global 500 list is a testament to its strategic growth, robust financial performance, and leadership in key sectors. As RIL continues to expand its global footprint, it not only strengthens its position as a leader among Indian corporations but also enhances India’s standing in the global business community. This achievement highlights the company’s potential to drive future growth and innovation, both in India and internationally.
