The latest global Fortune 500 list released today has come up with a couple of surprises as far as India is concerned. Thanks to the global fall in oil prices, state-owned ONGC which was ranked 449 in the 2015 rankings is out of the list for the first time in many years. Since five of the seven Indian companies in the Fortune listing have been oil companies – four state-owned and Reliance Industries – all have seen their rankings tumble on lower oil prices. India’s largest company IndianOil ($ 54 billion) has fallen to rank 161 from 119 in 2015, Reliance Industries ($ 43 billion) to 215 from 158, Bharat Petroleum ($ 29 billion) to 358 from 280 and Hindustan Petroleum ($ 28.8 billion) to 367 from 327.
Two companies that are not in the oil business have seen their rankings rise. Tata Motors ($ 42 billion) moved up from 254 to 226 while State Bank of India ($ 41.7 billion) rose to 232 from 260 last year.
The surprise entry from India at the seventh position is Bengaluru-based Rajesh Exports ($ 25.2 billion) that has replaced ONGC in the coveted list. Set up by brothers Rajesh and Prashanth Mehta in 1988, Rajesh Exports has over the years emerged as a leader in the gold jewellery business. It has entered the list at rank 423. It remains to be seen if Rajesh Exports is on the list in coming years. But, what it has shown is that a company in a totally diversified field can make it to the top.
While Indian companies are struggling to make it to the top 100 in the list, Chinese companies are over time taking over the top 10 in the list. In this years list, While Walmart leads the list, the next three slots are taken by Chinese companies. These are State Grid ($ 329 billion), China National Petroleum ($ 299 billion) and Sinopec ($294 billion).