Fortune magazine has clarified that Tata Steel, India’s largest steel company, ranks 231st on the list of Global 500 Companies and not 315th, which was the position the magazine gave it some time ago. The magazine had placed the company 315th based on its consolidated nine months’ financial results. This is Tata Steel’s maiden entry into the Fortune 500 list.
After the announcement of the annual results of the steel major, which took place after the deadline for publication of the listing of the companies, the magazine clarified on its website that Tata Steel would have been placed 231st and not 315th.
“Tata Steel’s revenue for the fiscal to March 31, 2008— released by the company after the Global 500 publication deadline—was $32.8 billion. Had the information been available, the company would have been placed 231 st on the list. The company ranked 315th in the listing based on a revenue of $25.7 billion to March 31, 2007,” the magazine’s website said.
Of the companies featured in the Global 500 companies’ list, Tata Steel has registered the biggest increase in revenue, with a percentage change of 353.2% from 2006 at $32.8 billion.
The Fortune 500 is an annual list that ranks companies across the globe based on their gross revenue.
Wal-Mart tops the list, while seven Indian companies have found their way into it—Tata Steel, Indian Oil, Reliance Industries Ltd, Bharat Petroleum, Hindustan Petroleum, ONGC and SBI.
Meanwhile, Tata Steel Global, the holding company for steel and raw material assets outside India, has decided not to go for listing on the stock markets.
”We have no plans to get Tata Steel Global listed in any overseas exchanges, a point I want to clarify,” Tata Steel chief finance officer Koushik Chatterjee said in Kolkata on Wednesday. He was here to deliver a lecture on `Indian pugmark in global economy’ at ICT East 2008 convention, organised by the Confederation of Indian Industry.’ Chatterjee was responding to media reports on the probable listing of the holding company in an overseas exchange.
”What we said is that we are restructuring the operational and financial aspects of our global operations, bringing them under one holding company,” Chatterjee said on the sidelines of the convention.
“Tata Steel will raise funds to finance some of its proposed acquisitions of raw material mines as well as some of its domestic steel projects,” he said. ”We have significant fund requirements. We have to go for structured finance, the amount of which will be announced by us once we come out with our second quarter results,” Chatterjee said.
