According to Forbes’ latest Global 2000 ranking of public companies worldwide, Mukesh Ambani’s Reliance Industries Ltd jumped eight spots to 45th, the highest for an Indian company. According to Forbes, the Global 2000 ranks the world’s largest companies in four categories: sales, profits, assets, and market value, while releasing its 2023 ranking.
With USD 3.7 trillion in assets, JPMorgan is the biggest bank in the world for the first time since 2011. As a result of this spring’s regional banking crisis, it has increased deposits and acquired the failed First Republic Bank opportunistically, it said.
Due to unrealised losses in its investment portfolio, Warren Buffett’s Berkshire Hathaway was ranked 338th in the latest list.
Aramco, the Saudi oil giant, is at second place, followed by three giant Chinese banks. Alphabet and Apple are at 7th and 10th place, respectively.
In last year’s ranking, Reliance was ranked 53rd, but in this year’s ranking, it stands at 45th with sales of USD 109.43 billion and profits of USD 8.3 billion.
This puts Reliance ahead of well-known companies such as BMW Group of Germany, Nestle Group of Switzerland, Alibaba Group of China, Procter & Gamble of the US, and Sony of Japan.
HDFC Bank is ranked 128th (153 in 2022) and ICICI Bank is ranked 163rd (204 in 2022).
As well as Oil and Natural Gas Corporation (226) and HDFC (232), Life Insurance Corporation (LIC) also made its debut at 363 while Tata Consultancy Services (TCS) dropped from 384 to 387th.
There are also notable Indian firms on the list, including Axis Bank (423), NTPC (433), Larsen & Toubro (449), Bharti Airtel (478), Kotak Mahindra Bank (502), Indian Oil Corporation (540), Infosys (554), Bank of Baroda (586), Coal India (591), Tata Steel (592), Hindalco (660) and Vedanta (687).
There were 55 Indian firms on the list in total.
A US short seller attacked the conglomerate helmed by billionaire Gautam Adani earlier this year, leading him to lose the world’s third richest title.
In the list, Adani Enterprises ranks 1062, Adani Power ranks 1488, and Adani Ports & Special Economic Zones ranks 1598.