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Reliance Industries Rockets to 45th Rank on Forbes Global 2000 List, Leading the Indian Charge

55 Indian Firms Make Waves on Forbes' Global 2000 List

13 June 2023


Kunal Tyagi

India produced 3X more unicorns than China in 2022.png
  • Reliance Industries, led by Mukesh Ambani, climbs 8 spots to secure the 45th rank on Forbes' Global 2000 list, becoming the highest-ranked Indian company.

  • JPMorgan claims the top position on the list for the first time since 2011, while Warren Buffett's Berkshire Hathaway falls to the 338th position due to unrealized losses in its investment portfolio.

  • India's presence on the Global 2000 list is notable, with 55 Indian firms making an appearance, including the State Bank of India, HDFC Bank, and ICICI Bank. Adani Group's companies also feature on the list, showcasing their resilience.

In the most recent iteration of Forbes' esteemed Global 2000 roster, Reliance Industries Limited (RIL), helmed by Mukesh Ambani, has ascended by eight positions to claim the 45th rank. This remarkable achievement positions RIL as the highest-ranking Indian entity on the prestigious list. The Global 2000 evaluates companies based on their sales, profits, assets, and market value, making Reliance's advancement a testament to its substantial growth and triumphant presence across diverse industries, spanning from oil to telecommunications.

For the first time since 2011, JPMorgan, the largest bank in the United States boasting assets worth a staggering USD 3.7 trillion, has secured the coveted top spot on the Global 2000 list. This achievement showcases the bank's resilience during a regional banking crisis and underscores its enhanced standing through amplified deposits and the opportune acquisition of the defunct First Republic Bank. Meanwhile, Warren Buffett's Berkshire Hathaway, which held the pinnacle position in the previous year, has slipped to the 338th rank due to unrealized losses incurred by its investment portfolio.

Aramco, the oil behemoth of Saudi Arabia, has secured the second position on the list, closely followed by three state-owned Chinese banking giants renowned for their colossal scale. The global dominance of the tech sector is vividly depicted by the presence of technology powerhouses Alphabet, Microsoft, and Apple, occupying the seventh, ninth, and tenth spots, respectively.

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Reliance Industries shines brightly on the Global 2000 list with staggering sales amounting to USD 109.43 billion and profits totaling USD 8.3 billion. Positioned at the notable 45th rank, Reliance has surpassed internationally acclaimed names such as Germany's BMW Group, Switzerland's Nestle, China's Alibaba Group, and US-based Procter & Gamble. This exceptional accomplishment solidifies the conglomerate's standing as the leading Indian firm and serves as a testament to its remarkable trajectory of growth.

India's presence on the Global 2000 list is particularly noteworthy, with a total of 55 Indian companies making their mark. State Bank of India has climbed to the 77th position, marking a significant improvement from its previous rank of 105. HDFC Bank secures the 128th position, up from 153 in the year prior, while ICICI Bank stands at the 163rd rank, a notable jump from 204 in 2022. Other remarkable Indian companies on the list include Oil and Natural Gas Corporation (226), HDFC (232), and Life Insurance Corporation (LIC), which makes its maiden entry at the 363rd position.

Despite facing criticism and experiencing a momentary decline in wealth rankings, three firms from Gautam Adani's conglomerate, namely Adani Enterprises, Adani Power, and Adani Ports & Special Economic Zones, have found their place on the Global 2000 list. These companies have secured ranks of 1062, 1488, and 1598, respectively, showcasing their resilience and ability to maintain their positions among the world's top public corporations.

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