As a result of the acquisition of the UK’s Corus Group that is the world’s sixth largest steel producer, Tata Steel has made it to this year’s Fortune 500 List. Reliance Industries, which is India's largest corporate, has stepped up 63 places to occupy the 206th rank on this list. Companies qualify to the list on the basis of their revenues. It is crucially due to the amalgamation of revenues of the Corus Group with its balance sheet that Ratan Tata's Tata Steel registered a more than 353 per cent over the past year. As such, it has also been labeled as the company with the highest revenue growth.
The government owned Indian Oil features at the top of all Indian companies that have made it to this year’s 2008 Fortune 500 List and is trailed by Mukesh Ambani's Reliance Industries (RIL). Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL), ONGC and State Bank of India (SBI) are the other Indian companies that figure on the list. Among all the global companies, the State Bank of India is the seventh biggest climber. RIL and BPCL have been ranked 23rd and 50th in terms of gains from the previous year rankings. The rankings are based on 2007 audited revenues.
