Mumbai: The Life Insurance Corporation of India (LIC), the largest company in the life insurance sector in India, has managed to make its place in the Fortune Global 500 list for the first time. LIC has got this achievement owing to its record breaking revenue collection from the IPO it had launched.
The LIC’s IPO came as a pleasant surprise for the investors of stock market, which was grappling with uncertainty. The IPO not only got managed to collect huge capital for the LIC, but it also helped the government owned company to enter the Fortune Global 500 list for the first time. It is also for the first time that the LIC has been listed among the top 100 companies in terms of total revenue, overtaking the largest listed company Reliance Industries by occupying the 98th position.
LIC gets 98, Reliance Industries slides to 106 place
According to the figures given in the Fortune Global 500 list, LIC has occupied the 98th position in this list with revenue of $ 97.26 billion and net profit of $ 553.8 million. It has also secured the first position among Indian companies. LIC has been ranked for the first time in the Fortune Global 500 list. At the same time, Reliance Industries Limited (RIL), the country’s largest listed company, which has been present in this list for the last 19 years, has been ranked 104th with a net revenue of $ 93,982 million.
Apart from LIC and Reliance Industries, Indian Oil Corporation (IOC) is at 142nd position with net revenue of $79,542.4 million, Oil and Natural Gas Corporation (ONGC) at 190th position with net revenue of $65,961.5 million and Banking in India in this list. State Bank of India (SBI), the largest company in the sector, is at the 236th position with revenue of $54,639.2 million.
Similarly, Bharat Petroleum Corporation Limited (BPCL) is at the 295th position with revenue of $46,467.3 million. Two Tata group companies have also been successful in making their place in the Fortune Global 500 list. Tata Group’s Tata Motors is ranked 370 on the list with revenue of $37,797.2 million, while Tata Steel with net revenue of $32,861.1 million is ranked 435 on the Fortune Global 500 list.