RIL is now India’s largest company

With a revenue of Rs 5.81 lakh crore in 2018-19, the Mukesh Ambani-led conglomerate also became the first privately-held and the only other company to become India’s largest corporation apart from IOC for the first time in 10 years, Fortune India said. State-owned Oil and Natural Gas Corporation (ONGC) was ranked third, same as in 2018. It was followed by State Bank of India, Tata Motors and Bharat Petroleum Corporation Ltd (BPCL) -- all with no changes in their ranking between 2018 and 2019.

The list does not take into account subsidiaries of companies and so ONGC’s ranking does not reflect those from its recently acquired Hindustan Petroleum Corp Ltd as well as ONGC Videsh Ltd. Rajesh Exports climbed one position to be ranked 7th on the 2019 list and so did Tata Steel, Coal India, TCS and L&T that were ranked 8th, 9th, 10th and 11th, respectively.

ICICI Bank rose two positions to be ranked 12th, followed by Hindalco Industries and HDFC Bank. Vedanta Ltd slipped three positions to be ranked 18th on the 2019 list.

Fortune India said RIL posted a 41.5 pc rise in its revenue in the financial year 2018-19, which was 8.4 percent more than IOC, the second-largest company on the list.

RIL’s 2018-19 revenue stood at Rs 5.81 lakh cr, while IOC posted a growth of 26.6 pc in sales to Rs 5.36 lakh cr in the same year. RIL’s profit for 2018-19 was also more than double that of IOC, at Rs 39,588 crore.