New Delhi: Tata Steel has moved up 84 spots on the Fortune 500 list of world’s largest companies to 231st rank, with the US business magazine clarifying the latest position after taking into account the firm’s full revenue of the latest fiscal year.
The steel maker, the world’s sixth largest by volume, made its debut on the elite list this year in July. Tata Steel was ranked at the 315th place in the original list based on revenue for the 12-month period ended December 31, 2007.
However, the company’s latest fiscal year ended on March 31, 2008, and the figures taken into account for the ranking did not include the revenue for January-March quarter of 2008.
The magazine, in a clarification, on its website said, “Tata Steel’s revenue for fiscal year end March 31, 2008 -- released by the company after the Global 500 publication deadline -- was $32.8 billion.
“Had the information been available, the company would have placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended Dec 31, 2007, of $25.7 billion.”
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 companies across the globe measured by their gross revenue. The global list is topped by US retail giant Wal-Mart Stores and includes seven Indian companies -- Indian Oil, Reliance India Limited, Bharat Petroleum, Hindustan Petroleum, Tata Steel, ONGC and SBI.
In the original list, IOC was the top ranked Indian firm at 116th position, followed by RIL (206), BPCL (287), HPCL (290), Tata Steel (315), ONGC (335) and SBI (380).
After considering Tata Steel’s elevation to 231st position, the company would become the third biggest Indian firm after IOC and RIL.