ONGC climbs 33 places in Fortune Global 500 list

ONGC climbs 33 places in Fortune Global 500 list

New Delhi: Notching up a profit of $3929 million that is up by 12.9%, state run energy venture Oil and Natural Gas Corporation Ltd. (ONGC), has climbed 33 places to reach 369th position in the recently published 2007 edition of Fortune Global 500 list. The company, which was at 402 last year, had entered the list two years ago.

The annual revenue of ONGC considered for the current assessment (2006) is $19, 237.4 million, up 15.8% from 2005. It is the fifth Indian Fortunate brigade of six companies, on revenues. In the mining and crude oil production industry, ONGC has been ranked sixth globally in the current rankings, up from ninth in the preceding year.

The CNN-Time Warner Group magazine Fortune also assessed parameters like assets, stockholders’ equity and employees.

In assets, ONGC has been ranked 335 (with assets worth $25,359.5 million, which is the third position among the six Indian corporations listed in Fortune. It has been ranked 196 (a close second in India) in ’Stockholders’ Equity’, with a figure of $15,348.8 million.

With employee strength of 34,807 in 2006, ONGC has been placed at 366 under employees, fourth among Indian entries in Fortune.

ONGC Chairman and Managing Director R.S. Sharma appreciated the contribution of the employees and hoped this trend of moving upward is likely to continue as many projects are in various stages of implementation.