Reliance climbs 8 spots to 45th rank on Forbes’ Global 2000 list

Billionaire Mukesh Ambani’s Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes’ latest Global 2000 list of public companies worldwide. The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value, Forbes said while releasing the 2023 ranking of the world’s top 2,000 companies. JPMorgan, America’s biggest bank with USD 3.7 trillion in assets, is at the top of the list for the first time since 2011 and has emerged stronger from this spring’s regional banking crisis, with more deposits and opportunistic acquisition of the failed First Republic Bank, it said. Warren Buffett’s Berkshire Hathaway that topped the list last year, fell to the 338th position in the latest list due to unrealised losses in its investment portfolio. Saudi oil behemoth Aramco is at 2nd position followed by three giant-sized state-owned Chinese banks. Technology giants Alphabet and Apple are at 7th and 10th place, respectively. Oil-to-telecom conglomerate Reliance, with sales of USD 109.43 billion and profit of USD 8.3 billion, is the top most-ranked Indian firm at the 45th spot, climbing from the 53rd position it had held in last year’s ranking. Reliance was ranked ahead of well-known names like Germany’s BMW Group, Switzerland’s Nestle, China’s Alibaba Group, US-based Procter & Gamble and Japan’s Sony.