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Reliance Industries topples IOC to become India's largest company

Reliance Industries topples IOC to become India's largest company

New Delhi, December 17 - Neftegaz.RU. Boosted by its consumer-facing businesses like organised retail and telecom, Reliance Industries ended state-owned Indian Oil Corporation's (IOC) 10-year reign as India's largest company, topping the Fortune India 500 list.

The conglomerate also became the 1st privately-held and the only other company to become India's largest corporation apart from IOC for the 1st time in 10 years, Fortune India said.

ONGC was ranked 3rd, same as in 2018. It was followed by Bharat Petroleum Corporation (BPCL), all with no changes in their ranking between 2018 and 2019.

Fortune India said RIL posted a 41.5 % rise in its revenue in the financial year 2018-19, which was 8.4 % more than IOC, the 2nd-largest company on the list.

"Over the past 10 years, the oil-to-retail conglomerate's profit has been an average 3 times higher than that of IOC. The highest it touched compared to IOC was up to 4.8 times, in FY15 when RIL's profit was Rs 23,566 crore and the public sector major's stood at Rs 4,912 crore," it said.

Fortune India said the oil and gas sector (with 8 companies) accounted for 22.3 % of the total revenue of the 500 companies, followed by banking with 15.88 % of the total.

The banking sector, with 48 companies, is also the biggest contributor by way of the number of companies on the list. Oil and gas, however, has the highest share of profit in the 500, at 23.44 %.