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Seven Indian companies among Fortune Global 500

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Washington, July 23 (IANS) Seven Indian companies headed by Indian Oil figure in this year’s Fortune Global 500 list of the world’s 500 largest companies in 36 countries topped by retail giant Walmart.

Together, these companies employing 65 million people worldwide generated $31.2 trillion in revenue and $1.7 trillion in profits in 2014, according to the list compiled by the US business magazine.

Companies are ranked by total revenue for their respective fiscal years ended on or before March 31, 2015.

Heading the Indian companies on the list was Indian Oil ranked 119th with revenue of about $74 billion. It was followed by Reliance Industries (158) with $62 billion and Tata Motors (254) with $43 billion.

State Bank of India (260) came next with revenue of $42 billion followed by Bharat Petroleum (280) with $40 billion, Hindustan Petroleum (327) with $35 billion and Oil and Natural Gas (449) with $26 billion.

While Indian Oil, Reliance, Bharat Petroleum, Hindustan Petroleum, and Oil and Natural Gas slipped in rankings from the previous year, Tata Motors and SBI improved in rankings.

Walmart with $485 billion in revenue and $16 billion in profits retained its top spot.

Chinese petroleum refining giant Sinopec Group came next followed by the Netherlands-based Royal Dutch Shell ranked third.

China National Petroleum and Exxon Mobil make up the top five.

The US is home to 128 of the 500 global companies, including Apple (15), JP Morgan Chase (61), IBM (82), Microsoft (95), Google (124), Pepsi (141), Intel (182) and Goldman Sachs (278).

China has close to 100 companies on the list, including Bank of China (45), China Railway Engineering (71) and China Development Bank (87).

(IANS)

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HSBC and Reliance Execute Blockchain Trade Finance Transaction

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation

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Reliance.
HSBC, RIL execute blockchain trade finance transaction.

Banking and financial services major HSBC and Reliance Industries Ltd on Sunday said that they have executed a first-of-its-kind blockchain trade finance transaction, validating the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

“This is an industry-first as the blockchain platform integrated with ‘Bolero’s electronic Bill of Lading’ (eBL) platform to issue and manage an electronic ‘Bill of Lading’,” a joint statement said.

“This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitised.”

According to the statement, the end-to-end transaction was executed on “R3’s Corda” blockchain platform which is a single-shared application, rather than requiring multiple isolated digital systems across various counterparties located around the globe.

“The ‘Letter of Credit’ (LC) was issued by ING Bank for Tricon Energy USA (importer) with HSBC India as the advising and negotiating bank for Reliance Industries, India (exporter),” the statement said.

Reliance
Reliance.

“This solution is a significant improvement for any organisation involved in buying and selling goods internationally, as it truly brings together all parties onto one platform.”

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

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“We are excited to partner with HSBC on digitalisation of trade finance. This reflects our continued commitment to embrace emerging technologies and industry-first initiatives,” Srikanth Venkatachari, Joint Chief Financial Officer, Reliance Industries, was quoted as saying in the statement.

“The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant 7 to 10 days to less than a day. When adopted at scale, it helps in significant optimisation of working capital. Further, use of blockchain in trade finance enhances transparency, security and synergy across all the parties and stakeholders involved.” (IANS)