Indian PSUs fare well in 2007 Fortune Global 500 List
s.chatterjee@ibtimes.co.in
Indian public sector units (PSUs) have performed well in the recently published 2007 edition of Fortune Global 500 list with state-owned oil producer Oil and Natural Gas Corp (ONGC) moving up 33 spots to be ranked at 369 and Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) making it to the top 15 global firms in terms of biggest increase in profits.
"After making a debut in the turnover-based annual Fortune Global club two years ago (with a rank of 459), ONGC has moved up steadily, thanks to its advancing topline," a company release said.
In the Mining and Crude-Oil Production industry, ONGC has been ranked 6th globally in this current 2007 ranking, up from 9th last year.
Reacting to the ONGC's upward urge in position in the Fortune Club, company Chairman and Managing Director R.S. Sharma said that this trend of moving upward for the last two years was likely to continue as certain projects, which are in various stages of implementation, would yield results in the coming years.
Meanwhile, BPCL and HPCL have been ranked ahead of big names like Hewlett-Packard, Alstom and Time Warner Group with their profits jumping by a huge 324.9 percent and 262.1 percent respectively in 2006, thanks to sale of oil bonds that figures under the revenue head.
Interestingly, the Global 500 list includes five Indian oil companies, four of them – ONGC, BPCL, HPCL and Indian Oil - being state-run entities and the lone private firm being corporate giant Reliance Industries.
State-run IOC continued to maintain its position as the highest ranked Indian firm on the 500 top corporate bodies worldwide, gaining 48 positions compared to 17 last year.
IOC is ranked 135th in terms of sales, 249th in profits and 380th in terms of assets. It is the 364th largest company in the world.
BPCL moved up 43 spots to the 325th rank while HPCL was placed 336th, up 32 position.
Mukesh Ambani-owned Reliance figured as among the 25 fastest climbers - improving its position by 73 ranks from 342nd in 2006 to 296th position in 2007 - with a ranking of 23.
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