Indian Oil Corporation has topped the list of top 500 Indian companies compiled by business magazine Fortune, followed by Mukesh Ambani-led Reliance Industries at the second place.
In the first-ever Fortune list of Indian entities, State Bank of India and Bharat Petroleum are at third and fourth places, respectively.
The rankings are based on the total revenues of organisations and there are at least 10 public sector entities in the top 20. The list includes listed companies and privately-held firms whose revenue details are publicly available.
"The first Fortune India 500 list reveals that Indian companies have become substantially bigger in the last 10 years, with the average revenue of a company on the Fortune India 500 list standing at Rs 7,632.5 crore.
"Eight of the largest corporations on the list are also on the Fortune Global 500 list," the magazine said in a statement today.
The total revenue of the Fortune India 500 companies is Rs 38,16,239.40 crore, which accounts for more than 60 per cent of the country's total GDP.
Hindustan Petroleum is ranked fifth in the list followed by ONGC and Tata Steel at sixth and seventh positions, respectively.
Others in the top ten are Tata Motors (8th rank), Hindalco (9) and ICICI Bank (10).
