For the first time LIC with a revenue of $97.26 billion and a profit of $553.8 million has broken into the Fortune Global 500 list. The Fortune Global 500 list is an yearly grading of the 500 largest corporations across the world which is measured by total revenue. This year, Life Insurance Corporation (LIC) broke into the list at the 98th position, becoming the highest-ranked Indian company
While eight other Indian companies made it to the Fortune Global 500 list, including Reliance Industries, Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC) and others.
The Fortune 500 is of high prestige as it implies the list of 500 of the largest companies in the United States compiled by Fortune magazine every year.
Companies are ranked in accordance to their annual revenues earned. The list comprises both public and private companies.
The list was initially called Fortune Industrial 500, later it was shortened to Fortune 500.
In the year 1989, a decision was taken that the magazine will come out with a Fortune Global 500 list, which would be an annual ranking of the largest 500 corporations across the world.