State-run Indian Oil Corp has emerged as the country’s biggest company in terms of annual revenue, followed by Mukesh Ambani-led private sector giant Reliance Industries at the second place, as per an annual list of Fortune 500 companies in India.

This year’s list of the country’s 500 largest corporations, compiled by the global business magazine Fortune’s Indian edition, shows that there are as many as seven energy companies in the top 10 list.

Indian Oil Corp (IOC) was the biggest with annual revenue of Rs 4,75,867 crore, followed by Reliance Industries (RIL) with a full-year revenue of Rs 4,09,883 crore.

This is followed by Bharat Petroleum (Rs 2,44,822 crore) at the third place and Hindustan Petroleum (Rs 2,17,771 crore) at fourth.

Besides, there are a total of six state-run companies in the top-ten positions, as against four from the private sector.

This year’s list shows “while sales growth has slowed, there are signs of recovery in profit. However, interest cost continues to be spoilsport.”

“The good news is that the data shows that Indian companies are maturing... They are not letting up their determination to win the battle for talent — salaries and wages have actually grown, despite bad times,” the magazine said.

Other entities in the list are State Bank of India (5th rank), Tata Motors (6th), ONGC (7th), Tata Steel (8th), Essar Oil (9th) and Coal India (10th).

Interestingly, top eight companies have retained their respective ranks from the previous year, Fortune India said.

Other companies in the list include Bharti Airtel (12th), ICICI Bank (14th), NTPC (15th), Tata Consultancy Services (18th) and Infosys (27th).

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