Seven Indian companies have featured in the Fortune 500 list of the world's biggest firms in terms of revenues for 2016. Indian Oil Corporation (IOC), which was ranked 161st, was the biggest among Indian firms, while Rajesh Exports marked its maiden entry at 423rd rank.
IOC's revenue stood at $54.7 billion, while Rajesh Exports had $7.5 billion in revenue in 2015. In a first of sorts, gems and jewels company Rajesh Exports pushed Indian oil behemoth Oil and Natural Gas Corporation (ONGC) out of the race to top 500.
Second and third biggest firms in revenue were two of India's biggest private sector conglomerates -- Reliance Industries (RIL) and Tata Motors Ltd, with 215th and 226th ranks, respectively.
State Bank of India (SBI), India's largest bank in terms of customer base, came fourth after Tata Motors to occupy the 232nd rank. The two companies were also the only ones to improve their ranking in the index moving up by 28 ranks each.
At 358th and 367th ranks, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp. were placed as the fifth and sixth, respectively, as India's richest companies.
IOC, RIL, BPCL, HPCL all fell from their past rankings.
Based on 2015 data, the collective revenue of all the Fortune 500 companies stood at $27.6 trillion, while their profits were $1.5 trillion. Together they employed 67 million people in 33 countries.
The world's largest retail chain company Walmart clocked revenues of $482,130 million, followed by State Grid and China National Petroleum.