New Delhi: Running high on the back of its eight billion dollar acquisition of Anglo-Dutch Corus, domestic steel giant Tata Steel may become the seventh Indian entity to feature on the elite Fortune Global 500 list of companies, the magazine's international editor said on Thursday.
Corporate behemoth Tata Group's steel venture has the brightest chance among all the non-Fortune 500 Indian companies to make to the next list of the world's largest corporates, the US based business magazine's international editor Robert Friedman said.
Currently, there are six Indian companies – Indian Oil, Reliance Industries, Bharat Petroleum, Hindustan Petroleum, Oil and Natural Gas Corp and State Bank of India – present on the Global 500 list of Fortune magazine.
Friedman, who was here to announce the launch of Fortune Global Forum 2007 that would be held for the first time in India, IT giants like Infosys and Wipro have also emerged as the true global players but it could be still some time before they make to the list.
He added that the magazine might launch an India specific list as it was mulling over a major expansion plan for its coverage and presence in the country.
The Fortune list is based on the total global sales figures of the companies and many Indian firms, who could be large players in the domestic market, still lag behind many of their overseas peers on this parameter, he added.
Based on the latest available data, Tata Steel has an annual revenue of about $5 billion, while Corus' total sales stood at about $17.54 billion in 2005 – which could take their combined revenue to over $22 billion.
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