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Tata Steel Named to Fortune’s Global 500 Companies
08/07/2008 - Tata Steel makes its first entry in the list of Global 500 Companies published by Fortune magazine.
Tata Steel has made its maiden entry in the list of Global 500 Companies released by the Fortune magazine.
Tata Steel was originally ranked at the 315th position based on its consolidated 9-month financial results. However, following the announcement of the company’s annual results (which was after Fortune’s print magazine deadline for publication of the Global 500 Companies), Fortune issued a clarification on its website stating that the company would have been placed at the 231st position on the list, not 315.
According to the clarification on the Fortune website, Tata Steel's revenue for fiscal year end March 31, 2008 was $32.8 billion. Had the information been available prior to the publication deadline, the company would have placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended Dec. 31, 2007, of $25.7 billion.
This marks Tata Steel’s first entry into the prestigious list of top 500 Companies of the World. Of all the companies featured in the list Global 500 companies, Tata Steel has registered the biggest increase in revenues with a percentage change of 353.2% from 2006. Tata Steel has registered revenue of $ 32.8 billion dollars.
Tata Steel is the flagship company of Tata Group. The Tata Group comprises 98 operating companies in 7 business sectors. Tata Steel, established in 1907 is Asia’s first and India’s largest integrated private sector steel producer is the world's 6th largest steel producer. With the recent acquisition of Corus, the combined enterprise has a total crude steel production capacity of around 30 million tonnes and over 82,000 employees across four continents. Tata Steel has operations in 27 countries and is the second most globally diversified steel group.
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 companies across the Globe measured by gross revenue. Wal-Mart Stores tops the list, and seven Indian companies also have found their way into it, including—in addition to Tata Steel—Indian Oil, Reliance India Limited, Bharat Petroleum, Hindustan Petroleum, ONGC and SBI.
