Indian Oil biggest in terms of revenue

Public sector unit Indian Oil Corporation (IOC) is the country's largest company in terms of revenue followed by Reliance Industries Limited (RIL) and Bharat Petroleum in the second and third position, respectively, according to the Fortune 500 list of Indian companies for 2014.

IOC tops the list with an annual turnover of Rs 5,00,973 crore while Mukesh Ambani-run RIL comes next with a revenue of Rs 4,44,021 crore. Bharat Petroleum with a turnover of Rs 2,67,718 crore is ranked third and is followed by another downstream public sector oil company Hindustan Petroleum with annual earnings of Rs 2,36,797 crore.

The four companies have retained their last year's ranking, Fortune India said. There has been a 9.5 per cent annual growth in total revenues while profit is up 4.5 per cent.

The government-owned companies, which account for 38 per cent of the total revenue, have seen a 6.6 per cent growth while private companies with 56.7 per cent share have seen revenue growing by 10.2 per cent. Foreign-owned companies with 5.3 per cent share have posted a 25.5-per cent revenue growth. Others in the top 10 list include Tata Motors (5th in the ranking, with a revenue of Rs 2,36,502 crore. State Bank of India (Rs 2,26,944 crore), ONGC (Rs 1,82,084 crore), Tata Steel (Rs 1,49,663 crore), Essar Oil (Rs 99,473 crore) and Hindalco Industries (Rs 89,175 crore).

Manufacturing with 298 companies has 67 per cent share of the total revenue. "Manufacturing then, definitely needs a helping hand and 'Make in India' could just be the ticket," the magazine said adding that the specific points, which need to be addressed include the issue of retrospective taxation, labour and foreign direct investment.