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| Reliance is No.1 in India: Forbes | | | It's oil firms that are big in India and not information technology companies as presumed, with Reliance Industries voted the undisputed leader by American magazine Forbes.
In its latest rankings of 40 largest corporations in India based on sales, assets and market valuation, Forbes put Reliance on top, even ahead of Indian Oil, despite having half of its sales.
The state-owned oil major has been ranked fourth. "Reliance is the world's leading producer of polyester yarn and fibre and ranks in the top five to ten global producers of many petrochemical products. It accounts for 8 per cent of India's exports worth $5 billion," Forbes said, adding the number should grow significantly.
Making a comparison with information technology, ITeS and outsourcing companies, which hog the limelight more often than not, Forbes said: "There's more to India's economy than information technology outsourcing".
India's big three IT companies - Tata Consultancy Services, Wipro and Infosys Technologies - together have only 40 per cent of the sales of Reliance Industries, the energy chemicals and textiles conglomerate, the business and financial magazine said.
Forbes, however, admitted that the list of the top 40 biggest corporations in India was dominated by banking, energy and manufacturing groups.
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