ONGC Moves Up 33 Ranks On Fortune Listing
New Delhi: Oil and Natural Gas Corporation (ONGC) lifted 33 notches to 369th position in the newly issued 2007 version of Fortune Global 500 list.
According to the company release, “After making a debut in the turnover-based annual Fortune Global club two years ago (with a rank of 459), ONGC has moved up steadily, thanks to its advancing topline.”
The yearly proceeds of ONGC considered for the recent appraisal (2006) is $19.237 billion, up 15.8 per cent from 2005. On the basis of revenues, ONGC is 5th in the Indian Fortunate brigade of six companies.
In profits, ONGC with $3.929 billion net profit maintains its top position from India, with prosperous limits. In general, ONGC is placed 121st in profits this year, it was on 115th position, last year.
In the mining and crude oil production industry, ONGC has been placed 6th internationally in this recent 2007 ranking, up from 9th last year.
Responding to the ONGC’s positioning in the Fortune Club, company Chairman and Managing Director R S Sharma stated that this movement of moving upward for the last two years was likely to continue as certain projects, which are in different stages of completion, would give in results in the coming years.