Tata Steel makes it to fortune 500

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Mumbai, Aug 6 (UNI) Celebrating its centenary year, Tata Steel, India' first and largest company has made its maiden entry in the list of Global 500 Companies of the Fortune magazine.

In an official clarification issued on the Website of Fortune magazine, Tata Steel now ranks 231 in the list of Global 500 Companies and not 315 as mentioned in the Fortune magazine, the company said in a release here today.

Based on the consolidated 9 months financial results of Tata Steel, Fortune magazine ranked Tata Steel at 315th position.

However, post the announcement of the Annual Results of Tata Steel, which was after the deadline of the publication of the Fortune magazine listing the Global 500 Companies, Fortune in a clarification on its website mentions that the Company would have been placed at the 231st position on the list.

Tata Steel's revenue for fiscal year end March 31, 2008 -- released by the company after the Global 500 publication deadline -- was USD 32.8 billion. Had the information been available, 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 USD 25.7 billion the Magazine had said in its website.

This is the first time that the company has made an 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 had registered the biggest increase in revenues with a percentage change of 353.2 per cent from 2006. Tata Steel has registered revenue of USD 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.

Seven Indian Companies have found their way into the list of Fortune 500 companies. Others were Indian Oil, Reliance India Limited, Bharat Petroleum, Hindustan Petroleum, ONGC and SBI.

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