KOLKATA: Tata Steel has made its maiden entry into the list of Global 500 Companies released by the Fortune magazine.
Based on the consolidated 9-month financial results, Fortune magazine ranked Tata Steel at 315th place. However, annual results of Tata Steel were announced after the deadline of the publication of the Fortune magazine listing the Global 500 companies. Fortune has issued a clarification on its website which mentions that taking the results into consideration Tata Steel would have been placed at the 231st position. This is the first time that the company has made an entry into the prestigious list of top 500 companies.
The Fortune magazine website notes: “Tata Steel’s revenue for the fiscal year ended March 31, 2008 — released by the company after the Global 500 publication deadline — was $32.8 billion. Had the information been available, the company would have been placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended December 31, 2007, of $25.7 billion.
Of all who have made it to the Global 500 list, Tata Steel has registered the steepest increase in revenues with a change of 353.2% from 2006. Meanwhile, Koushik Chatterjee, group chief financial officer of Tata Steel, has put it on record that Tata Steel Global, the holding company for steel and raw material assets outside India, would not go for listing on the stock markets.
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