Reliance Industries Is One Of The Worlds Top 20 Chemical Firm

Reliance Industries Limited (RIL), Indias largest private sector

, has been ranked globally among the worlds top 20 chemical companies. The companies were ranked on the basis of their annual sales figures in the annual list released by ICIS Chemical Business magazine. The ICIS is a global information provider for the chemical and energy industries.

Terming RIL and Chinese major PetroChina among the major climbers on the list over the past decade, the report said the top rankings could be soon come under attack by these two firms. ICIS said, referring to the failed attempt by the Indian company to acquire global petrochemicals major LyondellBasell, "Reliance is a candidate for major acquisition, although it has failed to consummate deals recently."

Mukesh Ambanis RIL has been also named as the 8th biggest gainer in the list in terms of operating profits. The report noted that the global chemical industry went through a year of turmoil in 2009, but RIL figured among the few companies on the list that bucked the trend. Some companies managed to buck the downward sales trend from a combination of location, fiscal year-end and business mix. In this group was: Reliance Industries, which continued to benefit from strong demand in India."

RIL was ranked 20th on the basis of sales worth $12.3 billion last year, while top-ranked BASF had sales of $72.7 billion. This shows that Reliance Industries will be soon jumping to the top tier.

by: Chintan Shah

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