TIME Magazine: Reliance, Tata Among World’s Most Influential Companies

Reliance Industries Limited (RIL) marks its second appearance in the TIME 100 list. While Reliance has a market capitalization of over US$ 200 billion, the Tata Group has market capitalization worth US$365 billion. TIME’s 2024 list also features the Serum Institute of India.

Reliance Industries Limited (RIL) has been named one of the World’s Most Influential Companies by TIME magazine for the second time, highlighting its transformative impact across various sectors. 

Recognized in the ‘Titans’ category, Reliance is the only Indian company to have achieved this distinction twice, with its subsidiary Jio Platforms featured in the inaugural TIME 100 Most Influential Companies List of 2021. 

TIME praised Reliance as ‘India’s Juggernaut,’ noting its evolution from a textile and polyester enterprise founded 58 years ago by Dhirubhai Ambani to India’s most valuable company with a market capitalization over US$ 200 billion.

Under Chairman Mukesh Ambani, Reliance has made significant advancements:

• Jio Platforms revolutionized India’s digital landscape with affordable mobile data.
• Established the world’s largest single-location refining complex.
• Reliance Retail, among the top 100 global retailers, saw over 1.06 billion footfalls in FY2024, with 67% from small towns and villages.
• Invested US$10 billion in new energy and materials for a sustainable future.
• Set a goal to achieve net zero carbon emissions by 2035.
• Reliance Foundation, led by Nita M. Ambani, impacted over 76 million lives in more than 55,550 villages and urban areas.

TIME’s 2024 list also features the Tata Group and the Serum Institute of India. Tata Group, under chairman N Chandrasekaran since 2017, has ventured into tech manufacturing, AI, and semiconductor chips, reaching a market capitalization of US$365 billion. The Serum Institute was honored in the ‘Pioneers’ category for its work in vaccine manufacturing.

The selection for TIME’s list was based on nominations from various sectors, input from TIME’s global network, and evaluations of impact, innovation, ambition, and success. This recognition underscores Reliance Industries’ significant contributions to India’s economy and its broader global influence. The full list will be in the June 10, 2024, issue of TIME, available from May 31.