India’s Most Valuable Companies In 2023 More Than Combined GDP Of Saudi Arabia, Switzerland Singapore: Report

New Delhi: India’s most valuable companies in the 2023 Burgundy Private Hurun India 500 have a cumulative value of USD 2.8 trillion (Rs 231 lakh crore) which is more than the combined GDP of Saudi Arabia, Switzerland, and Singapore, Axis Bank’s Burgundy Private and Hurun India releasing the third edition of the ‘500 Most Valuable Private Companies in India’ said on Monday.

The threshold to qualify for the 2023 Burgundy Private Hurun India 500 is INR 6,700 crore, up by 13% from INR 5,947 crore last year. 

Reliance Industries has emerged as India’s most valuable company with a value of Rs 15.6 lakh crore, followed by Tata Consultancy Services with Rs 12.4 lakh crore and HDFC Bank with Rs 11.3 lakh crore, the report said.

"Reliance Industries continues its reign in the top positionfor the third year in a row on the Burgundy Private Hurun India 500. With a value of Rs 15,64,663 crore, Reliance Industries is valued at least Rs 3 lakh crore more than TCS, which is number 2 on the 2023 Burgundy Private Hurun India 500," added the report.

The merger of HDFC Ltd with HDFC Bank facilitated HDFC Bank to become the third Indian company to surpass INR 10 lakh crore market capitalization. HCL Technologies and Kotak Mahindra Bank make their return to the top 10 list in the 2023 edition of the Burgundy Private Hurun India 500.

The 2023 Burgundy Private Hurun India 500 companies employ 70 lakh people, with an average of 15,211 employees per organisation. 437 companies in the 2023 Burgundy Private Hurun India 500 list have women’s representation on their boards. 179 companies in 2023 Burgundy Private Hurun India 500 are led by professional CEOs, the report found.

The 2023 Burgundy Private Hurun India 500 comprises of companies across 44 cities in India, led by Mumbai (156), Bengaluru (59) and New Delhi (39). The top three cities contributed 254 entrants – compared to 264 entrants in the 2022 India 500. 

"As India heads towards a $5 trillion economy, it will be critical to leverage emerging trends like China plus 1, MSME, and 'Bharat' that will act as engines of growth for the country,” Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said.

"With its collective value surpassing the GDPs of prominent nations, this list exemplifies India's ascent as a global economic powerhouse," Anas Rahman Junaid MD and Chief Researcher, Hurun India said.