India has seen rapid growth in exports over the past few decades. Exports play a crucial role in boosting economic growth and development. In this post, we will look at the top 10 export companies in India. These companies have contributed significantly to increasing India’s exports.
Export companies create jobs, enable transfer of technology, and earn valuable foreign exchange for the country. A strong export sector also indicates the competitiveness of Indian goods and services globally.
Let’s dive in and learn more about these leading Indian exporters that have put India on the global trade map:
Overview of Top 10 Exporters
The table below presents the top 10 export companies in India along with their key exports and revenue from exports:
| Company | Key Exports | Annual Export Revenue |
|---|---|---|
| Reliance Industries | Refined Petroleum, Petrochemicals | $45 billion |
| Indian Oil Corporation | Refined Petroleum Products | $43 billion |
| Bharat Petroleum | Refined Petroleum Goods | $28 billion |
| Hindustan Petroleum | Refined Petroleum Products | $25 billion |
| Tata Steel | Iron, Steel | $10 billion |
| State Trading Corporation of India | Agricultural Products, Metals | $9 billion |
| MMTC Ltd. | Minerals, Precious Metals | $8 billion |
| NMDC Ltd. | Iron Ore | $3 billion |
| MOIL Ltd. | Manganese Ore | $2 billion |
| Coal India | Coal | $1 billion |
As evident, oil and petroleum products dominate India’s export sector. However, companies in other sectors like metals, minerals, agricultural products, and coal also figure in the list of leading exporters.
Now let’s learn more about each of these top 10 export companies of India:
1. Reliance Industries
Reliance Industries Limited (RIL) is the largest private sector company in India with an annual revenue exceeding $75 billion. RIL is engaged in oil and gas, petroleum refining, petrochemicals, retail, telecommunications, and digital services.
It ranks among the top 10 exporters in India with an annual export revenue of over $45 billion. RIL mainly exports refined petroleum products and petrochemical goods to over 100 countries. By value, it accounts for nearly 5% of India’s total annual exports.
The company operates the world’s largest oil refining complex in Jamnagar, Gujarat with a capacity of over 1.4 million barrels per day. RIL also has a global footprint across North America, Europe, Africa, and Australasia through subsidiaries and JVs.
2. Indian Oil Corporation
Indian Oil Corporation Limited (IOCL) is an Indian state-owned oil and gas company headquartered in New Delhi. It is the largest commercial enterprise in India with a revenue exceeding $70 billion.
IOCL manufactures and distributes petroleum goods accounting for nearly 30% share in India’s petroleum market. As one of India’s biggest exporters, IOCL reported an annual export revenue of over $43 billion mainly from export of refined petroleum goods.
The company owns and operates 10 out of 23 oil refineries in India with a combined capacity of over 80 million metric tonnes per annum (MMTPA). IOCL exports petroleum products to nearly 100 countries supported by terminalling facilities in Sri Lanka, Mauritius, and the UAE.
3. Bharat Petroleum
Bharat Petroleum Corporation Limited (BPCL) is a leading public sector undertaking (PSU) in the petroleum industry under the ownership of Government of India. Its annual revenue is over $38 billion.
BPCL primarily operates in the downstream segment covering refining, marketing and distribution of petroleum products. The company accounts for 15% share of India’s oil market and owns 12% of India’s total refining capacity.
BPCL serves over 100 countries through export of refined petroleum products. Major export regions include Latin America, South-East Asia, the Middle East, and Europe. In 2021, BPCL’s export revenue was over $28 billion including refined petroleum exports.
The company owns 3 oil refineries in Mumbai, Kochi and Bina with a combined capacity of nearly 29 MMTPA or nearly 30% of India’s petroleum product exports.
4. Hindustan Petroleum
Hindustan Petroleum Corporation Limited (HPCL) is another public sector oil company that has been playing a lead role in India’s downstream petroleum sector since 1974.
HPCL specializes in refining and marketing of petroleum goods which account for over 90% of its annual sales revenue and profits. As India’s 3rd largest oil refiner and marketer, HPCL has an over 15% market share.
In FY 2021, HPCL recorded petroleum product exports exceeding $25 billion to over 60 countries. The company has a strong presence globally through a worldwide supply and operations network for crude oil imports and exports.
HPCL’s refineries at Mumbai and Visakhapatnam have a combined installed refining capacity of over 24 MMTPA which can fulfil over 10% of India’s refinery export potential.
5. Tata Steel
Tata Steel Limited, a part of India’s largest conglomerate – The Tata Group, is one of the leading steel manufacturers in the world with an annual crude steel capacity exceeding 30 million tonnes per annum (MTPA).
Globally, it is amongst the most geographically diversified steel producers. Tata Steel exports steel products worth over $10 billion annually to over 150 countries. Key products for exports include hot and cold rolled coils and sheets, galvanized sheets, tubes, wire rods, and bearings.
The company’s largest export regions include Europe, Middle East, South East Asia and North America. Its overseas steel making operations spans across South East Asia and Europe and serves as exports hubs.
Jamshedpur works, Tata Steel’s largest manufacturing site in India with a capacity of ~10 MTPA also heavily supports exports with port connectivity facilitating global shipments.
6. State Trading Corporation (STC)
State Trading Corporation of India (STC), incorporated in 1956, is an international trading company fully owned by the Government of India.
STC handles global trade in several products groups – minerals, metals, precious metals, agricultural products, fertilizers, petro goods and general merchandise. In FY 2021, STC’s exports were valued at $9 billion.
STC exports to over 140 countries in regions like Europe, Russia & CIS, North Africa, Middle East, Asia, Africa, Latin America, Australia. Key global exports include wheat, rice, corn, soymeal, iron ore, finished steel, ferro alloys, petro goods, precious metals etc.
STC leverages trade agreements and government partnerships globally to facilitate Indian product exports through a network of regional offices and joint ventures worldwide.
7. MMTC Limited
MMTC Limited (formerly Minerals and Metals Trading Corporation) is a Government of India Enterprise under the administrative control of the Ministry of Commerce and Industry.
For over 6 decades, MMTC has been involved in international trading of several products connected with India’s critical industries.
Key exports driving MMTC’s annual revenue of $8 billion are:
- Metals: Iron ore, ferro alloys, finished and semi-finished steel
- Fertilizers: Urea, DAP, MOP
- Precious metals: Gold and silver
MMTC exports account for over 5% of India’s overall exports. The company handles exports primarily to the Middle East, Southeast Asia, Europe, Australia and the Americas.
8. NMDC Limited
NMDC Limited is India’s single largest iron ore producer and exporter, under the Ministry of Steel. NMDC operates 5 iron ore mines in India with an annual iron ore production exceeding 35 million tonnes.
NMDC’s annual export revenue is over $3 billion generated from export of nearly 15-20 million tonnes of iron ore exported globally.
The company has overseas presence spanning across Australia, UAE, Oman, Madagascar and Tanzania. NMDC exports over 75% of the iron ore it produces to countries like China, Japan, South Korea, Europe and Middle East.
In the last 10 years, NMDC has accounted for nearly 50% of total iron ore exported from India and over 15% of India’s mineral exports.
9. MOIL Limited
MOIL Limited, formerly Manganese Ore India Limited (MOIL) is a Government of India Enterprise under the administrative control of the Ministry of Steel.
It is the largest manganese ore producer in India accounting for over 45% of the country’s total production. MOIL operates 12 mines across the states of Maharashtra and Madhya Pradesh.
With an annual turnover of over $550 Million, nearly 90% is derived from manganese ore exports from its mines in the central Indian belt. On a yearly basis, MOIL exports over 0.88 million MT of medium and high grade manganese ore.
MOIL’s manganese ore exports cater to leading global steel makers mainly across Europe, China, Japan and East Asia helping the company earn $2 billion in exports revenue.
10. Coal India
Coal India Limited (CIL), incorporated in 1975, is a Government of India Enterprise with the Ministry of Coal as the administrative head.
CIL operates 367 coal mines across 8 Indian states making it the largest coal producing company in the world. Its coal production accounts for over 80% of India’s coal output servicing the nation’s energy needs.
While CIL operates largely to meet domestic coal demands, the company still manages to export $1 billion worth of coal per annum amounting to 3-4% of the total coal it produces yearly.
CIL exports coal to overseas markets like Bangladesh, Bhutan and Nepal across South Asia along with Thailand, China and Malaysia in Asia Pacific.
Conclusion
Oil and petroleum lead India’s exports but companies in metals, minerals, agriculture, and coal also contribute heavily. Companies like Reliance Industries, Indian Oil and Bharat Petroleum dominate oil exports while leading metal producers and PSUs drive exports of steel, minerals and agricultural goods.
India’s economic growth has been strongly linked to growth of exports. These leading exporters continue to expand India’s trade relations globally across critical products. With rapidly growing export volumes spanning new products and regions, India enhances its strategic presence worldwide.
