Eight Indian companies have made the cut in the list of world’s 500 largest companies compiled by Fortune magazine, with Indian Oil and Reliance Industries finding a place in the top 100.

Out of the eight, five are state0run entities. With an annual revenue of $86,016 million, Indian Oil has cornered the 83rd spot up from 98th place last year.

Mukesh Ambani-led Reliance Industries is the first Indian private firm to made into the top 100 list. With an annual revenue of $76,119 million, RIL, has improved its ranking to 99 from previous year’s 134.

Besides IOC and RIL, the other Indian companies in the list are: Tata Steel, Tata Motors, Bharat Petroleum, Hindustan Petroleum and Oil & Natural Gas Corporation and public sector bank State Bank of India.

The list also features Citigroup and ArcelorMittal, led by people with Indian roots.

Fortune’s global list of world’s 500 largest companies for 2012 is topped by Royal Dutch Shell ending the retail major Wal-Mart Stores’s two-year winning streak. The energy giant had annual revenues of $484,489 million.

American companies have cornered 132 places in the list, followed by China 73 seats and Japan 68 seats.

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