ONGC joins Fortune's most admired list of firms

The state-owned petroleum major is the first Indian firm to feature in Fortune'sannual list of the world's most admired companies.

In another feather to the cap for India Inc, state-owned petroleum major Oil and Natural Gas Corp Ltd (ONGC) has become the first Indian company to feature in Fortune magazine's annual list of the world's most admired companies.

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"ONGC is the only company from India in Fortune's list for 2007," said a statement issued by ONGC on Tuesday.

"Our growing focus on ethics and corporate governance has won this distinction and we are optimistic that going forward, we will keep getting more and better recognitions," ONGC Chairman and Managing Director RS Sharma said.

The international magazine selects companies from America's 1,000 top companies and the Fortune Global 500.

These companies are then clustered and an elite panel of industry analysts and board members of the companies analyses the performance of these companies on nine key attributes that include reputation, quality of management, ability to retain top people, innovativeness and long-term investment value.