The steel maker, the world's sixth largest by volume, made its debut on the elite list this year in July. Tata Steel was ranked at the 315th place in the original list based on revenue for the 12-month period ended December 31, 2007.

However, the company's latest fiscal year ended on March 31, 2008, and the figures taken into account for the ranking did not include the revenue for January-March quarter of 2008.

The magazine, in a clarification, on its website said, "Tata Steel's revenue for fiscal year end March 31, 2008 -- released by the company after the Global 500 publication deadline -- was $32.8 billion.

"Had the information been available, the company would have placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended Dec 31, 2007, of $25.7 billion."

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 companies across the globe measured by their gross revenue. The global list is topped by US retail giant Wal-Mart Stores and includes seven Indian companies - Indian Oil [Get Quote], Reliance India Limited, Bharat Petroleum, Hindustan Petroleum, Tata Steel, ONGC [Get Quote] and SBI [Get Quote].

In the original list, IOC was the top ranked Indian firm at 116th position, followed by RIL [Get Quote] (206), BPCL [Get Quote] (287), HPCL [Get Quote] (290), Tata Steel (315), ONGC (335) and SBI (380).

After considering Tata Steel's elevation to 231^st position, the company would become the third biggest Indian firm after IOC and RIL.

"This is the first time that the company has made an entry into the prestigious list of top 500 companies of the world.

"Of all the companies featured in the list of Global 500 companies, Tata Steel has registered the biggest increase in revenues with a percentage change of 353.2 per cent from 2006. Tata Steel has registered revenue of $32.8 billion," the company said in a statement.

Tata Steel is the flagship company of Tata Group, which comprises of 98 operating companies in seven business sectors. Tata Steel, established in 1907 is India's largest integrated private sector steel producer.

With the recent acquisition of Corus, the combined enterprise has a total crude steel production capacity of around 30 million tonnes and over 82,000 employees across four continents.