Asian Paints honoured

Mumbai: Asian Paints is the only paint company in the world to be awarded 'The Forbes Global - 200 Best Under a Billion Dollar Companies in the World for 2003'.

Eighteen Indian companies have been recognised by Forbes Global in their issue dated 27 October 2003. Forbes is among the worlds leading business magazine and considered the most trusted resource for the world's business and investment leaders.

Asian Paints India vice-chairman and managing director Ashwin Dani will receive the award on behalf of the company from Christopher Forbes, Chairman, Forbes Inc, on 4 November 2003 at Island Shangri-La Hotel, Hong Kong.

Around 19,000 companies from all across the world, outside the US were scrutinised based on profitability, earnings and sales growth. Forbes Global spoke to fund managers, analysts and industry watchers to spot the 200 best companies with brief operating histories but promising futures. All these corporations have revenues below $1 billion.

Says Dani: "We are delighted to be awarded this recognition for the second consecutive year from a magazine of such high repute and particularly for being the only paint company in the world to be on the list."

Asian Paints is India's largest paint company and ranked among the top 10 decorative coatings companies in the world with a group turnover of Rs 20.4 billion (around $430 million). The company, along with its various subsidiaries, has operations in 24 countries across the world and is the market leader in 11 countries.