Mumbai:
India has the largest number of profitable companies with revenues or market capitalisation
above $5 billion in the Asia Pacific region, Forbes business magazine said in
its annual ranking. A
total of 12 Indian companies made it to the third annual Forbes Asia Fabulous
50 List, followed by Taiwan with 10 and China with seven, Forbes Asia said in
a press release. The
12 Indian companies on the Forbes Asia ''Fabulous 50'' list are: Bharat Heavy Electricals,
Bharti Airtel, Grasim Industries, HDFC Bank, ICICI Bank, Infosys Technologies,
Larsen & Toubro, Reliance Industries, Satyam Computer Services, Tata Consultancy
Services, Tata Steel and Wipro. Most
of the Indian firms on the list, however, did not have to leave home to find success,
the report noted Four
of India''s IT outsourcing companies made the cut including the biggest, Tata Consultancy
Services (TCS) that writes software for leading American firms. Its
revenues leapt 45 per cent in the last year and its market capitalisation has
doubled since listing three years ago to cross the $27 billion mark, the release
said. TCS earns
nearly all of its revenues overseas but will move some of its work back to India,
it said. It was
the largest representation by any country. Taiwan followed in second place with
10 homegrown firms on the list. China
placed third with seven businesses, including China Mobile and Lenovo Group, Forbes
said. "With
a relatively young population of 1.1 billion, India has its own huge market,"
the US magazine said. "Companies
such as ICICI Bank, HDFC Bank and Bharti Airtel are growing fast by reaching out
to the country''s rural customers, not to Western markets," Forbes pointed
out. Other
companies on the list include some of Asia''s most well-known brands such as Hong
Kong carrier Cathay Pacific Airways, Taiwan''s computer giant Acer and video game
console maker Nintendo of Japan.
also see : General
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