Washington: India is again home to more Forbes' Fabulous 50, of the best of Asia-Pacific's biggest listed companies, than any other country with 12 Indian firms making the cut, including its Big Four information technology outsourcers.

Of the other eight that make the US business magazine's third annual list, companies such as ICICI Bank, HDFC Bank and Bharti Airtel are growing fast by reaching out to India's rural customers, not to Western markets. Others, such as Grasim, Larsen & Toubro and Reliance, are shoring up the country's infrastructure at a furious pace.

Also of note, the Fab 50 companies are an acquisitive lot. Tata Steel bought Britain's Corus Group to a chorus of cheers back home, despite the $13 billion price tag. Corus includes the remnants of British Steel. "The irony was not lost in India," Forbes said.

Seven of the companies on the Forbes list come from China. That is more than any previous year. China may be the workshop of the world, but all its companies featured rely on domestic customers, it noted.

To compile its list, Forbes looked at long-term profitability, sales and earnings growth, stock price appreciation and projected earnings for every company in the region with revenues or market capitalization of at least $5 billion.

India's dozen among 'The Fab 50' comprised 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. This is what Forbes had say about them.

Bharat Heavy Electricals: Sales leapt 30 percent last year, the list noted. It Just won a contract to build 3 new power plants to supply the Delhi grid, adding to its already full order book.

Bharti Airtel: India's largest cell phone provider doubled the number of Bharti towers last year and pledged to double them again this year. Aims to cover 75 percent of India's largely rural population. Plans to launch a satellite TV service within a year.

Grasim Industries: Cement and rayon don't usually mix, but Grasim has made a success of both. The first cement company in the world to earn carbon credits by using alternative fuels; has earned $2 million selling credits to Europe already.

HDFC Bank: India's third-largest bank by market cap is in the midst of a credit surge. Raised $600 million in July to meet demand for loans from Indian companies and consumers.

ICICI Bank: India's largest private-sector bank and its most innovative. Defied a flat period in the market to raise $5 billion in new equity-the largest share offering India has ever seen. Has global ambitions: opening branches all over Asia and the Middle East and bought a Russian bank in 2005.

Infosys Technologies: Doubled sales and profits in the last two years. Took over 3 of Philips Electronics back-office processing centres and signed a $250 million outsourcing contract. Some big US mortgage clients have closed their doors, and many of the banks and hedge funds that underwrote those mortgages are experiencing paralysis.

Larsen & Toubro: India's largest engineering and construction company is winning contracts both at home and abroad with new orders pouring in from the oilfields of the Middle East. Chairman A.M. Naik plans to triple revenues to $15 billion by 2015.

Reliance Industries: Sibling rivalry seems to have heightened the breathtaking ambitions of Chairman Mukesh Ambani. Even after the dramatic break up of the family group last year, Reliance Industries still claims the title of India's largest private-sector enterprise.

Satyam Computer Services: Smallest of India's Big Four outsourcers, Satyam's sales have tripled in the last 5 years, and its workforce has grown even faster. Trying to reduce dependence on the US market, the source of 64 percent of its revenues.