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India Inc.'s $2 B club all set to grow
By agencies
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Friday, 04 November 2005, 20:30 IST
NEW DELHI: ItÂ’s time to think beyond $1 billion companies. The super league of Indian companies, with annual net sales of $2 billion plus, is set to grow this year, a paper said.
Companies like ITC, Bharti Tele-Ventures, TCS, Wipro, Infosys, and HCL Infosystems poised to join the club in the current financial year as they have clocked revenues of around $1 billion in the first half of FY06 and are on their way to breaching the annual $2 billion mark for the first time.
And thatÂ’s not all. With half-yearly net sales of over $900 million, Hero Honda, IPCL, Punjab National Bank and Canara Bank, too, stand a good chance of joining the club. If all these nine companies do make it to the list, the membership of the $2 billion elite club will swell by more than 30 percent to 35 companies, the Economic Times said.
At present, the only consumer products company with net sales of over $2 billion is Hindustan Lever, Indian arm of the Anglo-Dutch consumer products giant Unilever Plc.
This will also be the first time that software firms cross the annual $2 billion revenue figure. The entry of the IT brigade — Infosys, TCS, Wipro and HCL in the elite league will represent another major milestone in the emergence of the sector as a key driver of India Inc’s growth, the paper said.