Indian American firms generate $2.3 billion

Tuesday, 23 November 2004, 20:30 IST
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NEW YORK: A hundred top closely held companies in the US, owned or run by Indian Americans, generated $2.3 billion in revenues during 2003 and provided jobs to 18,491 workers, says an annual study in its ninth edition. These companies operated at a productivity rate of about $124,000 per employee, says the study entitled "2004 VII Hundred" and conducted jointly by the New York weekly News India-Times and Ventures International Inc. Ninety-two firms had made it to the 2003 list, collectively generating $2.2 billion in revenues, providing jobs to 18,337 employees, and operating at an average productivity rate of about $120,000 per employee, the study adds. "This group of entrepreneurs has accomplished magnificent success in a very short period of time," says Ventures International, reflecting on the growing influence of Indian Americans in the US for their affluence and education. "In their interactions with VII, they expressed their desire to share their experiences with others for the benefit of the next generation and good of the community at large." The eligibility criteria for participating in the study required the businesses to be a private-held, with the chief executive, partner of president having an Asian Indian origin. Minimum sales of $1 million during 2002 were also required. The maximum number of 21 listings was from the software sector, followed by 19 for professional services and 17 for manufacturing. Interestingly, only six entries were from the hospitality sector, where Indian Americans dominate the industry. This perhaps suggests that such companies have now become widely held, listed companies that do not qualify for the study. The Northeast region, which includes New York and New Jersey, accounted for the maximum number of 33 respondents, followed by 22 for Mid-Atlantic region, while the least number of three entries were from the West which includes California. In terms of sales, however, the 23 companies in Mid-West earned $686 million, followed by $549 million for the 22 companies in Mid-Atlantic and only $438 million for the 33 companies in the Northeast. The three companies in the West accounted for $143.64 million in revenues. The top three companies ranked in terms of sales remained unchanged in the 2004 study compared to the previous year. Top on the list is software firm QSS Group, with Frank Islam as chief executive, followed by distribution company Transtar Industries (chief executive, Monte Ahuja) and manufacturing concern Atco Rubber Products (Ramesh Bhatia). The fastest-growing company in the listing was Palm Beach Garden, Forida-based Naimisha Group, with interests in real estate business. It posted a sales growth of 235 percent at $93.85 million in 2003 from $28 million in the previous year. Software firm Infozen was next with a sales growth of 152 percent at $3.85 million from 1.52 million in 2002, followed by Vedicon Solutions, also a software company, with a sales growth of 76 percent at $5.3 million from 3.01 million in 2002.
Source: IANS
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