India tops Forbes list of Asia’s Fabulous 50
Date: Monday , October 01, 2007
In the recently published Forbes’ Fabulous 50, a list of the best of Asia Pacific’s biggest companies, India outnumbered other countries with 12 Indian firms making the cut, including its big four information technology outsourcers.
Of the other eight that make the U.S. 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.
One needs to note that the Fabulous 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.
Seven of the companies on the Forbes list come from China but all its companies featured rely on domestic customers.
To compile the list, Forbes scanned the 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 Fabulous 50’ comprised of 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.