Ducon Technologies tops list of richest Indian American firms
Tuesday, 28 November 2006, 18:30 IST
New York: According to a new survey, the top 100 private held Indian American companies collectively generated over $2.7 billion in revenues in 2005, provided full time jobs to over 18,000 employees, and operated at an average revenue rate of over $150,000 per employee. Companies in the mid-Atlantic and northeast regions of the United States posted the maximum revenues, each region contributing 32 percent to the total revenue figures of $2,741,991,337 of the 100 companies, according to the 2006 News India Times-VII 100 list. The News India Times - VII 100 List recognizes the top 100, privately-held, Indian-owned companies in America, ranked in order of their annual revenues. Since its beginning in 1996, the list has become the leading information source on Indian-owned entrepreneurial performance in the US. Only those companies, which achieved net sales of at least $1 million in the previous fiscal year, were eligible to vie for a spot on the list. This year, 132 applications were received for the survey. The company should have an Indian American as its chief executive or general partner or president and its majority ownership should he held by Indian Americans. The Farmingdale, New York-based Ducon Technologies topped the list posting sales figures of $328,669,034 in 2005, according to the survey, which was conducted by Ventures International, Inc. (VII) in collaboration with the News India Times, an ethnic Indian newspaper published from New York. The firm, which has Indian American Aron Govil as its chief executive, is a world leader in providing advanced technologies and equipment for controlling and measuring atmospheric emissions, greenhouse gases and related systems to a wide variety of industries. Ducon was followed by the QSS Group, a Lanham, Maryland-based software services company, which posted sales of $283 million in the same period. Luceo, Inc., a software services company based in Naperville, Illinois, topped the list of the top 10 fastest growing companies. The company, headed by Siva Natarajan, posted sales of $5.4 million in 2005, a rise of 285.71 percent from the previous year. Overall, the company ranked 86th. The survey also ranked companies sector wise. While Ducon Technologies and QSS led the manufacturing and software services sectors, the other sectors covered by the survey were construction, distribution, finance, health services, hospitality, professional services, retail, systems integration and transportation. Of the 100 companies listed, 50 have offshore facilities in Australia, Britain, Canada, China Cyprus, Denmark, Dubai, Egypt, France, India, Japan, South Korea, Mexico, Poland and Taiwan.