September 7, 2007
India Tops Forbes List of Asia's Fabulous 50 By Arun Kumar
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.
Tata Consultancy Services: India's biggest it outsourcer writes
software for clients American Express among others. Seems the bigger
TCS gets, the faster it grows; revenues leapt 45 percent in the last
year. Market cap has doubled since listing 3 years ago. Earns nearly
all of its revenues overseas but will move some of its work back to
India as the strong rupee begins to pinch.
Tata Steel: Made history with the $13 billion takeover of Britain's
Corus Group, prompting headlines about a postcolonial payback.
Raised $4 billion in equity and $7 billion in debt to finance the
deal. Together with its 2005 purchase of NatSteel, Tata will have
capacity of 28 million tons, making it the world's sixth-largest
steel producer.
Wipro: The rich rupee is eating into margins but making acquisitions
more attractive. Buying a New Jersey data-centre firm for $413
million. Planning a software development centre in Atlanta-all part
of a plan to become more of an insourcer and less of an outsourcer
by bringing in more non-Indian employees.
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