India on top with 12 cos in Forbes 'Fabulous 50'

New Delhi, Sep 23 (UNI) Twelve Indian companies, including Bajaj Auto, RIL, Infosys and public sector BHEL, figure in the latest 'Fabulous 50' list of prestigious international magazine, Forbes Asia.

The magazine's second annual 'Fabulous 50' list includes the best of Asia-Pacific's companies with revenues of at least 5 billion dollars.

Other Indian firms which have come up in the list are HDFC Bank, ICICI Bank, ITC, Larsen and Toubro, Satyam Computer Services, Sterlite Inds, Tata Motors and Wipro.

India -- which has the maximum number of companies in the list -- is followed by Japan with nine, South Korea and Taiwan with six each and China and Australia with five each.

''Bajaj Auto, sitting on 1.3 billion dollars in cash, has regained momentum in its battle with its main competitor, Hero Honda'' the magazine said.

''Last year Bajaj made 238 million dollars on sales of 1.9 billion dollars, ensuring a spot on Forbes Aisa's 'Fabulous 50' companies list,'' it said.

For energy equipment maker Bharat Heavy Electricals Ltd (BHEL), its turbines, boilers, valves and pumps are up sixfold over last year as the government pushes to increase industrial capacity and improve infrastructure, Forbes said.

The state still owns 67 per cent of BHEL, which is also a favorite with overseas fund managers, it noted.

''Twelve-year-old HDFC Bank runs circles around the centuries-old public sector banks. Indians are borrowing and spending to buy houses, cars and expand their businesses, propelling the bank's revenues 50 per cent higher in the last 12 months.

Citibank raised its stake in HDFC's parent, Housing Development Finance Corp to 13 per cent in May,'' the magazine said.

The former development bank of India, ICICI now claims the biggest share of India's retail lending market.

''This year it tripled lending overseas, thanks to the rush of Indian companies investing abroad pushing the overall loan portfolio 50 per cent higher,'' the magazine said.

The regions second largest IT outsourcer, Infosys, shows there is more to outsourcing than cheap labour and an Indian address, the magazine said.

The owner of six of India's bestselling domestic cigarette brands is plowing tobacco profits into food, retail and other new businesses, it said.

ITC also runs one of India's largest hotel groups. ''More than a third of its sales come from things that can't be smoked. But tobacco products provide the majority of its profits,'' Forbes said.

L&T, the country's largest construction and engineering firm, is a part of India's 6 billion dollar, 3,625-mile Golden Quadrilateral highway linking the capital with Mumbai, Chennai and Kolkata. It builds everything from oil and gas platforms to stadiums. The company's shares are up 80 per cent in the last 12 months, the magazine said.

Mukesh Ambani-led India's largest private oil refiner, Reliance Industries ensured a spot for its market value at 33,258 million dollars.

Satyam Computer Services -- with market value at 5,696 million dollar -- may be smaller than India's better-known IT outsourcers, but it's growing just as fast. With wages expected to rise from 5 per cent to 40 per cent this year at Satyam, the firm has little choice but to find higher-margin business, the magazine said.

About the country's only homegrown automaker, Forbes says, ''Tata Motors may increase its stake in Tata Steel -- another stellar performer -- as part of Ratan Tata's plan to guard the company against predators.'' India's third-largest IT outsourcer, Wipro is moving beyond the back office, the magazine added.

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