INDIAN 40: The top 40 companies that are contributing towards the growth of India’s economy.

Media all over the country is agog with news about India being home to the most billionaires in Asia. The source of this news is the Forbes magazine’s 2007 rankings of the world’s richest people. India added 14 new billionaires since last year to bring its total on the list to 36 with a combined wealth of US$191 billion. Japan’s 24 billionaires had an estimated combined net worth US$64 billion, according to the list, while Hong Kong came in the third spot with 21 billionaires, and China was fourth with 20. Globally, the number billionaires reached a record 946, Forbes said. The United States may still have 44 percent of the world’s total billionaires, but many of them are dropping through the ranks. Only five Americans were in the top 20 that included three Indians.

Setting aside the personal wealth of these 36 well-heeled Indian men women and hoping that the coming years sees a number of more gaining entrance into the Forbes rankings of the world’s richest people, let us look into the wealth of the Indian corporate sector, picking the best performers, once again, in accordance to the Forbes magazine. Here follows top 40 Indian companies chosen on the basis of their Sales, Profit, Assets and Market Value.

All figures are in U.S. dollars. Sales, profits and assets are 2006 fiscal year-end figures. Market value is as of July 17, 2006.
Sources: FT Interactive Data and Worldscope via FactSet Research Systems; Bloomberg Financial Markets.

SL. Company Sales Profit Assets Market Value

1. Reliance Industries Limited $18.0 bil $2.1 bil $21.7 bil $30.7 bil

Category: Oil & Gas Operations

2. ONGC $15.9 bil $3.5 bil $18.6 bil $31.4 bil

Category: Oil & Gas Operations

3. State Bank of India $13.7 bil $1.2 bil $156.4 bil $8.0 bil

Category: Banking

4. IOCL $34.6 bil $1.1 bil $19.3 bil $9.7 bil

Category: Oil & Gas Operations

5. NTPC $6.1 bil $1.3 bil $15.4 bil $20.1 bil

Category: Utilities

6. ICICI Bank $4.2 bil $543 mil $40.8 bil $9.1 bil

Category: Banking

7. SAIL $6.8 bil $1.6 bil $6.6 bil $6.3 bil

Category: Materials

8. Tata Steel $4.5 bil $838 mil $4.6 bil $5.8 bil

Category: Materials

9. TCS $3.0 bil $666 mil $1.9 bil $19.5 bil

Category: Business Services & Supplies

10. Tata Motors $5.2 bil $388 mil $4.1 bil $5.7 bil

Category: Capital Goods

11. Bharti Airtel $2.6 bil $455 mil $3.3 bil $14.3 bil

Category: Telecom Services

12. Wipro $2.4 bil $464 mil $2.1 bil $14.6 bil

Category: Business Services & Supplies

13. GAIL $33.4 bil $467 mil $4.7 bil $4.3 bil

Category: Utilities

14. ITC $2.3 bil $515 mil $3.0 bil $13.9 bil

Category: Food/Drink/Tobacco

15. Infosys Technologies $2.1 bil $552 mil $2.1 bil $19.0 bil

Category: Business Services & Supplies

16. PNB $2.4 bil $320 mil $29.3 bil $2.1 bil

Category: Banking

17. BPCL $14.7 bil $353 mil $6.1 bil $2.0 bil

Category: Oil & Gas Operations

18. Canara Bank $2.3 bil $310 mil $30.0 bil $1.7 bil

Category: Banking

19. HLL $2.6 bil $301 mil $1.4 bil $10.8 bil

Category: Household & Personal Products

20. Sterlite Industries $2.9 bil $366 mil $3.0 bil $4.8 bil

Category: Capital Goods

21. HDFC – Housing Development $1.1 bil $302 mil $13.0 bil $5.8 bil

Category: Diversified Financials

22. Larsen & Toubro $3.3 bil $240 mil $3.0 bil $6.3 bil

Category: Capital Goods

23. BHEL $2.2 bil $218 mil $3.7 bil $9.7 bil

Category: Capital Goods

24. Bank of Baroda $1.9 bil $203 mil $26.2 bil $1.4 bil

Category: Banking

25. HDFC Bank $1.3 bil $198 mil $16.5 bil $4.7 bil

Category: Banking

26. Hindalco Industries $2.3 bil $294 mil $3.8 bil $4.1 bil

Category: Materials

27. HPCL $16.9 bil $101 mil $4.6 bil $1.5 bil

Category: Oil & Gas Operations

28. Mahindra & Mahindra $2.8 bil $315 mil $2.1 bil $2.7 bil

Category: Consumer Durables

29. Bank of India $1.8 bil $163 mil $25.2 bil $892 mil

Category: Banking

30. Maruti Udyog $2.5 bil $201 mil $1.5 bil $4.7 bil

Category: Consumer Durables

31. Bajaj Auto $1.7 bil $248 mil $3.3 bil $5.5 bil

Category: Consumer Durables

32. Union Bank of India $1.5 bil $152 mil $20.0 bil $934 mil

Category: Banking

33. IDBI $1.5 bil $146 mil $19.0 bil $774 mil

Category: Banking

34. Grasim Industries $2.1 bil $202 mil $2.6 bil $3.8 mil

Category: Construction

35. MMTC $3.5 bil $34 mil $1.5 bil $1.2 bil

Category: Trading Company

36. Natioanl Mineral Development Corp. $510 mil $173 mil $797 mil $8.3 bil

Category: Materials

37. Adani Exports $3.4 bil $28.0 mil $840 mil $563 mil

Category: Trading Company

38. UCO Bank $1.1 bil $44 mil $13.9 bil $266 mil

Category: Banking

39. Indian Overseas Bank $1.1 bil $176 mil $13.3 bil $923 mil

Category: Banking

40. Syndicate Bank $1.0 billion $120 mil $13.7 bil $564 mil.

Category: Banking