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Misfortune: Indian IT logged out

NO INDIAN company has made it to this year's list of world's 100 fastest-growing tech companies, prepared by Fortune group magazine Business 2.0. Not even last year's eighth-rank holder Infosys Technologies.

india Updated: May 26, 2006 01:26 IST

NO INDIAN company has made it to this year's list of world's 100 fastest-growing tech companies, prepared by Fortune group magazine Business 2.0. Not even last year's eighth-rank holder Infosys Technologies.

The only Indian entry in last year's list, Infosys had climbed from its 59th rank in 2004 to position itself ahead of global IT majors like Apple Computer, eBay Inc and Cognizant Technologies. The magazine had said in its June 2005 issue that Infosys earned its position for its unique strategy of beating global incumbents on their own turf.

But Infosys is not worried about its omission this year. Director (HR) T.V. Mohandas Pai says: "I'm not aware (of this year's list), but even if it is true, does it matter?"

"After all, billion-dollar Indian IT companies are growing at an annual rate of 30 per cent. This is a relative index. Some companies with a much smaller base may have a rate of 100 per cent. Look at our base. We are a two-billion-dollar company," he says.

A leading tech company's chief executive says, "What is important is the capability of executing large projects and track record."

Surprisingly, sitting on the top of the list of tech companies this year is therapeutic drug manufacturer Celgene Corporation. Among the other notable omissions from the list is the world's largest generics manufacturer Teva, which was ranked 73rd in the 2005 list.

The June issue of the magazine, which contains the B2 100 list, will hit the stands on May 29.