We'd have loved to present you with 20 surprises, but that would have meant leaving out several of India Inc.'s usual suspects who are so evidently global plays, and good global plays at that. So, 12 of the 20 belong to sectors where India has already acquired some brand equity globally: pharmaceuticals, biotech, software, and it-enabled services. The real lesson, though, lies in the other eight. They belong to sectors as varied as paints, cement, packaging, banking, motorcycles, non-ferrous metals, oil, and petrochemicals. That proves what some India-watchers have maintained all along: across sectors, India Inc. has the potential to succeed in the global arena. We'd like to think so.

Asian Paints's Dani: The world is now his canvas

ASIAN PAINTS/Ashwin Dani
A Brighter Shade Of Brand
With manufacturing facilities across 24 countries, Asian Paints is already a global paints major.

Truth be told, Asian Paints is among the 10 largest decorative paints companies in the world, it has a total installed capacity of 330 million litres a year, and it will close this year with revenues around Rs 1,750 crore. It owes much of this to recent acquisitions: of Singapore's Berger International and Egypt's SCIB Chemical SAE, but that isn't the only reason why Asian Paints figures here. Over the years, the company has built its success around superior supply chain management-it is one of India's most wired companies and services 14,500 dealers directly-and consumer product style branding. "Capacity isn't important in the paint industry," explains Managing Director Ashwin Dani, who copes with the increasing demands of his job with a little help from yoga. "What's important is distribution, efficient manufacturing and R&D, and brands."

-Dipayan Baishya

AVESTHA GENGRAINE TECHNOLOGIES/Villoo Morawala Patell
Ever-Fresh Tomatoes, Anyone?
Simple, basic research may help Avestha Gengraine strike it rich.

Avestha Gengraine's Patell: No reverse engineering for this lady, please

Know why basmati has a unique aroma? Bangalore-based Avestha Gengraine's founder-CEO Dr Patell does; she's even identified the genes responsible. That's just a sample of the work Avestha does: the company is a powerhouse-in-the-making in domains such as genomics, proteomics, nutraceuticals, and bioinformatics. The two-year old start-up (2002-03 revenue estimates: Rs 3 crore) that is putting its skills to discoveries such as drought resistant crops and drugs targeting diabetes and tuberculosis has attracted investors like the Tata Group and ICICI Ventures, but needs between $12 million (Rs 57.6 crore) and $15 million (Rs 72 crore) to ramp up research. Contract research for the likes of Astra Zeneca, Adventa, and Torrent helps, but Patell is miffed that some venture capitalists do not understand the business. "A lot of biotech work being done in India is reverse engineering," she says. "We are the only company doing fundamental research."

-Venkatesha Babu

Biocon's Shaw: She's fermented a success-enzyme

BIOCON/Kiran Mazumdar Shaw
Biotech's Very Own Infosys
Biocon's future may well be the future of the Indian biotech industry.

While flattering, any comparison of Biocon with Infosys would be inaccurate. The former is older. That its turnover today is a mere Rs 290 crore is an indictment of a sector that yo-yos between hype and hope. Still, there's no company better poised to benefit from the boom-to-be in biotech. The facts: Biocon already is the global leader in select market segments (such as the enzymes that keep fresh juices, well, fresh), has contract and clinical research arms, and boasts some 40 patents to its name. By 2010, claims its chairperson and managing director Kiran Mazumdar Shaw, Biocon would have developed three novel drug molecules and be among the world's 10 largest biopharmaceutical companies; by 2005, she aims to be the world's largest producer of human insulin and statin. That requires money; early next year, Biocon could raise around Rs 200 crore through an IPO. "The momentum is with us and we will emerge global players in all segments of biotech," says Shaw.

-Venkatesha Babu

Cipla's Hamied: His strategy is a unique formulation

CIPLA/Y.K. Hamied
The Complete Pharma Company
Cipla has evolved a low-risk global business strategy.

The world may have gotten to know Cipla when the company offered its triple regimen anti-aids drugs to the South African government at a fraction what the patent-holders-GlaxoSmithkline, BMC, Pfizer and Boehringer Ingelheim-were asking, but Cipla has been a global player for some time, albeit in its own unique way. Its formulations are largely marketed locally and bulk drugs are exported-exports account for 35 per cent of its revenues (Rs 1,275 crore in 2001-02) and the company is present in 130 countries. Cipla boasts strategic alliances with leading generic companies (those that make a good living out of manufacturing drugs that go off patent) in the US and Europe, a strategy that enhances reach and reduces litigation-risk, something generics companies have to live with. And Chairman Y.K. Hamied ensures that some of the company's revenues-4 per cent actually-goes into R&D. One output of such research, a cfc-free budesonide inhaler has a huge market abroad.

-Shilpa Nayak

Daksh's Aggarwal: Look ma, low-cost scalability

DAKSH/Sanjeev Aggarwal
Exploring Amazon
With an impressive client-list, Daksh may well be Indian BPO's Cinderella.

If Daksh stands out in India's Business Process Outsourcing clutter, attribute that to its business model: create infrastructure, get clients, deliver the service, make a profit, expand, repeat ad infinitum. From a 30-seat facility, Daksh has grown to a 1700-seat full-fledged BPO company handling voice-based transactions for companies like Amazon, Yahoo, and Hewlett Packard. That, and hard numbers-it could close this year with $35 million (Rs 168.2 crore) in revenues-have kept venture capitalists' interest up: Citibank and General Atlantic Partners put in $ 21 million recently. Some of that will go into a 1000-seat centre. The competition in the BPO space got tougher in 2002 with Infosys, Wipro, and Satyam making concerted plays, but that doesn't faze founder-CEO Sanjeev Aggarwal. "With a sound business model, a strong knowledge foundation, and a high level of discipline, we are poised for stupendous growth."

-Abha Bakaya

Dr Reddy's Dr Reddy: Science will show the way

DR REDDY'S/Dr K. Anji Reddy
A Pure Innovation Play
Dr Reddy's wants to be a global discovery-led pharma company by 2012. It may make it.

The bottle of champagne he uncorked at 3.00 a.m. on December 18 is displayed in CEO G.V. Prasad's office. That was the day a New Jersey court ruled in favour of Dr. Reddy's in a patent dispute with Pfizer, clearing the way for the launch of the first of its speciality products in the US. Starting now, the company hopes to create a pipeline of such products in the next five-to-seven years, becoming, first, a global midsized player and, three to five years thence, a discovery led pharma company. The numerical target: revenues of over $1 billion (Rs 4,808 crore) by 2007, up from $340 million (Rs 1,739 crore) in 2001-02. With 10 molecules in its pipeline there's no reason the company can't do it. "In five to seven years," says Chairman K. Anji Reddy, "we would have completely transformed ourselves to a company powered by drug discovery and innovation."

-E. Kumar Sharma

Gujarat Ambuja's Sekhsaria: He has cost on his side

GUJARAT AMBUJA/N. Sekhsaria
The Cement Czar Cometh
Cement is largely a local business, but Gujarat Ambuja could get as global as it wants.

Fine, Gujarat Ambuja is the lowest cost producer of cement in the world and it boasts higher operating margins than global cement majors, 36 per cent in 2001 (on revenues of Rs 1,448 crore) as compared to Lafarge's 21 per cent and Holcim's 24 per cent. Surely, that isn't reason to celebrate it as a global probable, not when 90 million tonnes of the 112 million tonnes of cement produced in India is consumed within its borders. Well, fact is Gujarat Ambuja has a presence in Sri Lanka, through Ceylon Ambuja, a wholly-owned subsidiary, and it accounts for 45 per cent of India's cement exports. "Exports are remunerative because of our low cost, and transportation infrastructure," says Anil Singhvi, a whole-time director of Gujarat Ambuja. "It could be Maldives next. And if the pricing is right, we may go to Europe."

-Roshni Jayakar

Essel Propack's Bagwadia: It's a big squeeze really

ESSEL PROPACK/Cyrus Bagwadia
Toobin' The World
By 2005, claims Essel Propack, it will make every second laminated tube in the world.

The Subhash Chandra-promoted Essel Propack is in the enviable position of not having to become a global company: it is already one. With estimated revenues of $120 million (Rs 600 crore) in 2002-03 (63 per cent will come from overseas operations), it is the world's largest laminated tube (lamitude for short) manufacturer, has a manufacturing presence in 11 countries including China, a global market share of 25 per cent, and caters to all of p&g's lamitube requirements in the US, and 40 per cent of Unilever's. By expanding its capacity to 7 billion tubes a year eventually, acquiring companies abroad, and venturing into hitherto untapped product market segments such as cosmetics and pharmaceuticals, Managing Director Cyrus Bagwadia, hopes to make every second lamitube in the world by 2005. "Given our aggressive plans for growth" says CFO R. Chandrashekhar, "all current processes are being challenged."

-Dipayan Baishya

HDFC Bank's Puri: He's wired it all up

HDFC BANK/Aditya Puri
India's Most Intelligent Bank
HDFC Bank needs to muster capital to go global; it has all else that is required already.

Facts tell the story: 211 branches, deposits of Rs 19,606 crore, non-performing assets that constitute 0.5 per cent of total advances, #2 in the BT-KPMG Best Banks survey, and rated best commercial bank in India in 2002 by Asiamoney. Behind HDFC Bank's success lies its ability to provide a range of products through multiple channels, and differentiate itself through the use of technology. By 2003-04, reckons CEO Aditya Puri, the bank will be a leader in all segments except credit cards. "In 2001, we invested in intelligent market infrastructure and picked up equity capital," says Puri. "Now we are sitting pretty."

-Roshni Jayakar

Hero Honda's Munjal: Two stroke good, four stroke better

HERO HONDA/B.M. Munjal
Wheels, Wheels, Wheels
Hero Honda is already the world's largest producer of motorcycles. What next?

Intense competitive activity may have whittled down Hero Honda's marketshare from 48.8 per cent in 2001-02 to 45.8 per cent thus far this year, but the performance of the company, in terms absolute and relative, remains nothing short of the spectacular. The company that Brij Mohanlal Munjal chairs will end 2002-03 with Rs 5,901.3 crore in sales. That'll mean a 30 per cent growth over the record 1.4 million units it sold last year. Concern over the fact that Honda will launch bikes through a 100 per cent subsidiary next year continue, but Hero Honda may well be one company that could find global success in India. "We rely on Honda for core technology," admits CEO Pawan Munjal, "but we have no lack of funds as far as R&D is concerned."

-Abha Bakaya

Hindalco's Birla: Watch out for him in Fortune's Global 500 listing

HINDALCO/Kumar Mangalam Birla
The Non-Iron General
Hindalco may have a global non-ferrous future.

True, with sales of Rs 2,659 crore in 2001-02, Hindalco is nowhere close to the Fortune 500-#500, Takenaka boasts sales in excess of Rs 48,000 crore. Even its three-year sales target-Rs 18,000 crore-won't qualify the company for the honour. Still, Hindalco remains one of the largest integrated plays in aluminium and among the lowest cost producers too. The intra-group restructuring that saw it acquire the copper business of Indo Gulf Corporation will help it balance revenues-both are cyclical businesses and their fortunes alternate. "Our strategy is to focus on global cost competitiveness," says A.K. Agarwala, Director, Hindalco. "We will pursue value added growth both organically and inorganically and not remain a mere metal supplier." Already, Hindalco is scouting for overseas acquisitions. As we said, Chairman Kumar Mangalam Birla could make it to the Fortune 500 listing sooner than we think.

-Roshni Jayakar

iFlex's Hukku: He wants Flexcube at #1

I-FLEX/ Rajesh Hukku
Software's Tom Cruise
Simple, i-flex is India's largest software products company.

The numbers prove i-flex's global nature: its product Flexcube has been accepted by 370 corporate customers across 86 countries. But that isn't the only reason the Citibank spin-off-it boasted a turnover of Rs 425 crore in 2001-02-figures here. It does because of mi3. "The first Mission Impossible was to prove Indian could successfully make a software product," laughs Hukku. "The second was to make our offering a global product, and now mi3 is dedicated to making Flexcube the #1 financial services product in the world."

-Venkatesha Babu

INFOSYS/Nandan Nilekani
Bangalore's Dignitary Trap
With employees from 34 nationalities, Infosys is a global IT services firm.

Infosys' Nilekani: He's certainly the man everyone wants to beat in three dimensional chess

Surely you've heard all there is to know about Infosys, India's best known it services company? From a turnover of Rs 5 crore and employee strength of 200 in 1991, the Bangalore-based software company will end this fiscal with a turnover of around Rs 3,400 crore and an employee strength of approximately 13,000. And oh yes, India's National Association of Software and Service Companies recently named Infosys the most profitable software company in the world (specifics: its operating margin of 32.1 per cent clearly beats those of EDs, Cognizant, and Accenture), not just India.

Still, as CEO Nandan Nilekani, who likens the whole thing to a 3d chess game puts it, "In an era when it spending is flat, growth can come only by taking market share from others." That Infosys is well placed to do: it is present across the IT services spectrum, from Business Process Outsourcing to high-end information technology consulting.

Building on its success won't be easy for Infosys. It has to scale up its high-end business without losing any of the values that have made it unique; it has to look for inorganic opportunities for growth; and it has to learn to manage a global workforce. "We are bringing a compelling value proposition to the table," says Nilekani. "Technology, not for its own sake, but in terms of how it can translate into profits for customers."

-Venkatesha Babu

Moser Baer's Puri: He'd love to CD-R the world

MOSER BAER/Deepak Puri
The Data Storage Don
Moser Baer's 5 per cent share in the global data storage business can only increase.

In the early 1980s Moser Baer started life as a company making diskettes. But it was only when it entered the optical recording media business that it hit big time. Today, Moser Baer may well be the only alternative to a clutch of Taiwanese companies for customers looking for compact discs (CDs), recordable compact discs (CD-RS) and digital versatile disks (DVDs). With sales of Rs 724 crore in 2001-02-almost a 100 per cent jump over the previous year-and a obsolescence-proof alliance with the US' 4m technologies for joint development and implementation of new optical media processes and formats, the company is sitting pretty. "We will use cutting edge technology to enter into formats desired by the market very early in the product lifecycle," says CEO Deepak Puri. Recordable DVDs, for instance, will be in the company's portfolio in the first half of 2003.

-Shilpa Nayak

Kshema's Koppar: He's done healthcare and embedded services; now he wants to be a consultant too

KSHEMA TECHNOLOGIES/Anant Koppar
Mid-sized, and loving it
India's first venture capital funded software company is alive and well.

Small software companies were expected to roll over and play dead this year. Try telling that to Bangalore-based Kshema Technologies. By focusing on select domains-think industrial automation, embedded electronics-the Rs 68-crore company has weathered the IT winter rather well. It was one of the first companies to enter the new business of bio-informatics, and it now wants to be a consulting firm. By 2005, claims CEO Anant Koppar, the company's revenues would have touched $100 million (Rs 480 crore). ''Why only take on other Indian it majors?,'' says Koppar. ''We are ready for the Accentures and the IBMs of the world.''

-Venkatesha Babu

ONGC/Subir Raha
Finding Black Gold Abroad
ONGC's strategy of acquiring interests in oil fields abroad is beginning to pay off.

ONGC's Raha: Now he can sit back and smile

Finally, the Rs 17,264 crore Oil and Natural Gas Corporation may have an answer for detractors who chorus, "What happens when Bombay High runs dry?"

On December 18, its wholly-owned subsidiary ONGC Videsh piped out the first gas from the Lay Tau and Lan Do fields in Vietnam-it has a 45 per cent stake in the venture. That's important for a company that has set itself the strategic objective of doubling its accessible reserve to 12 billion tones by 2020:

Apart from the Vietnam fields, ONGC has invested Rs 8,330 crore into Russia's Sakhalin project which is estimated to be sitting on reserves of 307 million tones of crude and 485 billion cubic feet of gas, holds a 49 per cent stake in two exploration blocks in Libya, and has put in Rs 3,430 crore into a Sudanese field.

In an effort to insulate the business from the volatility in crude prices, Chairman Subir Raha also wants to diversify into the more profitable business of petroleum refining and marketing. The acquisition of the A.V. Birla Group's 37.39 per cent stake in Mangalore Refineries and Petrochemicals Limited is the first act of that strategy. The market seems to have recognised that. In the first half of 2002-03, ONGC was the most valuable company on the Bombay Stock Exchange.

-Ashish Gupta

Ranbaxy's D S Brar: Eyeing revenues of $1 billion by 2004

RANBAXY/D.S. Brar
India's first MNC
Its US subsidiary made over Rs 1,000 crore in the first nine months of 2002. Need we say more?

It is the only Indian pharma company with its own distribution network in the US, operations in Brazil, the UK, Germany, Japan, South Africa, and China. More than 50 per cent of its Rs 2,071.7 crore revenues (for the first nine months of 2001-02) came from exports while the overseas operations accounted for Rs 2,750 crore. And Cefuroxime Axetil, a generic drug used in the treatment of respiratory and dermatological ailments that was launched by the company in March 2002, has already generated some Rs 360.6 crore in sales. But don't dismiss Ranbaxy as a generic wonder-the company is betting big on research and boasts a clutch of molecules in the pipeline. ''As we become a global player," says CEO D.S. Brar, ''there will be a focus on new drug discovery, drug delivery systems, technology licensing, and M&As.''

-Abha Bakaya

Reliance's Brothers Ambani: Ambitions, not to scale

RIL/Mukesh D. Ambani & Anil D. Ambani
Old & New Economy Behemoth
Petrochem, petroleum, and now telecom, Reliance is a global scale play in all.

World class is a term that comes easily when describing the Rs 57,120 crore Reliance Industries Limited (RIL). From petrochemicals to oil and gas, refining to petro-product marketing, and power to telecom, the conglo has always focused on deriving competitiveness from sheer scale. "In line with our founder chairman's vision, and his philosophy of thinking world scale and world class in every aspect, we are committed to the future growth of India and Reliance," says Anil Ambani, Vice Chairman and MD, RIL. The year that was saw RIL's entry into the Fortune 500 (it is India's only private sector company to figure there), one of India's biggest natural gas strikes by the company, and India's biggest and boldest telecom play by subsidiary Reliance Infocomm.

-Roshni Jayakar

Shantha Biotech's Reddy: The world is not enough

SHANTHA BIOTECHNICS/ K.I. Varaprasad Reddy
The 32 Per Cent Solution
Miffed by happenings in the Indian market, the biotech hotshop is eyeing a global future.

It seems strange that the first Indian company to indigenously produce the Hepatitis B vaccine isn't really very keen on India. ''I am left with no urge to supply to the Indian market,'' says Shantha Biotechnics' Managing Director K.I. Varaprasad Reddy. ''Players can compete on unequal terms.'' So, the biotech hotshop is eyeing the world. ''We have been investing in research since 1992,'' says Reddy. Over the last five years, the Rs 30 crore company has invested 32 per cent of its turnover each year in R&D.

-E.K. Sharma

WIPRO/Azim Premji
The Colours Of Growth
Wipro's global software future can only get brighter and better with time.

Wipro's Premji: Nurturing a different model

From chairman Azim Premji's near-reclusive love of the low-profile to the fact that it is really a diversified conglo, to several more tangible differentiators, Wipro isn't like any other software services company. For one, it still derives close to 12 per cent of its revenue from writing software for telecom companies. For another, the stable European market accounts for 27 per cent of its revenues, the highest for any Indian software company. In 2002, the Rs 3,416 crore company (Wipro Technologies, the software division accounts for 64 per cent of revenues and 85 per cent of earnings) acquired India's largest independent BPO company Spectramind and Ericsson's development centre, bought out GE's stake in a subsidiary that writes software for medical apps, and created a separate division to focus on the lucrative bioinformatics and software-for-healthcare market. "In the global race to become dominant," says Vice Chairman Vivek Paul, "the window of opportunity is shrinking constantly. Therefore, if the situation demands, we have made acquisitions in the past and will do so again in the future."

-Venkatesha Babu