Top 100 Indian owned US private companies generate $2.2 billion
New York, October 11 (HT)
The top 100 Indian-American owned companies in the United States generated $2.2 billion in 1998, providing jobs to more than 21,000 people.
The top spot went to Western Sky Industries Inc. of Philadelphia, Pennsylvania, headed by Dinesh Desai which generated $166.1 million in revenue, according to the fourth annual ranking brought out by Ventures International Inc. (VII) and the weekly India Abroad newspaper.
In second place was Atco Rubber Products Inc. of Fort Worth, Texas, which generated $164.4 million in revenue. The company is headed by Ramesh Bhatia and manufactures equipment and air conditioning systems. The third place was bagged by B.J.S. Electronics Inc. based in Milpitas, California, and headed by Jessie Singh which generated $152.8 million from distributing components for electronics and computer industries.
The VII-India Abroad ranking invites entries from privately-owned businesses in which majority stake is held by people of Indian origin who are either citizens or permanent residents of the United States. The companies on the list have been in business since 1994 and achieved net sales of at least $1 million in fiscal 1998.
The VII-India Abroad list also ranked the participating firms by their percentage of growth from 1997 to 1998, with the top spot going to Novasoft Information Technology Corporation which registered a 179% growth, its revenue jumping from $5.02 million to $14 million. Novasoft, which is based in Lawrenceville, New Jersey, and is engaged in systems integration and development of software, is ranked 39th in terms of revenue.
The second fastest was Netcom Systems Inc. Of Metuchen, New Jersey, which grew by 151%, with revenues shooting up from $1.8 million in 1997 to $4.7 million last year. Netcom is also in the systems integration business. In third place was Leader Mortgage Company Inc. of Arlington, Massachusetts, whose revenues rose from $3.4 million in 1997 to $8.1 million in 1998, a growth of 135%.
In the 1998 list, eight of the top 10 fastest growing companies were in the computer technology business, but this time they are more diverse, including a mortgage company, an engineering firm and an apparel retailer.
Three companies have been cited for special mention for their unique business achievements. One is Abrahams Oriental Rugs and Dhurries of Houston, Texas, owned by Samuel Abraham and his wife Omana. Their business is worth $1.7 million and is ranked at 114 on the list. The couple used to originally source mainly from India but now get stock from Iran, Turkey, Russia, Morocco, Pakistan, China, Rumania, Portugal, Nepal, Tunisia, South Africa and Afghanistan.
The Abrahams? store has a host of celebrity customers, including former White House intern Monica Lewinsky. According to the Houston Chronicle, a business alliance between the Abrahams and Lewinsky may be on the cards.
The second firm is Chemir/Polytech Laboratories of Maryland Heights, Missourie, of Karnataka-born Shri Thanedar with revenues of $3.3 million. Starting out as a bank teller, in 1990 he put together some personal savings, a bank loan and some other financing to buy Chemir/Polytech, an independent testing laboratory. Also coming in for special mention was Kumar and Associates of Denver, Colorado, which is an engineering and consulting firm and had revenues of $4.4 million in 1998. Headed by Narendra Kumar, the firm has played a crucial role in the burgeoning economic growth of Denver, taking part in projects in the city's airport and stadia.
(IANS) |
