NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » 3 Indian American-led firms in Fortune 500 list

3 Indian American-led firms in Fortune 500 list

June 03, 2005 09:45 IST

Three Indian American-headed companies, that had combined revenue earnings of more than $35 billion in 2004, figure in the latest 2005 Fortune 500 List.

The three companies are:

  • Hartford Financial Services Group, headed by Ramani Iyer;
  • Quest Diagnostics, headed by Surya Mohapatra; and
  • Rohm and Hass headed by Rajiv L Gupta.

The magazine said that close on the heels of 2003's spectacular comeback, America's largest corporations made it clear that the recovery was for real in 2004.

It noted that despite high oil process, the war in Iraq and the Presidential election, by the year-end Fortune 500 companies raked in a record-breaking $8.2 trillion in revenues and $513.5 billion in profits.

While Wal-Mart topped the list of 500 companies with sales of $288 billion, Cincinnati Financial was at the bottom of the rank with a sales turnover of  $3.61 billion.

Hartford Financial Services, based in Connecticut, ranked 88th on the list with revenue of $22.69 billion. The company improved its ranking in this year's list from 102nd last year. Iyer has been the chairman, president and chief executive officer of the Hartford Financial since February 1997.

Philadelphia-based Rohm & Hass ranked 287th this year, up from 290th last year. It raked in revenues of $7.3 billion.

New Jersey-based Quest Diagnostics grossed $5.12 billion in revenue, but went down in ranking from 366th last year to 382nd this year.

The magazine said that of the 42 industry groups tracked by Fortune, electronics and electrical equipment, pharmaceuticals, telecommunications and airlines failed to post profit growth.

Suman Guha Mozumder in New York