Dalian (Beijing): Thirteen fast-growing Indian firms have joined as founding members of the 125-strong community of Global Growth Companies, a new initiative of the World Economic Forum (WEF).
Announcing the new initiative at the Inaugural Annual Meeting of the New Champions, which concluded here in the northeast Chinese port city on Saturday, Founder and Executive Chairman of WEF, Klaus Schwab, said he was elated with the creation of a new community of fast-growing companies who are destined to join the ranks of global multinationals in the next 5 to 10 years.
“These are a very special group of companies that have not really been understood,” he said on list, which is dominated by 22 fast-growing Chinese companies.
The 13 Indian companies are: Amalgamated Bean Coffee Trading Co. Ltd, Apollo International Ltd., CMS Computers Ltd., Crompton Greaves Ltd., Financial Technologies (India) Ltd., iGATE Global Solutions Ltd., Moser Baer India Ltd., Praj Industries Ltd., Rajshree Sugar and Chemicals Ltd., Rupa & Co. Ltd., UTV Software Communications Ltd., Wockhardt Ltd. and YES BANK Ltd.
Forty per cent of the members of the Community of Global Growth Companies are from Asia; 26% hail from Europe; 20% are based in the Americas; and 14% come from Africa and the Middle East.
“This is a truly global community,” Schwab said.
Meanwhile, the second Annual Meeting of the New Champions will be held in the northern Chinese port city of Tianjin from September 25 to 27 next year, the WEF said.