The firm has topped the list of 20 most internationalised Indian companies, prepared by Indian School of Business (ISB).
Global education firm Core Education & Technologies which ISB says showed a sharp increase in the size of its foreign assets has been ranked at the second place.
Interestingly, ONGC Videsh was the only state-owned company among the top 20 Indian companies which also included six Tata Group firms.
Besides Tata Global Beverages at the third spot, others are Tata Steel (6), Tata Consultancy Services (7), Tata Motors (8), Tata Communications (10) and Tata Chemicals (16).
"Over the last decade, the engagement of Indian companies with overseas markets has undergone a complete transformation. India has gradually become more integrated with the global economy and Indian companies are emerging as important players on the global landscape," ISB said.
"Indian transnational corporations have significantly increased their international asset base as well as their international revenues over the past decade," it added.
The top 20 Indian companies have been ranked from a list of 29 firms that participated in the survey.
Other companies in the list are Suzlon Energy (4), Motherson Sumi Systems (5), HCL Technologies (9), Hindalco Industries (11), Jubliant Lifesciences (12), Dr Reddy's Laboratories (13), Punj Lloyd (14), Godrej Consumer Products (15), Piramal Enterprises (17), Bharti Airtel (18), Zee Entertainment Enterprises (19) and Cipla Ltd (20).
The rankings, which have taken into account figures for fiscal ended March 2013 -- are based on three factors: percentage of international assets against total assets, overseas revenues against total revenues and percentage of foreign employees with respect to total headcount.
The methodology is based on the framework and the Transnationality Index (TNI) developed by the United Nations Conference on Trade and Development (UNCTAD).
The group of 20 companies on the list had collectively increased their foreign revenues by 16 per cent, foreign assets by 11 per cent and foreign employees count by 7 per cent -- "a noteworthy fact considering that FY2013 was not a good year for the overall investment climate".