Three Indian companies figure in Forbes’ annual list of The World’s Most Innovative Companies topped by Tesla Motors, leading maker of fully electric vehicles.
Ranked 41st, Hindustan Unilever, India-based fast moving consumer goods company, tops the list of Indian Innovative Companies.
It operates in seven business segments ranging from soaps and detergents to tea and coffee and packaged foods.
It’s followed by Tata Consultancy Services in the 64th spot. India’s largest IT company appears on the list for the eighth time.
It took a major step toward bolstering its digital services with a training programme in digital technologies for a third of its workforce.
Ranked 71st, Sun Pharma Industries, India’s largest drugs company, with 45 manufacturing sites across the globe, appears on the list for the fourth straight time.
Worldwide, Salesforce.com has been pushed to the No. 2 spot for the first time in five years. Alexion Pharmaceuticals follows at No. 3 for the fourth consecutive year.
Rounding out the top five are Regeneron Pharmaceuticals at No. 4 and ARM Holdings at No. 5.
The rankings are based on, what the US business magazine calls an innovation premium (IP), the difference between a firm’s enterprise value and a net present value of cash flows from its existing businesses.