THE spate of acquisition globally by Indian companies has created a breed of Indian MNCs, which is not confined to the IT sector. The list of Indian MNCs now consists of companies not only from emerging economy, but from the old guard as well. The new breed of global Indian leader has old names such as Tatas and Birlas as well as newer once, such as Baba Kalyani or Tulsi Tanti. The list identifies overseas revenues of Indian companies and ranks them based on percentage of revenue coming from global market. The Tata group, which began its global march with the acquisition of Tetley early this decade, has three of group companies in the top 20 list. To arrive at the list, companies were first short-listed based on minimum consolidated sales of Rs 2,000 crore in FY07. Of these, companies with stand-alone exports, a figure readily available, of about 10% were screened. Annual reports for these companies were then scanned to arrive at the overseas revenues. Companies, for which FY07 annual report is not available, have been excluded. The reason for taking consolidated numbers, the most painful part for the exercise, is that a lot of companies have foreign subsidiaries, which does not get reflected in standalone numbers. However, it may still have been possible to miss out on a company considering the scope of the work. While there are about 20 companies which derives more than 10% of revenues from global market, there are nine companies, which derive as much as 40% of its revenues from outside India. While Pharma sector is most globalised, with four companies in the list, sector such as engineering, auto components, metals are also significantly integrated with sizeable number of companies in the list. Pharma sector gets prominence primarily because the business operates on a scale that has to be cross-border and on a global scale. Companies have to look at maximising the reach of its drugs to ensure a healthy return on investments. Ranbaxy and Dr Reddy’s in pharmaceuticals are shining examples as to how low-cost research can weed out MNCs by playing the price card. The next major sector to figure prominently in the list is the metal sector. Interestingly, the metal sector had a large MNC percentage even before the Tata-Corus and the Hindalco-Novelis deals.