INDIA has contributed the second-largest number of companies in a new study of emerging market giants by multinational consultancy firm Boston Consulting Group (BCG). As many as 20 Indian companies, including the likes of M&M, Bajaj Auto, Bharat Forge, Cipla, Ranbaxy, Reliance group, TCS, Tata Motors, Tata Steel, Wipro, Infosys and VSNL are part of BCG’s 2008 top global challengers list. Other Indian companies on the roster include Dr Reddy’s, Crompton Greaves, Hindalco, L&T, Satyam, Tata Tea and Videocon. Wind energy company Suzlon is the new entrant to that list this year. Although China, with 41 companies tops the challengers list, it also tops the list of companies that have dropped out this year. Brazil with 13 companies, Mexico with seven and Russia with six are the other big contributors to the roster this year. And, said BCG San Francisco senior partner Jim Hemerling, Chinese companies aren’t the most global either. Their international sales contribution is 17% compared to over 45% for Indian companies.Also, he said, despite India’s IT-focus, only four Indian companies in the challengers list are info-tech majors. The rest are all manufacturing companies and their total shareholder return is over 60%, three times that of the IT companies on the list. Speaking on the occasion, M&M vice-chairman Anand Mahindra said Indian companies have three competitive advantages vis-a-vis others on the challenger list. “The first is strong managerial talent and strategic competence, the second is the ability to work in the chaotic industrial environment of India and the third is to work out the lowest cost per unit of innovation,” he said.