5 Indian firms among world's 25 'unsung' innovative cos

As many as five Indian companies including Tata Group firm Indian Hotels, footwear firm Bata India have been named in the list of world's 25 'unsung' innovative companies by the BusinessWeek magazine.

According to a list compiled by the BusinessWeek 'The world's 25 unsung innovative companies' includes firms which have failed to get a position on the the list of world's most innovative companies but are likely to become household names like Apple, Google in the next 10-20 years.

The other three Indian firms on the list are-- Bajaj Holdings & Investment, Nadir Godrej-led Godrej Industries and private sector lender Yes Bank.

"Apple, Google, Toyota, and Microsoft—the corporations at the top of this year's Most Innovative Companies ranking are household names the world over. But they wouldn't have all been winners 10 or 20 years ago. The same may be true 10 or 20 years from now," the magazine said.

The 'unsung' list is based on a Boston Consulting Group survey of senior executives across the world when asked to name an innovator others would not think of.

About Indian Hotels, which runs the luxury hotel chain of Taj Hotels & Resorts, the magazine said, "its slick and modern accommodations and attentive service, which it attributes to a merit system that links employee pay to customer satisfaction ratings."

About the footwear retailer Bata India the magazine said, "whether it be canvas sneakers, high heels, or rubber flip-flops, the products are known for their durability and Indian flair."

Bajaj Holdings & Investment formerly known as Bajaj Auto, operates through two arms-- financial and investment services, while the other manufactures two-wheeled vehicles.

Another Indian firm Godrej Industries which makes and sells bulk chemicals and edible oils has also been named among the unsung list.

About Godrej, the magazine stated that," the company is developing customer-relationship software that will enable buyers to track orders and transactions and receive updates through personalised Web pages."

Further, about Yes Bank it stated that bank had carved out a niche in the India by using technology to keep costs low while providing "value added services" to its customers.

Apart from the five Indian entities, Bangladesh's Grameen Bank founded by Nobel Peace Prize winner Muhammad Yunus has also reserved a seat on the list. Interestingly, 97 per cent of Grameen Bank's client are women.

Other companies on the list include Alibaba.com, women's apparel maker Bravissimo, vaccum cleaner firm Dyson Direct, publishing house Future, technology consultancy Grupo Inforges, video entertainment firm Hulu and design consultants Ideo.