Two Indian companies ITC and Ruchi Soya were among the world's 50 fastest growing

RELATED ARTICLES ITC Q4 net up 26% to Rs 1614 cr ITC becomes top-weighted stock in Sensex ITC remains most influential stock on Indian bourses ITC plans to build a Fortune with mid-priced hotel chain

consumer firms during the June 2009-June 2010 period, according to the latest annual report by market research firm Deloitte.

According to the 4th annual report "Global powers of the consumer products industry 2011," by the firm, India's ITC Ltd , which sells cigarettes, food and personal care products besides presence in hospitality and paper segments, has been ranked 15th in the list, while edible oil maker Ruchi Soya stood at the 20th position.

The Deloitte report identified 250 largest consumer products companies, based on data available for the 12-month period between June 2009 and June 2010.

During the period, ITC's net sales stood at $4.04 billion at a growth rate rate of 17.2 per cent, while Ruchi Soya grew by 14.3 per cent with an annual sales of $3.01 billion.

France's food processing firm Groupe Bigard SA topped the list by growing at a rate of 80 per cent and sales of $6.27 billion for the period.

"Currently, while India is represented by only two companies among the 50 fastest growing consumer product companies, there is a huge potential as large Indian conglomerates in the consumer business sector are witnessing strong growth," Deloitte in India Senior Director Rajan Divekar said.

He said India's growth story comes from the increasing consumption power among Indians and the modernisation of retailing.

"As the Indian retail industry modernises, the cost of distribution is likely to fall, suppliers will have an incentive to invest in technology and consumers will gain access to cheaper, fresher and safer products," he said.

While the list was mainly dominated by food, beverages and tobacco firms, most of the companies were from emerging markets, including Latin America and Asia Pacific region.