INDIA has the largest number of profitable companies with revenues or market capitalisation above US$5.0 billion (S$7.6 billion) in the Asia Pacific region, Forbes business magazine said on Thursday.

The US business publication said 12 Indian companies, including the country's biggest mobile phone service provider Bharti Airtel and ICICI bank, were in this year's list of the top regional 50 firms.

It was the largest representation by any country. Taiwan followed in second place with 10 homegrown firms on the list.

China placed third with seven businesses including China Mobile and Lenovo Group, said Forbes.

'With a relatively young population of 1.1 billion, India has its own huge market,' the US magazine said.

'Companies such as ICICI Bank, HDFC Bank and Bharti Airtel are growing fast by reaching out to the country's rural customers, not to Western markets.'

Other companies on the list include some of Asia's most well-known brands such as Hong Kong carrier Cathay Pacific Airways, Taiwan's computer giant Acer and video game console maker Nintendo of Japan. -- AFP