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15 Indian firms to list on NYSE in two years

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NEW DELHI: Fifteen Indian companies from a a variety of sectors will list on the New York Stock Exchange (NYSE) over the next two years, a senior exchange official said on Monday. "We are currently listing five. And (we will list) another 10 in the next two years," Georges Ugeux, NYSE's group executive vice-president, told reporters on the sidelines of a financial conference. Five Indian companies are already listed on the NYSE and three more on the Nasdaq.



The NYSE-listed firms include financial services firm ICICI Ltd., commercial bank ICICI Bank, telecom firm Videsh Sanchar Nigam Ltd. and technology firms Wipro Ltd. and Silverline Technologies. Ugeux said future listings were likely to be various sectors including banking, pharmaceuticals, technology, telecom, oil and other basic industries which were heavy consumers of capital.



Indian firms use US listings to raise cash to fund overseas acquisitions or to raise their international profiles. Ugeux said he saw greater appetite among investors for stocks of telecom and service industries. "What is happening at the moment is the investors are on a learning curve. It is very clear that the telecom and service sector are very well known abroad and they have an advantage," he said.

(C) Reuters Limited 2000.

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