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Nooyi, the Chairman and Chief Executive of beverages and soft drinks major Pepsico, is followed by US-based Avon Products' Andrea Jung and French entity Areva's Anne Lauvergeon.
In the league of 'Top 50 women in world business', Bali who is the head of Britannia Industries is ranked at the 22nd spot while Mazumdar Shaw and Bhartia are placed at 47th and 48th positions, respectively.
"Just three per cent of Fortune 500 chief executives are women. Across Europe, only ten per cent of board directors of the largest companies are female (quotas have made Norway the exception, with more than 40 per cent) and the numbers are even lower in Asia.
"This is all the more surprising given the substantial evidence that better gender balance has a positive impact on performance," the Financial Times said.
In a separate list of '50 top women to watch', the daily has named three Indians. They are UBS India chief executive Manisha Griortra, HSBC India's Group GM Naina Lal Kidwai and Hewlett-Packard India's Managing Director Neelam Dhawan.
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