Descriptive statistics of tax haven subsidiaries and investment made by selected Indian multinational companies during 2019–2023 (in Rs. Crore)
| Companies | Investment | Subsidiary | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Mean | Median | S.D. | Min | Max | Mean | Median | S.D. | Min | Max | |
| Adani Enterprises Ltd. | 30.9 | 30.9 | 0 | 30.9 | 30.9 | 10.2 | 10 | 1.79 | 8 | 12 |
| Adani Ports Special Economic | 23 | 6.8 | 43.9 | 0.04 | 101 | 6.2 | 6 | 1.92 | 4 | 9 |
| Apollo Hospitals Enterprise Ltd. | 10.6 | 0.145 | 14.4 | 0.1 | 28.2 | 1 | 1 | 0 | 1 | 1 |
| Asian Paints Ltd. | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Bajaj Auto Ltd. | 1,220 | 1,220 | 0 | 1,220 | 1,220 | 1 | 1 | 0 | 1 | 1 |
| Bharti Airtel Ltd. | 8,790 | 8,790 | 0 | 8,790 | 8,790 | 1.75 | 1 | 1.5 | 1 | 4 |
| Britannia Industries Ltd. | 157 | 192 | 49.5 | 86.7 | 192 | 5.2 | 5 | 0.447 | 5 | 6 |
| Cipla Ltd. | 293 | 311 | 102 | 125 | 405 | 6.2 | 6 | 0.837 | 5 | 7 |
| Divis Laboratories Ltd. | 4.04 | 4.04 | 0 | 4.04 | 4.04 | 1 | 1 | 0 | 1 | 1 |
| Dr Reddys Laboratories Ltd. | 1,350 | 1,350 | 0.0548 | 1,350 | 1,350 | 7.8 | 9 | 1.64 | 6 | 9 |
| Eicher Motors Ltd. | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Grasim Industries Ltd. | 1,580 | 2,640 | 1,440 | 0 | 2,640 | 13.2 | 14 | 1.1 | 12 | 14 |
| Hero Motocorp Ltd. | 287 | 296 | 14.8 | 262 | 296 | 1 | 1 | 0 | 1 | 1 |
| Hindalco Industries Ltd. | 6,100 | 10,200 | 5,570 | 0 | 10,200 | 12.4 | 14 | 2.19 | 10 | 14 |
| ICICI Bank Ltd. | 2,890 | 2,960 | 454 | 2,350 | 3,490 | 2 | 2 | 0 | 2 | 2 |
| ITC Ltd. | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Infosys Ltd. | 1,340 | 1,350 | 7.12 | 1,340 | 1,350 | 14.8 | 15 | 2.86 | 10 | 17 |
| JSW Steel Ltd. | 8.44 | 8.74 | 0.405 | 8 | 8.74 | 6.4 | 6 | 0.548 | 6 | 7 |
| Kotak Mahindra Bank Ltd. | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 0 | 3 | 3 |
| Larsen Toubro Ltd. | 53.2 | 53.2 | 0.13 | 53.2 | 53.5 | 2.4 | 1 | 1.95 | 1 | 5 |
| Ltimindtree Ltd. | 149 | 169 | 29.4 | 117 | 173 | 7.2 | 7 | 0.447 | 7 | 8 |
| Mahindra Mahindra Ltd. | 0 | 0 | 0 | 0 | 0 | 17.6 | 18 | 0.548 | 17 | 18 |
| Reliance Industries Ltd. | 9,500 | 1,060 | 20,000 | 65 | 45,300 | 14.2 | 13 | 3.27 | 10 | 18 |
| State Bank of India | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 0 | 4 | 4 |
| Sun Pharmaceutical Inds Ltd. | 10,300 | 9,390 | 1,280 | 9,390 | 12,000 | 2 | 2 | 0 | 2 | 2 |
| Tata Consultancy Services Ltd. | 581 | 677 | 132 | 422 | 677 | 3.6 | 4 | 0.548 | 3 | 4 |
| Tata Motors Ltd. | 10,200 | 10,200 | 0 | 10,200 | 10,200 | 2 | 2 | 0 | 2 | 2 |
| Tata Steel Ltd. | 18,000 | 22,500 | 9,630 | 775 | 22,500 | 3 | 3 | 0 | 3 | 3 |
| Tech Mahindra Ltd. | 829 | 990 | 368 | 279 | 1,150 | 29.2 | 30 | 3.83 | 24 | 34 |
| Titan Company Ltd. | 0 | 0 | 0 | 0 | 0 | 3.8 | 4 | 0.447 | 3 | 4 |
| UPL Ltd. | 68.4 | 0 | 93.7 | 0 | 171 | 34.2 | 34 | 1.3 | 33 | 36 |
| Ultratech Cement Ltd. | 1.5 | 0 | 3.36 | 0 | 7.51 | 13.4 | 14 | 0.894 | 12 | 14 |
| Wipro Ltd. | 136 | 134 | 5.5 | 134 | 146 | 7.2 | 7 | 1.3 | 6 | 9 |
| Companies | Investment | Subsidiary | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Mean | Median | S.D. | Min | Max | Mean | Median | S.D. | Min | Max | |
| Adani Enterprises Ltd. | 30.9 | 30.9 | 0 | 30.9 | 30.9 | 10.2 | 10 | 1.79 | 8 | 12 |
| Adani Ports Special Economic | 23 | 6.8 | 43.9 | 0.04 | 101 | 6.2 | 6 | 1.92 | 4 | 9 |
| Apollo Hospitals Enterprise Ltd. | 10.6 | 0.145 | 14.4 | 0.1 | 28.2 | 1 | 1 | 0 | 1 | 1 |
| Asian Paints Ltd. | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Bajaj Auto Ltd. | 1,220 | 1,220 | 0 | 1,220 | 1,220 | 1 | 1 | 0 | 1 | 1 |
| Bharti Airtel Ltd. | 8,790 | 8,790 | 0 | 8,790 | 8,790 | 1.75 | 1 | 1.5 | 1 | 4 |
| Britannia Industries Ltd. | 157 | 192 | 49.5 | 86.7 | 192 | 5.2 | 5 | 0.447 | 5 | 6 |
| Cipla Ltd. | 293 | 311 | 102 | 125 | 405 | 6.2 | 6 | 0.837 | 5 | 7 |
| Divis Laboratories Ltd. | 4.04 | 4.04 | 0 | 4.04 | 4.04 | 1 | 1 | 0 | 1 | 1 |
| Dr Reddys Laboratories Ltd. | 1,350 | 1,350 | 0.0548 | 1,350 | 1,350 | 7.8 | 9 | 1.64 | 6 | 9 |
| Eicher Motors Ltd. | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Grasim Industries Ltd. | 1,580 | 2,640 | 1,440 | 0 | 2,640 | 13.2 | 14 | 1.1 | 12 | 14 |
| Hero Motocorp Ltd. | 287 | 296 | 14.8 | 262 | 296 | 1 | 1 | 0 | 1 | 1 |
| Hindalco Industries Ltd. | 6,100 | 10,200 | 5,570 | 0 | 10,200 | 12.4 | 14 | 2.19 | 10 | 14 |
| ICICI Bank Ltd. | 2,890 | 2,960 | 454 | 2,350 | 3,490 | 2 | 2 | 0 | 2 | 2 |
| ITC Ltd. | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Infosys Ltd. | 1,340 | 1,350 | 7.12 | 1,340 | 1,350 | 14.8 | 15 | 2.86 | 10 | 17 |
| JSW Steel Ltd. | 8.44 | 8.74 | 0.405 | 8 | 8.74 | 6.4 | 6 | 0.548 | 6 | 7 |
| Kotak Mahindra Bank Ltd. | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 0 | 3 | 3 |
| Larsen Toubro Ltd. | 53.2 | 53.2 | 0.13 | 53.2 | 53.5 | 2.4 | 1 | 1.95 | 1 | 5 |
| Ltimindtree Ltd. | 149 | 169 | 29.4 | 117 | 173 | 7.2 | 7 | 0.447 | 7 | 8 |
| Mahindra Mahindra Ltd. | 0 | 0 | 0 | 0 | 0 | 17.6 | 18 | 0.548 | 17 | 18 |
| Reliance Industries Ltd. | 9,500 | 1,060 | 20,000 | 65 | 45,300 | 14.2 | 13 | 3.27 | 10 | 18 |
| State Bank of India | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 0 | 4 | 4 |
| Sun Pharmaceutical Inds Ltd. | 10,300 | 9,390 | 1,280 | 9,390 | 12,000 | 2 | 2 | 0 | 2 | 2 |
| Tata Consultancy Services Ltd. | 581 | 677 | 132 | 422 | 677 | 3.6 | 4 | 0.548 | 3 | 4 |
| Tata Motors Ltd. | 10,200 | 10,200 | 0 | 10,200 | 10,200 | 2 | 2 | 0 | 2 | 2 |
| Tata Steel Ltd. | 18,000 | 22,500 | 9,630 | 775 | 22,500 | 3 | 3 | 0 | 3 | 3 |
| Tech Mahindra Ltd. | 829 | 990 | 368 | 279 | 1,150 | 29.2 | 30 | 3.83 | 24 | 34 |
| Titan Company Ltd. | 0 | 0 | 0 | 0 | 0 | 3.8 | 4 | 0.447 | 3 | 4 |
| UPL Ltd. | 68.4 | 0 | 93.7 | 0 | 171 | 34.2 | 34 | 1.3 | 33 | 36 |
| Ultratech Cement Ltd. | 1.5 | 0 | 3.36 | 0 | 7.51 | 13.4 | 14 | 0.894 | 12 | 14 |
| Wipro Ltd. | 136 | 134 | 5.5 | 134 | 146 | 7.2 | 7 | 1.3 | 6 | 9 |
Source(s): Gretl output based on the annual report of the companies
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