HOW WE DID IT

MNC DEFINITION, INCLUSIONS & EXCLUSIONS

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The way Fortune India has defined multinational corporations (MNCs) is:

•Indian-registered entities, typically classified as subsidiaries or associates of foreign companies, where a foreign promoter holds a majority stake of over 50% or is a significant shareholder. For instance, we have considered British American Tobacco (BAT) which has a significant but not a majority stake in the two companies: ITC and VST.

• The ultimate parent entity is the main entity that would be holding the stakes in the Indian entity directly or through a different entity registered in a different geography. For instance, in the case of Flipkart, Walmart is the ultimate parent entity even as the stake in the Indian operations is held through an entity registered in Singapore.

• The list has also considered joint ventures between foreign and Indian promoters, including a three-way joint venture where there are two foreign entities and one Indian company.

• In cases where there are several entities of a particular MNC, we have clubbed them together under the parent's name and is adequately highlighted in the table. For instance, in the case of Hyundai we have clubbed 4 different entities operating in India under Hyundai Motor Group. Also, in the case of group companies and other JVs, we have considered the entire revenue of a JV and not its proportionate share, except in the case of BAT. In case where the parent company/group has more than one operating entity in the country, we have listed the name of parent entity both in the company and ultimate holding/parent company columns.

• The sector classification for a business group or its ultimate holding company is based on the dominant revenue-contributing entity within the group.

EXCLUSIONS

• Only companies whose FY24 and FY23 results were available on multiple databases, including Capitaline, Tofler, and the MCA, were considered.