annual-report-FY2020

356 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 35. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (a) Details of the Group’s subsidiaries at the end of the reporting period are as follows: Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of ownership interest * Proportion of voting power where different As at 31 st March, As at 31 st March, 2020 2019 2020 2019 Mahindra Vehicle Manufacturers Limited................................................ India 100.00% 100.00% Mahindra Heavy Engines Limited............................................................. India 100.00% 100.00% Mahindra Electric Mobility Limited.......................................................... India 99.43% 99.45% Mahindra Trucks and Buses Limited......................................................... India 100.00% 100.00% Mahindra Automobile Distributor Private Limited................................. India 100.00% 100.00% NBS International Limited......................................................................... India 100.00% 100.00% Mahindra Automotive Australia Pty. Limited.......................................... Australia 100.00% 100.00% Ssangyong Motor Company...................................................................... South Korea 74.65% 74.65% Ssangyong Motor (Shanghai) Company Limited..................................... China 74.65% 74.65% 100.00% 100.00% Ssangyong European Parts Center B.V..................................................... Netherlands 74.65% 74.65% 100.00% 100.00% SsangYong Australia Pty Limited.............................................................. Australia 74.65% 74.65% 100.00% 100.00% Mahindra Europe s.r.l................................................................................ Italy 100.00% 100.00% Mahindra and Mahindra South Africa (Proprietary) Limited................ South Africa 100.00% 100.00% Graphic Research Design S.r.l. (formerly known as Mahindra Graphic Research Design S.r.l.) (under liquidation)............................................... Italy 100.00% 100.00% Mahindra West Africa Limited.................................................................. Nigeria 100.00% 100.00% Gromax Agri Equipment Limited.............................................................. India 60.00% 60.00% Auto Digitech Private Limited................................................................... India 100.00% 100.00% Kota Farm Services Limited....................................................................... India 47.81% 47.81% 51.02% 51.02% Trringo.com Limited................................................................................... India 100.00% 100.00% Mahindra USA Inc...................................................................................... U.S.A. 100.00% 100.00% Mitsubishi Mahindra Agricultural Machinery Co., Ltd $......................... Japan 66.67% 66.67% 33.33% 33.33% Mitsubishi Noki Hanbai co., Ltd................................................................ Japan 66.67% 66.67% 100.00% 100.00% Ryono Factory co., Ltd...... Japan 66.67% 66.67% 100.00% 100.00% Ryono Engineering co., Ltd....................................................................... Japan 66.67% 66.67% 100.00% 100.00% Daiya Computer Services co., Ltd.............................................................. Japan 66.67% 66.67% 100.00% 100.00% Ryono Asset Management co., Ltd........................................................... Japan 66.67% 66.67% 100.00% 100.00% Mahindra Mexico S. de. R. L..................................................................... Mexico 100.00% 100.00% Mahindra do Brasil Industrial Ltda........................................................... Brazil 100.00% 100.00% Hisarlar Makina Sanayi ve Ticaret Anonim Ş irketi.................................. Turkey 88.86% 86.80% Hisarlar İ thalat İ hracat Pazarlama Anonim Ş irketi................................. Turkey 88.86% 86.80% 100.00% 100.00% Mahindra & Mahindra Financial Services Limited................................... India 51.39% 51.43% Mahindra Insurance Brokers Limited........................................................ India 41.11% 41.14% 80.00% 80.00% Mahindra Rural Housing Finance Limited................................................ India 51.18% 46.24% 99.60% 89.91% Mahindra Asset Management Company Private Limited....................... India 51.39% 51.43% 100.00% 100.00% Mahindra Trustee Company Private Limited............................................ India 51.39% 51.43% 100.00% 100.00% Mahindra Finance CSR Foundation (w.e.f. 02 April, 2019)..................... India 51.39% — 100.00% MRHFL Employee Welfare Trust (ESOP)................................................... India 51.18% 46.24% 100.00% 100.00% Mahindra Lifespace Developers Limited.................................................. India 51.48% 51.49% Mahindra Infrastructure Developers Limited........................................... India 51.48% 51.49% 100.00% 100.00%