annual-report-FY2020

360 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 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 & Mahindra Benefit Trust........................................................ India 100.00% 100.00% Mahindra & Mahindra ESOP Trust............................................................ India 100.00% 100.00% Sunrise Initiatives Trust.............................................................................. India 100.00% 100.00% Mahindra First Choice Wheels Limited ESOP Trust................................. India 51.00% 51.00% 100.00% 100.00% Mahindra Consulting Engineers Limited ESOP Trust............................... India 88.35% 88.35% 100.00% 100.00% Mahindra Waste To Energy Solutions Limited......................................... India 84.57% 100.00% Mahindra Telecom Energy Management Services Limited..................... India 100.00% 100.00% Mahindra Fresh Fruits Distribution Holding Company (Europe) B.V..... Netherlands 98.60% 98.40% 100.00% 100.00% Mahindra Automotive North America Inc............................................... U.S.A. 100.00% 100.00% Mahindra Vehicle Sales and Service Inc................................................... U.S.A. 100.00% 100.00% Mahindra North American Technical Center, Inc..................................... U.S.A. 100.00% 100.00% Erkunt Traktor Sanayii A.S (Tractor)......................................................... Turkey 100.00% 100.00% Erkunt Sanayi A.S. - (Foundry).................................................................. Turkey 98.69% 98.69% Mahindra Logistics Limited......................................................................... India 58.45% 58.52% Lords Freight (India) Private Limited........................................................ India 48.47% 48.53% 82.92% 82.92% 2 x 2 Logistics Private Limited................................................................... India 32.15% 32.19% 55.00% 55.00% Mahindra Emirates Vehicle Armouring FZ-LLC........................................ U.A.E. 88.00% 88.00% Mahindra Armored Vehicles Jordan, LLC................................................. Jordan 88.00% 88.00% 100.00% 100.00% New Democratic Electoral Trust @............................................................ India 27.24% 27.24% 46.64% 46.64% Meru Travel Solutions Private Limited (w.e.f. 05 th December, 2019)..... India 85.88% Meru Mobility Tech Private Limited (w.e.f. 05 th December, 2019)......... India 85.88% 100.00% V-Link Fleet Solutions Private Limited (w.e.f. 05 th December, 2019)..... India 85.88% 100.00% V-Link Automotive Services Private Limited (w.e.f. 05 th December, 2019).... India 85.88% 100.00% Mahindra Bangladesh Private Limited (w.e.f. 12 th September, 2019).... Bangladesh 100.00% MSPL International DMCC (w.e.f. 08 th October, 2019)............................ Dubai 100.00% * excluding shares issued to ESOP Trusts of the respective entities/their holding companies but not allotted to employees. @ entities have been treated as subsidiaries even though the Group holds less than half of the voting power in these entities as it has unilateral control over the investees due to other factors that give power like control over composition of board, management control etc. $ In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock),the Company owns the entire JPY2,250 million “Class A” shares (shares with no voting rights); “Class A” shares have rights over dividend and liquidation on an equal basis with Common Stock. ^ During the year ended March 2020, the Controlling status was changed from subsidiary to joint venture. 35. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (contd.): (a) Details of the Group’s subsidiaries at the end of the reporting period are as follows: (contd.):