annual-report-FY2021

356 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 * ## As at 31 st March, 2021 2020 Mahindra Steel Service Centre Limited............................................................................................... India 61.00% 61.00% Mahindra Electrical Steel Private Limited........................................................................................... India 100.00% 100.00% Mahindra Auto Steel Private Limited.................................................................................................. India 51.00% 51.00% Mahindra MiddleEast Electrical Steel Service Centre (FZC)............................................................... U.A.E. 90.00% 90.00% Mahindra MSTC Recycling Private Limited. ........................................................................................ India 50.00% 50.00% PT Mahindra Accelo Steel Indonesia...................................................................................................... Indonesia 99.98% 99.96% Mahindra Holdings Limited.................................................................................................................. India 100.00% 100.00% Mahindra Overseas Investment Company (Mauritius) Limited......................................................... Mauritius 100.00% 100.00% Mahindra Racing UK Limited............................................................................................................... U.K. 100.00% 100.00% Mahindra Susten Private Limited......................................................................................................... India 100.00% 100.00% Mahindra Renewables Private Limited................................................................................................ India 100.00% 100.00% Mahindra Teqo Private Limited............................................................................................................ India 100.00% 100.00% Divine Solren Private Limited (upto 15 th April, 2020)........................................................................ India — 100.00% Neo Solren Private Limited................................................................................................................... India 100.00% 100.00% Astra Solren Private Limited................................................................................................................. India 100.00% 100.00% Mega Suryaurja Private Limited........................................................................................................... India 100.00% 100.00% Mahindra Engineering and Chemical Products Limited. ................................................................... India 100.00% 100.00% Retail Initiative Holdings Limited. ....................................................................................................... India 100.00% 100.00% Mahindra Retail Limited....................................................................................................................... India 100.00% 100.00% Mahindra Defence Systems Limited. ................................................................................................... India 100.00% 100.00% Mahindra First Choice Wheels Limited................................................................................................ India 50.60% 51.00% Fifth Gear Ventures Limited................................................................................................................. India 50.60% 51.00% Mahindra First Choice Services Limited (upto 25 th February, 2021).................................................. India — 100.00% Mahindra Namaste Limited.................................................................................................................. India 88.35% 88.35% Mahindra Integrated Business Solutions Private Limited.................................................................. India 100.00% 100.00% Mahindra Publications Limited (formerly known as Mahindra ‘Electoral Trust’ Company) #........ India 100.00% 100.00% Mahindra eMarket Limited. ................................................................................................................. India 83.47% 83.47% Mahindra Construction Company Limited.......................................................................................... India 65.37% 65.38% Officemartindia.com Limited................................................................................................................ India 50.00% 50.00% Mahindra & Mahindra Contech Limited @......................................................................................... India 46.66% 46.66% Mumbai Mantra Media Limited........................................................................................................... India 100.00% 100.00% Mahindra Airways Limited. .................................................................................................................. India 100.00% 100.00% Mahindra Marine Private Limited........................................................................................................ India 81.58% 81.58% Mahindra & Mahindra Financial Services Limited ESOP Trust........................................................... India 52.31% 51.39% Mahindra Holidays & Resorts India Limited ESOP Trust. ................................................................... India 67.63% 67.63% 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 50.60% 51.00% Mahindra Consulting Engineers Limited ESOP Trust.......................................................................... India 88.35% 88.35% Mahindra Waste To Energy Solutions Limited.................................................................................... India 87.39% 84.57% 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.)