annual-report-FY2021

360 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 36. Investment in Joint Arrangements and Associates (contd.) Interests in Associates : The Group’s interests in associates are : Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest As at 31 st March, 2021 2020 Swaraj Engines Limited . ................................................................................................................. India 34.74% 34.76% Tech Mahindra Limited ................................................................................................................... India 28.81% 28.89% Mahindra Finance USA LLC ............................................................................................................ U.S.A. 49.00% 49.00% Mahindra CIE Automotive Limited # ............................................................................................. India 11.44% 11.44% CIE Automotive S.A. # . ................................................................................................................... Spain 7.83% 7.44% PSL Media & Communications Limited . ........................................................................................ India 40.00% 40.00% The East India Company Group Limited BVI # ............................................................................. U.K. 18.62% 18.62% Kiinteistö Oy Seniori-Saimaa .......................................................................................................... Finland 31.00% 31.00% Shiga Mitsubishi Agricultural Machinery Sales Co., Ltd. . ............................................................ Japan 22.40% 22.40% Kagawa Mitsubishi Agricultural Machinery Sales Co., Ltd. ......................................................... Japan 33.33% 33.33% Okanetsu Industry Co., Ltd.............................................................................................................. Japan 33.77% 33.77% Kitaiwate Ryono Co., Ltd. . ............................................................................................................. Japan 25.00% 25.00% Aizu Ryono Co., Ltd. ....................................................................................................................... Japan 21.25% 21.25% Joban Ryono Co., Ltd. ..................................................................................................................... Japan 20.00% 20.00% FukuryoKiki Hanbai Co., Ltd. ......................................................................................................... Japan 20.00% 20.00% Ibaraki Ryono Co., Ltd. ................................................................................................................... Japan 21.64% 21.64% Kotobuki Noki Co, Ltd. ................................................................................................................... Japan 33.33% 33.33% Honda Seisakusyo, Inc. . .................................................................................................................. Japan 25.00% 25.00% Yamaichi Honten Co., Ltd. . ............................................................................................................ Japan 42.85% 42.90% PF Holdings B.V. Netherland 40.00% 40.00% Merakisan Private Limited .............................................................................................................. India 31.94% 31.94% Brainbees Solutions Private Limited # ........................................................................................... India 13.65% 16.33% Medwell Ventures Private Limited . ............................................................................................... India 31.45% 31.45% HDG-Asia Ltd Netherland 50.00% 50.00% Scoot Networks Inc (under liquidation) ........................................................................................ U.S.A. 45.71% 45.71% Resson Aerospace Corporation # ................................................................................................... Canada 11.58% 10.60% Kumsan Dokum Mazelmeri A.S. .................................................................................................... Turkey 25.10% 25.10% Mahindra Knowledge Park Mohali Limited . ................................................................................ India 46.15% 46.15% ‘The financial statements of the Associates are drawn upto 31 st March, 2021 other than for CIE Automotive S.A, Mahindra CIE Automotive Limited & The East India Company Group Limited BVI where it is upto 31 st December, 2020. # Entities have been treated as Associate even though the Group holds less than 20% of the voting power in these entities as it has influence over the entity due to the board representation. All of the above associates/Joint ventures are accounted for using the equity method in consolidated financial statements.