MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

351 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2021-22 37. Significant changes in ownership Mahindra Ideal Finance Limited Pursuant to the Share Subscription, Share Purchase and Shareholders’ Agreement dated 20 th August, 2019 with Ideal Finance Limited, Sri Lanka (Ideal Finance) and its existing shareholders for Investment of the third and final tranche for acquisition of shares of Ideal Finance from its existing shareholders, Mahindra Finance has completed the acquisition of the balance 20% of the Equity Share Capital aggregating 2,91,29,032 Equity Shares of Ideal Finance from Its existing shareholders for Rs. 33.97 crores on 8 th July 2021, resulting in an increase in the stake in Ideal Finance from 38.20% to 58.20%, Consequent to this investment, Ideal Finance has become a Subsidiary of the Company effective 8 th July, 2021. 38. 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 * As at 31 st March, 2022 2021 Mahindra Vehicle Manufacturers Limited #. ...................................................................................... India — 100.00% Mahindra Heavy Engines Limited........................................................................................................ India 100.00% 100.00% Mahindra Electric Mobility Limited. .................................................................................................... India 98.98% 99.35% NBS International Limited. ................................................................................................................... India 100.00% 100.00% Mahindra Automotive Australia Pty. Limited..................................................................................... Australia 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% Mahindra West Africa Limited (Under liquidation). .......................................................................... Nigeria 100.00% 100.00% Gromax Agri Equipment Limited......................................................................................................... India 60.00% 60.00% Kota Farm Services Limited @.............................................................................................................. India 47.81% 47.81% 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% Mitsubishi Agricultural Machinery Sales Co., Ltd............................................................................... Japan 66.67% 66.67% Ryono Factory Co., Ltd.......................................................................................................................... Japan 66.67% 66.67% Ryono Engineering Co., Ltd.. ............................................................................................................... Japan 66.67% 66.67% Dia Computer Service Co., Ltd............................................................................................................. Japan 66.67% 66.67% Ryono Asset Management Co., Ltd..................................................................................................... Japan 66.67% 66.67% 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 (upto 16 th September, 2021) **....................... Turkey — 94.33% Hisarlar Ì thalat Ì hracat Pazarlama Anonim Ş irketi (upto 16 th September, 2021) **..................... Turkey — 94.33% Mahindra & Mahindra Financial Services Limited.............................................................................. India 52.26% 52.31% Mahindra Insurance Brokers Limited................................................................................................... India 41.81% 41.85% Mahindra Rural Housing Finance Limited........................................................................................... India 51.87% 52.00% Mahindra Finance CSR Foundation. .................................................................................................... India 52.26% 52.31% MRHFL Employee Welfare Trust (ESOP). ............................................................................................. India 51.87% 52.00% Mahindra Lifespace Developers Limited. ............................................................................................ India 51.33% 51.46% Mahindra Infrastructure Developers Limited...................................................................................... India 51.33% 51.46% Mahindra World City (Maharashtra) Limited...................................................................................... India 51.33% 51.46% Mahindra Integrated Township Limited.............................................................................................. India 37.98% 38.08% Knowledge Township Limited.............................................................................................................. India 51.33% 51.46% Mahindra Residential Developers Limited. ......................................................................................... India 37.98% 38.08% Industrial Township (Maharashtra) Limited........................................................................................ India 51.33% 51.46%