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

354 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, 2022 2021 PT Mahindra Accelo Steel Indonesia................................................................................................... Indonesia 99.98% 99.98% 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% 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% Retail Initiative Holdings Limited #..................................................................................................... India — 100.00% Mahindra Retail Limited #.................................................................................................................... India — 100.00% Mahindra Defence Systems Limited. ................................................................................................... India 100.00% 100.00% Mahindra First Choice Wheels Limited................................................................................................ India 50.60% 50.60% Fifth Gear Ventures Limited................................................................................................................. India 50.60% 50.60% 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) (upto 27 th October, 2021) **. ............................................................................................................... India — 100.00% Mahindra eMarket Limited. ................................................................................................................. India 83.47% 83.47% Mahindra Construction Company Limited.......................................................................................... India 65.30% 65.37% 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 52.26% 52.31% Mahindra Holidays & Resorts India Limited ESOP Trust. ................................................................... India 67.47% 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% 50.60% Mahindra Consulting Engineers Limited ESOP Trust.......................................................................... India 88.35% 88.35% Mahindra Waste To Energy Solutions Limited.................................................................................... India 87.39% 87.39% Mahindra Telecom Energy Management Services Private Limited (formerly known as Mahindra Telecom Energy Management Services Limited)............................................................... India 100.00% 100.00% Mahindra Fresh Fruits Distribution Holding Company (Europe) B.V................................................ Netherlands 98.79% 98.79% 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% 38. 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.)