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

355 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2021-22 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of ownership interest * As at 31 st March, 2022 2021 Erkunt Traktor Sanayii Anonim Ş irketi. .............................................................................................. Turkey 100.00% 100.00% Erkunt Sanayi Anonim Ş irketi.............................................................................................................. Turkey 98.69% 98.69% Mahindra Logistics Limited................................................................................................................... India 58.18% 58.34% Lords Freight (India) Private Limited................................................................................................... India 57.63% 57.79% 2 x 2 Logistics Private Limited.............................................................................................................. India 32.00% 32.09% Mahindra Emirates Vehicle Armouring FZ-LLC................................................................................... U.A.E. 88.00% 88.00% Mahindra Armored Vehicles Jordan, LLC............................................................................................ Jordan 88.00% 88.00% New Democratic Electoral Trust @....................................................................................................... India 33.37% 33.38% Meru Travel Solutions Private Limited. ............................................................................................... India 100.00% 87.34% Meru Mobility Tech Private Limited. ................................................................................................... India 100.00% 87.34% V-Link Fleet Solutions Private Limited................................................................................................. India 100.00% 87.34% V-Link Automotive Services Private Limited. ...................................................................................... India 100.00% 87.34% Mahindra Bangladesh Private Limited. ............................................................................................... Bangladesh 100.00% 100.00% MSPL International DMCC.................................................................................................................... Dubai 100.00% 100.00% Mahindra Solarize Private Limited (w.e.f. 6 th April, 2021)................................................................. India 100.00% — Mahindra Ideal Finance Limited (formerly known as Ideal Finance Limited) (w.e.f. 8 th July, 2021) ^ ......................................................................................................................... Sri Lanka 30.42% — Brightsolar Renewable Energy Private Limited (w.e.f. 19 th August, 2021) ^................................... India 100.00% — Merakisan Private Limited (w.e.f. 5 th January, 2022) ^^.................................................................... India 90.48% — Martial Solren Private Limited. ............................................................................................................ India 100.00% 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 JPY2250 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. ^ D uring the year ended March 2022, the Controlling status was changed from joint venture to subsidiary. ^^ During the year ended March 2022, the Controlling status was changed from associate to subsidiary. # Entities have been merged with Mahindra & Mahindra Limited ** Entity has been disposed off and ceased to be a Subsidiary. 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.)