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

357 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2021-22 39. Investment in Joint Arrangements and Associates Interests in Joint Ventures: The Group’s interests in jointly controlled entities of the Group are: Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest As at 31 st March, 2022 2021 Mahindra World City (Jaipur) Limited #. ....................................................................................... India 74.00% 74.00% Mahindra World City Developers Limited #. ................................................................................. India 89.00% 89.00% Mahindra Industrial Park Chennai Limited #................................................................................. India 60.00% 60.00% Mahindra Homes Private Limited #**............................................................................................ India 72.51% 71.61% Mahindra Inframan Water Utilities Private Limited...................................................................... India 50.00% 50.00% Mahindra Sanyo Special Steel Private Limited. ............................................................................. India 22.81% 22.81% Mahindra Aerospace Private Limited #.......................................................................................... India 91.59% 91.59% Mahindra Tsubaki Conveyor Systems Private Limited (upto 21 st February, 2022). ..................... India — 49.00% Mahindra Telephonics Integrated Systems Limited #. .................................................................. India 51.00% 51.00% Brightsolar Renewable Energy Private Limited (upto 18 th August, 2021) ^. .............................. India — 51.00% Jinan Qingqi Peugeot Motocycles Co Ltd. .................................................................................... China 50.00% 50.00% Mahindra-BT Investment Company (Mauritius) Limited #............................................................ Mauritius 57.00% 57.00% Mahindra Industrial Park Private Limited **................................................................................. India 100.00% 100.00% Kiinteistö Oy Vierumäen Kaari (w.e.f. 27 th July, 2021) **. ........................................................... Finland 100.00% — Classic Legends Private Limited #. .................................................................................................. India 60.00% 60.00% Mahindra Happinest Developers Limited #. .................................................................................. India 51.00% 51.00% M.I.T.R.A Agro Equipments Private Limited................................................................................... India 49.00% 40.60% Zoomcar Inc. ..................................................................................................................................... India 16.83% 16.83% Transtech Logistics Private Limited................................................................................................. India 39.79% 39.79% Mahindra Top Greenhouses Private Limited #. ............................................................................. India 60.00% 60.00% Smartshift Logistics Solutions Private Limited............................................................................... India 26.28% 35.76% Carnot Technologies Private Limited #........................................................................................... India 73.00% 49.51% Sampo Rosenlew Oy #. .................................................................................................................... Finland 79.13% 79.13% Mahindra Ideal Lanka (Private) Limited......................................................................................... India 35.00% 35.00% Tropiikin Rantasauna Oy.................................................................................................................. Finland 50.00% 50.00% New Delhi Centre for Sight Limited............................................................................................... India 30.83% 30.83% Marvel Solren Private Limited #...................................................................................................... India 51.00% 51.00% Mahindra Summit Agriscience Limited #....................................................................................... India 60.00% 60.00% Aquasail Distribution Company Private Limited............................................................................ India 17.65% 17.65% Mahindra Ideal Finance Limited (formerly known as Ideal Finance Limited) (upto 7 th July, 2021) ^...................................................................................................................... Sri Lanka — 38.20% Mahindra Manulife Investment Management Private Limited #................................................. India 51.00% 51.00% Mahindra Manulife Trustee Private Limited #............................................................................... India 51.00% 51.00% # E ntities have been treated as Joint Ventures even though the Group holds more than half of the voting power in these entities as it does not have unilateral control over the investee, primarily due to existence of agreements that give the substantive rights to other investors. ** A s per agreement with other shareholders, the economic interest of Mahindra Lifespace Developers Limited and Holiday Club Resort Oy is 50%. ^ During the year ended March 2022, the Controlling status was changed from joint venture to subsidiary.