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

358 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 39. 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, 2022 2021 Swaraj Engines Limited.................................................................................................................... India 34.72% 34.74% Tech Mahindra Limited.................................................................................................................... India 28.28% 28.81% 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% 7.83% PSL Media & Communications Limited........................................................................................... India 40.00% 40.00% The East India Company Group Limited BVI #. ............................................................................. Singapore 18.62% 18.62% Kiinteistö Oy Seniori-Saimaa........................................................................................................... Finland 31.15% 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% 42.85% PF Holdings B.V................................................................................................................................. Netherland 40.00% 40.00% Merakisan Private Limited (Upto 4 th January, 2022)^^................................................................. India — 31.94% Brainbees Solutions Private Limited #............................................................................................ India 12.42% 13.65% Medwell Ventures Private Limited.................................................................................................. India 31.45% 31.45% HDG-Asia Ltd. ................................................................................................................................... Hong Kong 50.00% 50.00% Scoot Networks Inc (Liquidated w.e.f. 5 th June, 2021).................................................................. U.S.A. — 45.71% ReNew Sunlight Energy Private Limited (w.e.f. 1 st November, 2021).......................................... India 37.21% — Resson Aerospace Corporation #.................................................................................................... Canada 11.65% 11.65% 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, 2022 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, 2021. # E ntities 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. ^^ D uring the year ended March 2022, the Controlling status was changed from Associate to subsidiary. All of the above associates/Joint ventures are accounted for using the equity method in consolidated financial statements.