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

388 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Part “B” Details of Associates/Joint Ventures [as per Section 2(6) of the Companies Act, 2013] Rupees crores Name of Associates / Joint Ventures Audited Balance Sheet Date Date of Acquisition No. of Equity shares held †† Proportion of ownership interest Cost of Investments Networth attributable to Shareholding as per latest audited Balance Sheet Profit/(Loss) for the year Considered in Consolidation Not considered in consolidation Swaraj Engines Limited 31/03/2022 11/08/2008 42,16,792 34.72% 26.28 106.13 38.01 71.46 Tech Mahindra Limited 31/03/2022 31/08/2012 24,82,20,799 28.28% 976.82 7,603.28 1,574.09 3,991.99 Mahindra CIE Automotive Limited 31/12/2021 01/07/2021 4,33,44,512 11.44% 1,095.16 594.30 44.94 347.96 Officemartindia.com Limited 31/03/2022 31/03/2002 7,49,997 50.00% — (0.13) — — Mahindra & Mahindra Contech Limited 31/03/2022 01/04/2010 70,000 46.66% 1.73 7.84 0.55 0.62 Kota Farm Services Limited 31/03/2022 15/04/2011 3,10,000 47.81% 0.30 (0.15) * * Mitsubishi Mahindra Agricultural Machinery co., Ltd.§ 01/10/2015 4 33.33% 191.59 71.58 5.68 11.36 P.F. holding BV $ 27/05/2016 2,63,36,050 40.00% 254.05 128.30 7.37 11.05 M.I.T.R.A Agro Equipments Private Limited 31/03/2022 15/02/2018 1,24,537 49.00% 23.80 14.48 2.14 3.12 Zoomcar Inc $ ≠ 16/02/2018 1,19,13,048 16.83% — — — — Smartshift Logistics Solutions Private Limited 31/03/2022 28/03/2018 10,40,148 26.28% 218.51 182.12 (36.39) (85.61) Mahindra Ideal Lanka Private Limited 31/03/2022 31/05/2018 1,75,000 35.00% 6.79 5.05 1.43 2.65 Mahindra Sanyo Special Steel Private Limited 31/03/2022 21/06/2018 34,75,264 22.81% 145.13 20.88 (4.73) (15.98) ReNew Sunlight Energy Private Limited 31/03/2022 06/07/2021 1,60,74,000 37.21% 16.07 14.05 (2.00) (3.38) ≠ Investment in Zoomcar Inc. is fully provided for impairment and hence loss for the period has not been considered in consolidation. Notes: There are no Associates or Joint ventures which are yet to commence operations. * denotes amount less than Rs. 50,000 †† including participating preference shares $ Based on unaudited financial statements as audit is not required as per their local laws § I n addition to JPY750 million Common Stock (which represents 33.33% of the Common stock),the Company owns the entire JPY 2,250 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. Vikram Singh Mehta Vishakha N. Desai T. N. Manoharan Haigreve Khaitan Shikha Sharma Nisaba Godrej Muthiah Murugappan Vijay Kumar Sharma CP Gurnani } Directors Anand G. Mahindra Chairman Anish Shah Managing Director and CEO Rajesh Jejurikar Executive Director (Automotive and Farm Sectors) Manoj Bhat Group Chief Financial Officer Narayan Shankar Company Secretary Mumbai, 28 th May, 2022 For Mahindra & Mahindra Limited