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

55 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2021-22 Services South America SpA, Mahindra Engineering and Chemical Products Limited, Retail Initiative Holdings Limited and Mahindra Retail Limited ceased to be Subsidiaries of your Company. Meru Mobility Tech Private Limited (“MMTPL”), V-Link Fleet Solutions Private Limited (“VFSPL”) and V-Link Automotive Services Private Limited (“VASPL”) have ceased to be subsidiaries of Meru Travel Solutions Private Limited (“MTSPL”), a wholly owned subsidiary of your Company and have become subsidiaries of Mahindra Logistics Limited (“MLL”), a listed subsidiary of your Company. Further, MTSPL has also ceased to be a wholly owned subsidiary of your Company and has become a wholly owned subsidiary of MLL. Since MLL is a listed subsidiary of your Company, MTSPL, MMTPL, VFSPL and VASPL continue to remain the subsidiaries of your Company. Subsequent to the year end, name of Supermarket Capri Oy has been changed to Kiinteistö Oy Rauhan Liikekiinteistöt 1. Subsequent to the year end, Brainbees Solutions Private Limited became an Associate of your Company pursuant to the Scheme of Merger by Absorption of Mahindra Engineering and Chemical Products Limited, Retail Initiative Holdings Limited and Mahindra Retail Limited with the Company becoming effective. A Report on the performance and nancial position of each of the subsidiaries, associates and joint venture companies included in the Consolidated Financial Statements and their contribution to the overall performance of the Company, is provided in Form AOC‑1 and forms part of this Annual Report. The Policy for determining material subsidiaries as approved by the Board is uploaded on the Company’s website and can be accessed in the Governance section at the Web-link: https://www.mahindra.com/investors/reports-and-filings. C. JOINT VENTURES, ACQUISITIONS AND OTHER MATTERS Investment in Carnot Technologies Private Limited During the year, your Company increased its shareholding in Carnot Technologies Private Limited (“Carnot”), from 48.05% to 68.97% on a fully diluted basis, for an aggregate consideration of Rs. 14 crores comprising of primary infusion in the company of Rs. 2.5 crores and secondary purchase from its shareholders of Rs. 11.5 crores. Carnot is an Indian Company engaged in the business of technology development, related to IOT, data analytics and AI based products and services. Carnot is expected to support the Company’s strategy by developing digital solutions and applications for its products, customers and businesses, especially for the Farming as a Service segment. Increase of stake in M.I.T.R.A. Agro Equipments Private Limited During the year, your Company increased its shareholding in M.I.T.R.A. Agro Equipments Private Limited (“MITRA”), from 39.02% to 47.33% on a fully diluted basis, for an aggregate consideration of around Rs. 7 crores. MITRA is an Indian Company engaged in the business of designing, developing, manufacturing, assembling and selling orchard sprayers, rotavators & spare parts and after sales services therefor. The purchase of additional equity shares in MITRA would support the Company’s Farm Equipment Sector’s growth in the horticulture sector. Merger of Mahindra Vehicle Manufacturers Limited into Mahindra & Mahindra Limited As mentioned in the previous Annual Report, the Board of Directors of your Company at its Meeting held on 29 th May, 2019, subject to requisite approvals/consents, approved the Scheme of Merger by Absorption of Mahindra Vehicle Manufacturers Limited, a wholly owned subsidiary of the Company (“MVML”) with the Company and their respective shareholders (“Scheme”) under the provisions of sections 230 to 232 of the Companies Act, 2013. During the year, the Scheme has become effective from 1 st July, 2021 post receipt of approvals from Directorate of Industries, Maharashtra Industrial Development Corporation and National Company Law Tribunal, Mumbai Bench (“NCLT”). The Appointed Date of the Scheme was 1 st April, 2019 and the entire assets and liabilities of MVML have been transferred to and recorded by the Company at book values. The entire share capital of MVML was held by the Company. Upon the Scheme being effective, all shares (‘Preference and Equity’) held by the Company in MVML stand cancelled, without any further act or deed and no consideration has been discharged on merger. Accordingly, the Merger by Absorption of MVML with the Company stands completed.