MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

377 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of ownership interest * As at 31 st March, 2023 2022 Mahindra Vehicle Sales and Service Inc..................................................................................................................................................... U.S.A. 100.00% 100.00% Mahindra North American Technical Center, Inc.................................................................................................................................. U.S.A. 100.00% 100.00% Mahindra Bangladesh Private Limited (Liquidated w.e.f. 14 th March, 2023).................................................................... Bangladesh — 100.00% Mahindra Electric Automobile Limited (w.e.f. 25 th October, 2022)......................................................................................... India 100.00% — Gromax Agri Equipment Limited..................................................................................................................................................................... India 60.00% 60.00% Trringo.com Limited.................................................................................................................................................................................................. India 100.00% 100.00% Mahindra USA Inc....................................................................................................................................................................................................... U.S.A. 100.00% 100.00% Mitsubishi Mahindra Agricultural Machinery Co., Ltd $................................................................................................................... Japan 66.67% 66.67% Mitsubishi Agricultural Machinery Sales Co., Ltd.................................................................................................................................. Japan 66.67% 66.67% Ryono Factory Co., Ltd........................................................................................................................................................................................... Japan 66.67% 66.67% Ryono Engineering Co., Ltd................................................................................................................................................................................. Japan 66.67% 66.67% Dia Computer Service Co., Ltd.......................................................................................................................................................................... Japan 66.67% 66.67% Ryono Asset Management Co., Ltd................................................................................................................................................................ Japan 66.67% 66.67% Mahindra Mexico S. de. R. L. (Under Liquidation)................................................................................................................................. Mexico 100.00% 100.00% Mahindra do Brasil Industrial Ltda................................................................................................................................................................. Brazil 100.00% 100.00% Erkunt Traktor Sanayii Anonim Şirketi........................................................................................................................................................ Turkey 100.00% 100.00% Erkunt Sanayi Anonim Şirketi........................................................................................................................................................................... Turkey 98.69% 98.69% Sampo Rosenlew Oy (w.e.f. 22 nd July, 2022)^....................................................................................................................................... Finland 100.00% — Swaraj Engines Limited (w.e.f. 28 th September, 2022) ^^............................................................................................................. India 52.13% — M.I.T.R.A Agro Equipments Private Limited (w.e.f. 17 th March, 2023) ^................................................................................ India 100.00% — Kota Farm Services Limited @......................................................................................................................................................................... India 47.81% 47.81% Mahindra Agri Solutions Limited..................................................................................................................................................................... India 98.79% 98.79% Mahindra EPC Irrigation Limited...................................................................................................................................................................... India 54.31% 54.40% Mahindra HZPC Private Limited...................................................................................................................................................................... India 59.22% 59.22% Mahindra Fruits Private Limited...................................................................................................................................................................... India 98.79% 98.79% OFD Holding B.V. (upto 20 th April, 2022) **............................................................................................................................................. Netherlands — 82.09% Origin Direct Asia Ltd. (upto 20 th April, 2022) **................................................................................................................................. Hong Kong — 49.25% Origin Fruit Direct B.V. (upto 20 th April, 2022) **................................................................................................................................ Netherlands — 82.09% Origin Fruit Services South America SpA (upto 20 th April, 2022) **.................................................................................... Chile — 82.09% Origin Direct Asia (Shanghai) Trading Co. Ltd. (upto 20 th April, 2022) **........................................................................... China — 82.09% Mahindra Fresh Fruits Distribution Holding Company (Europe) B.V. (Liquidated w.e.f. 28 th February, 2023)....................................................................................................................................................... Netherlands — 98.79% Merakisan Private Limited (upto 7 th September, 2022) **............................................................................................................ India — 91.59% Mahindra First Choice Wheels Limited........................................................................................................................................................ India 55.18% 50.60% Fifth Gear Ventures Limited............................................................................................................................................................................... India 55.18% 50.60% Mahindra First Choice Wheels Limited ESOP Trust........................................................................................................................... India 55.18% 50.60% Mahindra & Mahindra Financial Services Limited................................................................................................................................ India 52.24% 52.26% Mahindra Insurance Brokers Limited............................................................................................................................................................ India 41.79% 41.81% Mahindra Rural Housing Finance Limited................................................................................................................................................. India 51.73% 51.87% Mahindra Finance CSR Foundation................................................................................................................................................................ India 52.24% 52.26% 39. 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.)