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

381 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 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.) Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of ownership interest * As at 31 st March, 2023 2022 Gipps Aero Pty Ltd (w.e.f 29 th March, 2023) ^...................................................................................................................................... Australia 100.00% — Airvan Flight Services Pty Ltd (w.e.f 29 th March, 2023) ^............................................................................................................ Australia 100.00% — GA8 Airvan Pty Ltd (w.e.f 29 th March, 2023) ^.................................................................................................................................... Australia 100.00% — GA200 Pty Ltd (w.e.f 29 th March, 2023) ^.............................................................................................................................................. Australia 100.00% — Nomad TC Pty Ltd (w.e.f 29 th March, 2023) ^....................................................................................................................................... Australia 100.00% — Airvan 10 Pty Ltd (w.e.f 29 th March, 2023) ^........................................................................................................................................ Australia 100.00% — Mahindra Consulting Engineers Limited (upto 16 th March, 2023) **..................................................................................... India — 88.35% Mahindra Consulting Engineers Limited ESOP Trust (upto 16 th March, 2023) **........................................................ India — 88.35% Mahindra Namaste Limited (upto 16 th March, 2023) **.................................................................................................................. India — 88.35% Mahindra Airways Limited.................................................................................................................................................................................... India 100.00% 100.00% Mahindra Automotive Mauritius Limited.................................................................................................................................................... Mauritius 100.00% 100.00% Mahindra Holdings Limited.................................................................................................................................................................................. India 100.00% 100.00% Mahindra Overseas Investment Company (Mauritius) Limited................................................................................................... Mauritius 100.00% 100.00% Mahindra Racing UK Limited.............................................................................................................................................................................. U.K. 100.00% 100.00% Mahindra Integrated Business Solutions Private Limited.............................................................................................................. India 100.00% 100.00% Mahindra eMarket Limited................................................................................................................................................................................... India 83.47% 83.47% Mahindra Construction Company Limited................................................................................................................................................. India 65.27% 65.30% Officemartindia.com Limited............................................................................................................................................................................... India 50.00% 50.00% Mahindra & Mahindra Contech Limited @................................................................................................................................................ India 46.66% 46.66% Mahindra Waste To Energy Solutions Limited....................................................................................................................................... India 100.00% 87.39% Mahindra Telecom Energy Management Services Limited........................................................................................................... India 100.00% 100.00% New Democratic Electoral Trust @............................................................................................................................................................... India 33.36% 33.37% Sunrise Initiatives Trust......................................................................................................................................................................................... India 100.00% 100.00% Mumbai Mantra Media Limited......................................................................................................................................................................... India 100.00% 100.00% Mahindra Marine Private Limited.................................................................................................................................................................... India 81.58% 81.58% Mahindra & Mahindra Benefit Trust.............................................................................................................................................................. India 100.00% 100.00% Mahindra & Mahindra ESOP Trust.................................................................................................................................................................. India 100.00% 100.00% * excluding shares issued to ESOP Trusts of the respective entities /their holding companies but not allotted to employees. @ entities have been treated as subsidiaries even though the Group holds less than half of the voting power in these entities as it has unilateral control over the investees due to other factors that give power like control over composition of board, management control etc. $ In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock), the Company owns the entire JPY2250 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. ^ During the year ended March 2023, the Controlling status was changed from joint venture to subsidiary. ^^ During the year ended March 2023, the Controlling status was changed from associate to subsidiary. ^^^ During the year ended March 2023, the Controlling status was changed from subsidiary to joint venture. # Entities have been merged with Mahindra and Mahindra Limited. ## Entities have been merged with Mahindra World City Developers Limited, a joint venture of the company. ### Entities have been merged with Holiday Club Resorts Oy, a subsidiary of the company. #^ Entities have been merged with Supermarket Capri Oy, a subsidiary of the company. ** Entity has been disposed off and ceased to be a Subsidiary.