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

383 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 40. Investment in Joint Arrangements and Associates Interests in Joint Ventures: The Group’s interests in jointly controlled entities of the Group are: Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest As at 31 st March, 2023 2022 Mahindra Ideal Lanka (Private) Limited India 35.00% 35.00% Carnot Technologies Private Limited # India 73.00% 73.00% Sampo Rosenlew Oy (upto 21 st July, 2022) #^ Finland — 79.13% Sampo Algeria SpA (w.e.f. 22 nd July, 2022) Algeria 38.00% — M.I.T.R.A Agro Equipments Private Limited (upto 16 th March, 2023) ^ India — 49.00% Mahindra Top Greenhouses Private Limited # India 60.00% 60.00% Mahindra Summit Agriscience Limited # India 60.00% 60.00% Mahindra Manulife Investment Management Private Limited # India 51.00% 51.00% Mahindra Manulife Trustee Private Limited # India 51.00% 51.00% Mahindra World City (Jaipur) Limited # India 74.00% 74.00% Mahindra World City Developers Limited # India 89.00% 89.00% Mahindra Industrial Park Chennai Limited # India 60.00% 60.00% Mahindra Homes Private Limited # India 73.38% 72.51% Mahindra Inframan Water Utilities Private Limited India 50.00% 50.00% Mahindra Industrial Park Private Limited ** India 100.00% 100.00% Mahindra Happinest Developers Limited # India 51.00% 51.00% Kiinteistö Oy Vierumäen Kaari** Japan 100.00% 100.00% Tropiikin Rantasauna Oy Finland 50.00% 50.00% Transtech Logistics Private Limited India 39.79% 39.79% Jinan Qingqi Peugeot Motocycles Co Ltd. (upto 31 st January, 2023) China — 50.00% Classic Legends Private Limited # India 60.00% 60.00% Mahindra-BT Investment Company (Mauritius) Limited # Mauritius 57.00% 57.00% Marvel Solren Private Limited (upto 22 nd December, 2022)# India — 51.00% Mahindra Susten Private Limited (w.e.f 23 rd December, 2022) ^^ # India 70.00% — Mahindra Telephonics Integrated Systems Limited (upto 16 th June, 2022) #^ India — 51.00% Sanyo Special Steel Manufacturing India Private Limited (formerly known as Mahindra Sanyo Special Steel Private Limited) India 22.81% 22.81% Mahindra Aerospace Private Limited (upto 28 th March, 2023) #^ India — 91.59% Zoomcar Inc U.S.A. 3.28% 16.83% Smartshift Logistics Solutions Private Limited India 26.26% 26.28% New Delhi Centre for Sight Limited India 30.83% 30.83% Aquasail Distribution Company Private Limited India 17.65% 17.65% # Entities have been treated as Joint Ventures even though the Group holds more than half of the voting power in these entities as it does not have unilateral control over the investee, primarily due to existence of agreements that give the substantive rights to other investors. ** As per agreement with other shareholders, the economic interest of Mahindra Lifespace Developers Limited and Kiinteistö Oy Vierumäen Kaari is 50%. ^ 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 subsidiary to joint venture.