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

384 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 40. Investment in Joint Arrangements and Associates (contd.) Interests in Associates: The Group’s interests in associates are: Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest As at 31 st March, 2023 2022 Tech Mahindra Limited India 28.21% 28.28% PF Holdings B.V. Netherlands 40.00% 40.00% Swaraj Engines Limited (upto 27 th September, 2022) ^^ India — 34.72% Shiga Mitsubishi Agricultural Machinery Sales Co., Ltd. Japan 22.40% 22.40% Kagawa Mitsubishi Agricultural Machinery Sales Co., Ltd. Japan 33.33% 33.33% Okanetsu Industry Co., Ltd. Japan 33.77% 33.77% Kitaiwate Ryono Co., Ltd. Japan 25.00% 25.00% Aizu Ryono Co., Ltd. Japan 21.25% 21.25% Joban Ryono Co., Ltd. Japan 20.00% 20.00% FukuryoKiki Hanbai Co., Ltd. Japan 20.00% 20.00% Ibaraki Ryono Co., Ltd. Japan 21.64% 21.64% Kotobuki Noki Co, Ltd. Japan 33.33% 33.33% Honda Seisakusyo, Inc. Japan 25.00% 25.00% Yamaichi Honten Co., Ltd. Japan 42.85% 42.85% Resson Aerospace Corporation # Canada 13.83% 11.65% Kumsan Dokum Mazelmeri A.S. Turkey 25.10% 25.10% HDG-Asia Ltd (upto 20 th April, 2022) Netherlands — 50.00% Mahindra Finance USA LLC U.S.A. 49.00% 49.00% Mahindra CIE Automotive Limited # * India 3.20% 11.44% CIE Automotive S.A. # Spain 7.83% 7.83% Mahindra Knowledge Park Mohali Limited India 46.15% 46.15% AMIP Industrial Parks Private Limited (w.e.f 10 th October, 2022) India 26.00% — Kiinteistö Oy Seniori-Saimaa Finland 31.15% 31.15% Great Rocksport Private Limited (w.e.f. 16 th April, 2022) India 23.42% — ZipZap Logistics Private Limited (w.e.f 8 th April, 2022) India 36.00% — ReNew Sunlight Energy Private Limited India 37.21% 37.21% Brainbees Solutions Private Limited # India 12.42% 12.42% PSL Media & Communications Limited India 40.00% 40.00% The East India Company Group Limited BVI # Singapore 18.62% 18.62% Medwell Ventures Private Limited India 31.45% 31.45% The financial statements of the Associates are drawn upto 31 st March, 2023 other than for CIE Automotive S.A. and Mahindra CIE Automotive Limited where it is upto 31 st December, 2022. # Entities have been treated as Associate even though the Group holds less than 20% of the voting power in these entities as it has influence over the entity due to the board representation. ^^ During the year ended March 2023, the Controlling status was changed from associate to subsidiary. * Post 31 st March, 2023, the Company has sold its entire shareholding in Mahindra CIE Automotive Limited All of the above associates/Joint ventures are accounted for using the equity method in consolidated financial statements.