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

416 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 Part “B” Details of Associates / Joint Ventures [as per Section 2(6) of the Companies Act, 2013] Rupees crores Name of Associates /Joint Ventures Audited Balance Sheet Date Date of Acquisition No. of Equity shares held †† Proportion of ownership interest Cost of Investments Net worth attributable to Shareholding as per latest audited Balance Sheet Profit/(Loss) for the year Considered in Consolidation Not considered in consolidation Tech Mahindra Limited 31/03/2023 31/08/2012 24,82,20,799 28.21% 976.82 7,877.50 1,362.91 3,468.39 Mahindra CIE Automotive Limited 31/12/2022 01/07/2021 1,21,22,068 3.20% 306.28 163.15 (4.96) (131.21) Officemartindia.com Limited 31/03/2023 31/03/2002 7,49,997 50.00% — (0.12) — — Mahindra & Mahindra Contech Limited 31/03/2023 01/04/2010 70,000 46.66% 1.73 8.41 0.58 0.67 Kota Farm Services Limited 31/03/2023 15/04/2011 3,10,000 47.81% 0.30 (0.15) * * Mitsubishi Mahindra Agricultural Machinery co., Ltd. § 01/10/2015 4 33.33% 191.59 74.05 2.73 5.47 P.F. holding BV $ 27/05/2016 2,63,36,050 40.00% 254.05 109.93 (21.36) (32.04) Zoomcar Inc $ ≠ 16/02/2018 1,78,14,456 3.28% — — — — Smartshift Logistics Solutions Private Limited 31/03/2023 28/03/2018 8,32,11,840 26.26% 218.51 137.12 (45.86) (128.80) Mahindra Ideal Lanka Private Limited 31/03/2023 31/05/2018 1,75,000 35.00% 6.79 3.22 (1.44) (2.66) Sanyo Special Steel Manufacturing India Private Limited (formerly known as Mahindra Sanyo Special Steel Private Limited) 31/03/2023 21/06/2018 34,75,264 22.81% 145.13 15.87 (6.34) (14.59) ReNew Sunlight Energy Private Limited 06/07/2021 1,60,74,000 37.21% 16.07 13.80 (0.25) (0.43) Brainbees Solutions Private Limited 29/04/2022 5,33,34,835 12.42% 415.80 425.98 (57.92) (408.41) ≠ Investment in Zoomcar Inc. is fully provided for impairment and hence loss for the period has not been considered in consolidation. Notes: There are no Associates or Joint ventures which are yet to commence operations. * denotes amount less than Rs. 50,000 †† Including equity/preferred shares to be issued on conversion of participating Compulsorily Convertible Preference Shares $ Based on unaudited financial statements as audit is not required as per their local laws § In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock), the Company owns the entire JPY 2,250 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. Directors: Vikram Singh Mehta Vishakha N. Desai T. N. Manoharan Haigreve Khaitan Shikha Sharma Nisaba Godrej Muthiah Murugappan Vijay Kumar Sharma CP Gurnani (DIN - 00041197) (DIN - 05292671) (DIN - 01186248) (DIN - 00005290) (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 02449088) (DIN - 00018234) Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Managing Director and CEO (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) (DIN - 00046823) Manoj Bhat Group Chief Financial Officer Narayan Shankar Company Secretary (ACS No. 8666) Mumbai, 26 th May, 2023 For Mahindra & Mahindra Limited