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

60 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 and have become wholly owned subsidiaries of Mahindra Logistics Limited (“MLL”), a listed subsidiary of your Company. Further, MLL Express has also ceased to be a wholly owned subsidiary of your Company and has become a wholly owned subsidiary of MLL. Since, MLL is a listed subsidiary of your Company, MLL Express, MLL Mobility, VFSPL and VASPL continue to remain the subsidiaries of your Company. During the year under review, Kiinteistö Oy Himos Gardens, Kiinteistö Oy Vanha Ykköstii, Kiinteistö Oy Katinnurkka, Kiinteistö Oy Tenetinlahti, Kiinteistö Oy Mällösniemi, Kiinteistö Oy Rauhan Ranta 1, Kiinteistö Oy Rauhan Ranta 2, Kiinteistö Oy Tiurunniemi, Kiinteistö Oy Kylpyläntorni 1, Kiinteistö Oy Spa Lofts 2, Kiinteistö Oy Spa Lofts 3, Kiinteistö Oy Kuusamon Pulkkajärvi 1, Kiinteistö Oy Rauhan Liikekiinteistöt 1, OFD Holding BV, Origin Direct Asia Ltd, Origin Fruit Direct B.V., Origin Fruit Services South America SpA, Origin Direct Asia (Shanghai) Trading Co. Ltd., Mahindra Engineering and Chemical Products Limited, Retail Initiative Holdings Limited, Mahindra Retail Limited, Ssangyong Motor Company, SsangYong Australia Pty Limited, Ssangyong European Parts Center B.V, SY Auto Capital Co., LTD, Merakisan Private Limited, Mahindra Tractor Assembly Inc., Mahindra Integrated Township Limited, Mahindra Residential Developers Limited, Mahindra West Africa Ltd, Peugeot Motocycles S.A.S., Peugeot Motocycles Italia S.r.l. (in liquidazione), Peugeot Motocycles Deutschland GmbH, PMTC Engineering S.r.l., Mahindra Electric Mobility Limited, Mahindra Fresh Fruits Distribution Holding Company (Europe) B.V., HCR Management Oy, Mahindra Bangladesh Private Limited, Mahindra Consulting Engineers Limited and Mahindra Namaste Limited ceased to be subsidiaries of your Company. Ssangyong Motor Company, after ceasing to be a Subsidiary of the Company, became an Associate for a short period of time and ceased thereafter. During the year under review, Brainbees Solutions Private Limited became an Associate of your Company pursuant to the Scheme of Merger by Absorption of Mahindra Engineering and Chemical Products Limited, Retail Initiative Holdings Limited and Mahindra Retail Limited with the Company becoming effective. During the year under review, Swaraj Engines Limited and M.I.T.R.A Agro Equipments Private Limited ceased to be Associates of your Company as they became Subsidiaries of your Company. During the year under review, Supermarket Capri Oy changed its name to Kiinteistö Oy Rauhan Liikekiinteistöt 1, Meru Travel Solutions Private Limited changed its name to MLL Express Services Private Limited, Meru Mobility Tech Private Limited changed its name to MLL Mobility Private Limited and Mahindra Intertrade Limited changed its name to Mahindra Accelo Limited. Subsequent to the year end, Bristlecone Ltd. changed its name to Bristlecone Worldwide, Inc. pursuant to its registration in Delaware as a US corporation, Mahindra Telecom Energy Management Services Private Limited changed its name to Mahindra Sustainable Energy Private Limited and Mahindra Renewables Private Limited changed its name to Megasolis Renewables Private Limited. Subsequent to the year end, Sanyo Special Steel Manufacturing India Private Limited (formerly known as Mahindra Sanyo Special Steel Private Limited) ceased to be an Associate of your Company. Mahindra CIE Automotive Limited, an Associate of the Company, has on 16 th May, 2023 informed the Stock Exchanges that its application for change of name from Mahindra CIE Automotive Limited to CIE Automotive India Limited has been approved by the Central Government on 15 th May, 2023. As on the date of this Report, the Master Data on the website of the Ministry of Corporate Affairs www.mca.gov.in carries the new name of the company and that the ‘fresh certificate of Incorporation pursuant to change in name’ as per Section 13(3) of the Companies Act, 2013 read with Rule 29 of the Companies (Incorporation) Rules, 2014 was awaited. A Report on the performance and nancial position of each of the subsidiaries, associates and joint venture companies included in the Consolidated Financial Statements and their contribution to the overall performance of the Company, is provided in Form AOC‑1 and forms part of this Annual Report. The Policy for determining material subsidiaries as approved by the Board is uploaded on the Company’s website and can be accessed in the Governance section at the Web-link: https://www.mahindra.com/investor-relations/policies-and- documents . C. J OINT VENTURES, ACQUISITIONS AND OTHER MATTERS Mahindra Electric Automobile Limited During the year, Mahindra Electric Automobile Limited (MEAL) was incorporated to undertake the 4 (Four) Wheel Passenger Electric Vehicles business, as a wholly owned subsidiary of the Company. Accordingly, the Company transferred certain identified assets (capital work in progress) pertaining to the 4 (Four) Wheel Passenger Electric Vehicles to MEAL. Further, the Company entered into Securities Subscription Agreement and Shareholders’ Agreement with British International Investment Plc (“BII”) to invest upto Rs. 1,925 crores each in