MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 90 Layer Hybren Private Limited, Migos Hybren Private Limited and ZipZap Logistics Private Limited have become Subsidiaries of your Company. During the year under review, MSPL International DMCC, Gipps Aero Pty Ltd, GA8 Airvan Pty Ltd, GA200 Pty Ltd, Nomad TC Pty Ltd, Airvan 10 Pty Ltd, Airvan Flight Services Pty Ltd, Megasolis Renewables Private Limited (formerly known as Mahindra Renewables Private Limited), Mega Suryaurja Private Limited, Astra Solren Private Limited, Neo Solren Private limited, Brightsolar Renewable Energy Private Limited, Emergent Solren Private Limited, Mahindra Mexico S. de. R. L., V-Link Automotive Services Private Limited, V-Link Fleet Solutions Private Limited and Kiinteistö Oy Vierumäen Kaari have ceased to be subsidiaries of your Company. Further, Mahindra Waste To Energy Solutions Limited ceased to be a wholly owned subsidiary of your Company and became an Associate of your Company during the year under review. Subsequently, name of Mahindra Waste To Energy Solutions Limited has been changed to Blue Planet Integrated Waste Solutions Limited. Subsequent to year end, Mahindra North American Technical Centre, Inc has been merged with Mahindra Automotive North America Inc. and ceased to be a subsidiary of your Company. Subsequent to year end, Neon Hybren Private Limited, Orion Hybren Private Limited, Pulse Hybren Private Limited, Quest Hybren Private Limited became subsidiaries of your Company. During the year under review, Sanyo Special Steel Manufacturing India Private Limited, CIE Automotive India Limited (formerly known as Mahindra CIE Automotive Limited) and Zoomcar Inc. have ceased to be Associates of your Company. Further, during the year, Icarus Hybren Private Limited has changed its name to Illuminate Hybren Private Limited. A Report on the performance and financial 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, your Company entered into a Securities Subscription and Shareholders’ Agreement with Jongsong Investments Pte Ltd (“Temasek”) and Mahindra Electric Automobile Limited (“MEAL”). Pursuant to the above, Temasek agreed to invest Rs. 1,200 crores in MEAL in one or more tranches in the form of Compulsory Convertible Preference Shares (“CCPS”) at a valuation of upto Rs. 80,580 crores, resulting in an ownership in the range of 1.49% to 2.97% for Temasek in MEAL. The said investment also envisages Temasek subscribing to 100 Equity Shares in MEAL. Part of the investment by Temasek in CCPS of MEAL was completed during the year. Further, as indicated in the previous year’s Annual Report, on 26th September, 2023, 100 Equity Shares of MEAL of face value of Rs. 10 per share were allotted to British International Investment Plc (“BII”) at a premium of Rs. 4.50 per share, for an aggregate cash consideration of Rs. 1,450. Consequently, MEAL ceased to be a Wholly Owned Subsidiary of the Company but continues to be a subsidiary of the Company. Besides the 100 Equity Shares as mentioned above, BII and BII India EV LLP, a BII related party (“BII India”) also hold 1,20,00,000 Compulsorily Convertible Preference Shares (CCPS) of Rs. 1,000 each. Induction of Financial Partners in the Last Mile Mobility Business During the year, Mahindra Last Mile Mobility Limited (“MLMML”) was incorporated as a wholly owned subsidiary of the Company. Subsequently, the Company entered into an Asset Transfer Agreement and a Business Transfer Agreement with MLMML, for transfer of identified Assets and Business pertaining to the Last Mile Mobility Business of the Company to MLMML. The Company invested an amount of Rs. 860 Crores by way of Subscription to a Rights Issue of Equity Shares of MLMML, the proceeds of which were also utilized towards discharge of consideration for the Asset Transfer and Business Transfer from the Company.
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