CONSOLIDATED ACCOUNTS 439 41. Significant acquisitions and changes in ownership (a) Acquisition of Subsidiaries (i) Mahindra Aerospace Private Limited During the year ended 31st March, 2023, Mahindra & Mahindra Limited (the Company) acquired additional 8.41% of voting shares of Mahindra Aerospace Private Limited (MAPL). Consequent to this investment, the shareholding and voting rights of the Company in MAPL increased from 91.59% to 100% and the status of MAPL changed from a joint venture to a subsidiary effective 29th March, 2023. The goodwill on acquisition was accounted on the basis of provisional fair values of assets and liabilities. During the year ended 31st March, 2024, the group has determined the acquistion-date fair value of assets and liabilities acquired and consequently, the net change of Rs. 102.56 crores as compared to provisional fair values of assets and liabilities has been adjusted in goodwill in accordance with Ind AS 103-’Business Combinations’. The consideration transferred and goodwill on acquisition is as below: Rupees crores Particulars 2024 Purchase consideration..................................................................................................................................................................................................................................... 31.47 Fair value of previously held interest..................................................................................................................................................................................................... 342.64 374.11 Less: Fair value of net assets/(liabilities) acquired......................................................................................................................................................................... 304.10 Goodwill on acquisition................................................................................................................................................................................................................................. 70.01 The fair values of assets and liabilities acquired in respect of the above business combination are as under: Rupees crores Particulars 2024 Property, plant and equipment.................................................................................................................................................................................................................... 147.30 Land................................................................................................................................................................................................................................................................................. 42.20 Intangible assets.................................................................................................................................................................................................................................................... 1.48 Cash and cash equivalents............................................................................................................................................................................................................................. 2.61 Customer relationship........................................................................................................................................................................................................................................ 74.05 Other current and non-current assets/(liabilities), net............................................................................................................................................................... 124.47 Borrowings.................................................................................................................................................................................................................................................................. (53.53) Deferred tax assets/(liabilities), net.......................................................................................................................................................................................................... (34.48) Fair value of net asset/(liabilities) acquired............................................................................................................................................................................... 304.10 (ii) M.I.T.R.A Agro Equipments Private Limited During the year ended 31st March, 2023, Mahindra & Mahindra Limited (the Company) acquired additional 52.67% of voting shares of M.I.T.R.A Agro Equipments Private Limited (MITRA). Consequent to this investment, the shareholding and voting rights of the Company in MITRA increased from 47.33% to 100% and the status of MITRA changed from a joint venture to a subsidiary. The goodwill on acquisition was accounted on the basis of provisional fair values of assets and liabilities. During the year ended 31st March, 2024, the group has determined the acquistion-date fair value of assets and liabilities acquired and consequently, the net change of Rs. 32.48 crores as compared to provisional fair values of assets and liabilities has been adjusted in goodwill in accordance with Ind AS 103-’Business Combinations’. (iii) Marvel Solren Private Limited During the year, Mahindra Sustainable Energy Private Limited (MSEPL) acquired 100% stake in Marvel Solren Private Limited (MSPL) for a consideration of Rs. 54.97 crores. Post this acquisition, financials of MSPL have been consolidated by the Group from 12th December, 2023 on a line-by-line basis. (b) Reduction in shareholding resulting in loss of control (i) Mahindra Teqo Private Limited During the year, Mahindra Teqo Private Limited (MTPL), a wholly owned subsidiary of Mahindra Sustainable Energy Private Limited (MSEPL) and of the Company issued additional equity shares representing 20% ownership interest to an external investor along with certain substantive rights consequent to which MTPL is accounted as a joint venture of MSEPL and the Company w.e.f. 29th September, 2023. Further, in accordance with Ind AS 110-’Consolidated Financial Statements’, the retained interest in MTPL has been remeasured at fair value and gain recognised in the Consolidated statement of profit and loss.
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