MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 442 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of ownership interest* As at 31st March, 2024 2023 Mahindra First Choice Wheels Limited ESOP Trust........................................................................................................................... India 56.19% 55.18% Mahindra & Mahindra Financial Services Limited................................................................................................................................ India 52.20% 52.24% Mahindra Insurance Brokers Limited............................................................................................................................................................ India 52.20% 41.79% Mahindra Rural Housing Finance Limited................................................................................................................................................. India 51.62% 51.73% Mahindra Finance CSR Foundation................................................................................................................................................................ India 52.20% 52.24% Mahindra Rural Housing Finance Limited Employee Welfare Trust........................................................................................ India 51.62% 51.73% Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust...................................................... India 52.20% 52.24% Mahindra Ideal Finance Limited....................................................................................................................................................................... Sri Lanka 30.38% 30.40% Mahindra Lifespace Developers Limited.................................................................................................................................................... India 51.17% 51.28% Mahindra Infrastructure Developers Limited.......................................................................................................................................... India 51.17% 51.28% Mahindra World City (Maharashtra) Limited........................................................................................................................................... India 51.17% 51.28% Knowledge Township Limited............................................................................................................................................................................ India 51.17% 51.28% Industrial Township (Maharashtra) Limited.............................................................................................................................................. India 51.17% 51.28% Anthurium Developers Limited......................................................................................................................................................................... India 51.17% 51.28% Mahindra Water Utilities Limited..................................................................................................................................................................... India 50.66% 50.77% Rathna Bhoomi Enterprises Private Limited.......................................................................................................................................... India 51.17% 51.28% Deep Mangal Developers Private Limited................................................................................................................................................ India 51.17% 51.28% Moonshine Construction Private Limited.................................................................................................................................................. India 51.17% 51.28% Mahindra Bloomdale Developers Limited................................................................................................................................................. India 51.17% 51.28% Mahindra Holidays & Resorts India Limited............................................................................................................................................ India 66.90% 67.18% Mahindra Hotels & Residences India Limited......................................................................................................................................... India 66.90% 67.18% Gables Promoters Private Limited................................................................................................................................................................. India 66.90% 67.18% Heritage Bird (M) Sdn Bhd.................................................................................................................................................................................. Malaysia 66.90% 67.18% Infinity Hospitality Group Company Limited........................................................................................................................................... Thailand 49.49% 49.71% MH Boutique Hospitality Limited @.............................................................................................................................................................. Thailand 32.78% 32.92% MHR Holdings (Mauritius) Limited................................................................................................................................................................. Mauritius 66.90% 67.18% Covington S.a.r.l........................................................................................................................................................................................................... Luxembourg 66.90% 67.18% Holiday Club Resorts Oy...................................................................................................................................................................................... Finland 66.90% 67.18% Kiinteistö Oy Rauhan Liikekiinteistöt 1...................................................................................................................................................... Finland 66.90% 67.18% Ownership Services Sweden Ab...................................................................................................................................................................... Sweden 66.90% 67.18% Are Villa 3 Ab................................................................................................................................................................................................................ Sweden 66.90% 67.18% 43. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
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