CONSOLIDATED ACCOUNTS 443 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of ownership interest* As at 31st March, 2024 2023 Holiday Club Sweden Ab Åre............................................................................................................................................................................. Sweden 66.90% 67.18% Holiday Club Sport and Spa Hotels AB...................................................................................................................................................... Sweden 66.90% 67.18% Holiday Club Resorts Rus LLC.......................................................................................................................................................................... Russia 66.90% 67.18% Holiday Club Canarias Investments S.L. ................................................................................................................................................... Spain 66.90% 67.18% Holiday Club Canarias Sales & Marketing S.L. ..................................................................................................................................... Spain 66.90% 67.18% Holiday Club Canarias Resort Management S.L. ................................................................................................................................ Spain 66.90% 67.18% Holiday Club Canarias Vacation Club SLU................................................................................................................................................ Spain 66.90% 67.18% Kiinteistö Oy Vierumäen Kaari (w.e.f 1st April, 2023) ###........................................................................................................... Finland — — Arabian Dreams Hotels Apartments LLC @............................................................................................................................................ U.A.E 32.78% 32.92% Mahindra Holidays & Resorts India Limited Employee Stock Option Trust...................................................................... India 66.90% 67.18% Mahindra Holidays & Resorts Harihareshwar Limited..................................................................................................................... India 66.90% 67.18% Guestline Hospitality Management and Development Service Limited.............................................................................. India 66.22% 66.10% Mahindra Logistics Limited.................................................................................................................................................................................. India 58.04% 58.09% Lords Freight (India) Private Limited............................................................................................................................................................ India 57.49% 57.54% 2 x 2 Logistics Private Limited........................................................................................................................................................................ India 31.92% 31.95% MLL Express Services Private Limited........................................................................................................................................................ India 58.04% 58.09% MLL Mobility Private Limited............................................................................................................................................................................. India 58.04% 58.09% V-Link Fleet Solutions Private Limited ##............................................................................................................................................... India — 58.09% V-Link Automotive Services Private Limited ##.................................................................................................................................. India — 58.09% V-Link Freight Services Private Limited..................................................................................................................................................... India 58.04% 58.09% MLL Global Logistics Limited............................................................................................................................................................................. U.K. 58.04% 58.09% ZipZap Logistics Private Limited (w.e.f. 22nd December, 2023) ^............................................................................................. India 34.82% — Mahindra Two Wheelers Europe Holdings S.a.r.l. ................................................................................................................................ Luxembourg 100.00% 100.00% Bristlecone Worldwide, Inc (formerly known as Bristlecone Limited).................................................................................. U.S.A. 96.40% 97.19% Bristlecone Consulting Limited........................................................................................................................................................................ Canada 96.40% 97.19% Bristlecone (Malaysia) Sdn. Bhd....................................................................................................................................................................... Malaysia 96.40% 97.19% Bristlecone International AG.............................................................................................................................................................................. Switzerland 96.40% 97.19% Bristlecone UK Limited.......................................................................................................................................................................................... U.K. 96.40% 97.19% Bristlecone Inc. ........................................................................................................................................................................................................... U.S.A. 96.40% 97.19% Bristlecone Middle East DMCC......................................................................................................................................................................... U.A.E. 96.40% 97.19% Bristlecone India Limited...................................................................................................................................................................................... India 96.40% 97.19% 43. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
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