CONSOLIDATED ACCOUNTS 447 44. Investment in Joint Arrangements and Associates Interests in Joint Ventures: The Group’s interests in jointly controlled entities of the Group are: Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest* As at 31st March, 2024 2023 Mahindra Ideal Lanka (Private) Limited.............................................................................................................................................. India 35.00% 35.00% Carnot Technologies Private Limited #.............................................................................................................................................. India 73.00% 73.00% Sampo Algeria SpA........................................................................................................................................................................................... Algeria 38.00% 38.00% Mahindra Top Greenhouses Private Limited #.............................................................................................................................. India 60.00% 60.00% Mahindra Summit Agriscience Limited #........................................................................................................................................... India 60.00% 60.00% Mahindra Manulife Investment Management Private Limited #....................................................................................... India 51.00% 51.00% Mahindra Manulife Trustee Private Limited #............................................................................................................................... India 51.00% 51.00% Mahindra World City (Jaipur) Limited #............................................................................................................................................. India 74.00% 74.00% Mahindra World City Developers Limited #..................................................................................................................................... India 89.00% 89.00% Mahindra Industrial Park Chennai Limited #.................................................................................................................................. India 60.00% 60.00% Mahindra Homes Private Limited #...................................................................................................................................................... India 73.67% 73.38% Mahindra Inframan Water Utilities Private Limited.................................................................................................................... India 50.00% 50.00% Mahindra Industrial Park Private Limited **.................................................................................................................................... India 100.00% 100.00% Mahindra Happinest Developers Limited #...................................................................................................................................... India 51.00% 51.00% Kiinteistö Oy Vierumäen Kaari (upto 31st March, 2023)....................................................................................................... Finland — 100.00% Tropiikin Rantasauna Oy............................................................................................................................................................................... Finland 50.00% 50.00% Transtech Logistics Private Limited (upto 20th December, 2023).................................................................................. India — 39.79% Classic Legends Private Limited #......................................................................................................................................................... India 60.00% 60.00% Mahindra-BT Investment Company (Mauritius) Limited #..................................................................................................... Mauritius 57.00% 57.00% Mahindra Susten Private Limited #....................................................................................................................................................... India 60.01% 70.00% Emergent Solren Private Limited (w.e.f. 1st September 2023 to 9th January, 2024) ^................................... India — — Mahindra Teqo Private Limited (w.e.f. 29th September, 2023) ^ #.................................................................................. India 80.00% — Sanyo Special Steel Manufacturing India Private Limited (upto September, 27th April, 2023)................. India — 22.81% Zoomcar Inc (upto 29th December, 2023) ^^................................................................................................................................ U.S.A. — 3.28% Smartshift Logistics Solutions Private Limited............................................................................................................................. India 26.21% 26.26% New Delhi Centre for Sight Limited..................................................................................................................................................... India 30.83% 30.83% Aquasail Distribution Company Private Limited........................................................................................................................... India 17.65% 17.65% * excluding shares issued to ESOP Trusts of the respective entities / their holding companies but not allotted to employees. # Entities have been treated as Joint Ventures even though the Group holds more than half of the voting power in these entities as it does not have unilateral control over the investee, primarily due to existence of agreements that give substantive rights to other investors. ** As per agreement with other shareholders, the economic interest of Mahindra Lifespace Developers Limited is 50%. ^ During the year ended March 2024, the Controlling status was changed from subsidiary to joint venture. ^^ Consequent to merger with Innovative International Acquisition Corp. (IOAC) and Others, Zoomcar, Inc. has ceased to be a joint venture of the Company and investment in IOAC is classified as financial asset measured at FVTOCI.
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