Mahindra & Mahindra Ltd. | Integrated Annual Report 2024-25

MAHINDRA & MAHINDRA LTD. Standalone Accounts 331 S. No. Name of the entity 34 Mahindra & Mahindra Employee Stock Option Trust 35 Sunrise Initiatives Trust 36 M.I.T.R.A Agro Equipments Private Limited 37 Swaraj Engines Limited 38 New Democratic Electoral Trust 39 Officemartindia.com Limited 40 Mahindra & Mahindra Benefit Trust 41 Kota Farm Services Limited 42 Mahindra Aerospace Private Limited 43 Mahindra EPC Irrigation Limited 44 Mahindra Logistics Limited 45 Mahindra Agri Solutions Limited 46 Mahindra emarket Limited 47 Mahindra Integrated Business Solutions Private Limited 48 Mahindra Two Wheelers Europe Holdings S.a.r.l. 49 Mahindra Defence Systems Limited 50 Mahindra Lifespace Developers Limited 51 Mahindra & Mahindra Financial Services Limited 52 Sampo Rosenlew Oy 53 Mahindra USA Inc. 54 Mahindra Automotive Mauritius Limited 55 Mahindra Overseas Investment Company (Mauritius) Limited 56 Mahindra Holdings Limited 57 Mahindra and Mahindra South Africa (Proprietary) Limited 58 Mahindra Accelo Limited 59 Mahindra Holidays & Resorts India Limited 60 Mahindra Automotive Australia Pty. Limited 61 NBS International Limited 62 Automobili Pininfarina GmbH 63 Mahindra Vehicle Sales And Service Inc. 64 Mahindra Emirates Vehicle Armouring FZ-LLC 65 Mahindra Telephonics Integrated Systems Limited 66 Mahindra First Choice Wheels Limited ESOP Trust 67 Mahindra & Mahindra Contech Limited 68 Bristlecone Worldwide, Inc 69 Mahindra Airways Limited 70 Mahindra First Choice Wheels Limited 71 Gromax Agri Equipment Limited 72 Mahindra Holidays & Resorts Harihareshwar Limited 73 Arabian Dreams Hotel Apartments LLC S. No. Name of the entity 74 Mahindra Holidays & Resorts India Limited Employee Stock Option Trust 75 MHR Holdings (Mauritius) Limited 76 MH Boutique Hospitality Limited 77 Heritage Bird (M) Sdn Bhd 78 Gables Promoters Private Limited 79 Mahindra Hotels & Residences India Limited 80 Mahindra Water Utilities Limited 81 Mahindra MSTC Recycling Private Limited 82 PT Mahindra Accelo Steel Indonesia 83 Mahindra Middleeast Electrical Steel Service Centre (FZC) 84 Mahindra Auto Steel Private Limited 85 Mahindra Electrical Steel Private Limited 86 Mahindra Steel Service Centre Limited 87 Rathna Bhoomi Enterprises Private Limited 88 Mahindra Bloomdale Developers Limited 89 Anthurium Developers Limited 90 Industrial Township (Maharashtra) Limited 91 Knowledge Township Limited 92 Mahindra World City (Maharashtra) Limited 93 Mahindra Infrastructure Developers Limited 94 Moonshine Construction Private Limited 95 Deep Mangal Developers Private Limited 96 MLL Global Logistics Limited (upto 4th March, 2025) 97 V-Link Freight Services Private Limited 98 Zipzap Logistics Private Limited 99 Lords Freight (India) Private Limited 100 MLL Mobility Private Limited 101 2 X 2 Logistics Private Limited 102 MLL Express Services Private Limited 103 Erkunt Traktor Sanayii Anonim Şirketi 104 Erkunt Sanayi Anonim Şirketi 105 Mahindra Racing UK Limited 106 Mahindra Automotive North America Inc. 107 Mahindra Europe s.r.l. 108 Mahindra Rural Housing Finance Limited Employee Welfare Trust 109 Resurgence Solarize Urja Private Limited 110 Marvel Solren Private Limited 111 Mahindra Solarize Private Limited 112 Mahindra Construction Company Limited 113 Infinity Hospitality Group Company Limited 40. Related Party Disclosures: (contd.) (a) Related parties where control exists: (contd.) Subsidiaries: (contd.)

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