Integrated Annual Report 2024-25 418 42. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (a) Details of the Group’s subsidiaries at the end of the reporting period are as follows: Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2025 2024 NBS International Limited.................................................................................................................................................................................... India 100.00% 100.00% Mahindra Automotive Australia Pty. Limited ......................................................................................................................................... Australia 100.00% 100.00% Mahindra Europe s.r.l. ............................................................................................................................................................................................. Italy 100.00% 100.00% Mahindra and Mahindra South Africa (Proprietary) Limited ...................................................................................................... South Africa 100.00% 100.00% Mahindra Two Wheelers Limited # ............................................................................................................................................................... India — 100.00% Mahindra Heavy Engines Limited # ............................................................................................................................................................. India — 100.00% Automobili Pininfarina GmbH ........................................................................................................................................................................... Germany 100.00% 100.00% Automobili Pininfarina Americas Inc. .......................................................................................................................................................... U.S.A. 100.00% 100.00% Mahindra Electric Automobile Limited ** ................................................................................................................................................. India 100.00% 100.00% Mahindra Last Mile Mobility Limited $$ ................................................................................................................................................... India 100.00% 100.00% Mahindra Racing UK Limited ............................................................................................................................................................................ U.K. 100.00% 100.00% Gromax Agri Equipment Limited ................................................................................................................................................................... India 60.00% 60.00% Trringo.com Limited # ........................................................................................................................................................................................... India — 100.00% Mahindra USA Inc. .................................................................................................................................................................................................... U.S.A. 100.00% 100.00% Mitsubishi Mahindra Agricultural Machinery Co., Ltd $ .................................................................................................................. Japan 66.67% 66.67% Mitsubishi Agricultural Machinery Sales Co., Ltd. ............................................................................................................................... Japan 66.67% 66.67% Ryono Factory Co., Ltd. ........................................................................................................................................................................................ Japan 66.67% 66.67% Ryono Engineering Co., Ltd. ............................................................................................................................................................................... Japan 66.67% 66.67% Ryono Asset Management Co., Ltd. ............................................................................................................................................................. Japan 66.67% 66.67% Mahindra do Brasil Industrial Ltda. .............................................................................................................................................................. Brazil 100.00% 100.00% Erkunt Traktor Sanayii Anonim Şirketi ...................................................................................................................................................... Turkey 100.00% 100.00% Erkunt Sanayi Anonim Şirketi .......................................................................................................................................................................... Turkey 98.69% 98.69% Sampo Rosenlew Oy .............................................................................................................................................................................................. Finland 100.00% 100.00% Swaraj Engines Limited ........................................................................................................................................................................................ India 52.12% 52.12% M.I.T.R.A Agro Equipments Private Limited ............................................................................................................................................. India 100.00% 100.00% Mahindra Automotive North America Inc. ............................................................................................................................................... U.S.A. 100.00% 100.00% Mahindra Vehicle Sales and Service Inc. .................................................................................................................................................. U.S.A. 100.00% 100.00% Mahindra North American Technical Center, Inc. ## ....................................................................................................................... U.S.A. — 100.00% Mahindra Solarize Private Limited ............................................................................................................................................................... India 100.00% 100.00% Resurgence Solarize Urja Private Limited .............................................................................................................................................. India 100.00% 100.00% Mahindra South East Asia Limited (w.e.f. 8th October 2024) .................................................................................................... Thailand 100.00% — Kota Farm Services Limited @ ....................................................................................................................................................................... India 47.81% 47.81% Mahindra Agri Solutions Limited ................................................................................................................................................................... India 99.06% 98.98% Mahindra EPC Irrigation Limited .................................................................................................................................................................... India 54.21% 54.26% Mahindra HZPC Private Limited ..................................................................................................................................................................... India 59.39% 59.34% Mahindra Fruits Private Limited .................................................................................................................................................................... India 99.06% 98.98%
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