MAHINDRA & MAHINDRA LTD. Consolidated Accounts 419 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2025 2024 Mahindra First Choice Wheels Limited ...................................................................................................................................................... India 56.46% 56.19% Fifth Gear Ventures Limited ### .................................................................................................................................................................. India — 56.19% Mahindra First Choice Wheels Limited ESOP Trust ......................................................................................................................... India 56.46% 56.19% Mahindra & Mahindra Financial Services Limited .............................................................................................................................. India 52.18% 52.20% Mahindra Insurance Brokers Limited .......................................................................................................................................................... India 52.18% 52.20% Mahindra Rural Housing Finance Limited ............................................................................................................................................... India 51.54% 51.62% Mahindra Finance CSR Foundation .............................................................................................................................................................. India 52.18% 52.20% Mahindra Rural Housing Finance Limited Employee Welfare Trust ...................................................................................... India 51.54% 51.62% Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust .................................................... India 52.18% 52.20% Mahindra Ideal Finance Limited ...................................................................................................................................................................... Sri Lanka 30.37% 30.38% Mahindra Lifespace Developers Limited ................................................................................................................................................... India 51.14% 51.17% Mahindra Infrastructure Developers Limited ........................................................................................................................................ India 51.14% 51.17% Mahindra World City (Maharashtra) Limited .......................................................................................................................................... India 51.14% 51.17% Knowledge Township Limited .......................................................................................................................................................................... India 51.14% 51.17% Industrial Township (Maharashtra) Limited ............................................................................................................................................ India 51.14% 51.17% Anthurium Developers Limited ....................................................................................................................................................................... India 51.14% 51.17% Mahindra Water Utilities Limited ................................................................................................................................................................... India 50.63% 50.66% Rathna Bhoomi Enterprises Private Limited ........................................................................................................................................ India 51.14% 51.17% Deep Mangal Developers Private Limited ............................................................................................................................................... India 51.14% 51.17% Moonshine Construction Private Limited ................................................................................................................................................ India 51.14% 51.17% Mahindra Bloomdale Developers Limited ................................................................................................................................................ India 51.14% 51.17% Mahindra Holidays & Resorts India Limited ........................................................................................................................................... India 66.87% 66.90% Mahindra Hotels & Residences India Limited ....................................................................................................................................... India 66.87% 66.90% Gables Promoters Private Limited ............................................................................................................................................................... India 66.87% 66.90% Heritage Bird (M) Sdn Bhd ................................................................................................................................................................................ Malaysia 66.87% 66.90% Infinity Hospitality Group Company Limited ......................................................................................................................................... Thailand 49.48% 49.49% MH Boutique Hospitality Limited @ ............................................................................................................................................................ Thailand 32.77% 32.78% MHR Holdings (Mauritius) Limited ................................................................................................................................................................ Mauritius 66.87% 66.90% Covington S.a.r.l ......................................................................................................................................................................................................... Luxembourg 66.87% 66.90% Holiday Club Resorts Oy ..................................................................................................................................................................................... Finland 66.87% 66.90% Kiinteistö Oy Rauhan Liikekiinteistöt 1 .................................................................................................................................................... Finland 66.87% 66.90% Ownership Services Sweden Ab .................................................................................................................................................................... Sweden 66.87% 66.90% Are Villa 3 Ab .............................................................................................................................................................................................................. Sweden 66.87% 66.90% Holiday Club Sweden Ab Åre ........................................................................................................................................................................... Sweden 66.87% 66.90% Holiday Club Sport and Spa Hotels AB .................................................................................................................................................... Sweden 66.87% 66.90% 42. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
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