Integrated Annual Report 2024-25 420 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2025 2024 Holiday Club Resorts Rus LLC (upto 10th October, 2024) ......................................................................................................... Russia — 66.90% Holiday Club Canarias Investments S.L. ................................................................................................................................................... Spain 66.87% 66.90% Holiday Club Canarias Sales & Marketing S.L. ..................................................................................................................................... Spain 66.87% 66.90% Holiday Club Canarias Resort Management S.L. ................................................................................................................................ Spain 66.87% 66.90% Holiday Club Canarias Vacation Club SLU .............................................................................................................................................. Spain 66.87% 66.90% Arabian Dreams Hotels Apartments LLC @ .......................................................................................................................................... U.A.E 32.77% 32.78% Mahindra Holidays & Resorts India Limited Employee Stock Option Trust .................................................................... India 66.87% 66.90% Mahindra Holidays & Resorts Harihareshwar Limited .................................................................................................................... India 66.87% 66.90% Guestline Hospitality Management and Development Service Limited ............................................................................ India 66.51% 66.22% Mahindra Logistics Limited ................................................................................................................................................................................ India 57.97% 58.04% Lords Freight (India) Private Limited .......................................................................................................................................................... India 57.42% 57.49% 2 x 2 Logistics Private Limited ...................................................................................................................................................................... India 31.88% 31.92% MLL Express Services Private Limited ...................................................................................................................................................... India 57.97% 58.04% MLL Mobility Private Limited ........................................................................................................................................................................... India 57.97% 58.04% V-Link Freight Services Private Limited ................................................................................................................................................... India 57.97% 58.04% MLL Global Logistics Limited (upto 4th March, 2025) .................................................................................................................... U.K. — 58.04% ZipZap Logistics Private Limited ................................................................................................................................................................... India 37.16% 34.82% Mahindra Two Wheelers Europe Holdings S.a.r.l. ................................................................................................................................ Luxembourg 100.00% 100.00% Bristlecone Worldwide, Inc ................................................................................................................................................................................. U.S.A. 95.08% 96.40% Bristlecone Consulting Limited ....................................................................................................................................................................... Canada 95.08% 96.40% Bristlecone (Malaysia) Sdn. Bhd. .................................................................................................................................................................... Malaysia 95.08% 96.40% Bristlecone International AG ............................................................................................................................................................................ Switzerland 95.08% 96.40% Bristlecone UK Limited ........................................................................................................................................................................................ U.K. 95.08% 96.40% Bristlecone Inc. ........................................................................................................................................................................................................... U.S.A. 95.08% 96.40% Bristlecone Middle East DMCC ....................................................................................................................................................................... U.A.E. 95.08% 96.40% Bristlecone India Limited .................................................................................................................................................................................... India 95.08% 96.40% Bristlecone GmbH .................................................................................................................................................................................................... Germany 95.08% 96.40% Bristlecone (Singapore) Pte. Limited .......................................................................................................................................................... Singapore 95.08% 96.40% Bristlecone Internacional Costa Rica Limited ...................................................................................................................................... U.S.A. 95.08% 96.40% Marvel Solren Private Limited ........................................................................................................................................................................ India 100.00% 100.00% Mahindra Accelo Limited ..................................................................................................................................................................................... India 100.00% 100.00% Mahindra Steel Service Centre Limited .................................................................................................................................................... India 61.00% 61.00% Mahindra Electrical Steel Private Limited .............................................................................................................................................. India 100.00% 100.00% Mahindra Auto Steel Private Limited ......................................................................................................................................................... India 75.50% 75.50% 42. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
RkJQdWJsaXNoZXIy NTE5NzY=