MAHINDRA & MAHINDRA LTD. Consolidated Accounts 421 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2025 2024 Mahindra MiddleEast Electrical Steel Service Centre (FZC) ...................................................................................................... U.A.E. 90.00% 90.00% Mahindra MSTC Recycling Private Limited ............................................................................................................................................. India 50.00% 50.00% PT Mahindra Accelo Steel Indonesia .......................................................................................................................................................... Indonesia 99.98% 99.98% Mahindra Defence Systems Limited ............................................................................................................................................................ India 100.00% 100.00% Mahindra Emirates Vehicle Armouring FZ-LLC .................................................................................................................................... U.A.E. 88.00% 88.00% Mahindra Armored Vehicles Jordan, LLC .................................................................................................................................................. Jordan 88.00% 88.00% Mahindra Telephonics Integrated Systems Limited .......................................................................................................................... India 100.00% 100.00% Mahindra Aerospace Private Limited .......................................................................................................................................................... India 100.00% 100.00% Mahindra Aerostructures Private Limited ............................................................................................................................................... India 100.00% 100.00% Mahindra Aerospace Australia Pty Ltd (upto 9th July, 2024) .................................................................................................... Australia — 100.00% Mahindra Airways Limited .................................................................................................................................................................................. India 100.00% 100.00% Mahindra Automotive Mauritius Limited .................................................................................................................................................. Mauritius 100.00% 100.00% Mahindra Holdings Limited ................................................................................................................................................................................ India 100.00% 100.00% Mahindra Overseas Investment Company (Mauritius) Limited ................................................................................................. Mauritius 100.00% 100.00% Mahindra Integrated Business Solutions Private Limited ............................................................................................................ India 100.00% 100.00% Mahindra eMarket Limited ................................................................................................................................................................................. India 83.47% 83.47% Mahindra Construction Company Limited ............................................................................................................................................... India 65.19% 65.21% Officemartindia.com Limited ............................................................................................................................................................................. India 50.00% 50.00% Mahindra & Mahindra Contech Limited @ ............................................................................................................................................... India 46.66% 46.66% Mahindra Sustainable Energy Private Limited....................................................................................................................................... India 100.00% 100.00% New Democratic Electoral Trust @ ............................................................................................................................................................. India 33.35% 33.36% Sunrise Initiatives Trust ....................................................................................................................................................................................... India 100.00% 100.00% Mumbai Mantra Media Limited ....................................................................................................................................................................... India 100.00% 100.00% Mahindra & Mahindra Benefit Trust ............................................................................................................................................................ India 100.00% 100.00% Mahindra & Mahindra ESOP Trust ................................................................................................................................................................ India 100.00% 100.00% * excluding shares issued to ESOP Trusts of the respective entities / their holding companies but not allotted to employees. @ entities have been treated as subsidiaries even though the Group holds less than half of the voting power in these entities as it has unilateral control over the investees due to other factors that give power like control over composition of board, management control etc. $ In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock), the Company owns the entire JPY2250 million “Class A” shares (shares with no voting rights); “Class A” shares have rights over dividend and liquidation on an equal basis with Common Stock. # Entity has been merged with Mahindra & Mahindra Limited ## Entity has been merged with Mahindra Automotive North America Inc. ### Entity has been merged with Mahindra First Choice Wheels Limited $$ Voting power in the company is different from the ownership interests. ** 200 shares are held by investors. 42. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
RkJQdWJsaXNoZXIy NTE5NzY=