MAHINDRA & MAHINDRA LTD. Consolidated Accounts 423 43. Investment in Joint Arrangements and Associates Interests in Joint Ventures: The Group’s interests in jointly controlled entities of the Group are : Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest*$ As at 31st March, 2025 2024 Mahindra Ideal Lanka (Private) Limited.............................................................................................................................................. India 35.00% 35.00% Carnot Technologies Private Limited #.............................................................................................................................................. India 73.00% 73.00% Sampo Algeria SpA........................................................................................................................................................................................... Algeria 38.00% 38.00% Mahindra Top Greenhouses Private Limited #.............................................................................................................................. India 60.00% 60.00% Mahindra Summit Agriscience Limited #........................................................................................................................................... India 60.00% 60.00% Mahindra Manulife Investment Management Private Limited #....................................................................................... India 51.00% 51.00% Mahindra Manulife Trustee Private Limited #............................................................................................................................... India 51.00% 51.00% Mahindra World City (Jaipur) Limited #............................................................................................................................................. India 74.00% 74.00% Mahindra World City Developers Limited #..................................................................................................................................... India 89.00% 89.00% Mahindra Industrial Park Chennai Limited #.................................................................................................................................. India 60.00% 60.00% Mahindra Homes Private Limited #...................................................................................................................................................... India 74.35% 73.67% Mahindra Inframan Water Utilities Private Limited.................................................................................................................... India 50.00% 50.00% Mahindra Industrial Park Private Limited **.................................................................................................................................... India 100.00% 100.00% Mahindra Happinest Developers Limited #...................................................................................................................................... India 51.00% 51.00% Tropiikin Rantasauna Oy............................................................................................................................................................................... Finland 50.00% 50.00% Classic Legends Private Limited #......................................................................................................................................................... India 60.00% 60.00% Mahindra-BT Investment Company (Mauritius) Limited #..................................................................................................... Mauritius 57.00% 57.00% Mahindra Susten Private Limited #....................................................................................................................................................... India 60.01% 60.01% Mahindra Teqo Private Limited # .......................................................................................................................................................... India 80.00% 80.00% Smartshift Logistics Solutions Private Limited............................................................................................................................. India 25.93% 26.21% New Delhi Centre for Sight Limited (upto 20th June, 2024) ............................................................................................ India — 30.83% Aquasail Distribution Company Private Limited........................................................................................................................... India 17.65% 17.65% Seino MLL Logistics Private Limited (w.e.f 23rd October, 2024) ..................................................................................... India 50.00% — * excluding shares issued to ESOP Trusts of the respective entities / their holding companies but not allotted to employees. # Entities have been treated as Joint Ventures even though the Group holds more than half of the voting power in these entities as it does not have unilateral control over the investee, primarily due to existence of agreements that give substantive rights to other investors. $ Proportion of ownership interest held by the Company or any of its subsidiary directly ** As per agreement with other shareholders, the economic interest of Mahindra Lifespace Developers Limited (MLDL) is 50%.
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