Integrated Annual Report 2024-25 84 In furtherance to the above, the Board of Directors of your Company at its Meeting held on 20th February, 2025, has accorded its approval, subject to compliance of applicable laws, to subscribe to the Equity Shares of MLDL to the full extent of the Company’s Rights Entitlement; and to subscribe to Additional Shares as well as to any Unsubscribed portion of the Rights Issue upto the total issue size. Mahindra Electric Automobile Limited During the year under review, your Company approved an investment of Rs. 12,000 crores in Mahindra Electric Automobile Limited (“MEAL”) to accelerate the growth of 4 (four) Wheel Passenger Electric Vehicles (EVs) Business and fund the EV journey over the next 3 years. The funds will be infused from internal accruals and will be utilized by MEAL primarily to create and market a world-class Electric SUV portfolio with advanced technologies and leverage the Company’s focus and expertise in ESG and Climate Change. Further, during the year the Company and British International Investment Plc. (“BII”) jointly assessed the funding requirement for MEAL and mutually agreed that the final tranche of BII’s investment would be Rs. 650 crores as against earlier planned investment of Rs. 725 crores. Consequently, the total investment by BII in MEAL would be Rs. 1,850 crores resulting in BII’s shareholding to be in the range of 2.64% to 4.58% of the Share Capital of MEAL, on a fully diluted basis. This reduction in investment by BII will have no bearing on MEAL’s overall business plan. MEAL has received entire funding by BII and Jongsong Investments Pte Ltd (“Temasek”) as on 31st March, 2025. Classic Legends Private Limited During the year, your Company’s subsidiary Classic Legends Private Limited (“CLPL”) entered into a Joint Venture with Tube Investments of India Limited (“TIIL”). CLPL and TIIL have a 50:50 shareholding in this Joint Venture (viz. TICL Brands (India) Private Limited) which is using the “BSA” trademarks in India for motorcycles, its parts and accessories to be manufactured and sold by CLPL. Mahindra Racing UK Limited Subsequent to the year end, Mahindra Overseas Investment Company (Mauritius) Limited, a wholly owned subsidiary of the Company (“MOICML”) executed a Share Purchase Agreement (“SPA”) between MOICML, Tech Mahindra London Limited (“TMLL”), a wholly owned subsidiary of Tech Mahindra Limited which is a listed Associate of the Company (“TechM”) and Mahindra Racing UK Limited, a wholly owned subsidiary of MOICML and of the Company (“MRUK”), whereby MOICML has agreed to sell its entire stake in MRUK to TMLL. MRUK is based out of Banbury, UK and participates in Formula Electric World Championships which are held across the globe annually. Consequent to completion of the aforesaid transaction, MRUK would cease to be a wholly owned subsidiary of MOICML and of the Company. The purpose of transferring the ownership of MRUK from MOICML to TMLL is to re-align with the core priorities of Group Companies. Merger of Fifth Gear Ventures Limited (“FGVL”) into Mahindra First Choice Wheels Limited (“MFCWL”) The National Company Law Tribunal has sanctioned the Composite Scheme of Amalgamation and Arrangement amongst MFCWL with FGVL and their respective Shareholders (“Scheme”) vide its order dated 11th February, 2025. The Appointed Date of the Scheme is 1st April, 2024 and the Scheme is effective from 15th March, 2025. Pursuant to the Scheme becoming effective, FGVL ceased to be the subsidiary of MFCWL and of the Company. Merger of Mahindra Heavy Engines Limited, Mahindra Two Wheelers Limited and Trringo.Com Limited with the Company The Board of Directors of your Company at its meeting held on 4th August, 2023 had approved, subject to requisite approvals/ consents, the Scheme of Merger by Absorption of Mahindra Heavy Engines Limited (“MHEL”) and Mahindra Two Wheelers Limited (“MTWL”) and Trringo.com Limited (“TCL”), wholly owned subsidiaries of the Company, with the Company and their respective shareholders under sections 230 to 232 and other applicable provisions of the Companies Act, 2013, with the Appointed Date of the Scheme as 1st April, 2023 or such other date as may be directed or approved by the National Company Law Tribunal, Mumbai Bench (“NCLT”) or any other appropriate authority. The NCLT pronounced an order on 7th May, 2024 to allow the Scheme. Subsequently, the Company also received relevant approvals from Directorate of Industries and Maharashtra Industrial Development Corporation. The Scheme was made effective from 6th June, 2024 i.e. the date on which the Certified Copy of the Order of the NCLT sanctioning the Scheme was filed with the Registrar of Companies, Maharashtra at Mumbai. Accordingly, the Merger
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