Integrated Annual Report 2025-26 456 Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2026 2025 Holiday Club Canarias Sales & Marketing S.L........................................................................................................................................ Spain 66.87% 66.87% Holiday Club Canarias Resort Management S.L................................................................................................................................... Spain 66.87% 66.87% Holiday Club Canarias Vacation Club SLU................................................................................................................................................ Spain 66.87% 66.87% Arabian Dreams Hotels Apartments LLC @............................................................................................................................................ U.A.E 32.77% 32.77% Mahindra Holidays & Resorts India Limited Employee Stock Option Trust...................................................................... India 66.87% 66.87% Mahindra Holidays & Resorts Harihareshwar Limited..................................................................................................................... India 66.87% 66.87% Guestline Hospitality Management and Development Service Limited.............................................................................. India 66.51% 66.51% Mahindra Logistics Limited.................................................................................................................................................................................. India 59.58% 57.97% Lords Freight (India) Private Limited............................................................................................................................................................ India 59.58% 57.42% 2 x 2 Logistics Private Limited........................................................................................................................................................................ India 32.77% 31.88% MLL Express Services Private Limited........................................................................................................................................................ India 59.58% 57.97% MLL Mobility Private Limited............................................................................................................................................................................. India 59.58% 57.97% V-Link Freight Services Private Limited..................................................................................................................................................... India 59.58% 57.97% ZipZap Logistics Private Limited..................................................................................................................................................................... India 38.19% 37.16% Mahindra Two Wheelers Europe Holdings S.a.r.l................................................................................................................................... Luxembourg 100.00% 100.00% Bristlecone Worldwide, Inc ................................................................................................................................................................................. U.S.A. 94.72% 95.08% Bristlecone Consulting Limited........................................................................................................................................................................ Canada 94.72% 95.08% Bristlecone (Malaysia) Sdn. Bhd....................................................................................................................................................................... Malaysia 94.72% 95.08% Bristlecone International AG.............................................................................................................................................................................. Switzerland 94.72% 95.08% Bristlecone UK Limited.......................................................................................................................................................................................... U.K. 94.72% 95.08% Bristlecone Inc............................................................................................................................................................................................................. U.S.A. 94.72% 95.08% Bristlecone Middle East DMCC......................................................................................................................................................................... U.A.E. 94.72% 95.08% Bristlecone India Private Limited (formerly known as Bristlecone India Limited)....................................................... India 94.72% 95.08% Bristlecone GmbH...................................................................................................................................................................................................... Germany 94.72% 95.08% Bristlecone (Singapore) Pte. Limited............................................................................................................................................................ Singapore 94.72% 95.08% Bristlecone Internacional Costa Rica Limited........................................................................................................................................ U.S.A. 94.72% 95.08% 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% 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 99.99% 99.98% 43. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
RkJQdWJsaXNoZXIy NTE5NzY=