459 FINANCIAL STATEMENTS | Consolidated Accounts 44. 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, 2026 2025 Mahindra Ideal Lanka (Private) Limited (upto 14th August, 2025)................................................................................. Sri Lanka — 35.00% Carnot Technologies Private Limited #.............................................................................................................................................. India 73.00% 73.00% Sampo Algeria SpA (upto 30th September, 2025)...................................................................................................................... Algeria — 38.00% Mahindra Top Greenhouses Private Limited #.............................................................................................................................. India 60.00% 60.00% Mahindra Summit Agriscience Limited #........................................................................................................................................... India 59.44% 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 # (Upto 27th November, 2025).................................................................................. India — 74.35% 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% Mahindra Blossom Developers Limited (w.e.f. 24th March, 2026) @.............................................................................. India 51.00% — Tropiikin Rantasauna Oy............................................................................................................................................................................... Finland 50.00% 50.00% Classic Legends Private Limited #......................................................................................................................................................... India 58.37% 60.00% Mahindra Investment Company Mauritius Limited (Formerly known as Mahindra-BT Investment Company (Mauritius) Limited ) (upto 18th December, 2025) #......................................................................................... Mauritius — 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 22.84% 25.93% Aquasail Distribution Company Private Limited........................................................................................................................... India 17.65% 17.65% Seino MLL Logistics Private Limited..................................................................................................................................................... India 50.00% 50.00% Tech Mahindra Foundation (w.e.f. 9th January 2026) ##....................................................................................................... India — — * 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%. @ The entity was incorporated on 2nd January 2026 as a wholly owned subsidiary of Mahindra Lifespace Developers Limited (MLDL). On 24th March, 2026, the stake was sold to an investor post which it is classified as joint venture of the company. ## Classified as Joint Venture in accordance with the provisions of the shareholders’ agreement
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