Integrated Annual Report 2025-26 460 44. Investment in Joint Arrangements and Associates (Continued) Interests in Associates: The Group’s interests in associates are: Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest*$ As at 31st March, 2026 2025 Tech Mahindra Limited................................................................................................................................................................................... India 28.06% 28.06% PF Holdings B.V.................................................................................................................................................................................................... Netherlands 40.00% 40.00% Shiga Mitsubishi Agricultural Machinery Sales Co., Ltd........................................................................................................... Japan 22.40% 22.40% Kagawa Mitsubishi Agricultural Machinery Sales Co., Ltd...................................................................................................... Japan 33.33% 33.33% Okanetsu Industry Co., Ltd.......................................................................................................................................................................... Japan 33.77% 33.77% Kitaiwate Ryono Co., Ltd............................................................................................................................................................................... Japan 25.00% 25.00% Aizu Ryono Co., Ltd. (under liquidation).............................................................................................................................................. Japan 21.25% 21.25% Joban Ryono Co., Ltd....................................................................................................................................................................................... Japan 20.00% 20.00% Fukuryo Kiki Hanbai Co., Ltd....................................................................................................................................................................... Japan 20.00% 20.00% Ibaraki Ryono Co., Ltd...................................................................................................................................................................................... Japan 21.64% 21.64% Kotobuki Noki Co, Ltd. ................................................................................................................................................................................... Japan 33.33% 33.33% Honda Seisakusyo, Inc..................................................................................................................................................................................... Japan 25.00% 25.00% Yamaichi Honten Co., Ltd. ........................................................................................................................................................................... Japan 42.85% 42.85% Kumsan Dokum Mazelmeri A.S................................................................................................................................................................ Turkey 25.10% 25.10% Mahindra Finance USA, LLC........................................................................................................................................................................ U.S.A. 49.00% 49.00% CIE Automotive S.A. #..................................................................................................................................................................................... Spain 3.58% 8.01% Mahindra Knowledge Park (Mohali) Limited.................................................................................................................................... India 46.15% 46.15% Ample Parks And Logistics Private Limited.................................................................................................................................... India 26.00% 26.00% Ample Parks Project 1 Private Limited.............................................................................................................................................. India 33.00% 33.00% Ample Parks Project 2 Private Limited................................................................................................................................................ India 33.00% 33.00% Ample Parks MMR Private Limited........................................................................................................................................................ India 26.00% 26.00% Kiinteistö Oy Seniori-Saimaa....................................................................................................................................................................... Finland 31.15% 31.15% Great Rocksport Private Limited............................................................................................................................................................ India 23.42% 23.42% Renew Sunlight Energy Private Limited .......................................................................................................................................... India 37.21% 37.21% Sustainable Energy Infra Investment Managers Private Limited..................................................................................... India 40.00% 40.00% Green Energy Infra Project Managers Private Limited............................................................................................................ India 40.00% 40.00% Brainbees Solutions Limited #.................................................................................................................................................................. India 9.32% 10.49% PSL Media & Communications Limited (upto 15th September, 2025).......................................................................... India — 40.00% The East India Company Group Limited BVI #.............................................................................................................................. Singapore 18.62% 18.62% Blue Planet Integrated Waste Solutions Limited (upto 2nd March, 2026)................................................................. India — 20.00% Gelos Solren Private Limited (w.e.f. 15th December, 2025).................................................................................................. India 26.00% — The financial statements of the Associates are drawn upto 31st March, 2026 other than for CIE Automotive S.A. & The East India Company Group Limited BVI where it is upto 31st December, 2025. * excluding shares issued to ESOP Trusts of the respective entities / their holding companies but not allotted to employees # Entities have been treated as Associate even though the Group holds less than 20% of the voting power in these entities as it has influence over the entity due to the board representation. $ Proportion of ownership interest held by the Company or any of its subsidiary directly All of the above associates/Joint ventures are accounted for using the equity method in consolidated financial statements.
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