MAHINDRA & MAHINDRA LIMITED 26 Besides the above, the Company benefits through operational synergies, cost optimisation, efficient working capital, assurance of product/ service quality, utilising the expertise within the Group for manufacturing, sourcing, etc. thereby bringing efficiencies in the businesses, providing enhanced level of user experience to the consumers of the Company to enable achieve growth objectives, access to and utilisation of strong R&D and design capabilities. This would drive growth in MEAL's business and will enable it to innovate, scale up and pursue growth opportunities in a more focused manner. These services will be provided at an arm’s length from the Company to MEAL which is the bulk of the related party transactions. As MEAL grows, the volume of these transactions will grow, hence necessitating a higher limit. Considering all of the above and the ambitious plans of the Group in the EV space, there would be a significant increase in the overall transactions between the Company and MEAL. 7. Details of the promoter(s)/ director(s) / key managerial personnel of the listed entity who have interest in the transaction, whether directly or indirectly. a. Name of the director/KMP b. Shareholding of the director / KMP, whether direct or indirect, in the related party The Company is the Promoter and Holding Company of MEAL and held 99.99% shares in MEAL as on 31st March 2026 and 92.45% shares as on 5th May 2026. Dr. Anish Shah, Group CEO & Managing Director of the Company, is a Non-Executive Director of MEAL. He does not hold any shares of MEAL. Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector) of the Company is a Non-Executive Director of MEAL. He does not hold any shares of MEAL. Ms. Shikha Sharma, Independent Director of the Company is also an Independent Director of MEAL. She does not hold any shares of MEAL. None of the other promoter(s)/ director(s)/ key managerial personnel of the Company and their relatives are concerned or interested, financially or otherwise in the proposed transactions. Their interest or concern or that of their relatives, is limited only to the extent of their holding directorship/shareholding in the Company and MEAL. 8. A copy of the valuation or other external party report, if any, shall be placed before the Audit Committee. The related party transactions will be in line with the Company’s Policy on Materiality of and Dealing with Related Party Transactions. These transactions will be on an arm’s length basis and in the ordinary course of business. The related party transactions will be supported by the Valuation Report of an Independent valuer, wherever necessary. 9. Any other information relevant for decision making: All relevant information has been appropriately disclosed herein for informed decision making. Part B & C: Additional information for proposed transactions including information on Material Related Party Transactions as per Industry Standards B(1): Disclosure only in case of transactions relating to sale, purchase or supply of goods or services or any other similar business transaction and trade advances 1. Bidding or other process, if any, applied for choosing a party for sale, purchase or supply of goods or services No bidding or other process has been applied for choosing MEAL as a counter party for the proposed transaction. The Company benefits through operational synergies, cost optimisation, efficient working capital, assurance of product/ service quality, utilising the expertise within the Group for manufacturing, sourcing, etc. thereby bringing efficiencies in the businesses, providing enhanced level of user experience to the consumers of the Company to enable achieve growth objectives, access to and utilisation of strong R&D and design capabilities. This would drive growth in MEAL's business and will enable it to innovate, scale up and pursue growth opportunities in a more focused manner.
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