List of subsidiaries (31 March 2020) Sr. Name of the Company Holding / % Holding No. Subsidiary / Associate 1. Mahindra Engineering Subsidiary 100.00% and Chemical Products Limited 2. Retail Initiative Holdings Subsidiary 100.00% Limited 3. Mahindra Retail Limited Subsidiary 100.00% 4. Mahindra Overseas Subsidiary 100.00% Investment Company (Mauritius) Ltd 5. Mahindra Emirates Subsidiary 88.00% Vehicle Armouring FZ- LLC 6. Mahindra Armored Subsidiary 100.00% Vehicles Jordan, LLC. 7. Graphic Research Subsidiary 100.00% Design s.r.l. ꝵ (formerly known as “Mahindra Graphic Research Design s.r.l.”, name changed w.e.f. 03-07-2019) 8. Mahindra Europe s.r.l. Subsidiary 100.00% 9. Mahindra-BT Subsidiary 57.00% Investment Company (Mauritius) Limited 10. Mahindra Racing UK Subsidiary 100.00% Limited 11. Mahindra Tractor Subsidiary 100.00% Assembly Inc. 12. Hisarlar Makina Sanayi Subsidiary 88.86% ve Ticaret Anonim Şirketi 13. Hisarlar İthalat İhracat Subsidiary 100.00% Pazarlama Anonim Şirketi 14. Mahindra Automotive Subsidiary 100.00% North America Inc. 15. Mahindra Vehicle Sales Subsidiary 100.00% and Service Inc. 16. Mahindra North Subsidiary 100.00% American Technical Center, Inc 17. Erkunt Traktor Sanayii Subsidiary 100.00% A.S. 18. Erkunt Sanayi A.S. Subsidiary 98.69% 19. Mahindra Vehicle Subsidiary 100.00% Manufacturers Limited 20. Mahindra Electric Subsidiary 99.43% Mobility Limited 21. Mahindra Heavy Engines Subsidiary 100.00% Limited 22. Mahindra Two Wheelers Subsidiary 100.00% Limited 23. Mahindra Intertrade Subsidiary 100.00% Limited 24. PT Mahindra Accelo Subsidiary 99.96% Steel Indonesia 25. Mahindra Auto Steel Subsidiary 51.00% Private Limited 26. Mahindra Electrical Subsidiary 100.00% Steel Private Limited 27. Mahindra Steel Service Subsidiary 61.00% Centre Limited 28. Mahindra MiddleEast Subsidiary 90.00% Electrical Steel Service Centre (FZC) 29. Mahindra MSTC Subsidiary 50.00% Recycling Private Limited 30. Mahindra Two Subsidiary 100.00% Wheelers Europe Holdings S.a.r.l. 31. Peugeot Motocycles Subsidiary 100.00% S.A.S. 32. Peugeot Motocycles Subsidiary 100.00% Italia S.P.A 33. PMTC Engineering SpA Subsidiary 100.00% 34. Peugeot Motocycles Subsidiary 100.00% Deutschland GmbH 35. Mahindra USA, Inc. Subsidiary 100.00% 36. Mahindra Mexico S. de. Subsidiary 99.99% R. L. 37. Gromax Agri Equipment Subsidiary 60.00% Limited 38. Mahindra Agri Solutions Subsidiary 98.60% Limited 39. Mahindra Summit Subsidiary 60.00% Agriscience Limited 40. Mahindra HZPC Private Subsidiary 59.95% Limited 41. Mahindra Fresh Fruits Subsidiary 100.00% Distribution Holding Company (Europe) B.V. 42. OFD Holding BV Subsidiary 83.09% 43. Origin Direct Asia Ltd Subsidiary 60.00% 44. Origin Direct Asia Subsidiary 100.00% (Shanghai) Trading Co. Ltd. 45. Origin Fruit Direct B.V. Subsidiary 100.00% 46. Origin Fruit Services Subsidiary 100.00% South America SpA 47. Mahindra Greenyard Subsidiary 60.00% Private Limited 48. Merakisan Private Subsidiary 61.47% Limited (w.e.f. 25.07.2019) 49. Mahindra Consulting Subsidiary 60.88% Engineers Limited 50. Mahindra Namaste Subsidiary 100.00% Limited 51. Mahindra Holdings Subsidiary 100.00% Limited 52. Mahindra Integrated Subsidiary 100.00% Business Solutions Private Limited 53. Mahindra Airways Subsidiary 100.00% Limited 54. Mahindra First Choice Subsidiary 49.17% Wheels Limited 55. Fifth Gear Ventures Subsidiary 100.00% Limited (w.e.f. 27.01.2020) 56. Mahindra First Choice Subsidiary 100.00% Services Limited 57. Auto Digitech Private Subsidiary 100.00% Limited 58. Mahindra Susten Private Subsidiary 100.00% Limited 59. Mahindra Susten Subsidiary 100.00% Bangladesh Private Limited 60. Mahindra Teqo Private Subsidiary 100.00% Limited (Formerly Known as “MachinePulse Tech Private Limited”, name changed w.e.f. 09.04.2019) 61. Marvel Solren Private Subsidiary 51.00% Limited 62. MSPE Urja S.R.L. Subsidiary 100.00% 63. Mahindra Renewables Subsidiary 100.00% Private Limited 64. Brightsolar Renewable Subsidiary 51.00% Energy Private Limited 65. Divine Solren Private Subsidiary 100.00% Limited 66. Neo Solren Private Subsidiary 100.00% Limited 67. Astra Solren Private Subsidiary 100.00% Limited 68. Mega Suryaurja Private Subsidiary 100.00% Limited 69. MSPL International Subsidiary 100.00% DMCC (w.e.f. 08.10.2019) 70. Bristlecone Ltd. Subsidiary 75.14% 71. Bristlecone Subsidiary 100.00% International AG 72. Bristlecone Consulting Subsidiary 100.00% Limited 73. Bristlecone Inc. Subsidiary 100.00% 74. Bristlecone UK Limited Subsidiary 100.00% 75. Bristlecone (Malaysia) Subsidiary 100.00% Sdn. Bhd. 76. Bristlecone Middle East Subsidiary 100.00% DMCC 77. Bristlecone India Limited Subsidiary 100.00% 78. Bristlecone (Singapore) Subsidiary 100.00% Pte. Ltd. 79. Bristlecone GmbH Subsidiary 100.00% 80. Mahindra Holidays & Subsidiary 67.31% Resorts India Limited 81. Mahindra Hotels and Subsidiary 100.00% Residences India Limited 82. Gables Promoters Subsidiary 100.00% Private Limited 83. MH Boutique Subsidiary 49.00% Hospitality Limited 84. Infinity Hospitality Subsidiary 100.00% Group Company Limited 85. Heritage Bird (M) Sdn Subsidiary 100.00% Bhd 86. MHR Holdings Subsidiary 100.00% (Mauritius) Limited 87. Covington S.á.r.l Subsidiary 100.00% 88. HCR Management Oy, Subsidiary 100.00% Finland 89. Holiday Club Resorts Subsidiary 100.00% Oy, Finland 90. Kiinteistö Oy Himos Subsidiary 100.00% Gardens 91. Kiinteistö Oy Vanha Subsidiary 100.00% Ykköstii 92. Kiinteistö Oy Subsidiary 100.00% Katinnurkka 93. Kiinteistö Oy Subsidiary 100.00% Tenetinlahti 94. Kiinteistö Oy Subsidiary 100.00% Mällösniemi 95. Kiinteistö Oy Rauhan Subsidiary 100.00% Ranta 1 96. Kiinteistö Oy Rauhan Subsidiary 100.00% Ranta 2 97. Kiinteistö Oy Subsidiary 100.00% Tiurunniemi 98. Kiinteistö Oy Rauhan Subsidiary 100.00% Liikekiinteistöt 1 99. Supermarket Capri Oy Subsidiary 100.00% 100. Kiinteistö Oy Subsidiary 100.00% Kylpyläntorni 1 101. Kiinteistö Oy Spa Lofts 2 Subsidiary 100.00% 102. Kiinteistö Oy Spa Lofts 3 Subsidiary 100.00% 103. Kiinteistö Oy Kuusamon Subsidiary 100.00% Pulkkajärvi 1 104. Holiday Club Resorts Rus Subsidiary 100.00% LLC 105. Suomen Vapaa- Subsidiary 100.00% aikakiinteistöt Oy 106. Holiday Club Sweden Subsidiary 100.00% AB, Sweden 107. Holiday Club Sport and Subsidiary 51.00% Spahotels AB 108. Åre Villa 3 AB Subsidiary 100.00% 109. Ownership Service Subsidiary 100.00% Sweden AB 110. Holiday Club Canarias Subsidiary 100.00% Investments S.L.U 111. Holiday Club Canarias Subsidiary 100.00% Vacation Club SLU (formerly known as Passeport Sante SL, name changed w.e.f. 20.05.2019) 112. Holiday Club Canarias Subsidiary 100.00% Sales & Marketing S.L.U. 113. Holiday Club Canarias Subsidiary 100.00% Resort Management S.L.U. 114. Mahindra Trucks and Subsidiary 100.00% Buses Limited 115. Mahindra Automobile Subsidiary 100.00% Distributor Private Limited 116. Mahindra Lifespace Subsidiary 51.48% Developers Limited 117. Mahindra World City Subsidiary 89.00% Developers Limited 118. Mahindra Industrial Park Subsidiary 60.00% Chennai Limited 119. Mahindra World City Subsidiary 74.00% (Jaipur) Limited 120. Mahindra Integrated Subsidiary 100.00% Township Limited 121. Mahindra Residential Subsidiary 100.00% Developers Limited 122. Mahindra World City Subsidiary 100.00% (Maharashtra) Limited 123. Mahindra Knowledge Subsidiary 99.97% Park Mohali Limited 124. Deep Mangal Subsidiary 100.00% Developers Pvt. Ltd 125. Knowledge Township Subsidiary 100.00% Limited 126. Mahindra Bloomdale Subsidiary 100.00% Developers Limited 127. Industrial Township Subsidiary 100.00% (Maharashtra) Ltd 128. Mahindra Infrastructure Subsidiary 100.00% Developers Limited 129. Mahindra Water Subsidiary 99.00% Utilities Limited 130. Anthurium Developers Subsidiary 100.00% Limited 131. Mahindra Industrial Park Subsidiary 100.00% Private Limited 132. Mahindra Homes Subsidiary 71.61% Private Limited 133. Mahindra Happinest Subsidiary 51.00% Developers Limited 134. Moonshine Construction Subsidiary 100.00% Private Limited 135. Mahindra Logistics Subsidiary 58.45% Limited 136. Lords Freight (India) Subsidiary 82.92% Private Limited 137. 2 x 2 Logistics Private Subsidiary 55.00% Limited 138. Mahindra Subsidiary 69.00% eMarket Limited 139. Mahindra Automotive Subsidiary 100.00% Australia Pty. Ltd. 140. SsangYong Motor Subsidiary 74.65% Company 141. SsangYong Australia Subsidiary 100.00% Pty Limited 142. SsangYong European Subsidiary 100.00% Parts Center B.V 143. SsangYong Motor Subsidiary 100.00% (Shanghai) Co., Ltd 144. SY Auto Capital Co., LTD Subsidiary 51.00% 145. Mahindra EPC Irrigation Subsidiary 54.51% Limited (Formerly known as EPC Industrié Limited - Name changed w.e.f. 28.02.2019) 146. Mahindra Top Subsidiary 60.00% Greenhouses Private Limited 147. Mahindra Defence Subsidiary 100.00% Systems Limited 148. Mahindra Telephonics Subsidiary 51.00% Integrated Systems Limited 149. Mahindra ‘Electoral Subsidiary 100.00% Trust’ Company 150. Mahindra and Mahindra Subsidiary 100.00% South Africa (Proprietary) Limited 151. Mahindra West Africa Subsidiary 100.00% Ltd 152. NBS International Subsidiary 100.00% Limited 153. Mahindra Aerospace Subsidiary 88.95% Private Limited 154. Mahindra Subsidiary 100.00% Aerostructures Private Limited 155. Mahindra Aerospace Subsidiary 100.00% Australia Pty. Limited 156. Gippsaero Pty. Limited Subsidiary 100.00% 157. Airvan10 Pty Ltd Subsidiary 100.00% 158. GA8 Airvan Pty. Limited Subsidiary 100.00% 159. GA200 Pty. Limited Subsidiary 100.00% 160. Airvan Flight Services Subsidiary 100.00% Pty. Limited 161. Nomad TC Pty. Limited Subsidiary 100.00% 162. Trringo.com Limited