Shareholding Company Name as on 30 June 2019 Subsidiaries Astra Solren Pvt Ltd. 100.0% Auto Digitech Pvt Ltd. 100.0% Automobili Pininfarina Americas Inc 100.0% Automobili Pininfarina GmbH 100.0% Cleansolar Renewable Energy Pvt Ltd. 100.0% Divine Solren Pvt Ltd. 100.0% Erkunt Traktor Sanayii AS 100.0% MachinePulse Tech Pvt Ltd. 100.0% Mahindra & Mahindra South Africa (Proprietary) Ltd. 100.0% Mahindra ‘Electoral Trust Company 100.0% Mahindra Airways Ltd. 100.0% Mahindra Automobile Distributor Pvt Ltd. 100.0% Mahindra Automotive Australia Pty Ltd. 100.0% Mahindra Automotive Mauritius Ltd. 100.0% Mahindra Automotive North America Inc 100.0% Mahindra Defence Naval Systems Ltd. 100.0% Mahindra Defence Systems Ltd. 100.0% Mahindra do Brasil Industrial Ltda. 100.0% Mahindra Electrical Steel Pvt Ltd. 100.0% Mahindra Engineering & Chemical Products Ltd. 100.0% Mahindra Europe srl 100.0% Mahindra First Choice Services Ltd. 100.0% Mahindra Graphic Research Design srl 100.0% Mahindra Heavy Engines Ltd. 100.0% Mahindra Holdings Ltd. 100.0% Mahindra Integrated Business Solutions Pvt Ltd. 100.0% Mahindra International UK Ltd. 100.0% Mahindra Intertrade Ltd. 100.0% Mahindra Mexico S de RL 100.0% Mahindra North American Technical Centre Inc 100.0% Mahindra Overseas Investment Company (Mauritius) Ltd. 100.0% Mahindra Racing UK Ltd. 100.0% Mahindra Renewables Pvt Ltd. 100.0% Mahindra Residential Developers Ltd. 100.0% Mahindra Retail Ltd. 100.0% Mahindra Susten Bangladesh Pvt Ltd. 100.0% Mahindra Susten Pvt Ltd. 100.0% Mahindra Telecom Energy Management Services Ltd. 100.0% Mahindra Tractor Assembly Inc 100.0% Mahindra Trucks & Buses Ltd. 100.0% Mahindra Two Wheelers Europe Holdings Sarl 100.0% Mahindra USA Inc 100.0% Mahindra Vehicle Manufacturers Ltd. 100.0% Mahindra Vehicle Sales & Service Inc 100.0% Mahindra Waste To Energy Solutions Ltd. 100.0% Mahindra West Africa Ltd. 100.0% Mahindra World City Jaipur Ltd. 100.0% Marvel Solren Pvt Ltd. 100.0% Mega Suryaurja Pvt Ltd. 100.0% MSPE Urja SRL 100.0% NBS International Ltd. 100.0% Neo Solren Pvt Ltd. 100.0% PMTC Engineering SpA 100.0% Retail Initiative Holdings Ltd. 100.0% Trringo.com Ltd. 100.0% PT Mahindra Accelo Steel Indonesia 100.0% Mahindra Electric Mobility Ltd. 99.5% Erkunt Sanayi AS 98.7% Mahindra Agri Solutions Ltd. 98.4% Mahindra Fresh Fruits Distribution Holding Company (Europe) BV 98.4% Mahindra Summit Agriscience Ltd. 98.4% Mahindra Two Wheelers Ltd. 92.9% Orizonte Business Solutions Ltd. 92.2% Mahindra Middleeast Electrical Steel Service Centre (FZC) 90.0% Airvan 10 Pty Ltd. 88.9% Airvan Flight Services Pty Ltd. 88.9% GA200 Pty Ltd. 88.9% GA8 Airvan Pty Ltd. 88.9% Gippsaero Pty Ltd. (step down sub of MAPL) 88.9% Mahindra Aerospace Australia Pty Ltd. (sub of MAPL) 88.9% Mahindra Aerospace Pvt Ltd. (MAPL) 88.9% Mahindra Aerostructures Pvt Ltd. 88.9% Nomad TC Pty Ltd. 88.9% Mahindra Consulting Engineers Ltd. 88.4% Mahindra Namaste Ltd. 88.4% Mahindra Armored Vehicles Jordon LLC 88.0% Mahindra Emirates Vehicle Armouring FZ-LLC 88.0% Hisarlar Ithalat Ihracat Pazarlama Anonim 86.8% Hisarlar Makina Sanayi ve Ticaret Anonim 86.8% Mahindra eMarket Ltd. 83.5% OFD Holding BV 81.8% Origin Direct Asia (Shanghai) Trading Co. Ltd. 81.8% Origin Fruit Direct BV 81.8% Origin Fruit Services South America SpA 81.8% Bristlecone (Malaysia) Sdn Bhd 75.2% Bristlecone (Singapore) Pte Ltd. 75.2% Bristlecone (UK) Ltd. 75.2% Bristlecone Consulting Ltd. 75.2% Bristlecone GmbH 75.2% Bristlecone Inc 75.2% Bristlecone India Ltd. 75.2% Bristlecone International AG 75.2% Bristlecone Ltd. 75.2% Bristlecone Middle East DMCC 75.2% SsangYong Australia Pty Ltd. 74.7% Ssangyong European Parts Center BV 74.7% Ssangyong Motor (Shanghai) Company Ltd. 74.7% Ssangyong Motor Company 74.7% Covington Sarl 67.6% Gables Promoters Pvt Ltd. 67.6% HCR Management Oy 67.6% Heritage Bird (M) Sdn Bhd 67.6% Mahindra Holidays & Resorts India Ltd. 67.6% Mahindra Hotels & Residences India Ltd. 67.6% MHR Holdings (Mauritius) Ltd. 67.6% Mahindra Construction Company Ltd. 65.4% Are Villa 3 AB 65.3% Are Villas 1 AB 65.3% Are Villas 2 AB 65.3% Holiday Club Canarias Investments SLU 65.3% Holiday Club Canarias Resort Management SLU 65.3% Holiday Club Canarias Sales & Marketing SLU 65.3% Holiday Club Canarias Vacation Club SLU (Formerly Passeport Sante SL) 65.3% Holiday Club Resort Oy 65.3% Holiday Club Resort Rus LLC 65.3% Holiday Club Sweden Ab 65.3% Kiinteistö Oy Himos Gardens 65.3% Kiinteistö Oy Katinnurkka 65.3% Kiinteistö Oy Kuusamon Pulkkajärvi 1 65.3% Kiinteistö Oy Kylpyläntorni 1 65.3% Kiinteistö Oy Mällösniemi 65.3% Kiinteistö Oy Rauhan Liikekiinteistöt 1 65.3% Kiinteistö Oy Rauhan Ranta 1 65.3% Kiinteistö Oy Rauhan Ranta 2 65.3% Kiinteistö Oy Spa Lofts 2 65.3% Kiinteistö Oy Spa Lofts 3 65.3% Kiinteistö Oy Tenetinlahti 65.3% Kiinteistö Oy Tiurunniemi 65.3% Kiinteistö Oy Vanha Ykköstii 65.3% Ownership Services Ab 65.3% Suomen Vapaa-aikakiinteistöt Oy LKV 65.3% Supermarket Capri Oy 65.3% Mahindra Steel Service Centre Ltd. 61.0% BSA Company Ltd. 60.0% Classic Legends Pvt Ltd. 60.0% Gromax Agri Equipment Ltd. 60.0% Mahindra Greenyard Pvt Ltd. 59.0% Mahindra HZPC Pvt Ltd. 59.0% Mahindra Logistics Ltd. 58.5% Mahindra–BT Investment Company (Mauritius) Ltd. 57.0% Mahindra EPC Irrigation Ltd. 54.6% Anthurium Developers Ltd. 51.5% Bloomdale Developers Ltd. 51.5% Deep Mangal Developers Pvt Ltd. 51.5% Industrial Township (Maharashtra) Ltd. 51.5% Knowledge Township Ltd. 51.5% Mahindra Industrial Park Pvt Ltd. 51.5% Mahindra Infrastructure Developers Ltd. 51.5% Mahindra Lifespace Developers Ltd. 51.5% Mahindra World City (Maharashtra) Ltd. 51.5% Moonshine Construction Pvt Ltd. 51.5% Brightsolar Renewable Energy Ltd. 51.0% Mahindra Auto Steel Pvt Ltd. 51.0% Mahindra First Choice Wheels Ltd. 51.0% Mahindra Telephonics Integrated Systems Ltd. 51.0% Peugeot Motocycles Deutschland GmbH 51.0% Peugeot Motocycles Italia SpA 51.0% Peugeot Motocycles SAS 51.0% Mahindra Water Utilities Ltd. 51.0% Infinity Hospitality Group Company Ltd. 50.0% Mahindra MSTC Recycling Pvt Ltd. 50.0% Origin Direct Asia Ltd. 49.1% Lords Freight (India) Pvt Ltd. 48.5% Mahindra World City Developers Ltd. 45.8% Mahindra Homes Pvt Ltd. 38.6% SY Auto Capital Co. Ltd. 38.1% Mahindra Integrated Township Ltd. 37.8% Holiday Club Sport & Spahotels AB 33.3% MH Boutique Hospitality Ltd. 33.1% Mahindra Top Greenhouses Pvt Ltd. 32.8% 2 x 2 Logistics Pvt Ltd. 32.2% Mahindra Industrial Park Chennai Ltd. 27.5% Mahindra Happinest Developers Ltd. 26.3% Mahindra Knowledge Park Mohali Ltd. 23.8% Associates / Joint Ventures Officemartindia.com Limited 50.0% Sampo Rosenlew Oy 49.0% Kota Farm Services Limited 47.8% Mahindra & Mahindra Contech Limited 46.7% P.F. holding BV 40.0% Mahindra Ideal Lanka Private Limited 35.0% Mitsubishi Mahindra Agricultural Machinery co., Ltd 33.3% Swaraj Engines Limited 33.3% Tech Mahindra Limited 28.9% M.I.T.R.A Agro Equipments Private Limited 27.1% Resfeber Labs Private Limited 25.1% Carnot Technologies Private Limited 23.7% Mahindra Sanyo Special Steel Private Limited 22.8% Zoomcar Inc 17.0% .