MAHINDRA GROUP COMPANIES

As of 31st March 2011, the Group flagship company Mahindra & Mahindra Ltd. had 110 Subsidiary Companies Nature of Relationship

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Sector Products / Services

Sr. No.
1

Industry
Aerospace

Group Company
Mahindra & Mahindra Limited Mahindra Aerospace Private Limited Mahindra Aerostructures Private Limited Mahindra Aerospace Australia Pty Limited Gipp Aero Investments Pty Limited Nomad TC Pty Limited GA 200 Pty Limited GA8 Airvan Pty Limited Aerostaff Australia Pty Limited Airvan Flight Services Pty Limited Gipps Aero Pty Limited

Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary

Systech

IP holder for Type Design Data IP holder for Type Design Data IP holder for Type Design Data Aero Components Aircraft Operating Company Aircraft

Aftermarket

Mahindra & Mahindra Limited Mahindra Spares Business Mahindra First Choice Wheels Limited Mahindra First Choice Services Limited

Division Subsidiary Subsidiary

Aftermarket

Spares Buying & Selling Used Cars Multi-brand Service of Cars

Agri-business

Mahindra & Mahindra Limited Mahindra Shubhlabh Services Limited

Subsidiary

Automotive & Farm Fresh Produce, Agri-Inputs

Automotive

Mahindra & Mahindra Limited Mahindra & Mahindra Limited - Automotive Division Mahindra & Mahindra South Africa (Pty) Limited Mahindra Automobile Distributor Private Limited Mahindra Navistar Automotives Limited Mahindra Vehicle Manufacturers Limited Mahindra Navistar Engines Private Limited Mahindra Automotive Australia Pty. Ltd. Mahindra Reva Electric Vehicles Private Limited Mahindra Overseas Investment Company (Mauritius) Limited Mahindra Europe s.r.l Mahindra Graphic Research Design s.r.l NBS International Limited Ssangyong Motor Company Limited Ssangyong European Parts Center B.V. Ssangyong Motor (Shanghai) Co. Ltd. Ssangyong (Yizheng) Auto Parts Manufacturing Co., Ltd.

Division Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary

Automotive & Farm 3 Wheelers, UV's, Pick-ups UV's Cars HCV Manufacturing LCV and HCV Manufacturing Engines Manufacturing UV imports, sales and service Electric cars Vehicle import and distribution Design services SUV's, Cars

Auto components

Components

Mahindra & Mahindra Limited Mahindra Forgings Limited Stokes Group Limited Stokes Forgings Dudley Limited Jensand Limited Stokes Forgings Limited Mahindra Forgings Global Limited Schneweiss & Co. GmbH Mahindra Forgings International Limited Mahindra Forgings Europe AG Gesenkschmiede Schneider GmbH JECO-Jellinghaus GmbH Falkenroth Umformtechnik GmbH Mahindra Castings Limited Mahindra Gears & Transmissions Private Limited Mahindra Gears International Limited Mahindra Gears Global Limited Mahindra Gears Cyprus Limited Metalcastello S.p.A. Crest Geartech Private Limited Mahindra Ugine Steel Company Limited Mahindra Engineering Services Limited Mahindra Engineering Services (Europe) Limited Mahindra Engineering GmbH Mahindra Technologies Services Inc Mahindra Composites Limited

Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate

Systech

Forging Products

Forging Products Forging Products

Castings Gears & Transmission Products

Alloy steels & Stampings Engineering Services

Composites

Sr. No.
6

Industry
Consulting Services

Group Company
Mahindra & Mahindra Limited Mahindra Special Services Group Mahindra Consulting Engineers Limited Mahindra Business & Consulting Services Private Limited Mahindra Water Utilities Private Limited

Nature of Relationship

Sector

Products / Services

Division Subsidiary Subsidiary of M&M Financial Services JV of Mahindra Infrastructure Developers

Mahindra Defense Corporate Security Consulting Mahindra Partners Multi-disciplinary Engineering Project Consulting

Financial Services Captive Staffing and Allied Services Real Estate & Infrastructure Water treatment and supply

Defense

Mahindra & Mahindra Limited Mahindra & Mahindra Limited - Defense Systems Mahindra Emirates Vehicle Armouring FZ-LLC Defence Land Systems India Private Limited

Division Subsidiary Subsidiary

Defense Systems Naval Systems Vehicle up-armouring Land Defence Systems

Energy

Mahindra & Mahindra Limited Mahindra & Mahindra Limited - Energy (Powerol) Division Mahindra Holdings Limited Mahindra EPC Services Private Limited Mahindra Solar One Private Limited

Division Subsidiary Subsidiary of MHL Associate

Automotive & Farm DG Sets, Inverters EPC Services for Solar Power Mahindra Partners Solar Power Producer

Farm Equipment

Mahindra & Mahindra Limited Mahindra & Mahindra Limited - Farm Equipment Division Mahindra Construction Equipment Mahindra USA Inc. Mahindra Gujarat Tractor Limited Mahindra Overseas Investment Company (Mauritius) Limited Mahindra (China) Tractor Company Limited Mahindra Yueda (Yancheng) Tractor Company Limited Mahindra EcoNova Private Limited Mahindra Holdings Limited Mahindra Punjab Tractors Private Limited Vayugrid Marketplace Services Private Limited

Division Division Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate

Automotive & Farm Tractors, Farm Equipment Construction Equipment Tractors, Farm Equipment Tractors, Farm Equipment Tractors, Farm Equipment Tractors, Farm Equipment

Tractors, Farm Equipment

10

Financial Services

Mahindra & Mahindra Limited Mahindra & Mahindra Financial Services Limited Mahindra Insurance Brokers Limited Mahindra Rural Housing Finance Limited

Subsidiary Subsidiary Subsidiary

Financial Services Financing Vehicles & Other Assets Insurance Broking Housing Finance

11

Industrial Equipment

Mahindra & Mahindra Limited Mahindra Engineering & Chemical Products Limited Mahindra Conveyor Systems Private Limited

Subsidiary Subsidiary

Mahindra Partners Bulk Handling Systems

12

Information Technology Mahindra & Mahindra Limited Bristlecone Limited Bristlecone Inc. Bristlecone UK Limited Bristlecone (Malaysia) SDN.BHD Bristlecone Consulting Limited Bristlecone India Limited Bristlecone Singapore Pte. Limited Bristlecone GmbH Mahindra BPO Services Private Limited Mahindra-BT Investment Company (Mauritius) Limited. Tech Mahindra Limited CanvasM Technologies Limited Satyam Computer Services Limited

Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Joint Venture JV of TechM Subsidiary of TechM

IT

ERP Implementation Solutions

BPO and Back-office Services Telecom Software and Services Mobile VAS Software Solutions and Services

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Sr. No. Sr. No.
13

Industry Industry
Leisure & Hospitality

Group Company Group Company

Mahindra & Mahindra Limited

Relationship
Subsidiary Subsidiary Division Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary of M&M Financial Services Subsidiary

Nature of Nature of Relationship

Sector

Sector

Products / Services

Products / Services

Consulting Services

Mahindra Mahindra Holidays and Resorts India Limited & Mahindra Limited MHR Hotel Management Mahindra Special Services Group GmbH
Mahindra Holidays and Resorts USA Inc. Mahindra Consulting Engineers Limited Mahindra Hotels and Residences India Limited Heritage Bird (M) Sdn Bhd Mahindra Business & Consulting Services Private Limited BAH Hotelanlagen AG

Hospitality

Timeshare Resorts

Mahindra Defense Corporate Security Consulting Mahindra Partners Multi-disciplinary Engineering Project Consulting

Financial Services Captive Staffing and Allied Services Real Estate & Infrastructure Water treatment and supply

14

Logistics

Mahindra Water Utilities Private Limited Mahindra & Mahindra Limited Mahindra Logistics Limited

JV of Mahindra Infrastructure Developers Subsidiary

Mahindra Partners People & Freight Movement Services

15

Defense Mahindra & Mahindra Limited Real Estate & Mahindra & & Mahindra Limited - Defense Systems Mahindra Mahindra Limited Infrastructure Mahindra Emirates Vehicle Armouring FZ-LLC Mahindra Lifespace Developers Limited Defence Land Systems India Private Limited Mahindra Bebanco Developers Limited Energy
Mahindra Integrated Township Limited Mahindra & Mahindra Limited Mahindra Residential Developers Limited Mahindra Watsonia Developers -Limited (Powerol) Division & Mahindra Limited Energy

Division Subsidiary Subsidiary Subsidiary Subsidiary

Subsidiary Subsidiary

Defense Systems Naval Systems Real Estate & Vehicle up-armouring Residential Properties & SEZ's Infrastructure Land Defence Systems Residential Properties

Farm Equipment

16

Retail

Mahindra Mahindra Infrastructure Developers Limited Holdings Limited Mahindra World City Developers Limited Mahindra EPC Services Private Limited Mahindra World City (Jaipur) Limited Mahindra Solar One Private Limited Mahindra World City (Maharashtra) Limited Knowledge Township Limited Raigad Industrial & Business Park Limited Mahindra Industrial Township (Maharashtra) Limited Mahindra & Mahindra Limited Anthurium Developers Limited Mahindra & Mahindra Limited - Farm Equipment Division Mahindra Construction Equipment Mahindra Mahindra Mahindra & USA Inc. Limited Mahindra Gujarat Tractor Limited Mahindra Engineering & Chemical Products Limited

Mahindra Retail Initiative HoldingsCompany (Mauritius) Limited Overseas Investment Limited Mahindra Mahindra Retail Private Limited (China) Tractor Company Limited Mahindra Yueda (Yancheng) Tractor Company Limited

Division Automotive & Farm DG Sets, Inverters Subsidiary Subsidiary Development of SEZ's, Industrial Parks Subsidiary Subsidiary Subsidiary of MHL EPC Services for Solar Power Subsidiary Associate Mahindra Partners Solar Power Producer Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Division Automotive & Farm Tractors, Farm Equipment Division Construction Equipment Subsidiary Tractors, Farm Equipment Subsidiary Subsidiary Mahindra Partners Tractors, Farm Equipment Subsidiary Subsidiary Subsidiary Retailing Maternity and Baby-Care products Subsidiary Tractors, Farm Equipment Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Tractors, Farm Equipment
Mahindra Partners Steel processing

17

Steel Processing

Mahindra & EcoNova Limited Limited Mahindra Mahindra Private Mahindra Intertrade Limited Mahindra Holdings Limited Mahindra Middle East Electrical Steel Service Centre Mahindra Punjab Tractors Private Limited Mahindra Steel Service Centre Limited Vayugrid Marketplace Services Private Limited Mahindra Electrical Steel Limited

Tractors, Farm Equipment

10

18

Two Wheelers Mahindra & Mahindra Limited Financial Services Mahindra & Mahindra Wheelers Limited Mahindra Two Limited Mahindra & Mahindra Financial Services Limited Mahindra Insurance Brokers Limited Mahindra Rural Housing Finance Limited

Subsidiary Subsidiary Subsidiary Subsidiary

Two Wheelers Scooters and Bikes Financial Services Financing Vehicles & Other Assets Insurance Broking Housing Finance

11

Industrial Equipment

Mahindra & Mahindra Limited Mahindra Engineering & Chemical Products Limited Mahindra Conveyor Systems Private Limited

Subsidiary Subsidiary

Mahindra Partners Bulk Handling Systems

12

Information Technology Mahindra & Mahindra Limited Bristlecone Limited Bristlecone Inc. Bristlecone UK Limited Bristlecone (Malaysia) SDN.BHD Bristlecone Consulting Limited Bristlecone India Limited Bristlecone Singapore Pte. Limited Bristlecone GmbH Mahindra BPO Services Private Limited Mahindra-BT Investment Company (Mauritius) Limited. Tech Mahindra Limited CanvasM Technologies Limited Satyam Computer Services Limited

Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Joint Venture JV of TechM Subsidiary of TechM

IT

ERP Implementation Solutions

BPO and Back-office Services Telecom Software and Services Mobile VAS Software Solutions and Services