Sr. No. Industry Group CompanyNature of

RelationshipSector Products / Services

1 Aerospace Mahindra & Mahindra Limited

Mahindra Aerospace Private Limited Subsidiary Systech

Mahindra Aerostructures Private Limited Subsidiary

Mahindra Aerospace Australia Pty Limited Subsidiary

Gipp Aero Investments Pty Limited Subsidiary

Nomad TC Pty Limited Subsidiary IP holder for Type Design Data

GA 200 Pty Limited Subsidiary IP holder for Type Design Data

GA8 Airvan Pty Limited Subsidiary IP holder for Type Design Data

Aerostaff Australia Pty Limited Subsidiary Aero Components

Airvan Flight Services Pty Limited Subsidiary Aircraft Operating Company

Gipps Aero Pty Limited Subsidiary Aircraft

2 Aftermarket Mahindra & Mahindra Limited

Mahindra Spares Business Division Aftermarket Spares

Mahindra First Choice Wheels Limited Subsidiary Buying & Selling Used Cars

Mahindra First Choice Services Limited Subsidiary Multi-brand Service of Cars

3 Agri-business Mahindra & Mahindra Limited

Mahindra Shubhlabh Services Limited Subsidiary Automotive & Farm Fresh Produce, Agri-Inputs

4 Automotive Mahindra & Mahindra Limited

Mahindra & Mahindra Limited - Automotive Division Division Automotive & Farm 3 Wheelers, UV's, Pick-ups

Mahindra & Mahindra South Africa (Pty) Limited Subsidiary UV's

Mahindra Automobile Distributor Private Limited Subsidiary Cars

Mahindra Navistar Automotives Limited Subsidiary HCV Manufacturing

Mahindra Vehicle Manufacturers Limited Subsidiary LCV and HCV Manufacturing

Mahindra Navistar Engines Private Limited Subsidiary Engines Manufacturing

Mahindra Automotive Australia Pty. Ltd. Subsidiary UV imports, sales and service

Mahindra Reva Electric Vehicles Private Limited Subsidiary Electric cars

Mahindra Overseas Investment Company (Mauritius) Limited Subsidiary

Mahindra Europe s.r.l Subsidiary Vehicle import and distribution

Mahindra Graphic Research Design s.r.l Subsidiary Design services

NBS International Limited Subsidiary

Ssangyong Motor Company Limited Subsidiary SUV's, Cars

Ssangyong European Parts Center B.V. Subsidiary

Ssangyong Motor (Shanghai) Co. Ltd. Subsidiary

Ssangyong (Yizheng) Auto Parts Manufacturing Co., Ltd. Subsidiary Auto components

5 Components Mahindra & Mahindra Limited

Mahindra Forgings Limited Subsidiary Systech Forging Products

Stokes Group Limited Subsidiary

Stokes Forgings Dudley Limited Subsidiary

Jensand Limited Subsidiary

Stokes Forgings Limited Subsidiary

Mahindra Forgings Global Limited Subsidiary Forging Products

Schöneweiss & Co. GmbH Subsidiary

Mahindra Forgings International Limited Subsidiary Forging Products

Mahindra Forgings Europe AG Subsidiary

Gesenkschmiede Schneider GmbH Subsidiary

JECO-Jellinghaus GmbH Subsidiary

Falkenroth Umformtechnik GmbH Subsidiary

Mahindra Castings Limited Subsidiary Castings

Mahindra Gears & Transmissions Private Limited Subsidiary Gears & Transmission Products

Mahindra Gears International Limited Subsidiary

Mahindra Gears Global Limited Subsidiary

Mahindra Gears Cyprus Limited Subsidiary

Metalcastello S.p.A. Subsidiary

Crest Geartech Private Limited Subsidiary

Mahindra Ugine Steel Company Limited Subsidiary Alloy steels & Stampings

Mahindra Engineering Services Limited Subsidiary Engineering Services

Mahindra Engineering Services (Europe) Limited Subsidiary

Mahindra Engineering GmbH Subsidiary

Mahindra Technologies Services Inc Subsidiary

Mahindra Composites Limited Associate Composites

As of 31st March 2012, the Group flagship company Mahindra & Mahindra Ltd. had 110 Subsidiary Companies

MAHINDRA GROUP COMPANIES

Sr. No. Industry Group CompanyNature of

RelationshipSector Products / Services

6 Consulting Services Mahindra & Mahindra Limited

Mahindra Special Services Group Division Mahindra Defense Corporate Security Consulting

Mahindra Consulting Engineers Limited Subsidiary Mahindra PartnersMulti-disciplinary Engineering Project

Consulting

Mahindra Business & Consulting Services Private LimitedSubsidiary of M&M

Financial ServicesFinancial Services Captive Staffing and Allied Services

Mahindra Water Utilities Private Limited

JV of Mahindra

Infrastructure

Developers

Real Estate &

InfrastructureWater treatment and supply

7 Defense Mahindra & Mahindra Limited

Mahindra & Mahindra Limited - Defense Systems Division Defense Systems Naval Systems

Mahindra Emirates Vehicle Armouring FZ-LLC Subsidiary Vehicle up-armouring

Defence Land Systems India Private Limited Subsidiary Land Defence Systems

8 Energy Mahindra & Mahindra Limited

Mahindra & Mahindra Limited - Energy (Powerol) Division Division Automotive & Farm DG Sets, Inverters

Mahindra Holdings Limited Subsidiary

Mahindra EPC Services Private Limited Subsidiary of MHL EPC Services for Solar Power

Mahindra Solar One Private Limited Associate Mahindra Partners Solar Power Producer

9 Farm Equipment Mahindra & Mahindra Limited

Mahindra & Mahindra Limited - Farm Equipment Division Division Automotive & Farm Tractors, Farm Equipment

Mahindra Construction Equipment Division Construction Equipment

Mahindra USA Inc. Subsidiary Tractors, Farm Equipment

Mahindra Gujarat Tractor Limited Subsidiary Tractors, Farm Equipment

Mahindra Overseas Investment Company (Mauritius) Limited Subsidiary

Mahindra (China) Tractor Company Limited Subsidiary Tractors, Farm Equipment

Mahindra Yueda (Yancheng) Tractor Company Limited Subsidiary Tractors, Farm Equipment

Mahindra EcoNova Private Limited Subsidiary

Mahindra Holdings Limited Subsidiary

Mahindra Punjab Tractors Private Limited Subsidiary Tractors, Farm Equipment

Vayugrid Marketplace Services Private Limited Associate

10 Financial Services Mahindra & Mahindra Limited

Mahindra & Mahindra Financial Services Limited Subsidiary Financial Services Financing Vehicles & Other Assets

Mahindra Insurance Brokers Limited Subsidiary Insurance Broking

Mahindra Rural Housing Finance Limited Subsidiary Housing Finance

11 Industrial Equipment Mahindra & Mahindra Limited

Mahindra Engineering & Chemical Products Limited Subsidiary Mahindra Partners

Mahindra Conveyor Systems Private Limited Subsidiary Bulk Handling Systems

12 Information Technology Mahindra & Mahindra Limited

Bristlecone Limited Subsidiary IT ERP Implementation Solutions

Bristlecone Inc. Subsidiary

Bristlecone UK Limited Subsidiary

Bristlecone (Malaysia) SDN.BHD Subsidiary

Bristlecone Consulting Limited Subsidiary

Bristlecone India Limited Subsidiary

Bristlecone Singapore Pte. Limited Subsidiary

Bristlecone GmbH Subsidiary

Mahindra BPO Services Private Limited Subsidiary BPO and Back-office Services

Mahindra-BT Investment Company (Mauritius) Limited. Subsidiary

Tech Mahindra Limited Joint Venture Telecom Software and Services

CanvasM Technologies Limited JV of TechM Mobile VAS

Satyam Computer Services Limited Subsidiary of TechM Software Solutions and Services

Sr. No. Industry Group CompanyNature of

RelationshipSector Products / Services

13 Leisure & Hospitality Mahindra & Mahindra Limited

Mahindra Holidays and Resorts India Limited Subsidiary Hospitality Timeshare Resorts

MHR Hotel Management GmbH Subsidiary

Mahindra Holidays and Resorts USA Inc. Subsidiary

Mahindra Hotels and Residences India Limited Subsidiary

Heritage Bird (M) Sdn Bhd Subsidiary

BAH Hotelanlagen AG Subsidiary

Bell Tower Resorts Private Limited Subsidiary

14 Logistics Mahindra & Mahindra Limited

Mahindra Logistics Limited Subsidiary Mahindra Partners People & Freight Movement Services

15 Real Estate &

InfrastructureMahindra & Mahindra Limited

Mahindra Lifespace Developers Limited SubsidiaryReal Estate &

InfrastructureResidential Properties & SEZ's

Mahindra Bebanco Developers Limited Subsidiary Residential Properties

Mahindra Integrated Township Limited Subsidiary

Mahindra Residential Developers Limited Subsidiary

Watsonia Developers Limited Subsidiary

Mahindra Infrastructure Developers Limited Subsidiary Development of SEZ's, Industrial Parks

Mahindra World City Developers Limited Subsidiary

Mahindra World City (Jaipur) Limited Subsidiary

Mahindra World City (Maharashtra) Limited Subsidiary

Knowledge Township Limited Subsidiary

Raigad Industrial & Business Park Limited Subsidiary

Mahindra Industrial Township (Maharashtra) Limited Subsidiary

Anthurium Developers Limited Subsidiary

16 Retail Mahindra & Mahindra Limited

Mahindra Engineering & Chemical Products Limited Subsidiary Mahindra Partners

Retail Initiative Holdings Limited Subsidiary

Mahindra Retail Private Limited Subsidiary Retailing Maternity and Baby-Care products

17 Steel Processing Mahindra & Mahindra Limited

Mahindra Intertrade Limited Subsidiary Mahindra Partners Steel processing

Mahindra Middle East Electrical Steel Service Centre Subsidiary

Mahindra Steel Service Centre Limited Subsidiary

Mahindra Electrical Steel Limited Subsidiary

18 Two Wheelers Mahindra & Mahindra Limited

Mahindra Two Wheelers Limited Subsidiary Two Wheelers Scooters and Bikes