Mahindra incorporates a wholly owned subsidiary to carry out its four wheeler passenger EV business

Mahindra Electric Automobile Limited (“MEAL”) has been incorporated in Mumbai, Maharashtra as a wholly owned subsidiary of the Mahindra & Mahindra Limited with Authorized Capital of MEAL: Rs. 10,00,000/- and Paid up Capital of MEAL: Rs. 5,00,000/-.

This initial subscription of Rs. 5,00,000/- by the Company in MEAL does not fall within the purview of Related Party Transaction for the Company. Consequent to the incorporation, it has now become a subsidiary and as such, a Related Party.

The Company has incorporated MEAL to carry on, directly or indirectly, the business of designing, developing, manufacturing, fabricating, assembling, selling, buying, re-selling, importing, servicing, exporting, supplying, trading, altering, marketing, acting as stockists, dealers, distributors, let on hire, buy or sell on hire-purchase or instalment system of, and all kinds of services related thereto or otherwise dealing in any manner with 4-wheel passenger electric vehicles (incl. parts) of all kinds and description.