M&M2025-11-132025-11-13M&M2025-11-13M&M2025-11-132025-11-13

PartiesOfTheAgreementDomain1

M&M2025-11-13

PartiesOfTheAgreementDomain1

M&M2025-11-132025-11-13

PartiesOfTheAgreementDomain2

M&M2025-11-13

PartiesOfTheAgreementDomain2

xbrli:purexbrli:shares

M&M

Mahindra & Mahindra Limited

New

Joint venture agreements

Execution of agreement

Listed Entity,Related Parties of the listed entity

true

2025-11-12

23:40:00

true

2025-11-13

The Company has entered into a joint venture agreement with The Manufacturers Life Insurance Company (“Manulife”) for the formation of a joint venture company (“JVCo.”) in India to carry on the business of providing life insurance and any activities related to or in furtherance thereof, subject to the receipt of requisite approvals under the applicable laws and fulfilment of various terms and conditions as specified in joint venture agreement.

2025-11-12

true

Upon incorporation, the Company will hold 50% of paid-up share capital in the proposed JVCo. and the balance 50% paid-up share capital will be held by Manulife or any of its affiliate in accordance with the aforesaid joint venture agreement.

Mahindra and Mahindra Limited

Party entering into the agreement

NIL

false

The Manufacturers Life Insurance Company

Counterparties to the agreement

NIL

true

Manulife is not related to promoter & promoter group of the Company, however it is a related party of the Company through its subsidiary(ies).

true

2025-11-12

To establish and operate a life insurance company in India as a long-term joint venture (“JVCo.”) The business of JVCo. shall be life insurance business (as defined in the Insurance Act, 1938, as modified or amended under Applicable Law from time to time), and any activities related to or in furtherance thereof (including the provision of administrative services) in accordance with Applicable Law (the “Business”). The JVCo. will be incorporated under the Companies Act, 2013 for the purpose of conducting the Business.

1. The JVCo. shall be incorporated as a public limited company under the Companies Act, 2013 to carry out the Business in accordance with applicable law; 2. The Company and Manulife will each have the right to nominate 2 (two) directors to the board of the JVCo., in accordance with the JVA; 3. The Company will have the right to restrict any change in capital structure of the JVCo., including by way infusion of fresh equity capital other than agreed between the shareholders of the JVCo. (i.e., the Company and Manulife); 4. The Company will have the right to restrict approval and amendment of the annual business plan and distribution strategy for the JVCo, as determined in accordance with the JVA; 5. The Company will have a right to appoint, replace and remove certain key management personnel after their initial appointment, in accordance with the JVA; 6. The total capital commitment by the Company and Manulife over the first ten (10) financial years of JVCo shall not exceed Rs.3,600 crore by each shareholder.

false

Not Applicable

The Company will have the right to nominate 2 (two) directors to the board of directors of the JVCo., in accordance with the JVA.

The Company will furnish the requisite disclosures to the exchanges upon the incorporation of JVCo as required under Listing Regulations.

For Row No. 18 & 19: Upon incorporation, the Company and Manulife will own 50%, each, of the share capital of the JVCo. For Row No. 20 & 21: Yes, the transactions arising out of JVA would be entered at an arm’s length. Manulife is not related to promoter & promoter group of the Company, however it is a related party of the Company through its subsidiary(ies).