Mahindra & Mahindra Dilutes Stake in Mahindra Summit Agriscience, Subsidiary Status to End

Mumbai, June 17, 2026: Mahindra & Mahindra Ltd. (M&M) has announced a dilution of its stake in Mahindra Summit Agriscience Limited (MSAL), resulting in the company ceasing to be a subsidiary of Mahindra Agri Solutions Limited (MASL) and, consequently, no longer remaining a step-down subsidiary of Mahindra & Mahindra.

The development follows the execution of a Share Subscription Agreement (SSA) between Japan-based Summit Agro International Limited (SAI) and Mahindra Summit Agriscience.

Shareholding Structure Changes

Prior to the transaction, Mahindra Agri Solutions Limited, a subsidiary of Mahindra & Mahindra, held a 60% stake in MSAL, while Summit Agro International held the remaining 40%.

Following the issuance and allotment of Class A equity shares with differential voting rights to SAI:

• MASL's economic stake will decline to 58.8%

• SAI's holding will increase to 41.2%

• Both partners will enjoy equal voting rights

In addition, an amendment to the shareholders' agreement provides for equal representation of both partners on the Board of Directors of MSAL.

MSAL to Become an Associate Company

Upon completion of the transaction, Mahindra Summit Agriscience will transition from being a subsidiary to an associate company, while continuing to operate as a joint venture between Mahindra Agri Solutions Limited and Summit Agro International.

Consequently, MSAL will cease to be a step-down subsidiary of Mahindra & Mahindra.

Financial Performance of MSAL

For the financial year ended March 31, 2026, Mahindra Summit Agriscience reported:

• Revenue from operations: ₹236.09 crore

• Net worth: ₹35.93 crore

MSAL contributed approximately ₹21.56 crore, representing around 0.023% of Mahindra & Mahindra's consolidated net worth, excluding non-controlling interest.

Strategic Partnership with Japanese Firm Continues

Despite the change in ownership structure, the partnership between Mahindra Agri Solutions and Japan-based Summit Agro International will continue through the joint venture model.

The restructuring is expected to strengthen governance through equal voting rights and board representation for both partners.

About Mahindra Summit Agriscience

Mahindra Summit Agriscience Limited was established as a joint venture between Mahindra Agri Solutions Limited and Summit Agro International Limited of Japan. The company operates in the agricultural solutions segment, providing crop care and agri-input products.

About Mahindra & Mahindra

Mahindra & Mahindra Limited is one of India's leading diversified conglomerates with a strong presence across automotive, farm equipment, financial services, technology, logistics and agriculture businesses.