Mandatory Accounting Standards (Ind AS)-1

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |230| 9. IDEA CELLULAR INDIA LIMITED ACCOUNTING POLICY a. Foreign Currency Transactions The Company’s financial statements are presented in Indian Rupees (INR) which is also the Company’s functional currency. Transactions in foreign currencies are initially recorded at the INR spot rate on the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange on the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in the statement of profit and loss except for the exemptions mentioned in Note 5 relating to first time adoption. Non-monetary items that are measured in terms of historical cost in a foreign currency are recognised using the exchange rates at the dates of the initial transactions. b. Adoption of Ind AS The Company has decided to continue with its policy of capitalising exchange differences arising from translation of long-term foreign currency monetary liabilities outstanding in the financial statements as on March 31, 2016 as per AS 11 of the Previous GAAP. NOTES c. Derivative Instruments The fair value of foreign exchange forward contracts and interest rate swap contracts is recognised under Ind AS, which was not recognised under previous GAAP. Consequently, the unamortised forward premium recognised under Previous GAAP has been derecognised. The corresponding adjustment has been credited to Equity as on the transition date. Hedged foreign currency borrowings have been restated at the spot rate on the transition date. This has resulted to an increase in equity on the transition date by ` 634.41 mn. and on March 31, 2016 by ` 634.41 mn. Further, as the Company has decided to continue capitalisation of exchange differences arising from translation of long-term foreign currency monetary liabilities outstanding as on March 31, 2016, an additional amount of ` 1,742.60 mn. 10. INFOSYS LIMITED ACCOUNTING POLICY a. Foreign Currency Functional Currency The functional currency of the Company is the Indian rupee. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals 10 million). Transactions and translations Foreign-currency-denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are included in net profit in the Statement of Profit and Loss. Non-monetary assets and nonmonetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and nonmonetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow

|231| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction. b. Foreign Currencies Functional Currency The functional currency of Infosys, Infosys BPO, controlled trusts, Edge Verve and Skava is the Indian rupee. The functional currencies for Infosys Australia, Infosys China, Infosys Mexico, Infosys Sweden, Infosys Brasil, Infosys Public Services, Infosys Shanghai, Infosys Lodestone, Infosys Americas, Infosys Nova, Infosys Consulting Pte Ltd., Panaya, Kallidus and Noah are the respective local currencies. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million). Transactions and Translations Foreign-currency-denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are included in net profit in the Statement of Profit and Loss. Non-monetary assets and nonmonetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and nonmonetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction. The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed of, in full, the relevant amount is transferred to net profit in the Statement of Profit and Loss. However, when a change in the parent’s ownership does not result in loss of control of a subsidiary, such changes are recorded through equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date. 11. ITNL INTERNATIONAL PTE. LIMITED ACCOUNTING POLICY a. Foreign Currencies The Group’s consolidated financial statements are presented in INR, which is also the parent Group’s functional currency. For each entity the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. In preparing the financial statements of each individual entity in the Group, transactions in currencies other than the Group’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |232| recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for: • Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; • Exchange differences on transactions entered into in order to hedge certain foreign currency risks (see B.24 below for hedging accounting policies); these are recognised in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss; • Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items; • Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Indian Rupees using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate). On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Group are reclassified to profit or loss. In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognized in profit or loss. For all the other partial disposals (i.e., Partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognized in other comprehensive income. b. Foreign Exchange Gain and Losses (Disclosure related to Ind AS 21 included in financial instrument) The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Financial Assets • For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are recognised in profit or loss except for those which are designated as hedging instruments in a hedging relationship.

|233| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates • Changes in the carrying amount of investments in equity instruments at FVOCI relating to changes in foreign currency rates are recognised in other comprehensive income. Financial Liabilities • For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments and are recognized in ‘Other income’ in the line-item ‘Net foreign exchange gains/(losses)’. • The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. 12. LAKSHMI MACHINE WORKS PVT. LIMITED ACCOUNTING POLICY a. Foreign Exchange Gains and Losses Financial Assets The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. • For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are recognised in profit or loss except for those which are designated as hedging instruments in a hedging relationship. • Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates are recognised in other comprehensive income. • For the purposes of recognising foreign exchange gains and losses, FVTOCI debt instruments are treated as financial assets measured at amortised cost. Thus, the exchange differences on the amortised cost are recognised in profit or loss and other changes in the fair value of FVTOCI financial assets are recognised in other comprehensive income. Financial Liabilities For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments and are recognised in ‘Other income’. The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss. b. Translation of Foreign Currency Transactions In preparing the financial statements of the group, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |234| 13. LARSEN & TOUBRO LIMITED ACCOUNTING POLICY a. Foreign Currencies (i) The functional currency and presentation currency of the company is Indian Rupee. (ii) Transactions in currencies other than the company’s functional currency are recorded on initial recognition using the exchange rate at the transaction date. At each Balance Sheet date, foreign currency monetary items are reported using the closing rate. Non-monetary items that are measured in terms of historical cost in foreign currency are not retranslated. Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance Sheet date at the closing spot rate are recognised in profit or loss in the period in which they arise except for: A. Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; and B. Exchange differences on transactions entered into in order to hedge certain foreign currency risks. (iii) Financial statements of foreign operations whose functional currency is different than Indian Rupee are translated into Indian Rupees as follows: A. Assets and liabilities for each Balance Sheet presented are translated at the closing rate at the date of that Balance Sheet; B. Income and expenses for each income statement are translated at average exchange rates; and C. All resulting exchange differences are recognised in other comprehensive income and accumulated in equity as foreign currency translation reserve for subsequent reclassification to profit or loss on disposal of such foreign operations. 14. MAHINDRA LIFESPACE DEVELOPERS LIMITED ACCOUNTING POLICY a. Foreign Currencies In preparing the financial statements of the Company, transactions in currencies other than the entity’s functional currency are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for: • Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; and • Exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 2.18 below for hedging accounting policies). b. Foreign exchange gains and losses (Disclosure related to Ind AS 21 included in financial instrument) Financial Assets The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period.

|235| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates • For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are recognised in profit or loss except for those which are designated as hedging instruments in a hedging relationship. • Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates are recognised in other comprehensive income. • For the purposes of recognising foreign exchange gains and losses, FVTOCI debt instruments are treated as financial assets measured at amortised cost. Thus, the exchange differences on the amortised cost are recognised in profit or loss and other changes in the fair value of FVTOCI financial assets are recognised in other comprehensive income. Financial Liabilities For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments and are recognised in ‘Other income’. The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss. 15. NTPC LIMITED ACCOUNTING POLICY a. Foreign Currency Transactions and Translation Transactions in foreign currencies are initially recorded at the functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognized in profit or loss in the year in which it arises with the exception that exchange differences on long-term monetary items related to acquisition of property, plant & equipment recognized up to 31st March, 2016 are adjusted to carrying cost of property, plant & equipment. Non-monetary items are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. b. First time adoption of Ind AS Long term foreign currency monetary items The Company has elected to continue the policy adopted for accounting for exchange differences arising from translation of long-term foreign currency monetary items recognised in the financial statements for the period ending immediately before the beginning of the first Ind AS financial reporting period as per the previous GAAP. c. Foreign currency transactions and translation Transactions in foreign currencies are initially recorded at the functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognized in profit or loss in the year in which it arises with the exception that exchange differences on long-term monetary items related to acquisition of property, plant & equipment recognized up to 31st March, 2016 are adjusted to carrying cost of property, plant & equipment.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |236| Non-monetary items are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities are translated at the closing rate at the date of that balance sheet • income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • All resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. 16. OBEROI REALITY LIMITED ACCOUNTING POLICY A. Foreign Currencies Initial recognition Foreign currency transactions are recorded in the functional currency (Indian Rupee) by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency on the date of the transaction. Conversion All monetary items outstanding at year end denominated in foreign currency are converted into Indian Rupees at the reporting date exchange rate. Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined. Exchange differences The exchange differences arising on such conversion and on settlement of the transactions are recognised in the statement of profit and loss. 17. PC JEWELLERS LIMITED ACCOUNTING POLICY Foreign currency translation Initial recognition The Group’s financial statements are presented in INR, which is also the Group’s functional currency. Transactions in foreign currencies are recorded on initial recognition in the functional currency at the exchange rates prevailing on the date of the transaction. Measurement at the balance sheet date Foreign currency monetary items of the Group, outstanding at the balance sheet date are restated at the yearend rates. Non-monetary items which are carried at historical cost denominated in a foreign currency are reported using the exchange rate at the date of the/transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.

|237| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates Treatment of exchange difference Exchange differences that arise on settlement of monetary items or on reporting at each balance sheet date of the Group’s monetary items at the closing rate are recognised as income or expenses in the period in which they arise. Translation of foreign operations In the Group’s financial statements, all assets, liabilities and transactions of Group entities with a functional currency other than the INR are translated into INR upon consolidation. The functional currency of the entities in the Group has remained unchanged during the reporting period. On consolidation, assets and liabilities have been translated into INR at the closing rate at the reporting date. Income and expenses have been translated into INR at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive income and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to profit or loss and are recognised as part of the gain or loss on disposal. 18. POWER GRID CORPORATION OF INDIA LIMITED ACCOUNTING POLICY a. Finance leases (As a lessor) A lease that transfers substantially all the risks and rewards incidental to ownership of an asset is classified as a finance lease. State sector Unified Load Dispatch Centre (ULDC)/Fibre Optic Communication Assets (FOC)/Bilateral line assets leased to the beneficiaries are considered as Finance Lease. Net investment in such leased assets are recorded as receivable at the lower of the fair value of the leased property and the present value of the minimum lease payments along with accretion in subsequent years is accounted for as Lease Receivables under current and non-current other financial assets. Wherever grant-in-aid is received for construction of State Sector ULDC, lease receivable is accounted for net of such grant. The interest element of lease is accounted in the Statement of Profit and Loss over the lease period based on a pattern reflecting a constant periodic rate of return on the net investment as per the tariff notified by CERC. FERV on foreign currency loans relating to leased assets is adjusted to the amount of lease receivables and is amortised over the remaining tenure of lease. FERV recovery (as per CERC norms) from the constituents is recognised net of such amortised amount. b. Foreign Currency Translation Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (‘the functional currency’). The financial statements are presented in Indian Rupee (Rupees or `), which is the Company’s functional and presentation currency. Transactions and balances Transactions in foreign currencies are initially recorded at the exchange rates prevailing on the date of the transaction. Foreign currency monetary items are translated with reference to the rates of exchange ruling on the date of the Balance Sheet. Nonmonetary items denominated in foreign currency are reported at the exchange rate ruling on the date of transaction. The Company has availed the exemption available in Ind AS 101, to continue the policy adopted for accounting for exchange differences arising from translation of long-term foreign currency monetary liabilities outstanding as on March 31, 2016.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |238| c. Foreign currency loans outstanding as on March 31, 2016 Foreign Exchange Rate Variation (FERV) arising on settlement/translation of such foreign currency loans relating to property, plant and equipment/capital work-in-progress is adjusted to the carrying cost of related assets and is recoverable/payable from the beneficiaries on actual payment basis as per Central Electricity Regulatory Commission (CERC) norms w.e.f. 1st April, 2004 or Date of Commercial Operation (DOCO) whichever is later. The above FERV to the extent recoverable or payable as per the CERC norms is accounted for as follows: i) FERV recoverable/payable adjusted to carrying cost of property, plant and equipment is accounted for as ‘Deferred foreign currency fluctuation asset/liability a/c’ with a corresponding credit/debit to ‘Deferred income/expenditure from foreign currency fluctuation a/c’. ii) ‘Deferred income/expenditure from foreign currency fluctuation a/c’ is amortized in the proportion in which depreciation is charged on such FERV. iii) The amount recoverable/payable as per CERC norms on year to year basis is adjusted to the ‘Deferred foreign currency fluctuation asset/liability a/c’ with corresponding debit/credit to the trade receivables. FERV earlier charged to Statement of Profit and Loss & included in the capital cost for the purpose of tariff is adjusted against ‘Deferred foreign currency fluctuation asset/liability a/c’. FERV arising out of settlement/translation of long-term monetary items (other than foreign currency loans) relating to Property, Plant & Equipment/CWIP is adjusted in the carrying cost of related assets. FERV arising during the construction period from settlement/translation of monetary items (other than noncurrent loans) denominated in foreign currency to the extent recoverable/payable to the beneficiaries as capital cost as per CERC Tariff Regulation are accounted as Regulatory Deferral Account Balances. Transmission charges recognised on such amount is adjusted against above account. Other exchange differences are recognized as income or expenses in the period in which they arise. d. Foreign currency loans drawn on or after April 1, 2016 Exchange differences arising from foreign currency borrowing to the extent regarded as an adjustment to interest costs are treated as borrowing cost. Other exchange differences are recognized in the Statement of Profit and Loss. Exchange difference to the extent recoverable as per CERC tariff regulations are recognized as Regulatory Deferral Account Balances through Statement of Profit and Loss. e. Foreign Currency Translation Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (‘the functional currency’). The financial statements are presented in Indian Rupee (Rupees or `), which is the Company’s functional and presentation currency. Transactions and balances Transactions in foreign currencies are initially recorded at the exchange rates prevailing on the date of the transaction. Foreign currency monetary items are translated with reference to the rates of exchange ruling on the date of the Balance Sheet. Non-monetary items denominated in foreign currency are reported at the exchange rate ruling on the date of transaction. The Company has availed the exemption available in Ind AS 101, to continue the policy adopted for accounting for exchange differences arising from translation of long-term foreign currency monetary liabilities outstanding as on March 31, 2016.

|239| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates Foreign currency loans outstanding as on March 31, 2016 Foreign Exchange Rate Variation (FERV) arising on settlement/translation of such foreign currency loans relating to property, plant and equipment/capital work-in-progress is adjusted to the carrying cost of related assets and is recoverable/payable from the beneficiaries on actual payment basis as per Central Electricity Regulatory Commission (CERC) norms w.e.f. 1st April, 2004 or Date of Commercial Operation (DOCO) whichever is later. The above FERV to the extent recoverable or payable as per the CERC norms is accounted for as follows: i) FERV recoverable/payable adjusted to carrying cost of property, plant and equipment is accounted for as ‘Deferred foreign currency fluctuation asset/liability a/c’ with a corresponding credit/debit to ‘Deferred income/expenditure from foreign currency fluctuation a/c’. ii) ‘Deferred income/expenditure from foreign currency fluctuation a/c’ is amortized in the proportion in which depreciation is charged on such FERV. iii) The amount recoverable/payable as per CERC norms on year to year basis is adjusted to the ‘Deferred foreign currency fluctuation asset/liability a/c’ with corresponding debit/credit to the trade receivables. FERV earlier charged to Statement of Profit and Loss & included in the capital cost for the purpose of tariff is adjusted against ‘Deferred foreign currency fluctuation asset/liability a/c’. FERV arising out of settlement/translation of long-term monetary items (other than foreign currency loans) relating to Property, Plant & Equipment/CWIP is adjusted in the carrying cost of related assets. FERV arising during the construction period from settlement/translation of monetary items (other than non current loans) denominated in foreign currency to the extent recoverable/payable to the beneficiaries as capital cost as per CERC tariff Regulation are accounted as Regulatory Deferral Account Balances. Transmission charges recognised on such amount is adjusted against above account. Other exchange differences are recognized as income or expenses in the period in which they arise. Foreign currency loans drawn on or after April 1, 2016 Exchange differences arising from foreign currency borrowing to the extent regarded as an adjustment to interest costs are treated as borrowing cost. Other exchange differences are recognized in the Statement of Profit and Loss. Exchange difference to the extent recoverable as per CERC tariff regulations are recognized as Regulatory Deferral Account Balances through Statement of Profit and Loss. f. Foreign Exchange Rate Variation Under the Tariff Regulations for the tariff block 2014-19 your company at its discretion can hedge foreign exchange exposure in respect of the interest on foreign currency loan and repayment of foreign loan acquired for the transmission system, in part or full and recover the cost of hedging of Foreign Exchange Rate Variation (FERV) corresponding to the normative foreign debt, in the relevant year. If hedging of the foreign exchange exposure is not undertaken, the extra rupee liability towards interest payment and loan repayment corresponding to the normative foreign currency loan in the relevant year is permissible provided, it is not attributable to the generating Company or the transmission licensee or its suppliers or contractors. During the financial year 2016-17, no hedging for foreign exchange exposure has been undertaken by your Company. 19. RELIANCE INDUSTRIES LIMITED (RIL) ACCOUNTING POLICY a. Foreign currencies transactions and translation Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |240| Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets, are capitalized as cost of assets. Additionally, exchange gains or losses on foreign currency borrowings taken prior to April 1, 2016 which are related to the acquisition or construction of qualifying assets are adjusted in the carrying cost of such assets. Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of the transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or Statement of Profit and Loss are also recognised in OCI or Statement of Profit and Loss, respectively). FIRST TIME ADOPTION OF IND AS b. Cumulative translation differences The Company has elected to apply Ind AS 21 — The Effects of changes in Foreign Exchange Rate prospectively. Accordingly all cumulative gains and losses recognised are reset to zero by transferring it to retained earnings. c. Principles of consolidation In case of foreign subsidiaries, revenue items are consolidated at the average rate prevailing during the year. All assets and liabilities are converted at rates prevailing at the end of the year. Any exchange difference arising on consolidation is recognised in the Foreign Currency Translation Reserve. 20. RELIANCE INFRASTRUCTURE LIMITED ACCOUNTING POLICY a. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the Group operates (‘the functional currency’). The Consolidated Financial Statements are presented in Indian rupee (`), which is Group’s functional and presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at the reporting date exchange rates are recognised in the Consolidated Statement of Profit and Loss except in case of certain long-term foreign currency monetary items where the treatment as under: The Group has availed an option of continuing the policy adopted for exchange differences arising from translation of long-term foreign currency monetary items outstanding as on March 31, 2016 in accordance with Para 46A of AS-11 “The Effects of changes in Foreign Exchange Rates” of Previous GAAP. Accordingly, foreign exchange gain/losses on long-term foreign currency monetary items relating to the acquisition of depreciable assets are added to or deducted from the cost of such assets and in other cases, such gains or losses are accumulated in a “Foreign Currency Monetary Item Translation Difference Account” to be amortised over the remaining life of the concerned monetary item. Non-monetary items which are carried at historical cost denominated in foreign currency are reported using the exchange rates at the dates of the transaction.

|241| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates Foreign exchange gains and losses are presented in the Consolidated Statement of Profit and Loss on a net basis. b. Foreign Currency Monetary Item Translation Difference Account The Group has availed an option of continuing the policy adopted for exchange differences arising from translation of long-term foreign currency monetary items as per Previous GAAP. Foreign Currency Monetary Item Translation Difference is on account of foreign exchange gain/(loss) on a non-depreciable long-term foreign currency monetary item. The Group has opted to continue the accounting policy of Previous GAAP for such long-term foreign currency monetary item as per D13AA of Ind AS 101. Accordingly, such gain/ (loss) is carried to reserves under this head and amortised over the life of such non-depreciable long-term foreign currency monetary item asset. c. In accordance with Ind AS 101 — First time adoption of Indian Accounting Standards, the Group has opted to continue the policy as prescribed vide the notification dated December 29, 2011 issued by the Ministry of Corporate Affairs. Accordingly, the Group has exercised the option given in paragraph 46A of the Previous GAAP Accounting Standard-11 “The Effects of Changes in Foreign Exchange Rates” of capitalising the foreign exchange loss/gain arising on long-term foreign currency monetary items relating to acquisition of depreciable capital assets and depreciating the same over the balance life of such assets and in other cases amortising the foreign exchange loss/gain over the balance period of such long-term foreign currency monetary items. Accordingly, the Group has capitalised foreign exchange difference during the year arising on long-term foreign currency monetary items relating to depreciable capital assets of (gain) ` (20.04) crore (March 31, 2016 – Loss of ` 43.02 crore). In other cases, the Group has carried forward the unamortised portion of net gain of ` 71.59 crore as on March 31, 2017 (March 31, 2016 - ` 6.97 crore, April 1, 2015 – (` 71.68) crore) in “Foreign Currency Monetary Item Translation Difference Account” and the same is grouped under ‘Other Equity’. d. Long-term Foreign Currency Monetary Items Ind AS 101 provides an exemption to account for exchange differences arising on translation of such items as per previous GAAP (on application of Para 46A of AS-11 “The Effects of Changes in Foreign Exchange Rates”) can be continued under Ind AS for items outstanding as on March 31, 2016. The Group has elected to apply this exemption for its long-term foreign currency borrowings and investments. e. Foreign Currency Monetary Items Translation Difference Accounts (FIMTDA) On account of fair valuation of financial instruments held in foreign currency as at April 1, 2015, there is corresponding reduction of ` 313.33 crore in the balance of FMITDA as per the Ind AS accounts and the Previous GAAP accounts. However, there is no impact on Other Equity. 21. SUZLON ENERGY LIMITED ACCOUNTING POLICY a. Foreign currencies The Company’s financial statements are presented in Indian Rupees, which is also the Company’s functional currency. Transactions and balances Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |242| Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively). In accordance with Ind AS 101 provisions related to first time adoption, the Company has elected to continue with the policy of accounting for exchange differences arising from translation of long-term foreign currency monetary items recognised in the financial statements prepared as per IGAAP for the year ended March 31, 2016. Accordingly, exchange differences arising on other long-term foreign currency monetary items (existing as at March 31, 2016) are accumulated in the “Foreign Currency Monetary Item Translation Difference Account” and amortised over the remaining life of the concerned monetary item. It is presented as a part of “Other Equity” b. Foreign currencies The Group’s consolidated financial statements are presented in Indian Rupees, which is also the parent company’s functional currency. For each entity the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses line by line consolidation and on disposal of a foreign operation the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. Transactions and balances Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction. Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively). In accordance with Ind AS 101 provisions related to first time adoption, the Group has elected to continue with the policy of accounting for exchange differences arising from translation of long-term foreign currency monetary items recognised in the financial statements prepared as per IGAAP for the year ended March 31, 2016. Accordingly, exchange differences arising on other long-term foreign currency monetary items (existing as at March 31, 2016) are accumulated in the “Foreign Currency Monetary Item Translation Difference Account” and amortised over the remaining life of the concerned monetary item. It is presented as a part of “Other Equity”. Group companies On consolidation, the assets and liabilities of foreign operations are translated into INR at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange

|243| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates rates prevailing at the dates of the transactions. For practical reasons, the Group uses an average rate to translate income and expense items, if the average rate approximates the exchange rates at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognised in profit or loss. c. Deferral of exchange differences The Group has, consequent to the notification issued by the Ministry of Corporate Affairs on December 29, 2011 giving an option to the companies to amortise the exchange differences pertaining to long-term foreign currency monetary items up to March 31, 2020 (from March 31, 2012 earlier), adopted the said option given under paragraph 46A of Accounting Standard 11. Accordingly, the Group has revised the amortisation period for such items to the maturity of the long-term foreign currency monetary items (all before March 31, 2020). Net foreign exchange gain aggregating ` 4.23 Crore (gain of ` 75.58 Crore) on long-term foreign currency monetary items have been adjusted in the foreign currency monetary item translation difference account during the year. Further, foreign exchange loss aggregating ` 67.51 Crore (` 200.11 Crore) have been amortised during the year. FCMITDA relating to redeemed bonds amounting to ` Nil (` 267.42 Crore) is charged off in the consolidated statement of profit and loss and disclosed under exceptional items. 22. TATA GLOBAL BEVERAGES LIMITED ACCOUNTING POLICY a. Foreign currency and translations Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (“functional currency”). The financial statements are presented in Indian Rupees (`), which is the functional currency of the Company. Foreign currency transactions and balances Transactions in foreign currencies are recorded at the exchange rate at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the yearend rate. Any resultant exchange differences are taken to the statement of profit and loss, except when deferred in other comprehensive income as qualifying cash flow hedges. Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Group entities The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency of the Group are translated as follows: - Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; - Income and expenses for each statement of profit and loss are translated at monthly exchange rates and - All resulting exchange differences are recognised in other comprehensive income. On disposal of a foreign operation, the associated exchange differences are reclassified to the statement of profit and loss, as part of the gain or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |244| 23. TATA STEEL LIMITED ACCOUNTING POLICY a. Foreign currency transactions and translation The consolidated financial statements of the Group are presented in (`), which is the functional currency of the Company and the presentation currency for the consolidated financial statements. In preparing the consolidated financial statements, transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not translated. Exchange differences arising on translation of long-term foreign currency monetary items recognised in the consolidated financial statements before the beginning of the first Ind AS financial reporting period in respect of which the Group has elected to recognise such exchange differences in equity or as part of cost of assets as allowed under Ind AS 101 — “First time adoption of Indian Accounting Standard” are recognised directly in equity or added/deducted to/from the cost of assets as the case may be. Such exchange differences recognised in equity or as part of cost of assets is recognised in the consolidated statement of profit and loss on a systematic basis. Exchange differences arising on the retranslation or settlement of other monetary items are included in the consolidated statement of profit and loss for the period. For the purpose of presenting financial statements, the assets and liabilities of the Company’s foreign operations are expressed in ` using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a separate component of equity. On the disposal of a foreign operation, all of the accumulated exchange differences in respect of that operation attributable to the Company are reclassified to the consolidated statement of profit and loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. b. Foreign currency translation reserve Exchange differences arising on translation of assets, liabilities, income and expenses of the Group’s foreign subsidiaries, associates and joint ventures are recognised in other comprehensive income and accumulated separately in foreign currency translation reserve. The amounts recognised are transferred to the consolidated statement of profit and loss on disposal of the related foreign subsidiaries, associates and joint ventures. First time adoption of Indian Accounting Standards c. Effects of changes in exchange rates In respect of long-term foreign currency monetary items recognised in the financial statements for the period ending immediately before the beginning of the first Ind AS financial reporting period, the Company and some of its subsidiaries have elected to recognise exchange differences on translation of such long-term foreign currency monetary items in line with their Previous GAAP accounting policy. In respect of long-term foreign currency monetary items recognised in the financial statements beginning with the first Ind AS financial reporting period, exchange differences are recognised in the consolidated statement of profit and loss.

|245| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates 24. THE INDIAN HOTELS COMPANY LIMITED ACCOUNTING POLICY a. Foreign Currency Translation i) Functional and presentation currency The functional currency and presentation currency of the Company is Indian Rupee (`). ii) Initial Recognition On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction. iii) Subsequent Recognition As at the reporting date, non-monetary items which are carried at historical cost and denominated in a foreign currency are reported using the exchange rate at the date of the transaction. All non-monetary items which are carried at fair value denominated in a foreign currency are retranslated at the rates prevailing at the date when the fair value was determined. Foreign currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the Balance Sheet date and exchange gains and losses arising on settlement and restatement are recognised in the Statement of Profit and Loss. Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of the transaction. iv) Translation of financial statements of foreign operations Assets and liabilities of foreign entities are translated into Indian Rupees on the basis of the closing exchange rates as at the end of the period. Income and expenditure and cash flow are generally translated using average exchange rates for the period unless those rates do not approximate the actual exchange rates at the dates of specific transactions, in which case the exchange rates as at the dates of transaction are used. All resulting exchange differences are recognised in Other Comprehensive Income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in Other Comprehensive Income. When a foreign operation is sold, the associated exchange differences are reclassified to the Statement of Profit and Loss, as a part of gain or loss on sale. 25. ULTRATECH ACCOUNTING POLICY a. Foreign Currency transactions In preparing the financial statements of the Company, transactions in currencies other than the Company’s functional currency (i.e. foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of initial transactions. Exchange differences on monetary items are recognised in the Statement of Profit and Loss in the period in which they arise except for: • Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; • Exchange differences relating to qualifying effective cash flow hedges and qualifying net investment hedges in foreign operations.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |246| 26. WIPRO LIMITED ACCOUNTING POLICY a. Foreign currency transactions and translation Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from translation at the exchange rates prevailing at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of profit and loss and reported within foreign exchange gains/(losses), net within results of operating activities except when deferred in other comprehensive income as qualifying cash flow hedges. Gains/(losses) relating to translation or settlement of borrowings denominated in foreign currency are reported within finance expense. Nonmonetary assets and liabilities denominated in foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Translation differences on non- monetary financial assets measured at fair value at the reporting date, such as equities classified as FVTOCI are included in other comprehensive income, net of taxes. b. Foreign operations For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations that have a functional currency other than Indian rupees are translated into Indian rupees using exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and held in foreign currency translation reserve (FCTR), a component of equity, except to the extent that the translation difference is allocated to non-controlling interest. When a foreign operation is disposed of, the relevant amount recognized in FCTR is transferred to the statement of profit and loss as part of the profit or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the exchange rate prevailing at the reporting date. c. Others Foreign currency differences arising on the translation or settlement of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in other comprehensive income and presented within equity in the FCTR to the extent the hedge is effective. To the extent the hedge is ineffective, such differences are recognized in the statement of profit and loss. When the hedged part of a net investment is disposed of, the relevant amount recognized in FCTR is transferred to the statement of profit and loss as part of the profit or loss on disposal. Foreign currency differences arising from translation of intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of net investment in foreign operation and are recognized in FCTR. d. Foreign currency translation reserve (FCTR) The exchange differences arising from the translation of financial statements of foreign operations with functional currency other than Indian rupees is recognized in other comprehensive income, net of taxes and is presented within equity in the FCTR. e. Foreign currency risk The Company operates internationally and a major portion of its business is transacted in several currencies. Consequently, the Company is exposed to foreign exchange risk through receiving payment for sales and services in the United States and elsewhere, and making purchases from overseas suppliers in various foreign currencies. The exchange rate risk primarily arises from foreign exchange revenue, receivables, cash balances, forecasted cash flows, payables and foreign currency loans and borrowings. A significant portion of the Company’s revenue is in the U.S. Dollar, the United Kingdom Pound Sterling, the Euro, the Canadian Dollar and the Australian Dollar, while a large portion of costs are in Indian rupees. The exchange rate between the rupee and these currencies has fluctuated significantly in recent years and may continue to

|247| Chap. 12 – Ind AS 21 — The Effects of Changes in Foreign Exchange Rates fluctuate in the future. Appreciation of the rupee against these currencies can adversely affect the Company’s results of operations. The Company evaluates exchange rate exposure arising from these transactions and enters into foreign currency derivative instruments to mitigate such exposure. The Company follows established risk management policies, including the use of derivatives like foreign exchange forward/option contracts to hedge forecasted cash flows denominated in foreign currency. The Company has designated certain derivative instruments as cash flow hedges to mitigate the foreign exchange exposure of forecasted highly probable cash flows. The Company has also designated foreign currency borrowings as hedge against respective net investments in foreign operations. f. Foreign currency translation reserve (FCTR) The exchange differences arising from the translation of financial statements of foreign subsidiaries, differences arising from translation of long-term inter-company receivables or payables relating to foreign operations settlement of which is neither planned nor likely in the foreseeable future, changes in fair value of the derivative hedging instruments and gains/losses on translation or settlement of foreign currency denominated borrowings designated as hedge of net investment in foreign operations are recognized in other comprehensive income, net of taxes and presented within equity as FCTR. g. Foreign currency translation differences Under Ind AS, exchange differences on translation of foreign operations are recorded through other comprehensive income. [For the purpose of segment reporting, the Company has included the impact of “foreign exchange gains/ (losses), net” in revenues (which is reported as a part of operating profit in the statement of income)]. h. New accounting standards not yet adopted IFRIC 22 – Foreign currency transactions and Advance consideration On December 8, 2016, the IFRS Interpretations Committee of the International Accounting Standards Board issued IFRIC 22, Foreign currency transactions and Advance consideration which clarifies that the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income is the date on which an entity initially recognizes the non-monetary asset or nonmonetary liability arising from the payment or receipt of advance consideration in a foreign currency. The effective date for adoption of IFRIC 22 is annual reporting periods beginning on or after January 1, 2018, though early adoption is permitted. The Company is currently assessing the impact of IFRIC 22 on its consolidated financial statements. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |248| Chapter 13 Ind AS 23 — Borrowing Costs 1. ASIAN PAINTS LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Borrowing costs, if any, directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized, if any. All other borrowing costs are expensed in the period in which they occur. 2. BHARTI AIRTEL LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowing costs consist of interest and other ancillary costs that the Company incurs in connection with the borrowing of funds. The borrowing costs directly attributable to the acquisition or construction of any asset that takes a substantial period of time to get ready for its intended use or sale are capitalised. All the other borrowing costs are recognised in the statement of profit and loss within finance costs of the period in which they are incurred. 3. DABUR INDIA LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Polices Borrowing cost that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as a part of the cost of such asset till such time the asset is ready for its intended use or sale. Borrowing cost consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs also includes exchange differences to the extent regarded as an adjustment to the borrowing costs. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing cost are recognized as expense in the period in which they are incurred. 4. DR. REDDY’S LABORATORIES LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit and loss when the liabilities are derecognised as well as through the EIR amortisation process.

|249| Chap. 13 – Ind AS 23 — Borrowing Costs Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss. 5. JSW ENERGY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies a) Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. b) All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred. c) The Company determines the amount of borrowing costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the period less any interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets, to the extent that an entity borrows funds specifically for the purpose of obtaining a qualifying asset. In case if the Company borrows generally and uses the funds for obtaining a qualifying asset, borrowing costs eligible for capitalisation are determined by applying a capitalisation rate to the expenditures on that asset. The Company suspends capitalisation of borrowing costs during extended periods in which it suspends active development of a qualifying asset 6. LARSEN & TOUBRO LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowing costs include interest expense calculated using the effective interest method, finance charges in respect of assets acquired on finance lease and exchange differences arising on foreign currency borrowings to the extent they are regarded as an adjustment to interest costs. Borrowing costs net of any investment income from the temporary investment of related borrowings that are attributable to the acquisition, construction or production of a qualifying asset are capitalised/inventoried as part of cost of such asset till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. 7. MAHINDRA LIFESPACE DEVELOPERS LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowing costs that are directly attributable to long-term project management and development activities are capitalised aspart of project cost. Other borrowing costs are recognised as expense in the period in which they are incurred. Borrowing costs are capitalised as part of project cost when the activities that are necessary to prepare the asset for its intended use or sale are in progress. Borrowing costs are suspended from capitalisation on the project when development work on the project is interrupted for extended periods. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |250| 8. SUNDARAM-CLAYTON LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowings are initially recognised at fair value, net of transaction cost incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction cost) and the redemption amount is recognised in the Statement of Profit and Loss ver the period of the borrowings, using the effective interest method. Fees paid on the established loan facilities are recognised as transaction cost of the loan, to the extent that it is probable that some or all the facility will be drawn down. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the Statement of Profit and Loss as other gain/(loss). Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for over or at least 12 months after the reporting period. 9. TATA STEEL LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for the intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is recognised in the consolidated statement of profit or loss. Discounts or premiums and expenses on the issue of debt securities are amortised over the term of the related securities and included within borrowing costs. Premiums payable on early redemptions of debt securities, in lieu of future finance costs, are written off as borrowing costs when paid. 10. THE GREAT EASTERN SHIPPING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowing costs include interest, ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings availed on or after April 1, 2016, to the extent they are regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to the acquisition/construction of the qualifying assets are capitalised as part of the cost of the asset, up to the date of acquisition/completion of construction. Other borrowing costs are recognised in the period in which they occur except for transaction costs which are amortised over the period of the loan. 11. THE INDIAN HOTELS COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies General and specific borrowing costs directly attributable to the acquisition or construction of qualifying assets that necessarily takes a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and other costs that the company incurs in connection with the borrowing of funds. Interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Borrowing

|251| Chap. 13 – Ind AS 23 — Borrowing Costs costs that are not directly attributable to a qualifying asset are recognised in the Statement of Profit or Loss using the effective interest method. 12. VEDANTA LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowing cost includes interest expense as per Effective Interest Rate (EIR) and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Borrowing costs directly relating to the acquisition, construction or production of a qualifying capital project under construction are capitalised and added to the project cost during construction until such time that the assets are substantially ready for their intended use i.e. when they are capable of commercial production. Where funds are borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where surplus funds are available out of money borrowed specifically to finance a project, the income generated from such current investments is deducted from the total capitalized borrowing cost. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the company during the year. Capitalisation of borrowing costs is suspended and charged to profit and loss during the extended periods when the active development on the qualifying assets is interrupted. EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial liability or a shorter period, where appropriate, to the amortised cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options). 13. ZEE ENTERTAINMENT ENTERPRISES LIMITED CONSOLIDATED FINANCIAL STATEMENTS Significant Accounting Policies Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the borrowings using the EIR. Preference shares, which are mandatorily redeemable on a specific date are classified as liabilities. The dividend on these preference shares is recognised as finance costs in the Statement of Profit and Loss. Borrowing costs attributable to the acquisition or construction of qualifying assets till the time such assets are ready for intended use are capitalised as part of cost of the assets. All other borrowing costs are expensed in the period they occur. ll

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |252| Chapter 14 Ind AS 24 — Related Party Disclosures 1. ADITYA BIRLA FASHION AND RETAIL LIMITED NOTE: 39 — RELATED PARTY TRANSACTIONS Names of related parties and related party relationship with whom transactions have taken place during the year: a. Aditya Birla Retail Limited - Key Managerial Personnel has significant influence b. Aditya Birla Management Corporation Private Limited - Private Company whose Director is a Director in the Company c. Aditya Birla Online Fashion Private Limited - Private Company whose Director is a Director in the Company Key Managerial Personnel a. Pranab Barua (Managing Director) b. Bharat Patel (Independent Director) c. Sukanya Kripalu (Independent Director) d. Arun Thiagarajan (Independent Director with effect from May 11, 2015) e. Sanjeeb Chaudhuri (Independent Director with effect from January 9, 2017) f. Ashish Dikshit (Chief Executive Officer with effect from November 1, 2016) (previously Business Head - Madura Fashion & Lifestyle with effect from January 9, 2016) g. Shital Mehta (Chief Executive Officer - Pantaloons with effect from January 9, 2016) (previously Chief Executive Officer of the Company with effect from January 1, 2013) h. S. Visvanathan (Chief Financial Officer) i. Vishak Kumar (Chief Executive Officer - Madura Fashion & Lifestyle with effect from November 1, 2016) Key Managerial Personnel as per Companies Act, 2013 with whom transactions have taken place during the year a. Geetika Anand (Company Secretary) The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:

|253| Chap. 14 – Ind AS 24 — Related Party Disclosures ` in Lakhs Year Ended March 31, 2017 Year Ended March 31, 2016 Aditya Birla Online Fashion Private Limited Sales of goods 518 382 Reimbursement of expenses (Recovered from) - 14 Aditya Birla Retail Limited Sales of goods 138 - Rental income 84 78 Purchase 56 - Expenses - 107 Electricity charges - 5 Rent - 25 Repairs & maintenance - Others - 5 Staff welfare expenses - 72 Reimbursement of expenses (Recovered from) 81 428 Reimbursement of expenses (Paid to) 256 257 ` in Lakhs Year Ended March 31, 2017 Year Ended March 31, 2016 Aditya Birla Management Corporation Private Limited Expenses 1,629 1,251 Advertisement and sales promotion 13 34 Communication expenses 24 16 Electricity charges 8 6 Insurance 1 1 Interest expenses - 1 Legal and profession expenses 302 231 Miscellaneous expenses 129 56 Postage expenses 0 0 Printing and stationery 5 2 Rates and taxes 1 1 Rent 80 47 Repairs & maintenance - Others 23 10 Salaries, wages and bonus 1,043 770 Staff welfare expenses - 22 Travelling and conveyance - 54 Reimbursement of expenses (Paid to) - 579 Purchase of Property, plant and equipment 15 - ` in Lakhs As at March 31, 2017 As at March 31, 2016 As at April 1, 2015 Amounts owed to related parties Aditya Birla Management Corporation Private Limited 274 84 1 Aditya Birla Retail Limited - 58 24 Amounts owed by related parties Aditya Birla Retail Limited 203 - - Aditya Birla Online Fashion Private Limited 320 138 40 Deposit - Pranab Barua 250 250 -

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |254| No amounts in respect of the related parties have been written off / back are provided for during the year. Terms and conditions of transactions with related parties The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees received or provided for any related party receivables or payables. For the year ended March 31, 2017, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2016: Nil; April 1, 2015: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Compensation of Key Managerial Personnel of the Company ` in Lakhs Year Ended March 31, 2017 Year Ended March 31, 2016 Short-term employee benefits 1,800 865 Post-employment gratuity and medical benefits 72 35 Other long term benefits 198 22 Share-based payment transactions 245 98 Directors’ sitting fees 10 12 Total compensation paid to Key Managerial Personnel 2,325 1,032 The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel. KMPs interests in the Option, RSU and SAR schemes Scheme Grant Date Expiry Date Exercise Price As at March 31, 2017 As at March 31, 2016 As at April 1, 2015 Number outstanding Number outstanding Number outstanding Options - Tranche I October 25, 2013 October 24, 2022 102.10 1,89,625 4,30,506 4,30,506 Options - Tranche II June 10, 2014 June 9, 2023 118.20 - - - 1,89,625 4,30,506 4,30,506 RSU - Tranche I October 25, 2013 October 24, 2022 10.00 - 1,50,152 1,50,152 RSU - Tranche II June 10, 2014 June 9, 2023 10.00 - - - RSU - Tranche III May 11, 2016 December 6, 2021 10.00 - - - - 1,50,152 1,50,152 SAR - Tranche I October 25, 2013 October 24, 2019 102.10 62,976 62,976 62,976 SAR - Tranche II June 10, 2014 June 9, 2020 118.20 - - - 62,976 62,976 62,976 2. ASIAN PAINTS LIMITED DISCLOSURES’ FOR THE YEAR ENDED 31ST MARCH, 2017. a) Associates: i. Asian Paints Private Limited. Wholly owned subsidiaries of PPft Asian Paints Private Limited: a) Revocoat India Private Limited. (w.e.f. 1st April, 2016)

|255| Chap. 14 – Ind AS 24 — Related Party Disclosures b) Asian Paints Lanka Private Limited. c) Faaber Paints Private Limited (Upto 31st May, 2016) b) Subsidiaries : (where control exists) Direct Subsidiaries: Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Asian Paints (Nepal) Private Limited Nepal 51.00 51.00 51.00 Asian Paints (International) Limited# Mauritius 100.00 100.00 100.00 Asian Paints Industrial Coatings Limited India 100.00 100.00 100.00 Multifacet Infrastructure (India) Limited* India - 100.00 100.00 Maxbhumi Developers Limited India 100.00 100.00 100.00 Sleek International Private Limited India 51.00 51.00 51.00 Asian Paints PPG Private Limited India 50.00 50.00 50.00 # The Board of Directors of the Company, at its meeting held on 25th October, 2016, had approved the scheme of amalgamation of Asian Paints (International) Limited with the Company. The scheme will come into effect upon receipt of approval of statutory authorities as may be required in India and Mauritius. * The Company’s name has been struck off from Register of Companies w.e.f. 24th August, 2016. This is pursuant to an application filed by the Company for striking off its name under the “Fast Track Exit Mode” under Section 560 of Companies Act, 1956 on 21st March, 2016. (Refer Note 45B) Indirect Subsidiaries: i) Subsidiaries of the wholly owned subsidiary, Asian Paint (International) Limited, Mauritius (where control exists) Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Asian Paints (Lanka) Limited# Sri Lanka - 99.18 99.18 Berger International Private Limited Singapore 100.00 100.00 100.00 Asian Paints (Tonga) Limited## Kingdom of Tonga - - 100.00 Asian Paints (South Pacific) Pte Limited## Fiji Islands - - 54.07 Asian Paints (Bangladesh) Limited## Bangladesh - - 89.78 Asian Paints (S.I.) Limited## Solomon Islands - - 75.00 Asian Paints (Middle East) LLC## Sultanate of Oman - - 49.00 SCIB Chemicals S.A.E.## Egypt - - 60.00 Samoa Paints Limited## Samoa - - 80.00 Asian Paints (Vanuatu) Limited## Republic of Vanuatu - - 60.00 ii) Subsidiaries of Berger International Private Limited (where control exists) Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Berger Paints Singapore Pte Limited Singapore 100.00 100.00 100.00 Enterprise Paints Limited Isle of Man, U.K. 100.00 100.00 100.00 Universal Paints Limited Isle of Man, U.K. 100.00 100.00 100.00

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |256| Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Lewis Berger (Overseas Holdings) Limited U.K. 100.00 100.00 100.00 Kadisco Paint and Adhesive Industry Share Company@ Ethiopia 51.00 51.00 51.00 PT Asian Paints Indonesia Indonesia 100.00 100.00 100.00 PT Asian Paints Color Indonesia* Indonesia 100.00 100.00 - Asian Paints (Tonga) Limited## Kingdom of Tonga 100.00 100.00 - Asian Paints (South Pacific) Pte Limited## Fiji Islands 54.07 54.07 - Asian Paints (S.I.) Limited## Solomon Islands 75.00 75.00 - Asian Paints (Bangladesh) Limited## Bangladesh 89.78 89.78 - Asian Paints (Middle East) LLC## Sultanate of Oman 49.00 49.00 - SCIB Chemicals S.A.E.## Egypt 60.00 60.00 - Samoa Paints Limited## Samoa 80.00 80.00 - Asian Paints (Vanuatu) Limited## Republic of Vanuatu 60.00 60.00 - Asian Paints (Lanka) Limited# Sri Lanka 99.18 - - # During the year, as part of consolidation of investments in overseas subsidiaries, Asian Paints (International) Limited, Mauritius, a wholly owned subsidiary of the Company, has transferred its entire holding in its subsidiary to its wholly owned subsidiary, Berger International Private Limited, Singapore. This does not have any impact on the financial results. ## During the previous year, as part of consolidation of investments in overseas subsidiaries, Asian Paints (International) Limited, Mauritius, a wholly owned subsidiary of the Company, has transferred its entire holding in its subsidiaries to its wholly owned subsidiary, Berger International Private Limited, Singapore. This does not have any impact on the financial results. @ Berger International Private Limited, Singapore (“BIPL”), a wholly owned indirect subsidiary of the Company, acquired 51% stake in Kadisco Paint and Adhesive Industry Share company for a consideration of US$ 18.95 million (` 117 crores) in cash, on 9th February, 2015. *PT Asian Paints Colour Indonesia was incorporated in Indonesia as a wholly owned subsidiary of Berger International Private Limited during the previous year. iii) Subsidiary of Enterprise Paints Limited Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Nirvana Investments Limited Isle of Man, U.K. 100.00 100.00 100.00 iv) Subsidiary of Nirvana Investments Limited Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Berger Paints Emirates Limited U.A.E. 100.00 100.00 100.00 v) Subsidiary of Universal Paints Limited Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Berger Paints Bahrain W.L.L. Bahrain 100.00 100.00 100.00 vi) Subsidiaries of Lewis Berger (Overseas Holdings) Limited Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Berger Paints Jamaica Limited Jamaica 51.00 51.00 51.00 Berger Paints Trinidad Limited Trinidad 70.00 70.00 70.00 Berger Paints Barbados Limited Barbados 100.00 100.00 100.00 vii) Subsidiaries of Sleek International Private Limited Name of the Company Country of Incorporation % of Holding as at 31.03.2017 % of Holding as at 31.03.2016 % of Holding as at 01.04.2015 Kitchen Grace (India) Private Limited** India - - 100.00

|257| Chap. 14 – Ind AS 24 — Related Party Disclosures ** During the previous year, Kitchen Grace India Private Limited has been merged with Sleek International Private Limited pursuant to a scheme of amalgamation approved by Honourable High Court of Bombay, effective 1st April, 2015. c) Key Managerial Personnel Name of the Director Designation Shri K. B. S. Anand Managing Director & CEO Shri Jayesh Merchant CFO & Company Secretary, President – Industrial JVs d) Promoters and their relatives having control: Directors Shri. Ashwin Choksi Non-Executive Chairman Shri. Ashwin Dani Non-Executive Vice Chairman Shri. Mahendra Choksi Non-Executive Director Shri. Abhay Vakil Non-Executive Director Shri. Malav Dani Non-Executive Director Ms. Amrita Vakil Non-Executive Director Relatives of promoters who are under the employment of the Company: Shri. Jalaj Dani* # Shri. Manish Choksi** Shri. Jigish Choksi (up to 3rd April, 2015) Shri. Varun Vakil Shri. Vivek Vakil (up to 29th July, 2015) * Shri. Jalaj Dani, a relative of Company’s Non-Executive Vice Chairman resigned from the services of the Company w.e.f. 3rd April, 2017. # Shri. Jalaj Dani, a relative of Company’s Non-Executive Vice Chairman was also a Non-Executive Chairman of Berger International Private Limited in the previous year till 9th September, 2015, Director on the Board of one of the subsidiary companies and the associate company. ** Shri. Manish Choksi, a relative of Company’s Non-Executive Director is also Non-Executive Chairman of Berger International Private Limited w.e.f. 10th September, 2015, Director on the Board of two of the subsidiary companies. e) Entities controlled by Directors/Relatives of Directors AR Intertect Design Pvt. Ltd. ISIS Holding and Trading Co. Pvt. Ltd. ARI Designs LLP* Jalaj Trading and Investments Pvt. Ltd. Ashwin Suryakant Dani (HUF) Jalaj Dani HUF Ashwin Ina Charitable Trust Jaldhar Trading and Investments Pvt. Ltd. Asteroids Trading and Investments Pvt. Ltd. Lambodar Investment and Trading Co. Ltd. Avinash Holding and Trading Co. Pvt. Ltd. Lyon Investment and Industries Pvt. Ltd. Canes Venatici Trading Company Pvt. Ltd. Murahar Investments and Trading Co. Ltd. Castle Investment and Industries Pvt. Ltd. Naradiya Commercial LLP Centaurus Trading and Investments Pvt. Ltd. Navbharat Packaging Industries Ltd. Dani Charitable Foundation Nehal Trading and Investments Pvt. Ltd. Dani Finlease Ltd. Paladin Paints and Chemicals Pvt. Ltd.# Doli Trading and Investments Pvt. Ltd. Parekh Plast India Ltd. Elcid Investments Ltd. Pragati Chemicals Ltd. ELF Trading and Chemicals Mfg. Ltd. Rayirth Holding and Trading Co. Pvt. Ltd. Geetanjali Trading and Investments Pvt. Ltd. Resins and Plastics Ltd. Germinait Solutions Pvt. Ltd. Ria Enterprises Gujarat Organics Ltd. Riash Realty Private Ltd. Hiren Holdings Pvt. Ltd. Ricinash Oil Mill Ltd. Haish Holding and Trading Company Pvt. Ltd. Rituh Holding and Trading Company Pvt. Ltd. Hasit Dani (HUF) Rupen Investment and Industries Pvt. Ltd. Hitech Insurance Broking Services Ltd. S.C. Dani Research Foundation Pvt. Ltd. Hitech Plast Ltd. Satyadharma Investments & Trading Co. Pvt. Ltd.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |258| Hitech Skills Development Pvt. Ltd. Smiti Holding and Trading Co. Pvt. Ltd. Hitech Specialities Solutions Ltd. Sudhanva Investments and Trading Co. Pvt. Ltd. Hydra Trading Pvt. Ltd. Suptaswar Investments and Trading Co. Pvt. Ltd. Unnati Trading and Investments Pvt. Ltd. Vijal Holding and Trading Company Pvt. Ltd. Vikatmev Containers Ltd. * w.e.f. 13th June, 2015 # w.e.f. 22nd April, 2015 f) Post employment benefit plan entity Asian Paints (India) Limited Employees’ Gratuity Fund g) Other entity over which there is a significant influence Asian Paints Office Provident Fund (Employee benefit plan) Asian Paints Factory Employees’ Provident Fund (Employee benefit plan) Asian Paints Management Cadres’ Superannuation Scheme (Employee benefit plan) Asian Paints Charitable Trust h) Details of related party transactions during the year ended 31st March, 2017 Particulars Associate Subsidiaries Key Managerial Personnel ^ Promoters & their relatives having control ^ Entities Controlled by Directors/ Relatives Employment benefit plans 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 Revenue from sale of products 9.29 10.61 34.88 29.55 - - - - 1.11 0.89 - - Processing of goods (Income) 17.42 16.05 15.83 13.39 - - - - - - - Royalty Received 3.99 3.51 38.06 40.92 - - - - - - - - Other non operating income 8.50 6.78 19.06 15.93 - - - - - - - - Sitting Fees Received (from subsidiaries for nominee directors) - - 0.72 0.54 - - - - - - - - Other services – Paid - - 0.01 0.01 - - - - 0.11 0.17 - - Reimbursement of Expenses - received 0.17 0.14 7.08 7.24 - - - - - - - - Dividend received - - 5.08 3.05 - - - - - - - - Purchase of goods 0.02 0.03 0.84 0.82 - - - - 368.36 375.29 - - Remuneration - - 12.94 10.60 6.44 6.05 - - - - Retiral benefits - - - - 0.22 0.22 - - - - Commission to Promoter Nonexecutive Directors - - - - 1.70 1.70 - - - - Sitting Fees Paid to Promoter Non- executive Directors - - - - 0.29 0.34 - - - - Reimbursement of Expenses - paid - - 1.17 3.83 - - - - - - - - Receipt of Employee Leave Liabilities - - - - - - - - - - - - Payment of Employee Leave Liabilities - - - - - - - - - - - - Dividend Paid - - - # # 79.47 66.44 323.11 262.71 Contributions during the year (includes Employees’ share and contribution) - - - - - - - - 62.92 57.64 Investment made - - 6.71 143.16 - - - - - - -

|259| Chap. 14 – Ind AS 24 — Related Party Disclosures Particulars Associate Subsidiaries Key Managerial Personnel ^ Promoters & their relatives having control ^ Entities Controlled by Directors/ Relatives Employment benefit plans 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 Loan given - - 0.10 0.20 - - - - - - - - Sale of assets - 0.09 - 0.11 - - - - 0.15 0.24 - - Outstanding as at 31st March Loans - - - 0.20 - - - - - - - - (-) (-) (-) (-) (-) (-) Trade and other receivables 5.53 4.18 64.20 61.98 - - - - 0.09 0.12 - - (4.44) (34.38) - (-) - (-) - (0.23) - (-) Trade and other payables 0.08 0.01 0.88 0.61 4.50 3.50 1.70 1.70 37.81 24.87 4.15 4.00 (-) (0.13) (2.40) (1.47) (6.93) (5.16) # Dividend paid to Key Managerial Personnel - current year ` 2,146 (Previous year ` 1,755). ^ Key Managerial Personnel and Relatives of Promoters who are under the employment of the Company are entitled to post employment benefits and other long term employee benefits recognised as per Ind AS 19 - ‘Employee Benefits’ in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above. The Company has issued letters of comfort to banks on behalf of some of its operating subsidiaries from time to time and the financial support based on such letters is limited to ` 6.90 crores (Previous year ` 18.16 crores) as on 31st March, 2017. Figures in brackets indicate that of 1st April, 2015. Terms and conditions of transactions with related parties 1. The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured, interest free and will be settled in cash. There have been no guarantees received or provided for any related party receivables or payables. 2. Employee related recoverable balances are unsecured, interest free and will be settled in cash. During the year ended 31st March, 2017, the Company has recorded an amount of ` 0.12 crores (previous year ` 0.15 crores) as provision for doubtful debts on account of such receivables. As at 31st March, 2017, the provision for doubtful receivables from subsidiaries is ` 0.52 crores (previous year ` 0.40 crores). The above mentioned assessment is undertaken each financial year through examining the financial position of related parties, the market in which related party operate and the accounting policy of the Company. 3. The Company had provided a loan to its wholly owned subsidiary, Maxbhumi Developers Limited for its business activities. The loan has been fully repaid during the year. The loan was unsecured and was repayable in two years on demand. The loan carries an interest @ 9.55% p.a. (previous year @ 10.10% p.a.) Compensation of key management personnel of the company* (` in Crores) Year 2016-17 Year 2015-16 Short-term employee benefits 12.94 10.60 Post-employment benefits - - Termination benefits - - Share-based payments - - Total compensation paid to key management personnel 12.94 10.60 * Key Managerial Personnel and Relatives of Promoters who are under the employment of the Company are entitled to post employment benefits and other long term employee benefits recognised as per Ind AS 19 - ‘Employee Benefits’ in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |260| Disclosure in respect of material transactions of the same type with related parties during the year: (` in Crores) Year 2016-17 Year 2015-16 Revenue from sale of products PPG Asian Paints Private Limited 9.29 10.61 Asian Paints PPG Private Limited 6.32 6.27 Asian Paints (Nepal) Private Limited 15.74 11.34 Asian Paints (Bangladesh) Limited 6.08 4.32 Others 7.85 8.51 45.28 41.05 Processing of Goods (Income) PPG Asian Paints Private Limited 17.42 16.05 Asian Paints PPG Private Limited 15.83 13.39 33.25 29.44 Royalty Received SCIB Chemicals S.A.E., Egypt 7.29 11.74 Asian Paints PPG Private Limited 7.17 6.58 Asian Paints (Bangladesh) Limited 7.46 7.14 Berger International Private Limited 4.36 4.56 Others 15.77 14.41 42.05 44.43 Other non-operating income PPG Asian Paints Private Limited 7.64 6.78 Asian Paints PPG Private Limited 7.54 6.47 Sleek International Private Limited 5.83 4.74 Others 6.55 4.72 27.56 22.71 Sitting Fees Received Berger International Private Limited 0.72 0.54 0.72 0.54 Other Services Paid Asian Paints PPG Private Limited 0.01 0.01 ARI Designs LLP 0.11 0.17 0.12 0.18 Reimbursement of Expenses – Received Asian Paints PPG Private Limited 0.68 2.01 Berger International Private Limited 0.64 0.99 SCIB Chemicals S.A.E., Egypt 0.81 0.44 Others 5.12 3.94 7.25 7.38 Dividend Received Asian Paints (Nepal) Private Limited 5.08 3.05 5.08 3.05 Purchase of Goods Hitech Plast Limited 234.00 238.04 Parekhplast India Limited 92.75 96.42 Others 42.47 41.68 369.22 376.14 Remuneration Shri. K.B.S. Anand 9.72 7.77 Shri. Manish Choksi 3.06 2.92

|261| Chap. 14 – Ind AS 24 — Related Party Disclosures (` in Crores) Year 2016-17 Year 2015-16 Shri. Jalaj Dani 3.03 2.77 Shri. Jayesh Merchant 3.22 2.83 Others 0.35 0.36 19.38 16.65 3FUJSBM #FOFmUT Shri. Ashwin Choksi 0.08 0.07 Shri. Ashwin Dani 0.07 0.07 Shri. Abhay Vakil 0.07 0.08 0.22 0.22 Commission to Promoter - Non-Executive Directors Shri. Mahendra Choksi 0.26 0.27 Shri. Ashwin Choksi 0.34 0.34 Shri. Ashwin Dani 0.30 0.30 Shri. Abhay Vakil 0.26 0.26 Shri. Malav Dani 0.28 0.27 Ms. Amrita Amar Vakil 0.26 0.26 1.70 1.70 Sitting Fees Paid to Promoter - Non-Executive Directors Shri. Mahendra Choksi 0.06 0.06 Shri. Ashwin Choksi 0.04 0.04 Shri. Ashwin Dani 0.05 0.06 Shri. Abhay Vakil 0.06 0.08 Shri. Malav Dani 0.04 0.05 Ms. Amrita Amar Vakil 0.04 0.05 0.29 0.34 Reimbursement of Expenses – Paid Asian Paints Industrial Coatings Limited 0.02 2.33 Berger Paints Singapore Pte Limited Singapore 0.03 0.04 SCIB Chemicals S.A.E. 0.09 0.48 Berger Paints Emirates Limited 0.21 0.25 Asian Paints (Lanka) Limited 0.16 0.09 PT Asian Paints Indonesia 0.15 0.00 Others 0.51 0.64 1.17 3.83 Dividend Paid Smiti Holding And Trading Company Private Limited 43.00 35.15 ISIS Holding And Trading Company Private Limited 42.04 34.37 Others 317.54 259.63 402.58 329.15 Contributions during the year (includes Employees' share and contribution) Asian Paints Office Provident Fund 30.56 27.35 Asian Paints Factory Employees Provident Fund 19.63 17.76 Asian Paints Management Cadres Superannuation Scheme 2.52 2.28 Asian Paints (India) Limited Employees' ftratuity Fund 10.21 10.25 62.92 57.64 Investment made Asian Paints (International) Limited 6.71 143.16 6.71 143.16 Loan Given Maxbhumi Developers Limited 0.10 0.20

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |262| (` in Crores) Year 2016-17 Year 2015-16 0.10 0.20 Sale of Asset Resins & Plastics Limited 0.15 0.24 PPG Asian Paints Private Limited - 0.09 Asian Paints (Lanka) Limited - 0.05 Others - 0.06 0.15 0.44 3. BATA INDIA LIMITED 38. RELATED PARTY DISCLOSURES Names of related parties and related party relationship I. Related parties where control exists a. Ultimate Holding company Compass Limited b. Holding company BATA (BN) B.V. The Netherlands c. Subsidiaries Bata Properties Limited Coastal Commercial & Exim Limited (a step down subsidiary) Way Finders Brands Limited d. Other Related Parties* Bata India Limited Gratuity Fund Bata India Limited Pension Fund *Refer notes 32 for information on transactions with post employment benefit plans mentioned above enterprises controlled by the Company. II. Related parties with whom transactions have taken place a. Key management personnel Rajeev Gopalakrishnan –Managing Director Ram Kumar Gupta – Director Finance w.e.f. 19.08.2015 Ranjit Mathur- Director Finance upto 19.08.2015 Kumar Nitesh – Managing Director Retail upto 04.11.2015 Uday Khanna (Chairman & Independent Director) Ravi Dhariwal (Independent Director) (w.e.f. 27.05.2015) Akshay Chudasama (Independent Director) Anjali Bansal (Independent Director) Atul Singh (Independent Director) (upto 21.05.2014) b. Enterprises in which director is interested Shradul Amarchand Mangaldas & Co. c. Fellow Subsidiaries with whom transactions have taken place during the year and previous period Bata Shoe (Singapore) Pte. Ltd. Global Footwear Services Pte Ltd. Bata Malaysia SDN. BHD. Bata Shoe Co. (Kenya) Ltd. Euro Footwear Holdings S.a.r.l Bata Shoe Co. of Ceylon Ltd. China Footwear Services Bata Industrials Europe-Netherland Bata Shoe Co. (Bangladesh) Ltd. International Footwear Investment B.V. Bata Brands S.a.r.l.- Luxemburg Futura Footwear Ltd. Bata Brands S.A. Empresas Commercial S.A. Manufactura Boliviana S.A.

|263| Chap. 14 – Ind AS 24 — Related Party Disclosures III. Additional related parties as per Companies Act 2013 with whom transactions have taken place during the year: Company Secretary Mr. Maloy Kumar Gupta Related party transactions The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year: Nature of the Transactions Related Party 31 March 2017 31 March 2016 i. Sale of Goods Empresas Comerciales S.A 4.38 6.50 Bata Shoe Co. (Bangladesh) Ltd 26.46 27.69 Bata Shoe Co. of Ceylon Ltd. 30.78 38.87 Others 0.08 5.05 Total 61.70 43.91 ii. Reimbursement of Expenses to Bata Malaysia SDN. BHD 0.74 1.22 Global Footwear Services Pte Ltd. - 3.14 Bata Brands S.A. 0.30 0.72 Bata shoe (Singapore) Pte Ltd. 1.07 1.1 Bata shoe Company (Kenya) Ltd - 0.9 Futura Footwear Ltd 0.15 1.05 Others - 0.44 Total 2.26 8.57 iii. Reimbursement of Expenses from Euro Footwear Holdings S.a r.l. - 8.85 International Footwear Investment B.V. 8.57 9.61 Global Footwear Services Pte Ltd. 5.31 25.87 Bata Brands S.A. 9.75 - China Footwear Services 4.65 - Manufactura Boliviana S.A. 3.19 - Others - 8.09 Total 31.47 52.42 iv. Technical Collaboration Fees Global Footwear Services Pte Ltd. 233.48 237.40 Total 233.48 237.40 v. Royalty Bata Brands S.A. 36.73 19.59 Total 36.73 19.59 vi. Legal & Professional Fees Shardul Amarchand Mangaldas &Co. 0.35 0.59 Total 0.35 0.59 vii. Transaction with Subsidiaries a. Reimbursement of expenses/advance recoverable from Bata Properties Limited 0.14 1.52 Coastal Commercial & Exim Limited 0.47 0.70 Way Finders Brands Limited 25.22 36.05 Total 25.83 38.27 b. Rent expenses Bata Properties Limited 0.71 0.75 Coastal Commercial & Exim Limited 0.84 0.84 Total 1.55 1.59

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |264| Nature of the Transactions Related Party 31 March 2017 31 March 2016 c. Loan to subsidiary and interest thereon Way Finders Brands Limited - Loan given 56.50 60.00 Way Finders Brands Limited - Loan repaid 13.99 - Way Finders Brands Limited - interest 6.73 2.58 Total 77.22 62.58 d. Security deposit received Way Finders Brands Limited 0.31 - Total 0.31 - viii. Transaction with Holding Company Dividend Paid BATA (BN) B.V., Amsterdam, 238.23 221.21 Total 238.23 221.21 ix. Remuneration to Directors and other key managerial personnel * Name of the Director/ Other Key Managerial Personnel Rajeev Gopalakrishnan 37.32 40.35 Ram Kumar Gupta (w.e.f. 19.08.2015) 16.40 7.32 Ranjit Mathur (till 19.08.2015) - 5.99 Kumar Nitesh (till 04.11.2015) - 12.92 Maloy Kumar Gupta 3.71 3.58 Uday Khanna (Independent Director) 3.20 3.79 Ravi Dhariwal (Independent Director) (w.e.f May 27, 2015)** 2.32 0.95 Akshay Chudasama (Independent Director)** 1.90 2.11 Anjali Bansal (Independent Director)** 1.85 1.43 Atul Singh (Independent Director) (Up to May 21, 2014)** - 0.44 66.70 78.88 * As the liabilities for provident fund, gratuity and leave encashment are provided on an actuarial basis for the Company as a whole, the amounts pertaining to the directors are not included above. ** As per the section 149(6) of the Companies Act, 2013, Independent Directors are not considered as “Key Managerial Person”, however to comply with the disclosure requirements of Ind AS-24 on “Related Party Transactions” they have been disclosed as “Key Managerial Person”. Balances outstanding as at the end of the year: Nature of the Balance Related Party 31 March 2017 31 March 2016 i. Trade Receivables Empresas Comerciales S.A - - Bata Shoe Co. (Bangladesh) Ltd. 6.40 - Bata Shoe Co. of Ceylon Ltd. 14.23 0.47 Others - 20.87 Total 20.63 21.34 ii Trade payables - Reimbursement of Expenses to Bata Malaysia SDN. BHD 0.05 2.30 Global Footwear Services Pte Ltd. - 1.87 Bata Brands S.A. - 0.69 Bata shoe Company (Kenya) Ltd - - Futura Footwear Ltd - 1.02 Others - 0.10 Total 0.05 6.23 iii. Loans and advances Euro Footwear Holdings S.a r.l. - 12.35 International Footwear Investment B.V. 4.17 2.00 Global Footwear Services Pte Ltd. - 13.43 Bata Brands S.A. 2.63 - CFS China 1.00 - Bata properties Limited 0.08 - Others - 6.67 Total 7.88 34.45

|265| Chap. 14 – Ind AS 24 — Related Party Disclosures Nature of the Balance Related Party 31 March 2017 31 March 2016 iv. Other Liability - Advance from customers Empresas Commercials S.A 0.24 - Total 0.24 - v. Trade payables - Technical collaboration Fees Global Footwear Services Pte Ltd. 17.77 62.82 Total 17.77 62.82 vi. Trade payables - Royalty Bata Brands S.a.r.l. - 10.49 Bata Brands S.A. 4.52 22.84 Total 4.52 33.33 vii. Advance Receivable in cash and kind Bata Properties Limited - 0.27 Coastal Commercial & Exim Limited - 0.17 Total - 0.44 viii. Loans - Related party Way Finders Brands Limited 109.23 62.32 Total 109.23 62.32 4. HINDUSTAN UNILEVER LIMITED 46 RELATED PARTY DISCLOSURES A. Enterprises exercising control (i) Holding Company : Unilever Plc B. Enterprises where control exists (i) Subsidiaries : Daverashola Estates Private Limited (100%) (Extent of holding) Hindlever Trust Limited (100%) Jamnagar Properties Private Limited (100%) Lakme Lever Private Limited (100%) Levers Associated Trust Limited (100%) Levindra Trust Limited (100%) Pond’s Exports Limited (90%) Unilever India Exports Limited (100%) Unilever Nepal Limited (80%) Bhavishya Alliance Child Nutrition Initiatives (100%) (with effect from March 12, 2015) (Section 8 Company) Hindustan Unilever Foundation (76%) (Section 8 Company) (ii) Trust : Hindustan Unilever Limited Securitisation of Retirement Benefit Trust (100%) (iii) Joint Ventures : Kimberly Clark Lever Private Limited (50% control) (iv) Key Management Personnel (a) Executive directors : Sanjiv Mehta PB Balaji Pradeep Banerjee Dev Bajpai Geetu Verma BP Biddappa Priya Nair Sandeep Kohli (with effect from 1st June, 2016) Sudhir Sitapati (with effect from 1st July, 2016) Srinandan Sundaram (with effect from 1st September, 2016) Samir Singh (up to 31st May, 2016) Punit Misra (up to 30th September, 2016) (b) Non-executive directors : Harish Manwani Aditya Narayan S. Ramadorai O. P. Bhatt Sanjiv Misra Kalpana Morparia (v) Employees’ Benefit Plans where there is significant influence : Hind Lever Gratuity Fund The Hind Lever Pension Fund The Union Provident Fund

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |266| Disclosure of transactions between the Company and Related Parties and the status of outstanding balances as on 31st March, 2017 (All amounts in ` crores, unless otherwise stated Year ended 31st March, 2017 Year ended 31st March, 2016 Holding Company : Dividend paid 1,839 1,727 Royalty expense 1,027 876 Income from services rendered 500 473 Expenses for Services received 96 - Outstanding as at the year end : - Trade payables [1st April, 2015: ` 136 crores] 338 172 Subsidiaries/ Trust : Sale of finished goods / raw materials etc. 393 300 Processing charges 115 112 Sale of fixed assets - 4 Purchase of fixed assets 0 0 Investment in equity shares - - Purchase of finished goods / raw materials etc. 12 17 Royalty income 8 9 Rent income 1 1 Management fees paid - 0 Commission paid 1 1 Expenses shared by subsidiary companies 19 16 Dividend income 167 136 Interest income 13 15 Reimbursement received/ receivable towards pension and medical benefits 19 28 Purchase of export licences 36 8 Rent expense 0 0 Contribution to foundation 18 8 Reimbursements paid 36 7 Reimbursements received 14 7 Inter corporate loans given during the year 84 35 Inter corporate loans repaid during the year 48 53 Deposit Received 0 - Deposit Paid 0 - Outstanding as at the year end: - Current account balances receivable with subsidiaries and trust [1st April, 2015: ` 17 crores] 19 19 - Trade receivables [1st April, 2015: ` 23 crores] 34 44 - Trade payables [1st April, 2015: ` 12 crores] 35 12 - Loans & advances to subsidiaries [1st April, 2015: ` 180 crores] 198 162 - Security deposits [1st April, 2015: ` 2 crores] - 0 Fellow Subsidiaries : Purchased of fixed assets 37 - Rent income 2 1 Sale of fixed assets - 0 Income from services rendered 12 17 Management fees paid 29 13 Purchase of finished goods / raw materials etc. 581 371 Dividend paid 561 527

|267| Chap. 14 – Ind AS 24 — Related Party Disclosures (All amounts in ` crores, unless otherwise stated Year ended 31st March, 2017 Year ended 31st March, 2016 Royalty expense 17 11 Expenses shared by fellow subsidiary companies 6 4 Maintenance and support costs for licences and software 6 8 Reimbursements paid 49 105 Reimbursements received 34 32 Outstanding as at the year end with fellow subsidiaries - Current account balances receivable with fellow subsidiaries [1st April, 2015: ` 35 crores] 28 35 - Trade payables [1st April, 2015: ` 71 crores] 209 131 Joint Venture : Purchase of finished goods / raw materials etc. 303 346 Reimbursements received 95 72 Investment in equity shares - 15 Outstanding as at the year end with joint venture -Current account balances receivable with joint venture [1st April, 2015: ` 32 crores] 24 27 - Trade payables [1st April, 2015: ` 2 crores] 1 2 Key Management Personnel (Executive directors) : Remuneration - Short-term employee benefits 45 34 - Post-employment benefits* 6 5 - Share-based payments 16 13 Dividend paid 0 1 Consideration received on exercise of options 0 0 Key Management Personnel (Nonexecutive directors) : Dividend paid 0 0 Commission paid 2 2 Employees’ Benefit Plans where : Contributions during the year (Employer’s contribution only) there is significant influence Outstanding as at the year end : 61 82 - Advances recoverable in cash or kind or for value to be received [1st April, 2015: Nil] - 17 - Payables [1st April, 2015: ` 1 crore] 12 - *As the liabilities for defined benefit plans are provided on actuarial basis for the Company as a whole, the amounts pertaining to Key Management Personnel are not included. Terms and conditions of transactions with related parties All Related Party Transactions entered during the year were in ordinary course of the business and are on arm’s length basis. For the year ended 31st March, 2017, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (2015- 16: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |268| 5. ITC LIMITED 29. Related Party Disclosures 1. ENTERPRISES WHERE CONTROL EXISTS: Subsidiaries: a) Srinivasa Resorts Limited b) Fortune Park Hotels Limited c) Bay Islands Hotels Limited d) WelcomHotels Lanka (Private) Limited, Sri Lanka e) Landbase India Limited f) Russell Credit Limited and its subsidiary Greenacre Holdings Limited g) Technico Pty Limited, Australia and its subsidiaries Technico Technologies Inc., Canada Technico Asia Holdings Pty Limited, Australia and its subsidiary Technico Horticultural (Kunming) Co. Limited, China h) Technico Agri Sciences Limited i) Wimco Limited j) Pavan Poplar Limited k) Prag Agro Farm Limited l) ITC Infotech India Limited and its subsidiaries ITC Infotech Limited, UK ITC Infotech (USA), Inc. and its subsidiaries Pyxis Solutions, LLC , USA (merged with ITC Infotech (USA), Inc. w.e.f. 01.04.2016) Indivate Inc., USA (w.e.f. 18.11.2016) m) Gold Flake Corporation Limited n) ITC Investments & Holdings Limited and its subsidiary MRR Trading & Investment Company Limited o) Surya Nepal Private Limited p) King Maker Marketing, Inc., USA (ceased w.e.f. 16.11.2016) q) North East Nutrients Private Limited The above list does not include ITC Global Holdings Pte. Limited, Singapore (in liquidation) 2. OTHER RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS i) Associates & Joint Ventures: Associates a) Gujarat Hotels Limited b) International Travel House Limited – being associates of the Company, and c) Tobacco Manufacturers (India) Limited, UK – of which the Company is an associate

|269| Chap. 14 – Ind AS 24 — Related Party Disclosures Associates of the Company’s subsidiaries a) Russell Investments Limited b) Divya Management Limited c) Antrang Finance Limited – being associates of Russell Credit Limited, and d) ATC Limited – being associate of Gold Flake Corporation Limited Joint Ventures a) Maharaja Heritage Resorts Limited b) Espirit Hotels Private Limited c) Logix Developers Private Limited Joint Venture of the Company’s subsidiary a) ITC Essentra Limited – being joint venture of Gold Flake Corporation Limited Note: King Maker Marketing, Inc. USA (KMM) ceased to be a subsidiary of the Company with effect from 16.11.2016 consequent to divestment of the Company’s entire shareholding in KMM. ii) a) Key Management Personnel: Y. C. Deveshwar1 Chairman & Non-Executive Director S. Puri2 Chief Executive Officer & Executive Director N. Anand Executive Director R. Tandon Executive Director & Chief Financial Officer Z. Alam Non-Executive Director (w.e.f. 26.10.2016) A. Baijal* Non-Executive Director (ceased w.e.f. 30.12.2016) S. Banerjee* Non-Executive Director A. Duggal* Non-Executive Director A. V. Girija Kumar Non-Executive Director (upto conclusion of AGM on 22.07.2016) R. E. Lerwill Non-Executive Director (ceased w.e.f. 22.06.2016) S. B. Mainak Non-Executive Director S. B. Mathur* Non-Executive Director P. B. Ramanujam* Non-Executive Director N. Rao* Non-Executive Director (w.e.f. 08.04.2016) S. S. H. Rehman* Non-Executive Director M. Shankar* Non-Executive Director D.R. Simpson Non-Executive Director (w.e.f. 27.01.2017) K. Vaidyanath Non-Executive Director (ceased w.e.f. 29.07.2016) 1 Chairman & Non-Executive Director since 05.02.2017, prior to which Mr. Deveshwar was Executive Chairman 2 Appointed also as Chief Executive Officer from 05.02.2017 * Independent Directors

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |270| Members - Corporate Management Committee Y. C. Deveshwar (ceased as Chairman of CMC w.e.f. 05.02.2017) S. Puri (appointed Chairman of CMC w.e.f. 05.02.2017) N. Anand R. Tandon B. B. Chatterjee S. Sivakumar K. S. Suresh C. Dar R. Sridhar (w.e.f. 01.04.2016) B. Sumant (w.e.f. 01.04.2016) S. K. Singh (w.e.f. 27.01.2017) b) Relatives of Key Management Personnel: Mrs. B. Deveshwar (wife of Mr. Y. C. Deveshwar) Mrs. R. Tandon (wife of Mr. R. Tandon) iii) Employee Trusts where there is significant influence: a) IATC Provident Fund b) ITC Defined Contribution Pension Fund c) ITC Management Staff Gratuity Fund d) ITC Employees Gratuity Fund e) ITC Gratuity Fund ‘C’ f) ITC Pension Fund g) ILTD Seasonal Employees Pension Fund h) ITC Platinum Jubilee Pension Fund i) Tribeni Tissues Limited Gratuity Fund j) ITC Bhadrachalam Paperboards Limited Management Staff Pension Fund k) ITC Bhadrachalam Paperboards Limited Gratuity Fund ‘A’ l) ITC Bhadrachalam Paperboards Limited Gratuity Fund ‘C’ m) ITC Hotels Limited Employees Superannuation Scheme

|271| Chap. 14 – Ind AS 24 — Related Party Disclosures 3. Disclosure Of Transactions Between The Company And Related Parties And The Status Of Outstanding Balances As At 31.03.2017 (` in Crores) Related Party Transactions Summary Enterprises where control exists Associates Joint Ventures Key Management Personnel Relatives of Key Management Personnel Employee Trusts Total Subsidiaries 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 1. Sale of Goods/ Services 322.90 307.18 0.49 0.47 6.88 9.40 330.27 317.05 2. Purchase of Goods/ Services 299.28 173.56 74.88 80.57 252.92 291.55 627.08 545.68 3. Acquisition cost of Property, Plant and Equipments etc. 1.54 29.06 – 0.37 1.54 29.43 4. Sale of Property, Plant and Equipments etc./ Scraps 0.05 0.27 – … 0.05 0.27 5. Investments Purchased from Subsidiary1 – 121.00 – 121.00 6. Investment in Subsidiaries/ Joint Ventures 139.80 286.98 139.80 286.98 7. Redemption of Preference Shares – 187.00 – 187.00 8. Value of share based payment 8A. Capital Contribution for Share Based Payments 35.06 47.27 3.33 1.14 35.06 51.74 8B. Reimbursement for Share Based Payments for current year 13.20 – 2.89 – 0.96 – 17.05 – 8C. Reimbursement for Capital Contribution for Share Based Payments for previous year 11.67 – 3.33 – 1.14 – 16.14 – 9. Sale of Investment2 – 5.40 – 5.40 10. Return of Capital by Subsidiary 60.55 – 60.55 – 11. Interest Income – 0.58 – 0.58 12. Rent Received 17.54 20.08 0.89 1.04 18.43 21.12 13. Rent Paid 8.75 8.50 3.74 3.49 0.14 0.14 0.72 0.66 13.35 12.79 14. Remuneration of Managers on Deputation reimbursed 3.87 3.73 5.32 4.17 9.19 7.90

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |272| (` in Crores) Related Party Transactions Summary Enterprises where control exists Associates Joint Ventures Key Management Personnel Relatives of Key Management Personnel Employee Trusts Total Subsidiaries 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 15. Remuneration of Managers on Deputation recovered 18.87 15.11 4.45 3.85 1.53 1.38 24.85 20.34 16. Contribution to Employees’ Benefit Plans 127.36 109.04 127.36 109.04 17. Dividend Income 247.98 319.33 0.73 0.73 248.71 320.06 18. Dividend Payments 1687.73 1240.98 3.77 3.33 1691.50 1244.31 19. Expenses Recovered 15.13 12.01 0.39 0.19 0.32 0.39 15.84 12.59 20. Expenses Reimbursed 13.27 10.85 0.72 0.60 0.09 0.03 0.03 – 14.11 11.48 21. Loans Given – 0.20 – 0.20 22. Receipt towards Loan Repayment – 43.67 – 43.67 23. Assignment of Loan to Subsidiary at fair value – 1.13 – 1.13 24. Adjustment/ Payment towards Loan Repayment – 2.00 – 2.00 25. Advances Given during the year 0.17 – 0.17 – 26. Adjustment/ Receipt towards Refund of Advances 0.17 – 0.17 – 27. Advance Received during the year 118.61 119.62 118.61 119.62 28. Adjustment/ Payment towards Refund of Advance 153.67 131.97 153.67 131.97 29. Adjustment/ Receipt towards Refund of Deposit 0.10 2.00 0.10 2.00 30. Deposits Received during the year – … – … 31. Adjustment/ Payment towards Refund of Deposits 0.04 – 0.04 – 32. Transactions with Key Management Personnel3

|273| Chap. 14 – Ind AS 24 — Related Party Disclosures (` in Crores) Related Party Transactions Summary Enterprises where control exists Associates Joint Ventures Key Management Personnel Relatives of Key Management Personnel Employee Trusts Total Subsidiaries 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 32A. – Short term benefits4 37.83 31.66 37.83 31.66 32B. – Other remuneration 5.05 3.44 5.05 3.44 32C. – Stock options granted5 1 Denotes purchase of unquoted investment from subsidiary at net book value as at 31st March, 2015 of the acquired company; 2 Includes sale of unquoted investment, at cost, Nil (2016 - ` 4.88 Crores) to Subsidiary; 3 Post employement benefits are actuarially determined on overall basis and hence not separately provided. Payments made on settlement of leave liability upon retirement - ` 4.10 Crores (2016 - ` 2.50 Crores) has not been included in the above; 4 Includes ` 4.10 Crores (2016 - ` 1.22 Crores) paid/provided for on account of remuneration of Directors, which is subject to approval of the shareholders; 5 The Company grants Stock Options to the Directors, Key Management Personnel (KMP) and other employees under its Employee Stock Option Schemes at ‘market price’ [within the meaning of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014]. Since such options are not tradeable, no perquisite or benefit is immediately conferred upon an employee by such grant. However, the Company has recorded employee benefits expense by way of share based payments to employees, in accordance with Ind AS 102, at ` 450.32 Crores for the year ended 31st March, 2017 (2016 - ` 501.91 Crores), out of which ` 74.05 Crores (2016 - ` 102.71 Crores) is attributable to KMP. (` in Crores) Related Party Transactions Summary Enterprises where control exists Associates Joint Ventures Key Management Personnel Relatives of Key Management Personnel Employee Trusts Total Subsidiaries 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 33. Outstanding Balances # i) Receivables 57.36 48.47 31.46 7.54 0.30 0.87 4.54 2.86 3.62 69.44 51.63 35.95 ii) Advances Given – 12.97 48.48 – 12.97 48.48 iii) Loans Given – – 76.02 – – 76.02 iv) Deposits Given6 0.60 0.70 2.60 – – 0.10 0.07 0.07 0.07 0.30 0.30 0.30 0.97 1.07 3.07 v) Loans Taken – – 2.00 – – 2.00 vi) Advance Taken 98.96 134.02 146.37 98.96 134.02 146.37 vii) Deposits Taken 0.06 0.10 0.10 0.06 0.10 0.10 viii) Payables 6.07 5.30 3.04 5.81 6.13 8.41 0.87 5.92 4.73 8.00 20.87 34.94 20.75 38.22 51.12 ix) Investment in NonConvertible Debentures – – 15.00 – – 15.00 34. Impairment of investment in Subsidiaries 25.29 9.00 55.95 25.29 9.00 55.95 35. Commitments 0.13 0.18 0.18 0.13 0.18 0.18 # The amounts outstanding are unsecured and will be settled in cash 6 includes transfer of deposit of ` 0.10 Crore, with an Associate in 2015, to a subsidiary during the year pursuant to amalgamation of the Associate with the subsidiary, which was subsequently refunded in 2016-17

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |274| 4. Information Regarding Significant Transactions / Balances (Generally in excess of 10% of the total transaction value of the same type) (` in Crores) Related Party Transactions Summary 2017 2016 1. Sale of Goods/ Services Surya Nepal Private Limited 297.76 273.35 2. Purchase of Goods/ Services ITC Infotech India Limited 147.98 138.45 North East Nutrients Private Limited 138.21 28.51 ITC Essentra Limited 252.60 291.20 International Travel House Limited 54.34 57.99 3. Acquisition cost of Property, Plant and Equipments etc. Greenacre Holdings Limited – 28.22 ITC Infotech India Limited 1.52 0.74 4. Sale of Property, Plant and Equipments etc./ Scraps ATC Limited 0.05 0.27 5. Investments Purchased from Subsidiary Technico – Technico Pty Limited – 121.00 6. Investment in Subsidiaries/ Joint Ventures WelcomHotels Lanka (Private) Limited 139.80 73.63 Landbase India Limited – 197.00 7. Redemption of Preference Shares Landbase India Limited – 187.00 8. Value of share based payment 8A. Capital Contribution for Share Based Payments I3L – ITC Infotech India Limited 34.34 34.45 8B. Reimbursement for Capital Contribution for Share Based Payments for current period Fortune Park Hotels Limited 3.50 – International Travel House Limited 2.27 – Surya Nepal Private Limited 3.24 – Technico Agri Sciences Limited 1.66 – WelcomHotels Lanka (Private) Limited 2.98 – 8C. Reimbursement for Capital Contribution for Share Based Payments for previous period Fortune Park Hotels Limited 4.27 – International Travel House Limited 2.58 – Surya Nepal Private Limited 3.24 – Technico Agri Sciences Limited 1.84 – WelcomHotels Lanka (Private) Limited 0.76 – 9. Sale of Investment Russell Credit Limited – 5.40 10. Return of Capital by Subsidiary Technico Pty Limited 60.55 – 11. Interest Income Surya Nepal Private Limited – 0.57 12. Rent Received ITC Infotech India Limited 13.09 15.63 Surya Nepal Private Limited 4.19 4.19 13. Rent Paid Bay Islands Hotels Limited 1.69 1.46

|275| Chap. 14 – Ind AS 24 — Related Party Disclosures (` in Crores) Related Party Transactions Summary 2017 2016 Landbase India Limited 5.17 5.12 Gujarat Hotels Limited 3.74 3.49 14. Remuneration of Managers on Deputation reimbursed Fortune Park Hotels Limited 2.05 1.35 Bay Islands Hotels Limited 1.30 1.09 Technico Agri Sciences Limited – 0.97 Gujarat Hotels Limited 5.05 3.93 15. Remuneration of Managers on Deputation recovered Srinivasa Resorts Limited 5.83 5.52 Fortune Park Hotels Limited 3.65 3.11 ITC Infotech India Limited 3.33 2.80 16. Contribution to Employees’ Benefit Plans IATC Provident Fund 25.32 22.95 ITC Defined Contribution Pension Fund 17.81 16.16 ITC Management Staff Gratuity Fund 14.63 13.67 ITC Pension Fund 36.76 19.87 ITC Employees Gratuity Fund 11.00 21.00 17. Dividend Income Russell Credit Limited – 45.25 Technico Agri Sciences Limited – 26.57 ITC Infotech India Limited – 76.68 Surya Nepal Private Limited 221.33 176.76 18. Dividend Payments Tobacco Manufacturers (India) Limited, UK 1687.73 1240.98 19. Expenses Recovered Srinivasa Resorts Limited 1.68 1.50 Fortune Park Hotels Limited 1.79 1.10 ITC Infotech India Limited 7.45 7.95 Surya Nepal Private Limited 2.60 0.34 20. Expenses Reimbursed Landbase India Limited 4.82 7.31 Wimco Limited 1.73 1.63 ITC Infotech (USA), Inc. 5.55 – 21. Loans Given Prag Agro Farm Limited – 0.20 22. Receipt towards Loan Repayment Prag Agro Farm Limited – 8.60 Surya Nepal Private Limited – 35.07 23. Assignment of Loan to Subsidiary at fair value Russell Credit Limited – 1.13 24. Adjustment/ Payment towards Loan Repayment 25. Pavan Poplar Limited Advances Given during the year – 2.00 North East Nutrients Private Limited 0.17 – 26. Adjustment/ Receipt towards Refund of Advances North East Nutrients Private Limited 0.17 – 27. Advance Received during the year Surya Nepal Private Limited 118.61 119.62 28. Adjustment/ Payment towards Refund of Advance Surya Nepal Private Limited 153.67 131.97

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |276| (` in Crores) Related Party Transactions Summary 2017 2016 29. Adjustment/ Receipt towards Refund of Deposit Greenacre Holdings Limited 0.10 2.00 30. Deposits Received during the year International Travel House Limited – ... 31. Adjustment/ Payment towards Refund of Deposits International Travel House Limited 0.04 32. Remuneration to Key Management Personnel # 32A Short term benefits Mr. Y.C. Deveshwar 18.82 13.73 32B. Other Remuneration Ms. M. Shankar 0.51 0.30 Mr. S. B. Mathur 0.51 0.31 Mr. S. S. H. Rehman 0.51 0.30 (` in Crores) Related Party Transactions Summary 2017 2016 2015 33. Outstanding Balances (i) Receivables Fortune Park Hotels Limited 8.32 0.36 – Surya Nepal Private Limited 36.28 39.32 20.07 King Maker Marketing, Inc. – 6.65 7.05 (ii) Advances Given Employee Trust – Pension Funds – 12.97 48.48 (iii) Loans Given Russell Credit Limited3 – – 32.55 Prag Agro Farm Limited – – 8.40 Surya Nepal Private Limited1 – – 35.07 (iv) Deposits Given Russell Credit Limited5 0.36 0.36 0.12 Greenacre Holdings Limited6 0.24 0.34 2.24 Wills Corporation Limited5 – – 0.24 Classic Infrastructure and Development Limited6 – – 0.10 Mrs. B. Deveshwar 0.30 0.30 0.30 (v) Loans Taken Pavan Poplar Limited4 – – 2.00 (vi) Advance Taken Surya Nepal Private Limited 98.96 134.02 146.37 (vii) Deposits Taken International Travel House Limited 0.06 0.10 0.10 (viii) Payables North East Nutrients Private Limited 4.85 3.79 – ITC Essentra Limited 0.87 5.78 4.53 International Travel House Limited 2.67 3.39 5.22 Employee Trust – Pension Funds 6.44 – – ITC Management Staff Gratuity Fund – 20.87 34.94 (ix) Investment in Non–Convertible Debentures BFIL Finance Limited – – 15.00 34. Impairment of investments in Subsidiaries BFIL Finance Limited – Debentures and Loan2 – – 47.55 Prag Agro Farm Limited – Loan – – 8.40

|277| Chap. 14 – Ind AS 24 — Related Party Disclosures (` in Crores) Related Party Transactions Summary 2017 2016 2015 Prag Agro Farm Limited – Equity Shares 9.00 9.00 – Technico Pty Ltd 16.29 – – 35. Commitments ITC Infotech India Limited 0.13 0.18 0.18 # In accordance with Ind AS-102, the Company has recognised employee benefits expense by way of share based payments [refer Note 29.3], of which ` 74.05 Crores (2016 - ` 102.71 Crores) is attributable to key managerial personnel: Mr. Y.C. Deveshwar ` 33.34 Crores (2016 - ` 24.91 Crores), Mr. S. Puri ` 5.31 Crores (2016 - ` 3.61 Crores), Mr. N. Anand ` 7.24 Crores (2016 - ` 13.33 Crores), Mr. R. Tandon ` 7.54 Crores (2016 - `4.67 Crores) and Mr. B.B. Chatterjee ` 2.82 Crores (2016 - ` 3.69 Crores). 1 Interest @12% p.a. for funding its capital expenditure requirements and for general business purposes. Repayable by 31.03.2016 with a prepayment option. The maximum indebtedness during the year Nil (2016 - ` 35.07 Crores; 2015 - ` 97.97 Crores). 2 Interest @ 9% p.a. (w.e.f. 01.04.2014) for meeting working capital requirements of BFIL Finance Limited ` 47.55 Crores repayable by 31.03.2016. The company was amalgamated with Russell Credit Limited w.e.f. 01.04.2015 3 The maximum indebtedness during the year Nil (2016 - ` 32.55 Crores; 2015 - ` 32.55 Crores). 4 Interest free loan for business purposes Nil (2016 - ` 8.40 Crores; 2015 - ` 8.40 Crores) taken over pursuant to Scheme of Arrangement and interest @ 9% p.a. for meeting working capital requirement Nil (2016 - ` 0.20 Crore; 2015 - Nil). The maximum indebtedness during the year Nil (2016 - `8.60 Crores; 2015 - ` 8.40 Crores). 5 The maximum indebtedness during the year was ` 0.36 Crore (2016 - ` 0.36 Crore; 2015 - ` 0.12 Crore). Includes ` 0.24 Crore taken over from Wills Corporation Limited which was amalgamated with Russell Credit Limited w.e.f 01.04.2015. 6 The maximum indebtedness during the year was ` 0.34 Crore (2016 - ` 2.24 Crores; 2015 - ` 2.24 Crores). Includes ` 0.10 Crore taken over from Classic Infrastructure & Development Limited which was amalgamated with Greenacre Holdings Limited w.e.f. 07.12.2015. 6. LARSEN & TOUBRO LIMITED Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures”. (a) List of related parties over which control exist and status of transactions entered during the year Sr. No. Name of the related party Nature of relationship Transaction entered during the year (Yes/No) 1 L&T Cutting Tools Limited Wholly owned subsidiary Yes 2 Bhilai Power Supply Company Limited Subsidiary Yes 3 Spectrum Infotech Private Limited Wholly owned subsidiary Yes 4 L&T-Valdel Engineering Limited %% Wholly owned subsidiary of L&T Hydrocarbon Engineering Limited Yes 5 L&T Shipbuilding Limited Subsidiary Yes 6 L&T Electricals and Automation Limited Wholly owned subsidiary Yes 7 Hi-Tech Rock Products & Aggregates Limited Wholly owned subsidiary Yes 8 L&T Seawoods Limited Wholly owned subsidiary Yes 9 Kesun Iron and Steel Company Private Limited Subsidiary Yes 10 L&T Infocity Limited** Subsidiary Yes 11 L&T Hitech City Limited** Subsidiary of L&T Infocity Limited Yes 12 Hyderabad International Trade Expositions Limited** Subsidiary of L&T Infocity Limited Yes 13 EWAC Alloys Limited Wholly owned subsidiary Yes 14 L&T Geostructure LLP Subsidiary Yes 15 L&T Valves Limited Wholly owned subsidiary Yes 16 L&T Realty Limited Wholly owned subsidiary Yes 17 L&T Asian Realty Project LLP Subsidiary of L&T Realty Limited Yes 18 L&T Parel Project LLP Subsidiary of L&T Realty Limited Yes 19 Chennai Vision Developers Private Limited Wholly owned subsidiary of L&T Realty Limited Yes 20 L&T South City Projects Limited % Subsidiary of L&T Realty Limited Yes 21 L&T Vision Ventures Limited Subsidiary of L&T Realty Limited Yes 22 L&T Power Limited Subsidiary Yes 23 CSJ Infrastructure Private Limited* Wholly owned subsidiary of L&T Realty Limited Yes

Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts |278| Sr. No. Name of the related party Nature of relationship Transaction entered during the year (Yes/No) 24 L&T Cassidian Limited Subsidiary Yes 25 Consumer Financial Services Limited %%% Wholly owned subsidiary of L&T Housing Finance Limited Yes 26 L&T General Insurance Company Limited*** Wholly owned subsidiary Yes 27 L&T Aviation Services Private Limited Wholly owned subsidiary Yes 28 Larsen & Toubro Infotech Limited Subsidiary Yes 29 GDA Technologies Limited @@@ Wholly owned subsidiary of Larsen & Toubro Infotech Limited Yes 30 L&T Finance Holdings Limited Subsidiary Yes 31 L&T Housing Finance Limited Wholly owned subsidiary of L&T Finance Holdings Limited Yes 32 L&T Infra Investment Partners # Subsidiary of L&T Infrastructure Finance Company Limited No 33 L&T Finance Limited (formerly known as Family Credit Limited) Wholly owned subsidiary of L&T Finance Holdings Limited Yes 34 L&T Finance Limited ~ Wholly owned subsidiary Yes 35 L&T Capital Markets Limited Wholly owned subsidiary Yes 36 L&T Investment Management Limited Wholly owned subsidiary of L&T Finance Holdings Limited Yes 37 L&T Mutual Fund Trustee Limited Wholly owned subsidiary of L&T Finance Holdings Limited No 38 L&T FinCorp Limited ~ Wholly owned subsidiary of L&T Finance Holdings Limited Yes 39 L&T Infrastructure Finance Company Limited Wholly owned subsidiary of L&T Finance Holdings Limited Yes 40 L&T Infra Debt Fund Limited Wholly owned subsidiary of L&T Finance Holdings Limited Yes 41 L&T Infra Investment Partners Advisory Private Limited Wholly owned subsidiary of L&T Infrastructure Finance Company Limited Yes 42 L&T Infra Investment Partners Trustee Private Limited Wholly owned subsidiary of L&T Infrastructure Finance Company Limited No 43 L&T Financial Consultants Limited (formerly known as L&T Vrindavan Properties Limited) Wholly owned subsidiary of L&T Finance Holdings Limited Yes 44 L&T Access Distribution Services Limited Wholly owned subsidiary of L&T Finance Holdings Limited Yes 45 Mudit Cement Private Limited Wholly owned subsidiary of L&T Financial Consultants Limited (formerly known as L&T Vrindavan Properties Limited) Yes 46 L&T Capital Company Limited Wholly owned subsidiary Yes 47 L&T Trustee Company Private Limited Wholly owned subsidiary of L&T Capital Company Limited Yes 48 L&T Power Development Limited Wholly owned subsidiary Yes 49 L&T Uttaranchal Hydropower Limited Wholly owned subsidiary of L&T Power Development Limited Yes 50 L&T Arunachal Hydropower Limited Wholly owned subsidiary of L&T Power Development Limited Yes 51 L&T Himachal Hydropower Limited Wholly owned subsidiary of L&T Power Development Limited Yes 52 Nabha Power Limited Wholly owned subsidiary of L&T Power Development Limited Yes 53 L&T Metro Rail (Hyderabad) Limited Wholly owned subsidiary Yes 54 L&T Technology Services Limited Subsidiary Yes 55 L&T Construction Equipment Limited Wholly owned subsidiary Yes 56 L&T Infrastructure Engineering Limited Wholly owned subsidiary Yes

|279| Chap. 14 – Ind AS 24 — Related Party Disclosures Sr. No. Name of the related party Nature of relationship Transaction entered during the year (Yes/No) 57 L&T Thales Technology Services Private Limited Subsidiary of L&T Technology Services Limited Yes 58 L&T Hydrocarbon Engineering Limited Wholly owned subsidiary Yes 59 Sahibganj Ganges Bridge-Company Private Limited^ Wholly owned subsidiary of L&T Capital Limited Yes 60 Seawoods Retail Private Limited^^ Wholly owned subsidiary Yes 61 Seawoods Realty Private Limited^^^ Wholly owned subsidiary Yes 62 Marine Infrastructure Developer Private Limited Subsidiary Yes 63 AugmentIQ Data Sciences Private Limited ## Subsidiary of L&T Infotech Limited No 64 L&T Infra Contractors Private Limited ### Wholly owned subsidiary of L&T Capital Limited No 65 Larsen & Toubro LLC Subsidiary No 66 Larsen & Toubro Infotech, GmbH Wholly owned subsidiary of Larsen & Toubro Infotech Limited Yes 67 Larsen & Toubro Infotech Canada Limited Wholly owned subsidiary of Larsen & Toubro Infotech Limited No 68 Larsen & Toubro Infotech LLC Wholly owned subsidiary of Larsen & Toubro Infotech Limited No 69 L&T Infotech Financial Services Technologies Inc. Wholly owned subsidiary of Larsen & Toubro Infotech Limited No 70 Larsen & Toubro Infotech South Africa (PTY) Limited Subsidiary of Larsen & Toubro Infotech Limited No 71 L&T Information Technology Services (Shanghai) Co. Ltd. Subsidiary No 72 L&T Realty FZE Wholly owned subsidiary of L&T Realty Limited No 73 Larsen & Toubro International FZE Wholly owned subsidiary of L&T Global Holdings Limited Yes 74 Larsen & Toubro Hydrocarbon International Limited LLC Subsidiary No 75 Thalest Limited Wholly owned subsidiary of Larsen & Toubro International FZE No 76 Servowatch Systems Limited Wholly owned subsidiary of Thalest Limited Yes 77 Larsen & Toubro (Oman) LLC Subsidiary of Larsen & Toubro International FZE Yes 78 L&T Modular Fabrication Yard LLC Subsidiary of Larsen & Toubro International FZE Yes 79 Larsen & Toubro (East Asia) SDN. BHD Subsidiary Yes 80 Larsen & Toubro Qatar LLC Subsidiary of Larsen & Toubro International FZE Yes 81 L&T Overseas Projects Nigeria Limited Wholly owned subsidiary of Larsen & Toubro International FZE No 82 PT Larsen & Toubro Hydrocarbon Engineering Indonesia Subsidiary of Larsen & Toubro International FZE No 83 L&T Electricals & Automation Saudi Arabia Company Limited LLC Subsidiary of Larsen & Toubro International FZE Yes 84 Larsen & Toubro Kuwait Construction General Contracting Company WLL Subsidiary of Larsen & Toubro International FZE Yes 85 Larsen & Toubro Readymix & Asphalt Concrete Industries LLC Subsidiary of Larsen & Toubro International FZE Yes 86 Larsen & Toubro (Saudi Arabia) LLC S ubsidiary Yes 87 Larsen Toubro Arabia LLC Subsidiary Yes 88 Larsen & Toubro ATCO Saudia LLC Subsidiary of Larsen & Toubro International FZE Yes