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Subsidiary - Between21% to50 % Share holding in a company.
Associate - Less than20 % Interest involved in a company.
Can be a detailed explain...
Any entity in which a company has control is its subsidiary and any entity in which a company have significant influence but don't have control is Associate. and the percentage of share is not important in this. even if a company have only40% share but all other have10% equal share. Now the company which have40 % share have major control and can record this as its subsidary.