Regarding IndAS Applicability

Hi, I need to know the applicability of Indas on Company F. Details are as given below:

Company M (NBFC Company having networth of Rs 50 Crores) is subsidiary of Company P (Listed Company). Company M has an wholly owned Subsidiary named Company F. Whether Company F is required to prepare Financials as per IndAS or AS.

Please note that Company M is required to follow AS and Company P is required to follow IndAS.