Ravindra Energy Limited has informed about providing corporate guarantee to Energy In Motion Limited.
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Ravindra Energy Limited has provided a corporate guarantee to Tata Capital Limited to secure a lease facility for its associate entity Energy In Motion Limited. The guarantee covers up to 50% of the lease value, with the maximum lease amount being INR 20 Crores. Energy In Motion Limited is an associate company where Ravindra Energy holds a 49.50% equity stake. Mr. Narendra Murkumbi, a promoter of Ravindra Energy, is a common director on both boards. The company states the guarantee is extended at arm's length and is in the overall interest of Ravindra Energy as it will help EIM expand its business operations in electric commercial vehicles.
This increases contingent liability exposure for Ravindra Energy Limited up to INR 10 Crores, though the company states there is no immediate financial impact since it is a non-fund based guarantee. The interconnected nature of this transaction with an associate company warrants monitoring for any potential liability crystallization.