MMWL extends ₹40 Cr corporate guarantee for subsidiary nexG

Media Matrix Worldwide Ltd (MMWL) has extended a corporate guarantee of ₹40 Crores in favour of Kotak Mahindra Bank Limited. This guarantee secures various fund-based and non-fund-based facilities availed by nexG Devices Private Limited, a subsidiary of MMWL. This new guarantee substitutes an earlier corporate guarantee of ₹80 Crores. MMWL holds 56.78% of the paid-up share capital of nexG, which operates as a PAN-India distribution and logistics house for mobility and IT products. The corporate guarantee will be disclosed as a contingent liability in MMWL's financial statements.