Mukka Proteins Guarantees ₹73.58 Cr for Subsidiary's Credit Facility

Mukka Proteins Ltd announced that its Board of Directors has approved providing a corporate guarantee, Standby Letter of Credit (SBLC), and fixed deposit security. This is to back credit facilities amounting to ₹735,830,000 (₹73.58 Crore) for its subsidiary, United Gulf Fishery Products LLC, Oman, from HDFC Bank Limited. The company stated that the transaction is on an arm's length basis, and while it constitutes a contingent liability, Mukka Proteins retains the right to recover any amounts paid from the subsidiary. The agreements are yet to be executed.