Marine Electricals (India) Limited announced that its General Purpose Committee (GPC) has approved a loan of up to ₹5,50,00,000 (Five crore fifty lakhs) to its subsidiary, Evigo Charge Private Limited. This financial assistance is intended to meet the working capital requirements of the subsidiary.

The loan, which is convertible into equity at a future date under mutually agreed terms, was approved by the GPC in a meeting held on January 12th, 2026. The board of directors had previously delegated the necessary powers to the GPC for such approvals. This loan is within the limits previously approved by the company's shareholders.

Marine Electricals (India) Limited holds a 91.74% equity stake in Evigo Charge Private Limited. The transaction is being conducted on an arm's length basis, confirming it as a related party transaction due to the subsidiary relationship. The loan agreement execution date is specified as January 12th, 2026, with no specific security details provided.