Engineers India said on Tuesday its board has approved a bank guarantee of ₹1.75 billion for its joint venture Ramagundam Fertilizers and Chemicals. The guarantee, placed with IndusInd Bank, is meant for the joint venture’s debt service reserve account, the company said in a filing.Ramagundam Fertilizers is a joint venture of Engineers India, National Fertilizers, and Fertilizer Corporation of India, with Engineers India holding a 26% stake. The company said it will not dilute its holding below 26% or pledge its shareholding without IndusInd Bank’s consent until the guarantee expires on 31 March 2026.
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