Marine Electricals (India) Limited — Important, 22-05-2026: Disclosure of material issue

**Marine Electricals (MARINE) just converted its subsidiary, Narhari Engineering Works, into a private limited company!** It's now called MEL Heavy Industries Private Limited.

**What happened:** This isn't an acquisition, but a corporate restructuring to formalize an existing unit. No new capital was involved in the conversion.

**Investor Impact:** This move streamlines operations & governance for the subsidiary, which makes electric motors & pumps. It recorded ~₹21-22 Cr in annual turnovers recently. MARINE still owns 99%. This formalization could set it up for more efficient growth.

**Company's Move:** This is MARINE's proactive step to optimize its subsidiary's legal & operational structure.