Marine Electricals (India) Limited — Important, 23-05-2026: Disclosure of material issue

Marine Electricals (MARINE) has converted its subsidiary partnership, Narhari Engineering Works, into a private limited company, now called MEL Heavy Industries Pvt Ltd. This move formalizes the structure of the subsidiary, which manufactures electric motors and pumps.

**Impact:** A strategic step to streamline governance and support future growth for a key operational arm. No financial transaction was involved; MARINE maintains 99% ownership. The new entity has ₹5 Cr authorized capital, building on the erstwhile firm's stable ~₹21-22 Cr annual turnover over the last three fiscal years.