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.