Arjas Steel takes over Modern Steels Ltd
According to news reports, prominent speciality steel manufacturer, Arjas Steel Private Limited announced recently that a definitive agreement has been signed between its wholly-owned subsidiary, Arjas Modern Steel Private Limited and Modern Steel Ltd, to acquire 100% of all steel business, heat treatment business and auto component business of Modern Steels Ltd. The deal will be done soon when all the closing formalities are completed.
The strategic partnership with Arjas Steel will offer Modern Group an opportunities to focus on its core automotive component business while enabling Arjas Steel added capabilities in North India to serve its customers in an efficient manner. The collaboration between the companies will facilitate development of new grades, new components as well as offer better products and services to their automotive customers.
Arjas Steel is planning to stabilise, modernise and expand production at Arjas Modern Steel through new investments and improvements in efficiency. The deal has given the company an excellent opportunity and a manufacturing platform in North India to expand their reach and serve their customers in a better way.
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