Leading speciality steel manufacturer Arjas Steel Private Limited announced that on Nov 15, 2020, 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 fully consummated when all closing formalities are completed.
This strategic partnership with Arjas Steel will allow Modern Group to focus on its core auto component business whilst enabling Arjas Steel added capabilities in North India to serve its customers in a much more effective manner. Both companies aim to cooperate on the longer term in developing new grades, new components and offer better products and service, to their automotive customers.
Through gradual investments and efficiency improvements, Arjas Steel aims to stabilize, modernize and expand production at Arjas Modern Steel.
Sridhar Krishnamoorthy, Managing Director, Arjas Steel Private Limited said, “The deal gives Arjas Steel a manufacturing platform in North India and enables us with additional capabilities to serve our customers in a much more effective manner.”
Independent of this development, Arjas Steel will continue its investments and growth strategy for its current operations at Tadipatri, Andhra Pradesh, where it operates a 300,000 tonnes per year integrated plant, producing special steel bars for automotive, energy, railways and defence applications.
Source : https://www.manufacturingtodayindia.com