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Arjas Steel acquires steel, auto components business of Modern Steels

Arjas Steel acquires steel, auto components business of Modern Steels
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Arjas Steel acquires steel, auto components business of Modern Steels

Arjas Metal acquires metal, auto parts enterprise of Fashionable Steels

The company has received a consideration of Rs 86 crore from Arjas Steel.The corporate has acquired a consideration of Rs 86 crore from Arjas Metal.

Speciality metal producer Arjas Metal has signed a definitive settlement to amass 100% of Chandigarh primarily based Fashionable Steels, a listed entity, by way of a stoop sale through its wholly-owned subsidiary Arjas Fashionable Metal, but to be included.

Arjas Metal, an Andhra Pradesh primarily based alloy metal producer, will by way of the takeover, could have the Fashionable Metal’s warmth remedy enterprise and the auto part enterprise.

Fashionable Metal, in an change submitting, has knowledgeable the BSE that its metal enterprise could be handed over to Arjas Metal, a non-listed entity, by the way in which of a switch settlement. It expects to finish the method by March 15 subsequent 12 months. The corporate has acquired a consideration of Rs 86 crore from Arjas Metal.

Fashionable Metal, with a 1.5 lakh tonne capability every year, registered a turnover of Rs 211.84 crore in 2020 fiscal. Arjas, with a capability of three lakh tonne, has registered a turnover of Rs 1,300 crore in FY 20.

Sridhar Krishnamoorthy, Arjas Metal’s managing director, stated, although the corporate’s subsidiary goes to take over a listed entity, the Arjas subsidiary shouldn’t be going to get listed after the takeover. Fashionable should get delisted from the change and Arjas will solely take over its belongings.

“The acquisition will enable to deal with part enterprise while enabling Arjas to enter within the North Indian markets. Arjas will make gradual investments aiming to stabilise, modernise and increase manufacturing at its newly shaped subsidiary,” Krishnamoorthy stated.

Arjas Metal previously referred to as Gerdau Metal India, in its plant at Tadipatri produces particular metal bars for automotive, power, railways and defence utility.

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