Chandigarh-based Modern Steels has informed exchanges that the business transfer agreement with wholly-owned subsidiary of Arjas Steel has been completed on 5 January 2022. In December 2020, the company received approval to sell, transfer its steel business, heat treatment business and auto component business as a going concern on a slump sale basis, by way of a business transfer agreement, to a wholly-owned subsidiary of Arjas Steel by the name of Arjas Modern SteelArjas Modern Steel Pvt Ltd, a wholly owned subsidiary of specialty steel manufacturer Arjas Steel Pvt Ltd, had signed a deal to agree 100% of the steel, heat treatment and auto components businesses of Modern Steels Ltd in November 2021. The deal is expected to allow Modern Group to focus on its core auto components business whilst enabling Arjas Steel to add capabilities in North India. Both companies plan to develop new grades and components, as well as offer better products and services, to their automotive customers. Through gradual investments and efficiency improvements, Arjas Steel aims to stabilize, modernize and expand production at Arjas Modern Steel. The deal gives Arjas Steel a manufacturing platform in North IndiaWith the acquisition of the 150,000 tonnes per annum plant, Arjas Steel will together have a capacity of 450,000 tonnes per annum.Arjas Steel, formerly Gerdau Steel India, is one of the leading manufacturers of alloy steel in the country. It offers various carbon, alloy and micro-alloy steels in various profiles for critical applications in the automotive, energy and other sectors, in rolled, cold finished and heat treated condition.