Modern Steels Ltd

Incorporated in November 1973, Modern Steels Limited was formed with an object to manufacture carbon and alloy steel. It operates a rolling mill to convert billets into steel rolled products. While the melting capacity is 1 lac ton per annum (tpa), the rolling mill has a capacity of 50,000 tpa. The Company has a plant at Mandi Gobindgarh, in Punjab. In 1991-92, the company co-promoted Modern Dairies to set up a dairy project at Karnal, Haryana, to process 3.2 lac ltr pd of milk at an estimated cost of Rs 13.56 cr. Commercial production of the new company commenced in 1993. It invested around Rs 100 lac in the equity capital of the new company. In 1995, Modern Steels increased the capacity of its rolled products from 30,000 tpa to 50,000 tpa. The Electro Magnetic Stirrers (EMS) was installed in year 2005. In 2006, the Company installed a Vacuum Degassing Plant of 'Denelli' make in its melting shop. In addition, for the production of stainless steel a converter was installed and commissioned during the year. Post rolling facilities of peeling and grinding of bars commissioned during the year. In 2008, the Company installed & commissioned 600 mm Rolling Mill to produce higher size Rolled Products. It commissioned its energy efficient Oxygen Plants. The Second Electric Arc Furnace (EAF) was commissioned on July 30, 2009. In 2012, it strengthened and modernized its production facilities in SMS and Rolling Mill. In 2014, the Company installed Gasifier Unit for production of gas for reheating furnaces in rolling mills and added heat treatment facility for alloy steel bars. It added bigger ingot casting facilities in the steel melting shop to diversify process route. Forge shop consisting of forging presses, hammer, heat treatment facilities along with finishing and inspection facilities were added. It also installed machining & assembly lines for the manufacturing of auto steel components. In 2015, the Company commissioned Auto Component Division along with Heat Treatment section. Further, it developed new grades in the tool and die segment. In FY2022, through the Business Transfer Agreement (BTA) executed between M/s Arjas Steel Pvt. Ltd./ M/s Arjas Modern Steel Pvt. Ltd. (Purchaser), the Company(Seller), Promoters (Mr. Krishan Kumar Goyal and Mr. Aditya Goyal). the Company was given operations of the plant to M/s Arjas Steel Pvt. Ltd. where they took control of the said Plant and operated till 05.01.2022. In terms of BTA, the Properties of the Unit in Mandi Gobindgarh, were transferred to Arjas Modern Steel Pvt. (Buyer) on Jan' 05, 2022. Again, the Plant & Machinery of the unit and other current assets and liabilities were also transferred to M/s Arjas Modern Steel Pvt. Ltd. through slump sale basis with effect from 5th January, 2022. The Company sold its Business undertaking at Mandi Gobindgarh in FY 2025.