Gerdau Steel India Private Limited has announced the change of the name of the company to Arjas Steel Private Limited. As announced to the market on Aug 27, 2018, by Brazil headquartered Gerdau S.A, Gerdau S.A. had signed an agreement to sell its entire shareholding in its Spanish subsidiary Gerdau Hungria KFT Y CIA Sociedad Regular Colectiva which included 100% of all the operations and assets in India to Blue Coral Investments Holdings Private Limited and Mountain peak Investment Holdings Limited, owned and managed by ADV Partners and affiliates. ADV Partners is an Asia focused private equity firm with offices in Hong Kong, Singapore, Shanghai and Mumbai.
The reason for the sale is to enable Gerdau to focus more on its core markets in North America and Latin America. The change of name of the company follows the official completion of the transaction on Oct 31, 2018.
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