Case Carburized (CC) low carbon steels containing Ni, Cr and Mo alloying elements are widely used for transmission gears in automobile, as it possesses desired mechanical properties. In order to cut cost and save scarce materials like Ni and Mo for strategic applications, steel alloyed with Boron has been developed, which gives properties comparable to Ni-Cr-Mo alloyed steel. In the process of steel development, care was taken to ensure precipitation of boron which results in precipitation hardening. The characterization of the developed boron steel had exhibited properties comparable to Ni-Cr-Mo alloyed steel and superior to conventional boron steel.