Ashirwad Steels & Industries Limited was registered on February 2, 1986 at Kolkata, West Bengal. The Company's principal product is sponge iron, which is manufactured at its plants located in Jamshedpur, and in Nalgonda District of Andhra Pradesh. The Company operates in two segments: sponge iron and gas. The Company's products include sponge iron and hydrocarbon gas/liquefied petroleum (LP) gas. The Company's LPG bottling plants are located at Howrah, West Bengal and Kisnapur in Chhattisgarh.

The Company's main business for a very long time had been to manufacture and produce sponge iron at its own plants located at Jamshedpur and at Nalgonda (Telengana). However, Company sold out the said Plant at Jamshedpur during financial year 2021-22 and had sold out its Nalgonda based Sponge Iron Plant during FY 2018-19. Thus, the Company is now completely out of the business of Sponge Iron.

Besides above; the Company had two LPG bottling plants located at Uluberia Industrial Growth Centre, Howrah, West Bengal and the second one at Raigarh in the State of Chattisgarh. The former was given on lease/sub lease to M/s SHV Energy Private Limited since the year 2000 and was ultimately sold to the same Company and deal whereof was completed in financial year 2022-23 after completing all formalities and receipt of the agreed consideration value.

During the FY 2018-19; the Company sold off its Sponge Iron Plant to M/s. MPL Steel Industries Pvt. Ltd. by way of slump sale as a going concern for a consideration value of Rs 18 Crores on 22 November, 2018, via Business Transfer Agreement on 21 January, 2019.

The second bottling plant at Raigarh is lying inoperative for last several years as being economically unviable. Thus by September, 2022, the Company was left with no trading or industrial business and the Board of Directors adopted the new business of Investments and lending (besides others) by adopting the New Memorandum of Association of the Company and with the approval and consent of the same by shareholders through postal ballot process. The Company's Board has also taken authority from the shareholders to convert the company into a NBFC (Non Banking Financial Company) at an appropriate time.

The Company during the Financial year 2023-2024 has carried out the business of lending of funds and investments in shares and securities and it carried the business of lending of funds and investments in shares and securities during Financial year ended March 31, 2025. The Management and the Board of Directors have assessed the impact of such events and transactions including its new business of lending and investments and firmly continue the business as a going concern.