Hindusthan Udyog Limited was initially incorporated on September 3, 1947 as 'Hindusthan Sheet & Metal Company Limited' and subsequently the name was changed to 'Hindusthan Sheet Metal Limited' with effect from October 7, 1987. Mr. V.N. Agarwal, the present Promoter had taken over the Management of the Company from erstwhile Promoters and became the Director on 1st November, 1972 by acquiring majority stake in the Share Capital of the Company and resulting the acquisition, name of the Company was changed to Hindusthan Udyog Limited with effect from 1st May, 1995.

The Company was incorporated with the main objective of carrying on the business of Steel Fabrication, manufacture and marketing of Material Handling Equipments specially Conveyor Systems, Idler & Roller etc.

The Company is presently engaged in the manufacturing of Alloy and Stainless Steel Castings with stringent quality requirements required in Turbines, Metal Shredding, Earth Moving and Mining Equipment, Power Plants, Pumps, Valves, Compressors and other Heavy Engineering Industries. The Company is also engaged in real estate business including leasing out of buildings/properties, purchase, sale, occupations construction and development of buildings/properties.. The Company has two manufacturing units located in Kolkata and Nagpur. The Company has manufacturing units located in Kolkata and Nagpur.

ACC-Nihon Castings Limited (ANCL), a Company engaged in the business of manufacture and sale of castings was merged with the Company in 2008-09, and the Scheme of Merger became effective on April 20, 2009. In terms of the said Scheme, 8,49,625 New Equity Shares allotted to the Equity Shareholder of ACC-Nihon Castings Limited through the Scheme of Amalgamation and the same were also also listed with the Calcutta Stock Exchange during the year 2010-2011 with effect from 16th June, 2010.

The Nagpur Unit installed two new Induction Furnaces with dual track in 2009 and made them operational in 2010-11.

In 2021-22, the Scheme of Amalgamation involving Neptune Exports Limited, Northern Projects Limited, Tea Time Limited and Orient International Limited with the Company was sanctioned by Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench vide its Order dated 9th March, 2022 and the said Scheme became effective on 17th March, 2022. Pursuant to the aforesaid Scheme, the Company allotted 7,50,121 Equity Shares of the Company to the eligible Shareholders of Neptune Exports Limited, Northern Projects Limited, Tea Time Limited and Orient International Limited at the specified share exchange ratios and the same were listed with both BSE Limited and The Calcutta Stock Exchange Limited.

The Company's Unit in Nagpur, engaged in the manufacturing of Alloy and Stainless Steel Castings with stringent quality requirements required in Turbines, Metal Shredding, Earth Moving and Mining Equipment, Power Plants, Pumps, Valves, Compressors and other Heavy
Engineering Industries was sold in 2023.