AML Steel Limited is the flagship company of the group, which was established during 1993 to set up a plant to manufacture video and audiocassettes, which was considered to be one of the largest plants for such products in the whole of South India. Later, it was decided to diversity into steel making and therefore it was conceptualized to set up a steel plant in Pondicherry near Chennai.
As an offshoot of the plan, first ever project to manufacture steel ingots out of scrap iron was commissioned near Pondicherry where abundant and uninterrupted power supply is available. Rest is a success story where AML Steel made it’s presence in the steel sector.
In order to enrich presence in the steel sector, AML Steel Ltd., during the year 2003 made some overseas acquisitions by name Ashok Steel Industries Sri Lanka. Around the same time another acquisition too was made near Pondicherry under the name of Ankit Ispat Pvt Ltd., All the above companies have been fully turned around and started generating good cash returns.