The company was incorporated in the state of Andhra Pradesh on January
28th, 1986 as Priyadarshini Sponge Iron Ltd & a certificate of
commencement of business was obtained on April 1st 1986. A fresh
certificate of incorporation consequent on change of name as Goldstar
Steel & Alloy Ltd was issued by the registrar of companies Andhra
Pradesh Hyderabad on May 16 1988.
The immediate object of the company was to set up a coal based Direct
Reduce Iron (DRI also known as Sponge Iron) plant for manufacture of
2.2 lakh tonnes per annum in technical collaboration with M/s
Mannesman Demag Huttentechnik (MDH) Germany. The project was
conceived & formulated in association with National Mineral
(NMDC) a Government of India undertaking which controls a major
portion of the Iron ore mines in the country.