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
 Development Corporation
 (NMDC) a Government of India undertaking which controls a major
 portion of the Iron ore mines in the country.