Incorporated in 1979, and promoted by Abhey Oswal, Oswal Agro Mills (OAML) has four divisions: sugar, petrochemicals (producing different olefin products), agro-producing triglycerides/oils/industrial hard oils, etc); and engineering projects (supplying power packages/ compressors on a turnkey basis).
In 1989, the company took over a petrochemicals and alchohol-based chemical complex of Union Carbide at Chembur, Bombay. The complex is India's first naphtha cracker unit to produce ethylene for captive consumption, and also for production of low-density polyethylene (plastics), propylene, acetylene and dripolenes which are raw materials for the chemical and plastic industries. The company's Chembur complex is the only one which has faclities to manufacture XLPE grade high value-added products like polystyrene, propylene glycols, etc, and low-density poly ethylene (LDPE) of international standards.
OAML floated a 100% EOU, Oswal Agro Furane, and has also promoted another company, Bindal Agro Chem, which produces vanaspati, processed soyabeans, refines oil and is engaged in the hydrogenation of oil, etc. OAML has expanded and diversified into potential areas of growth and profit. It has increased its capacity for the manufacture of toilet soaps and sugar, and has set up a plant to manufacture agro-based products. It also plans to utilise the various by-products for high value-added chemicals.
During 1998-99, the operations of petro-chemicals unit at chembur, Bombay was suspended and the lock out was declared. The company is also in process of diversification into commercial shipping activities.
During the year 1999-2000, the Company strengthened its Engineering and Projects Division which is fully equipped to handle high value orders on turnkey basis.
During the year 2000-01,the company has sold its sugar unit at Phagwara.