Incorporated in Mar.'92 as Sri Vishnu Granites, ASL got its present name Ace Stonecraft in Mar.'93. ASL was promoted by Sudhir K Jain and his associates. Chaturbhuj N Garg is the chairman and Suraj Jain, the executive director. In Feb.'94, ASL came out with its initial public offering of 1.36 cr equity shares aggregating Rs 13.66 cr. The issue was to part-finance a 100% EOU to manufacture mirror polished granite slabs, bush hammered/ flammed granite slabs mirror polished granite tiles and squared granite blocks in the Ganjan district, Orissa. The estimated project cost was Rs 31.26 cr. ASL entered into an MoU with Orba Tiles, US; Taverone Marni E Graniti, Italy; and Lim Lee Heng Pte Ltd, Singapore; to market its products.