A part of the Balaji group which has diverse interests in alchohol, aqua products, hotel, steel, and shipping. Balaji Industrial Corporation was originally formed as Balaji Steel Corporation, and changed to its present name after diversifying into other fields. In 1990, it took over an ailing unit for mild steel ingots. Initially, it produced torsteel and structurals from mild steel scrap. In 1992, it acquired the assets of Krishna Enterprises, a re-rolling mill with an installed capacity of 49,500 tpa of torsteel and steel sections. In 1994-95, a group concern, Nivee Industries, with a distillery division and a steel unit, was merged with it. In 1994-95, it became one of the partners along with the Government of Tamilnadu and the SPIC group in developing an infrastructure theme park, called Madras Industrial Park (MIP), popularly referred to as the Singapore Corridor. In the same year, it installed a metal printing unit and cap-embossing unit at Pondicherry, to cater to the liquor industry. The company is one of the largest manufacturers in the liquor market in Andhra Pradesh and has carved out for itself a significant market share in respect of Indian made foreign liquor. The Company sold its ship " M V Diplomat " during April 2000 and closed down its shipping division. During 2000-2001, the company increased its equity share capital from Rs. 35.68 crores to Rs. 43.98 crores on account of allotment of 8304000 equity shares on preferential basis. The company has discontinued its IMFL Division at Mumbai due to license problem.