Incorporated on 9 Jul.'81, Hariyana Ship Breakers (HSBL) was promoted by Shanti Sarup Agarwal, Rajeev Agarwal, Sanjeev Agarwal and Rakesh Agarwal. The promoters also have interests in Inducto Steels, Inducto Ispat Alloys, Haryana International, etc. HSBL is managed by Shanti Sarup Agarwal, the chairman and managing director. HSBL is in the business of ship-breaking at the world famous Alang Ship Breaking Yard, where it has a plot. The ships are purchased from foreign as well as Indian companies. The company has broken 21 ships so far including M V Chidambaram, one of the biggest passenger liners ever owned by an Indian company. HSBL faced some problems in 1992 and 1993 due to non-availability of ships for breaking and non-availability of foreign exchange for importing old ships.