Promoted by I S Gambhir, Nova Udyog was incorporated in Apr.'90 as a public limited company.
In 1992, the company set up a mini steel plant with an in-built capacity of 12,00,000 tpa at Haldwani, Dist Nainital, Uttar Pradesh. It produces stainless steel, engineering quality steel and structural steel.
The company entered into an MoU with BHPE Kinhill India Pvt Ltd, which is controlled by BHP-Kinhill, a joint venture between BHP Engineering and Kinhill, both of Australia. BHP Engineering is Australia's largest integrated steel maker and a major exporter of finished steel products.