The seed of Jayaswal Neco Industries Limited was sown way back in 1902 when Shri Jagbandhan Ram Shaw, father of Shri Basant Lall Shaw migrated to Kolkata (erstwhile Calcutta) and started a trading business in Metal Scrap. Although the initial days were filled with many hardships, Mr. J.R Shaw’s enterprise and dedication saw him set up a thriving business which expanded manifold. He soon started wholesale trading business in Steel imported from Birmingham, England. In 1912, when TISCO started manufacturing steel in India for the very first time, Mr. J.R.Shaw became one of the very first and prominent dealers for their products. His firm, the eponymous Jagbandhanram-Dwarkaprasad, played an important role in promoting the product among consumers who doubted the quality of the Indian steel. Mr. B.L.Shaw also played an active role in promoting the business even as he completed his graduation. At that time, he was one of the very few formally educated persons from the community.

After completing his graduation (B.Com) from Calcutta University, Shri B.L.Shaw started his first foundry in 1963 in Hooghly district under the registered name of Jayaswal Udyog Pvt Ltd. The foundry manufactured sanitary castings catering to Middle East markets. The factory, under the stewardship of Shri B.L.Shaw, saw tremendous growth in 1960s & early 1970s. However, the Naxalite movement in Bengal in 1970s, that saw wide ranging violence and disturbance in carrying out any kind of business activities, forced Mr. B.L. Shaw to scale down the Unit. In 1976, he shifted base to Nagpur owing to favourable business climate and re-started operations from the present headquarters at MIDC (Hingna Road) under the name of Nagpur Engineering Company Limited. This factory made construction castings and later diversified into making castings for Indian railways as well.

Over the period of time, this company established 9 other foundries which were clubbed together to form what is today known as Jayaswal Neco Industries Limited (JNIL). In 1996, JNIL also established an Integrated Steel Plant of 1 Million MTPA capacity through Blast Furnace route that included Sinter Plant, Oxygen Plant, Coke Oven and Captive power generation facility with one of the finest infrastructural facilities at its Siltara, Raipur Plant. This plant, established in collaboration with China Shougang International Trade & Engineering Corporation, produces alloy steel bars & rods from 5 mm in coils to 60 mm bars and narrow width HR Coils. This Integrated Steel Plant, the cherished dream of Shri B.L.Shaw, today stands tall among its peers in India and is the pride of Jayaswal Neco Industries Limited.