Two Brothers, Sri Nathmall Saraf & Sri Girdharilal Saraf dealing in Steel products started a small factory in Howrah, West Bengal manufacturing buckets & trunks for the domestic market. Gradually, word about the product quality and the firm's goodwill spread overseas.

This opened up the export market and the Sales of 'Nathmall Girdharilal' or N.G. Steels as the entity was known sky rocketed. With export sales and overseas business exposure the firm also commenced importing steel goods and the saga of Steel trading began.

However as growth was limited from the Steel business the family moved in to different businesses and the Mumbai faction of Mr. Nathmall Saraf headed by his son Mr. Nar Narayan Saraf, realised opportunities in real estate and financial services.