Aerpace Industries Limited was initially formed in the name of 'ICVL Steels Limited' on March 4, 2011. the Company name was then changed from 'ICVL Steels Limited' to 'Supremex Shine Steels Limited' on February 15, 2017 and thereafter to Aerpace Industries Limited on April 20, 2023.

Aerpace is a new ecosystem. aerpace is a national flying system for inter-city and interstate travel, fully designed and crafted to provide an unparalleled travel experience. with an aim to improving transportation in India, Aerpace conducted a study on the existing intercity and interstate travel demand analysis model. The result was a combined model of road and air transport, which became the most convenient, economical, and comfortable mode of transport. The purpose of Aerpace is to increase access to and use of private and public transit, while at the same time reducing motor vehicle miles driven and traffic congestion. the Company is engaged into business of renewable energy and infrastructure. Earlier, it engaged in trading of steels and acting as advisor and consultant on all matters and complications relating steel industry.

the Company started its new business in the field of Infrastructure activities in 2023. In 2024, the Company introduced aerWing, a versatile aerial vehicle designed for multiple use cases such as aerTaxi, aerDrive, aerCargo, and aerCare. It established a 400 MW solar panel manufacturing line to generate renewable energy. It established R&D center in Pune, covering approximately 1,80,000 square feet.

Additionally, the Aerpace transportation ecosystem has potential to benefit the Indian economy by reducing the country's dependence on foreign oils and reducing crude oil imports. The focus is on creating a sustainable and efficient transportation system that caters to the needs of India's growing population and economy.