The company was originally incorporated on December 19, 1990 as a private limited company called Lucky Laminates Private Limited in State of Gujarat. In the year 1995-96, the High Court of Gujarat has approved the scheme of amalgamation of Asahi Dyechem Pvt. Ltd. On April 19, 1996, the company has converted into public company and on the same day company name has changed to Asahi Songwon Colors Limited.

The company has created and deployed plant to manufacture Pigment Green -7 at Kadi, Mehsana with an initial capacity of 180 TPA with total capital expenditure of Rs.40 million. The commercial production of this plant commenced in the year 1991. In the year 1995- 96, the company has broadened its footprint operations into into a joint venture agreement with Songwon Color Company Limited (SCCL), South Korea with financial investment and supply of technology for manufacture of Green Crude. On entering the technical collaboration with SCCL, ASCL installed a plant for manufacturing Green Crude at a total cost of about Rs.35 million, which enhanced its installed capacity from 180 TPA to 600 TPA.

Subsequently, ASCL further broadened its footprint its installed capacity to 900 M.T in 2002 and to 1080 MT in the year 2005-06 with a capital expenditure of Rs. 35 million.

May 2007, the company has broadened its footprint operations into into capital market. The company has issued 37,22,222 Equity shares to the public. Issue price is Rs.90/- per share.