Promoted by R R Sharma, S K Sharma and the late B P Bhardwaj, Bhagawati Oxygen was formally created and deployed as a legal entity in 1972. It is engaged in the manufacture of oxygen gas. Its supplies majority of its production to Hindustan Copper.

The company has plants at Ghatsila, Bihar, with a capacity of 25 tpd and at Ballabhgarh, Haryana, with a capacity of 140 cmtr ph. The operations at the plant in Ballabhgarh was temporarily suspended during 1993-94, as the plant had already completed its economic life having operated for over 15 years.

In 1995-96, the company's performance was affected due to the shut down of the Hindustan Copper during Oct.'95 / Nov.'95 since it was the company's main customer.