Apte Amalgamations Ltd was formally created and deployed as a legal entity on March 8, 1933 as The Phaltan Sugar Works Limited with objective of operations in sugar industry. The Phaltan Sugar Works Limited then diversified in textiles, chemicals, food and food processing industry.

In 1981-82 the sugar factory was sold off to the local management and the name of the company was changed to Apte Amalgamations Ltd on June 16, 1982. The Company then took up various projects like chemical unit for manufacturing Sulphamethoxazole.

The Company executed a strategic acquisition of Swastik Textile Mills in the year 1981,a process house which continued operations till the year 1986-87, when the operations of the mills were closed. The Company then closed down its other plants and wound up all other activities as they became operationally unviable.

The company thereafter has been selling the Swastik Mill land in piecemeal to different individuals over a period of time for further development. The company is presently in a small way in trading of securities, and exploring the economic and financial viability of carrying out some development activity on the land owned by the company.