Incorporated as a public limited company in Dec.'90, Oswal Sugars (OSL) was promoted in order to created and deployed a plant (inst. cap.: 2500 tcd) to manufacture white crystal sugar. The cost of the project was originally estimated at Rs 32.6 cr and commercial operations were projected to commence by Jan.'92. However, due to factors like belated transfer of its letter of intent, etc, the project was delayed and project cost was revised to Rs 42 cr to include captive power generation. To part-finance the project, OSL came out with a public issue in Aug.'93.

It had increased the capacity of its sugar plant from 2500 tcd to 3500 tcd.

In 1995-96, the company allotted 12,70,000 equity shares to IFCI and ICICI, to convert their loans into equity shares.

The company has changed its name from Oswal Sugars Ltd to Indian Sucrose Ltd.