Incorporated on January 14, 1986 as a Private Limited Company, Muskan Ferro Silicons was subsequently converted into Public Limited Company on 14th May 1992. This company was promoted under the leadership of Babulal Badjatia as its Chairman and Sunil Badjatia as its Managing Director.

MFSL was formed with an object to manufacture Ferro Silicon with a capacity of 5 M. Tons per day, but due to change in the demand pattern Company changed its product from Ferro Silicon to Silicon Manganese with an installed capacity of 13 M.T. per day

In 1994 MFSL came out with a Public Issue of 30,00,000 Equity Shares of Rs. 10 each for cash at par aggregating to Rs. 300 lakhs. This issue was to part finance the project for setting up a unit for manufacturing ferro alloys. The product selected is sillico-Manganese. The total cost of the project was estimated at Rs. 520