Nova Iron & Steel Ltd was formally created and deployed as a legal entity in the year 1986. The company was promoted by Nova Magnetics, Nova Electro-Magnetics and Nova Steels, all belonging to R K Gambhir and G K Gambhir of the Nova group.

The company is engaged in the manufacture of sponge iron. The company also delivers comprehensive solutions in product separation, screening, and storage facilities.

During the year 1993-94, the company came out with a public issue of 5,27,00,000 equity shares of Rs 10 each for cash to part finance their sponge iron project at Bilaspur, Madhya Pradesh.

In July 15, 1994, the company inaugurated the sponge iron plant at Bilaspur. In September 26, 1994, they started trial production. The company broadened its footprint operations into into agreement with Nova Steels (India) Ltd for the supply of entire production of sponge iron. During the year 1994-95, the company started selling of their products in the market.

The company's is one of the initial coal-based Sponge Iron Projects in India with the Technical know how from Lurgi Chemie MetaHurgie Industriebau GmbH, Germany.

The management has started strategic emphasising on an expansion plan and exploring possibilities of acquiring captive mines, installation of power plant utilizing waste heat of kiln, expansion of production capacity and installation of furnace.