Ma-Sha Construction was formally created and deployed as a legal entity as a public limited company in 1993 and was originally promoted by Ajay Jain and associates. Subsequently, in Oct.'95, it was taken over by Jyoti Prakash Bapna.

The company, since incorporation is providing consultancy services in the field of construction and real estate development. In 1996, the company has taken up a project for residential housing with a proposed construction area of 5 lac sq ft at Neemuch on contract basis. It came out with a public issue in Jul.'96 to finance the cost of the project.