Incorporated on 13 Mar '87 as a private company, Alps Motor Finance (AMFL) was originally promoted by Anil Kr. Agarwal, Madan Gopal and Mrs.Shashi Agarwal. The company was converted into a public limited company on 21 Aug '95. There was a change in management in Jul '95 when Prakash Agarwal, Umesh Kumar and B N Gupta joined the Board. The company was mainly engaged in hire-purchase of motor vehicles and the major source of income was hire charges. AMFL has also been into short term financing, another activity it undertook immediately after incorporation. the company is also involved in the activities of sale and purchase of shares and securities from the financial year 1994-95.