Ashutosh Paper Mills Ltd (APML), formerly Kailashpati Paper Mills Ltd, was incorporated in Nov.'88 as a public limited company and commenced its business in Nov.'88. The company has been promoted by Mr. Rajendra Kumar Agarwal, Rakesh Kumar Agarwal, Sanjay Kumar and Babu Ram Agarwal. APML is in the business of trading of various varieties of paper and related products. Besides, it was also engaged in negotiating advance licenses and machinery equipments on commision basis. APML has increased the capacity from 3900 TPA to 12000 TPA to facilitate manufacture of various varieties of papers like Duplex board, Grey board, Writing and Printing Paper, Newsprint etc. During Jan.'96, it came out with a public issue of 42,10,000 equity shares of Rs 10 each for cash at par aggregating to Rs 4.21 crores, to part finace this expansion cum diversification project. The expansion project appraised by PICUP and jointly financed by PICUP & UPFC.