The origin of the group dates back to 1929 when Utoomal & Assudamal Co. Was amongst the few trading companies in Hong Kong. The late Assudamal Vaswani founded this company. In 1959 his sons C. A. Vaswani and K. A. Vaswani founded their own company, which operated as a partnership firm, and in 1971 Assudamal & Sons (HK) Limited was incorporated as a limited liability company. Realizing the potential of the African market, the company ventured into setting up its own operations in Nigeria in 1972 which today accounts for a major share of the groups business.

With its conservative but consistent growth over the years, today the group has ventured beyond its trading activities into manufacturing, properties, out-sourcing and film production and plans to further spread its wings in the coming years. Its business interests in over fifteen countries and offices in Hong Kong, Nigeria, China, UK and India employing over 1000 people ably support this. With 77 years of expertise and good reputation, the group plans to further consolidate its existing businesses and grow into new areas in the near future.