Thakur Prasad Sao & Sons Pvt. Ltd. also known as TPSL was incorporated on 16th of December, 1986 by Shri Ramesh Prasad Sao in a loving memory of his late father and with a vision to establish it as a steel Industry in the State of Odisha. The company is a family hold company with the family members as the shareholders.

In the initial days, the company was engaged in mining, trading and exports of Ores like Iron Ore, Manganese Ore, etc. in the state of Odisha. After having an experience in the mining sector for almost two decades, the company started manufacturing semi-finished steel products in 2004-05 by acquiring DRI sponge Iron units in Rourkela, Odisha.

In the years 2008, the company Acquired a mini-integrated Iron & Steel plant at Jharsuguda, Odisha and became the manufacturer of TMT bars in 2010 by adding a TMT bar Mill in the setup. Apart from Iron & Steel Manufacturing, the company has also set up FerroAlloy unit in Rourkela, Odisha.

The company is currently expanding its steelmaking capacity from 0.1 MTPA to 1.6 MTPA.