Traditionally, a textile player, the LNJ (Laxmi Niwas Jhunjhunwala) Bhilwara Group began diversification of its business operations only in the late 1970s. Mr. LN Jhunjhunwala, a first generation businessman, managed to acquire licenses for making graphite with an initial investment of Rs14 crore in the name of HEG. This was started in technical collaboration with Societies Des Electrodes Et Refractaires Savoie (SERS), a subsidiary of Pechiney of France.

Today, the Rs 5000 crore conglomerate takes pride in HEG as globally reputed company counted amongst the top eight manufacturers of graphite in the world. HEG, a Rs 1300 crore enterprise is a leading player in the Asian markets and exports over 80% of its products across 30 worldwide locations. It is involved in supply of graphite electrodes to leading steel manufactures, both domestic and global including Thyssenkrupp, ArcelorMittal, Nucor, Tata Iron and Steel, SAIL and Essar.