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The origin of the group dates back to 1929 when Utoomal & Assudamal Co. was amongst the few trading companies in Hong Kong and it was founded by late Assudamal Vaswani. In 1959 his sons Chandru Assudamal Vaswani and Kishin Assudamal Vaswani founded their own company, which was operated as a partnership firm, and in 1971 Assudamal & Sons (HK) Limited was incorporated as a limited liability company.