Hyderabad Allwyn Limited, established in 1942, was a Hyderabad State government engineering and white goods manufacturing company involved in manufacture of automobiles, trucks, scooters, bus coach building, refrigerators and wrist watches.

It was started as joint venture of Industrial Development Trust of the Nizam's Hyderabad Government and M/s Allwyn & Company.

[10] In 1987, A. R. Rahman, who was then still known as Dileep, received his first break in advertising when he was asked to compose the jingle for a new line of Allwyn Trendy Watches.

Hyderabad Allwyn Limited had become sick company when its accumulated losses had exceeded Rs.180 crores (INR 1.8 Bn) as on 31 March 1993 and was referred to the Board for Industrial and Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985.

[13] The BIFR in January 1993 declared Hyderabad Allwyn Ltd., as a sick industry and appointed IDBI as an operating agency to prepare a rehabilitation scheme.

[15] In 2002, Voltas themselves sold their refrigerator division to the Sweden based Electrolux, which phased out the Allwyn models.