The company was incorporated as a public Limited company on 5th June,
 1985 and obtained the certificate of commencement of Business on 30th
 July, 1985.
 
 It was promoted by XLO India Limited, which  is a major manufacturer
 of machine tools and automotive components.
 
 Two collaboration agreements signed by the promoters with Bryant
 Grinder Corporation , U.S.A. for the manufacture of internal grinder
 and Luigi Movara SPA of Italy for the manufacture of cylindrical
 grinders and universal grinder was inherited by the company.
 
 Three other collaborations approved by the Government were 
 Esercizio Pietro Pontiggia PPL SPA of Italy (Olivetti Group)
 Niigata Engineering company Limited, Japan
 Reffificatrial Ghiringhelli SPA of Italy.
 
 The main object of the company was to manufacture machine tools and
 automotive components.