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Miven Machine Tools Ltd. Company History and Annual Growth Details
The co. was incorporated in July, 1985. It was promoted by the Mysore Kirloskar Ltd. It manufactures computerised numerically controlled (CNC) turning machines. The co. entered into a licence and Technical Assistance Agreement with Warner and Swasey Co. U.S.A (WSC). In terms of this agreement , WSC were to impact the latest and current technology used by them in their plant in U.S.A and to provide free training to the company's technicians of their plant WSC also agreed to participate in the equity capital of the co. to the extent of 38%.The agreement would be valid for a period of 10 year from 14th October, 1985.
The prospect went into trial runs in the last quarter of 1986 and Commercial production commenced in early 1987 . During 1987-88 in the very first year of commercial operations , turnover amounted to Rs.2.89 crores. During 1989-90, production and turnover of metal cutting including grinding machines was higher than the previous year. During the financial year 1990-91, negotiation with the foreign collaborator, The Warner and Swasey co. , U.S.A had reached an advanced stage for concluding export orders for the company's machines. The company has decided to set up its own machine shop to strengthen its in -house machining capacity and meet its quality requirement and is making financial arrangement for the same.
2002-A R Menon appointed as Executive Director of Giddings & Lewis.