Hittco Tools Ltd

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• Incorporated as a private limited company in Jan.`95 and promoted by Surendra Bhandari and Sidharth Bhandari, alongwith two companies -- Indo European Machinery Company Pvt Ltd and B I Holdings (Bangalore) Pvt Ltd, in which the former is a director . The company had initially decided to locate the project to manufacture drills at Gummidipoondi, Tamilnaduu, but later on decided to alter the project to locate the same at Peenya, Bangalore, where the promoters already had an existing base. It took over the assets of Hindustan Tools, a proprietory concern of the promoter, on lease, to expand the installed capacity and establish facilities to diversify the product range. It came out with a public issue in Jan.`96 to part-finance this expansion-cum-diversification project. During 1996-97, it expanded drill bits installed capacity by 18 lac p.a. & earned foreign exchange worth Rs 0.17 cr. During 1997-98, the company changed its name from Hittco Drills Ltd to HITTCO PRECISSION TOOL TECHNOLOGIES LTD to reflect its broad spectrum of business. It also expanded drill bits installed capacity from 28 lac p.a. to 36 lac p.a. Hittco was again renamed Hittco Online Technologies Ltd during the year 2000. The name of the company has been changed during the May 2004,from Hittco Precission Tool Technologies Ltd to Hittco Online Technologies Ltd.