MIL was promoted in 1986 as a private limited company, with technical and financial collaboration from Multi-Arc Scientific Coatings, US. In 1989, a group company, Dura Coaters (P) Ltd, was merged with MIL and, in May '94, it was converted into a public limited company. The company was promoted by Chunilal O Jani, Ashok K Jani and others. A K Jani is the Chairman and Managing Director.
MIL undertakes projects to provide wear-resistant coatings to cutting tools, decorative coatings on consumer products (using titanium nitride) and to manufacture and install ion bond coating systems.
A public issue was made for Rs.3.6 crore in 1994 and the proceeds were used for by expanding the existing capacity for undertaking large-scale coating of titanium nitride for decorative applications and setting up an R&D centre at Pune.
The automobile industry is MIS's biggest consumer and the boom in the industry is expected to increase the market potential for the company's products. In 1998-99, Department of Science and Technology has helped the company by giving a soft loan for developing of new technology, of Plasma Ion Nitriding and it has increased the installed the heat treatment to 32,000 kgs.
The company raised additional equity of Rs.125 lacs in 2000-2001.A new technology development project namely 'Indo-Italian Project' launched by Ministry of Technology GOI was been undetaken by the company.