Hittco Tools Ltd Company Summary

Hittco Tools Ltd Summary

Hittco Tools Ltd. promoted by Surendra Bhandari was incorporated in 1995. The Company manufacture different types of high performance Carbide & HSS Tools to machine-wide variety of metals & acrylic. It presently has 2 manufacturing units located on the outskirts of Bangalore in Peenya Industrial Area, which is the largest industrial area in all of Asia. The Company started its manufacturing activities with HSS range of tools in 1974 and from the year 2008 started manufacturing Solid Cardibe Tools. The manufacturing process adopted by HlTTCO is the most accepted and modern method of grinding due to which a high accuracy and finish is achieved on the tools produced. 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 from 28 lac p.a. to 36 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 further expanded the 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 was again changed in May 2004, from Hittco Precission Tool Technologies Ltd to Hittco Online Technologies Ltd. In 1999-2000, the Company opened a 100% EOU Division.