The company started with producing small, once-through, "baby" boilers to cater to the steam requirements at hospitals.

[citation needed] It was established in 1966, when A. S. Bhathena collaborated with a Belgian company, Wanson, to commence business operations in Dadar, Mumbai, India as Wanson India Ltd., manufacturing small boilers.

[3] On 15 February 1995 it became a public company on the Bombay Stock Exchange.

[citation needed] In 2009, it signed a 51–49 joint venture with US firm SPX Corporation to provide equipment and services for the Indian power sector.

[4][5] In 2010, it signed a joint venture agreement with US-based Babcock & Wilcox to manufacture super-critical boilers for the power sector.