Hydroflex Equipments was incorporated in Aug.'88 as a private limited company. The company was initially promoted as a partnership firm in Jun.'84. Its business was acquired by the private limited company in Apr.'89 and was subsequently converted into a public limited company in Apr.'95. It was promoted by Madhusudan Joshi and Mahesh Joshi. The company is engaged in the manufacture of high pressure hydraulic hose assemblies with an installed capacity of 60,000. It has a well established base of over 500 companies which includes TELCO, ONGC, L&T, BEML, SAIL, ACC, Ashok Leyland, DGP Windsor (India), JCB Escorts, Hindustan Motors, Ingersoll Rand (India), Coal India, etc. In 1996, the company undertook an expansion programme to diversify into the manufacture of hydraulic cylinders, jacks, fittings, workshop type presses, honed tubes, hand pumps, power packs, valves of various kinds and other accessories, for which it is setting up a new unit at Curchorem, Goa. It came out with a public issue of 28,50,000 equity shares of Rs 10 each for cash at par aggregating Rs 285 lac, in Apr.'96 to part-finance its project.