Promoted by Kapil Mohan Mehta in the joint sector with the UP Hill Electronics Corporation (HILTRON), a state development corporation, Nain Semiconductor was incorporated in Sep.'88. The company commenced commercial production of low power rectifier diodes with an annual capacity of 118.750 mln of 1 amp and 3 amp range in the Nainital district of Uttar Pradesh, in Jul.'91. In 1992-93, it introduced fast recovery diodes. During 1993-94, the company further introduced low power devices like high efficiency, super efficiency, glass passivated and schottky diodes. In Feb.'95, the company came out with a public issue to part-finance the cost of balancing equipment for the manufacture of medium power diodes. During 1998-99, Looking into the accumulated losses incurred by company the Special provisions of Sick Indsustrial Commpanies Act, 1985 is applicable and company has undertake necessary action for revival.