Incorporated in 1990 as a private limited company, Solid Carbide Tools was promoted by M M Kothari (a member of the Bombay Stock Exchange) and S K Nag. It was converted into a public limited company on 18 Feb.'93. It is a 100% EOU manufacturing industrial rotary cutting tools, circuit board routers and circuit board drills with a capacity of 5,04,000 units pa. at its plant at Rabale on the Thane-Belapur road, New Bombay. The technical know-how has been provided by Quality Carbide Tools Corporation, US, with whom it signed an MoU on 28 Jan.'93, valid for 5 years and subject to renewal thereafter. For the past few years, the company has been making profits and paying dividends to its shareholders. From 1994, the company started catering to the needs of the domestic market also. In 1995, the company diversified into the production of nonferrous metals by putting up a copper extrusion plant (cap.: 2400 tpa) and a continuous casting plant (1500 tpa) at a total outlay of Rs 15 cr in New Bombay. The produce of this project will be consumed by air-conditioning and refrigeration manufacturers, general engineering industries, instrumentation and process equipment manufacturers, sugar machinery manufacturers, etc. During the year 1999-2000, due to overall tight market conditions and financial crunch affected the company's turnover and faced lot of difficulties.