Incorporated as a private limited company in Mar.'87 under the name Himachal Milk Products, and later converted into a public limited in Jun.'94 and renamed Mahaan foods Limited. It was promoted by Amar Nath Goyal, Sanjeev Goyal and Rajiv Goyal. The group companies promoted by the MFL are Himachal Milk specialities Private Limited and Lacto Protien India limited.

MFL manufactures dairy whitener, skimmed and instantised milk powders and other milk products, at Paonta Sahib, Himachal Pradesh. It is also setting up its own plastic continuous blow moulding division to make 10 to 30 liters capacity HDPE poly jars for 100% captive use.

The company has signed MoUs to export its expertise to Dubai, Singapore and other Asian countries. It broadened its footprint operations into into a technical tie-up with Ratocom Industries, Netherlands, and Seppo Ralli, Finland, for the modernisation and expansion of its Paonta Sahib plant, It has also tie-up with Central Food Technological Research Institute, Mysore for manufacturing of mango powder.

The company had forayed into a new project Mahaan Protein Ltd to manufacture the non-conventional high value added products like Casein, Lactose, Whey Protein etc, which commercial production is started and also the export of the same.

During the year 1999-2000, the turnover of the company reached a new height and recorded Rs.64.29 crores as compared to Rs.56.80 crores in the previous year.

The company has recorded a turnover of Rs.66.55 crores during 2000-01 which is up by 31% over the previous year.