Promoted by the late Bimal Pershad Jain and his associates, Lakshmi Precision Screws (LPS) was converted into a public limited company in 1971. Initially manufacturing high-tensile fasteners, its product range has increased steadily to cater to different industrial sectors including automobiles, machine tools, refrigeration, textile machinery, etc, for the export and domestic markets.

The company is one of the leading exporters of industrial fasteners in India. It has been awarded the Certificate of Export Excellence by the Engineering Export Promotion Council (EEPC) twice in succession in 1992-93 and 1993-94, in recognition of its export performance.

The public issue in 1983 part financed the expansion of installed capacity from 2800 tpa to 6000 tpa, which was later revised to 5000 tpa. A rights issue funded the installation of a modern plant in 1993, near the existing one, increasing the capacity to 7500 tpa. In 1995-96, the company envisaged an expansion/modernisation scheme involving a capital outlay of Rs 16.55 cr with an installed capacity of 2700 tpa.

The company has broadened its footprint operations into into a joint venture agreement with the Bossard International AG, Switzerland for development of software and marketing/distribution of new range of fasteners for niche market of electrical and electronics etc. In 2001-02 the company was awarded the Golden Peacock Environment Management award which was given by WEF.