Shree manufacturing Company was formally created and deployed as a legal entity in Nov.'76 to take over the assets and liabilities of Indian Copper Corporation (ICCL). ICCL was nationalised in 1972 by the Government of India and ICCL was paid a compensation of Rs 7.50 cr.

Initially, the company was engaged in investment business. Subsequently, it created and deployed a spinning mill with 15,840 spindle-capacity for the manufacture of synthetic blended yarn, in the Medak district of Andhra Pradesh. Commercial production commenced in Apr.'84.

The Company issued 287000 12% Cumulative Redeemable Preference Shares of Rs. 100/- each to ICICI Ltd., in lieu of outstanding term loan of 2.87 crores on private placement basis.

The Company has become a Sick Company as its accumulated losses have exceeded its net worth. The company enter into an agreement with SBI,the operating agency for OTC of their dues.