- The company was incorporated as Rana Tractors and Equipment Limited.
- Initially Completely Built up Units were imported and sold in the Country.
- In 1965, facilities were created in Karachi to assemble tractors from Semi Knocked Down kits.
- In 1967, operations were shifted from Karachi to Lahore.
- In 1972, under the Economic Reforms Order, the Company was nationalized and re-named as Millat Tractors Limited.
- In 1982, Engine Assembly Plant was inaugurated.
- In 1984, Machining Division was inaugurated by the then President of Pakistan.
- In 1991, the Government announced the policy of Privatization and Millat Group was formed to acquire 51% shares of the Company.
- In 1992, the management control of the Company was handed over to the Millat Group by the Prime Minister.
- In 1992, a new Tractor Assembly Plant, with a production capacity of 15,000 tractors on single shift basis, was commissioned
- In 1993, Millat Group acquired 51% shares in partnership with employees of Bolan Castings Limited, disinvested by the Government.
- In 1994, Millat Equipment Limited was incorporated to undertake new projects like hi-tech automotive Gear manufacturing in Pakistan.
- In 2002, a new Company Millat Industrial Products Limited, was formed to manufacture vehicular, industrial and domestic batteries, cells and components thereof.