The Company was jointly promoted by ICICI Ltd., SCICI Ltd., UTI [jointly with TDICI Ltd.] and Balmer Lawrie & Co. Ltd.  In 1990-91, the Company started its journey with the business of leasing of various types of Containers for road and rail transportation of goods. In the year 1995-96, it roped-in one of the largest container and transport equipment leasing company, namely, Transamerica Leasing Inc., USA, as one of its joint venture partners, with an equity participation of 27.27%. During 2003-04, there was a re-shuffle in the shareholdings, whereby, UTI, SCICI and Transamerica sold off its shares to ICICI Ltd. In order to utilize the un-tapped market in cold chain logistics, the Company in the year 2005-06, came up with Glacio Cold Chain logistics and also introduced 40 ft. /48 ft. container trailers in India in the name and style of  Transafe Indo Trailer, which created a niche in FMCG and consumer durables logistics. The logistics division of the Company was operated through its offices at Kolkata, Delhi, Mumbai and Chennai. In 2005-06, the Company forayed into business of manufacturing of specialty containers. Initially, the Containers were manufactured from Coimbatore unit [on land taken on lease] and from manufacturing facilities at Howrah, West Bengal and Bamnoli, NCR.  Later, looking at the potential of this market, the Company in the year 2007-08, opened up two more units, one at Dharuhera, Haryana [on land which was purchased by the Company] and  the other at Nimpura [Kharagpur], West Bengal [Kharagpur land was land taken on long term lease from WBIDC].

Due to diversification of business, in areas other than Container leasing, the Company changed its name to its present name, i.e., Transafe Services Ltd., on 30th March 2006.  During 2007-08, the Company manufactured various tank containers, like, oil/water/milk tanks, car-carrier capsules and other specialty containers for companies/ institutions, such as ONGC, ISRO, private rail operators and defense sector. Moreover, in 2008-09, the Company started manufacturing bunk houses, to meet the increase in oil exploration activity. The Company was in the expansion mode, since 2006. It explored in new areas and opened up new units to cater to the estimated upward growth in containerized transportation and logistics business and in the process had incurred a total capital expenditure of about Rs. 90 crore. ICICI Ltd., being a venture capitalist, did not intend to carry on with its investment in the Company, for a long time and accordingly, in the year 2009, off-loaded its shareholding to Balmer Lawrie & Co. Ltd. and Balmer Lawrie Van Leer Ltd. Thereafter there was no change in ownership of the shares in the Company and both, Balmer Lawrie & Co. Ltd. and Balmer Lawrie Van Leer Ltd., continued to carry on as joint venture partners, with 50:50, equity participation in the paid-up share capital of the Company.