The Company was established in February 19, 1981, and had previously operated in the core business of heavy equipment contractual services and spare part supplies. The Company developed its heavy equipment rental and contractor division in 1985, in response to the rapid growth of demand for domestic heavy equipments.
On March 27, 1986, Ricobana was appointed by Kobelco International(s) Co., Pte., Ltd. (KISCO) as the sole agent for Kobelco equipment spare parts until 1998. The rise of heavy equipment rental and contractor division was initiated by bulldozers and excavators rental services for PT Tambang Batubara Bukit Asam Tbk (Persero), in Tanjung Enim, Sumatra Selatan. Throughout the following years, this division had started to facilitate heavy equipment services to other companies such as PT Jaya Konstruksi MP, PT Caltex Pacific Indonesia, etc.
During 1991, the heavy equipment rental and contractor division undertook earth work construction projects for the first time and became the sub-contractor for Jaya Obayashi in respect to the Paiton PLTU project building (Pembangkit Listrik Tenaga Uap / Steam Power Plant).
The year 1998 was one of the significant milestones for the Company, in which for the first time the Company was engaged as a joint operation contractor for PT Aneka Tambang Tbk (Persero) nickel mining. Later in 2007 the Company fully operated its services as a coal mining contractor for PT Bara Jaya Utama. Currently, the Company owns and operates a large number of small to large scale machineries that spread at various areas and mining projects, from many reputable mining companies in Indonesia.