- Monenco Iran was founded in 1973 as joint venture company between private sector of Iran and Montreal Engineering Co. of Canada and started its activity concentrating in electrical industry of Iran.
- In 1980 Monenco Iran established Ghods Niroo and cooperation with Monenco Agra was terminated.
- In 1991 Monenco Iran continued its activities by partnership of the Government of Iran and then Monenco Agra of Canada.
- In 1997 Mapna Co., one of the largest contractors and main constructor of the thermal power plants, and AMEC Co., one of the largest engineering and contracting companies active in energy field in England, became main shareholders of Monenco Iran by buying respectively shares of government of Iran and Monenco Agra and since then Monenco Iran has been the engineering wing of Mapna.
- From 1999 until now, Mapna, AMEC and MIR (belonging to the staff), are the main share holders of this company during this time, Monenco's field of activity extended and the company has been also active in oil, gas and petrochemical industry, electrical railway, telecommunication and dispatching,… in Iran and abroad.