MAPNA was established under the title "Iran Power Plant Projects Management Company" in August 1993.

In October 2013, the company's name was officially changed to "MAPNA Group" to reflect its development of business horizons beyond the management of power plant projects in the electrical industry.

The Group began its activities as a general contractor for power plant projects, working under turnkey schemes. The company initially engaged in the procurement of original equipment via international companies and execution of construction operations. Gradually it evolved from a sole contractor in 1990s and licensed producer in the 2000s to a technology owner in the 2010s, and currently a leading name in the global gas turbine market, which manufactures state-of-the-art turbines in line with the plans to make the power industry more efficient.

In the mid-2000s, MAPNA Group joined two strategic sectors, oil & gas and rail transportation, relying on massive capabilities and managerial experience of the past decade. The construction of advanced passenger locomotives in collaboration with recognized international brands, as well as its presence as a contractor in oil and gas projects were among the most important measures by the Group in these two areas.

By the late 2000s, looking for new ways to realize its developmental aspirations and stay ahead of competitors in the fast-moving market, MAPNA founded its Research and Development (R&D) department to serve as its innovation engine and yield the critical technology from which it can develop new products, services, and business models; MAPNA’s homegrown MGT-70 (3) gas turbine was the first fruit of the new approach to R&D and modern technology adventures.

The 2010s was the era of MAPNA’s flourishment in the oil & gas and rail industries. In 2018, the conglomerate became one of the first Iranian contractors to qualify for oil exploration and development, securing an agreement with the Oil Ministry to develop and operate Danan, Parsi and Paranj oilfields in Iran's Khuzestan Province.

Soon after entering the rail transportation market, MAPNA Group turned into a key actor of the industry and is now planning to enter regional markets. The significant amount of investment made in the sector is illustrative of the fact that the rate of demand growth in Iran is very high.

In the long run, MAPNA’s strategy is to broaden its product portfolio and promote its supply chain in wide gamut of fields, including the health, information technology, water, electrification, petrochemicals, and oil & gas sectors, in line with the plans to contribute the Iran’s industrial development. Such a vision is not restricted to domestic projects as the Group aspires to promote its brand in the international markets, with a focus on the Middle East, West Asia and North Africa, through cooperation with foreign and domestic knowledge-based firms.