The success of a joint operation in 1954 in salvaging five ships sunk in the Chao Phraya River led to a strong friendship between Dr. Chaijudh Karnasuta, a Thai, and Mr. Giorgio Berlingieri, an Italian. They together founded Italian-Thai Development Corporation Limited (ITD) on 15 August 1958 with an initial registered capital of 2 million Baht. The company grew steadily and became publicly listed in the Stock Exchange of Thailand in 1994 with a registered capital of 2,500 million Baht and with the name changed to Italian-Thai Development Public Company Limited. Further growth to this date (2009) has brought the registered capital of the company up to 5,871.15 million Baht with 4,193.68 million Baht paid up.