XLRI was founded in 1949 by Fr Quinn Enright, S.J. in the Steel City of Jamshedpur. Fr. Enright visualized XLRI to be a partner in the liberation and development journey of the independent India with a vision of "renewing the face of the earth". Fr. Bill Tome joined hands with him to bring that vision to fruition. Both, together with the other Jesuit companions, worked tirelessly towards translating the Vision "Renewing the face of the earth" into action.

Over many years XLRI has developed its own identity. The hall mark of this identity is, not to walk on the beaten path but to strike new routes; not to benchmark but to be benchmarked, to be second to none but to be the first to respond to the needs of the people and the nation, by taking up the tasks which are bold but necessary which nobody has hitherto taken up.This enterprising and pioneering spirit can be witnessed throughout the history of XLRI.