The company was founded in 1925 by Manuel Contreras Graciani, who gave it his own name. At that time the company was involved mainly with railway constructions and hydraulic projects.

Manuel Contreras Graciani died in 1963, and his children took over the business, changing its name to Viuda de Manuel Contreras Graciani. The company worked on large projects modernising railway track on a number of routes, such as Baza-Guadiz, Alicante-Alquerías, Manzanarez-Córdoba, and Linares-Almería.

By 1970 the company was involved in other sectors such as roads and building, although its main activity was still railway construction.

In 1988 its name changed again to the current denomination of AZVI and, without giving up its railway speciality, the company began to diversify into all areas of construction, taking part on large projects such as entire sections of expressways, section of the high-speed Spanish rail network (AVE), and hydraulic projects such as sewage works, pumping stations and other buildings.