The Company was incorporated originally as Premier Synthetics and Processors Ltd. (PSPL) in the State of Maharashtra on 9th October 1970 by the original promoter, Shri. B.K. Jhunjhunwala for setting up a cloth processing unit at Village Pawne (Maharashtra) with IFCI assistance.

The company is having complete spinning plant for the manufacturing of coarse count cotton yarn. The end use of such cotton yarn is in the denim industry and the towel industry. The main raw materials for manufacturing such yarn are cotton and cotton waste.