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. Thereafter, it became a sick company and in the year 1985 the controlling interest of PSPL was acquired by Shri Anand Arya. Under the stewardship of Shri.Anand Arya, the company turned the corner in the year 1990 and since then it was continuously making profits and declaring dividend to its shareholders till 1997. The name of the company was changed to Premier Synthetics Ltd. (PSL) in 1992. The present Authorised Capital of the company is Rs.3000 lacs and paid-up capital is Rs.1314.32 lacs. PSL is a multi Divisional, multi locational, diversified manufacturing and marketing company with interests in varied fields like Texturising, weaving of Fabrics, Cotton spinning, etc. After taking over the sick PSPL; turning it around; and clearing off the loan of IFCI as per the agreed repayment schedule, PSL put up its first unit of cloth processing at New Bombay (Maharashtra), which commenced commercial production in 1992. Further, after acquisition of the Company by Shri Anand Arya, PSL also set up a weaving unit with imported second hand looms at Palghar (Maharashtra) and Texturising unit at Daman (U.T.) thereby diversifying into various activities of the textile industry. In 1996 the Company had undertaken a project for setting up air Texturising and processing facility at its existing locations at Daman/New Bombay envisaging installation of 196 spindles of air Texturising, 6 nos. Drum Washing machines, 2 nos. tumbler Dryer, AC plant, Compressor, Electrification etc. at an estimated cost of Rs.720 lakhs which was financed by way of Term Loan from IDBI to the extent of Rs.500 lakhs under EFS and the balance of Rs.220 lakhs by way of internal accruals. The project was successfully implemented.