Sri Sarita Synthetics (SSSL), presently known as Sarita Software and Industries Ltd, was incorporated in Oct.'93 as a private limited company and converted into a public limited company in Oct.'94. It was later renamed Sarita Synthetics and Industries Ltd during Nov. 1998. Promoted by G Eswara Rao, Prakash Sharma and G Ram Sai, it belongs to the Vasavi group of companies. G Eswara Rao is the chairman-cum-managing director. Other group concerns are Sri Vasavi Steel Industries, Sri Venkata Balaji Jute Mills Pvt Ltd, Sarita Steel Mills Pvt Ltd, etc. SSSL came out with a Rs 3.64-cr public issue in Mar.'95 to part-finance the Rs 16.92-cr project to manufacture texturised polyester filament yarn, etc. The company is in the field of polyester filament yarn, finance, steel, jute, etc. It has entered into an MoU with Marubeni, Japan, which will buy its entire production of shirtings and bedsheets. The company is setting up a project to manufacture texturised polyester filament yarn (PFY), polyester fabrics for suitings and shirtings, and cotton fabrics, with installed capacities of 1034 tpa, 25.20 lac mtr pa and 22.96 lac mtr pa respectively, in Andhra Pradesh. Sri Vasavi Florex is a Rs 20-cr joint venture with Sayag Nurseries, Israel, with a 100% buy-back agreement. During the year 1998-99, the expansion of the Company's Cotton Weaving Division was completed. The turnover of the company during the year 2000-01, has registered a growth of 35% as the figures stood at Rs.163.74 crores for 2001 as against Rs.121.12 crores in the previous year. The turnover includes Software Sales of Rs.1.55 crores during 2001 as against Rs.2.03 crores in the previous year. The products of the company have been well accepted both in the domestic and in the international market. The company has commissioned 1 MW Wind Power Project in Kadavakallu in Anantapur District,Andhra Pradesh.