Incorporated as Mahendra Polyesters Pvt Ltd, it was converted into a public limited company on 9 Jun.'89 and got its present name Mahendra Suitings. In 1998, its name was changed to Mahendra Petrochemicals Ltd. Getting fabrics woven on a job-work basis and marketing them under the Mahendra Suitings brand name, the company set up a plant to manufacture the same in 1989-90. MSL exports a major quantity to the Gulf, African and North American countries. Moreover, a number of readymade garment exporters to Europe use the company's fabrics. In 1994, MSL diversified into the manufacture of partially oriented polyester filament yarn (POPFY) from PET chips. Other companies in the Arya group are JBF Industries, Blue Blends (India), Jay Bharat Fabric Mills and Blue Blend Petro Chemicals. In 1995-96 the company successfully commissioned its POY plant and commenced production. In 1999-2000, the entire networth of the company has eroded and the company has become a sick company within the meaning of SICA, 1985 and is required to refer the situation to the BIFR.