Incorporated in 1955 as Oswal Cotton, Spinning and Weaving Mills, the name was changed to Oswal Spinning & Weaving Mills (OSWML) in Feb.'65. OSWML was promoted by Lachman Dass Oswal. Dharma Paul Oswal is the chairman-cum-managing director of the company. Other group companies are Oswal Worsted Spinners, Oswal Industries, Oswal Overseas, etc. OSWML's areas of business include solvent extraction and the manufacture of worsted/woollen yarn, vanaspati, steel ingots and GI tubes. The company came out with a rights issue of 86.93 lac equity shares at a premium of Rs 8 each in Dec.'93 to part-finance the setting up of a 100% EOU cotton spinning project with a capacity of 18,144 spindles at Doraha (dist. Ludhiana) and to integrate forward at its alloy steel unit, to manufacture ERW G I tubes (cap. : 50 tpd) at Jugiana (dist. Ludhiana). The company expansion of its 100% EOU Cotton Spinning Unit from 18144 spindles to 26208 spindles was commissioned on full spindlage in Feb, 98. The Company is working on Financial Restructuring plan to reduce high debt burden.