Incorporated on 20 Mar.'91 as a public limited company, Paras Petrofils (PPL) commenced business on 27 Mar.'91. It was promoted by the Paras group of Surat which is engaged in the manufacturing / processing and trading in synthetic fabric such as sarees, dress material and texturising of yarn. Devraj Jain is the present chairman and managing director. The other group companies are Paras Prints, Paras Silk Mills, Vir Silk Mills, etc. In Jan.'95, PPL came out with a Rs 10-cr public issue to part-finance its Rs 28.51-cr project to manufacture partially oriented polyester filament yarn (POPFY) with an aggregate capacity of 5740 tpa. The project is located in Palsana, Surat. For the above project, the company has entered into an MoU with Noy Val Lesina, Switzerland, for supply of plant and to render technical services. The company has engaged Tata Consulting Engineers for detailed engineering of the project. During the year 1996-97 the company started the commercial production of Partially Otiented Polyester Filament Yarn (POY).