Incorporated on 24 Apr.'82, as a private limited company, Parasrampuria Synthetics was converted into a public limited company on 2 Dec.'82. PSL has been promoted by Shri Rathan Lal Parasrampuria and Shri Om Prakash Parasrampuria to manufacture polyester filament yarn (PFY). Since then, the company has grown into manufacturing polyester chips, cotton yarn polyester blended yarn and terry towels. Its technical collaborators are M/s Zimmer AG, Germany and M/s Aquafil Engineering GmbH, Germany. Initially it had set up a plant in 1986 to manufacture PFY, the company now has facilities like draw twisting, texturising, etc., to process value-added yarn. It set up a polycondensation plant (inst. cap. : 15000 tpa), as backward integration, to manufacture polyester chips, which is the raw material to manufacture polyester yarn. It has also set up a 100% EOU to manufacture cotton yarn and another for synthetic blended yarn. PSL diversified into polyester staple fibre. It came out with a rights-cum-public issue aggregating Rs.135 cr and privately placed shares with the promoters worth RS 40 cr. The company has become a sick company since the networth of the company has been eroded, accordingly the company has been referred to BIFR. An appeal has been filed by ICICI with AAIFR against the order of BIFR.