PSM Spinning, formerly Priyadarshini Spinning Mills, was promoted by C K Rao and others, and incorporated in May '81. The original project (unit-1) was set up with the assistance of the Andhra Pradesh Industrial Development Corporation at Sadasivpet, Andhra Pradesh, commissioned in Jan.'83 with a capacity of 20,736 spindles. The total installed capacity as on March 2003 was 59760 spindles.
PSM manufactures polyester viscose blended yarn in grey, dyed and fancy varieties, as well as acrylic yarn in a wide range of counts from 12 to 80 in single, double or multi-fold. The company went public with FCDs in Mar.'92 to part-finance a new division to manufacture cotton yarn (inst. cap. : 16,704 spindles) at Doddavarappadu, Andhra Pradesh. and was implemented successfully.
PSM implemented a project of 18,500-spindle worsted spinning unit at a cost of Rs.60 crores. The company installed a 1-MW wind turbine. In collaboration with the Mafatlal group, PSM is also setting up a weaving unit.
Under the Technology Upgradation Fund Scheme a modernisation programme of 3 MW Gas Power Project was commissioned during 2002-03 and has generated 14518423 units of power. The modernisation project was financed by IDBI and EXIM bank to the tune of Rs.985 lakhs and Rs.700 lakhs.