| Incorporated on 20 Mar.'91 as a public limited company, Paras Petrofils Limited (PPL) commenced business on 27 Mar.'91. The Company promoted by the Paras Group of Surat had carried on the business of manufacturing of Nylon and Polyester Yarn, Trading of Fabric and Commission Activity. However, the operation closed down due to adverse market condition and as a result, the surplus fund of the Company was parked in the form of loans and advances.
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 Oriented Polyester Filament Yarn (POY).
During the year 2004-05, the Company installed 2 MW Natural Gas based Captive Power Plant, which was started from Nov'04. In 2010-11, it manufactured nylon yarn along with its existing capacities of polyester yarn. |