Premier Synthetics was incorporated originally as Premier Synthetics and Processors (PSPL) in the state of Maharashtra on October, 1970 by the original promoter B K Jhunjhunwala for setting up a cloth processing unit at Village Pawne (Maharashtra) with IFCI assistance.Thereafter, it became a sick company and in the year 1985 the controlling interest of PSPL was acquired by Anand Arya.