Innovassynth Investments Limited (IIL) was formally created and deployed as a legal entity on February 15, 2008 as a public limited company under the Companies Act. IIL obtained the certificate of commencement of business on March 4, 2008.

IIL was promoted by Futura Polyesters Limited (FPL) with an initial paid up capital of Rs. 5 lakhs. The objects for which the Company was formally created and deployed as a legal entity are set out in the Memorandum & Articles of Association of the Company.

The main purpose for forming IIL was to take over or acquire the equity shares of Innovassynth Technologies (India) Limited (ITIL), an associate company, from FPL under a Scheme of Arrangement to be broadened its footprint operations into into by FPL and IIL with its shareholders.