Piramal Spinning & Weaving Mills (PSWML) was incorporated in Jan 1978 and later in Jun 1979 it was amalgamated with Mahadevi Invesment Company. The has it's business interest in textiles and manufactures cotton fabrics, synthetic fabric and cotton yarn. from it's factories at Lower Parel, Mumbai Ambarnath both in Maharashtra and Surat in Gujarat._x000D_ _x000D_ The company had completed the first phase of modernisation project including the new process house at Ambarnath at a cost of Rs.372.26 lacs and the new process house was fully operational in 1983-84. _x000D_ _x000D_ The third phase of modernisation programme was completed at a cost of Rs.400 lacs and the fourth phase was completed in 1990-91 at a cost of Rs.298 lacs. In Sep.'92, the company came out with a debenture issue to part-finance its fifth phase of the modernisation programme. _x000D_ _x000D_ With effect from 1 Apr.'91, the Niranjan Mills (Niranjan) was amalgamated with the company pursuant to a scheme processed under the Sick Industrial Companies (Special provisions) Act, 1985. _x000D_ _x000D_ The rehabilitation programme with retrospective effect was sanctioned by the BIFR. The higlights are a) The company's 3 main division has been demerged into 3 distinctive entities. 2) The assets/libailities of both the company as well as Niranjan Mills together has been transferred to in Niranjan Piramal Textile Mills Limited from October,2001. The Ambernath processing unit has been transferred to Pyarelal Textiles Limited from October,2001.3) It has also co-opted M/s Ithaca Informatics Pvt Ltd to develop the property at Lower Parel Unit._x000D_ _x000D_ Subsequent to all this the share capital of the company has reduced to Rs.92.59 lacs. The shareholders of the erstwhile Piramal Spg & Wvg Mills Ltd was alloted one share in each of the 3 companies for every 3 shares held by them. The name of the company was changed to Marath Nextgen Realty & Textiles Ltd._x000D_