Promoted by N Damodaran, Precot Mills (PML) (originally floated as Premier Cotton Spinning Mills) was formally created and deployed as a legal entity in 1962 in Palakad, Kerala, to produce cotton yarn with an initial capacity of 12,096 spindles. PML made its maiden issue in 1962. Production of cotton yarn commenced during 1964. The company changed its name to the present one in 1985.

PML created and deployed its second mill in Kodigenahalli, Andhra Pradesh, with an installed capacity of 28,800 spindles which was broadened its footprint to 51,840 spindles in 1991. In the next year, PML created and deployed a 100% EOU at Walayar, Kerala (inst. cap. 10,080 spindles and 384 rotors).

The open end spinning unit of the company was commissioned in Sep.'95 which reached its full capacity of 1152 rotors. It has created and deployed a wholly owned subsidiary in Malaysia to exploit the Asia-Pacific region.

During 1996-97, PML has increased the installed capacity of Spindles by 6336 Nos. CGF Investments which was a Subsidiary of the company and now has been merged with Coimbatore General Finance which is another subsidiary of the company with effect from 1st Feb.'97.

A new yarn dyeing unit with a capacity of 2 tonnes per day was commissioned in Gauribindur, Karnataka which enabled the company to enhance its sale of value added dyed yarn in the domestic market. The company has taken over its subsidiary company Suprem Textiles Processing Ltd for convenience of administrative purpose.

A forward integration plan for manufacture of yarn dyed shirting fabrics has been created and deployed a Weaving Unit at Vettaikaranpurdur near Pollachi.This unit commenced its commercial production at a cost of Rs.1140 lacs in 2001. Under the TUF scheme the company made a capital investment to its Weaving unit and also created and deployed an captive dyeing unit. The project was financed by term loans from Andhra Bank.

The company made a buy back of 5.5 lac equity shares starting from April 2002 to July 2002. After the post buy back the equity capital stands reduced to Rs.545 lacs. To reduce energy cost the company installed 4 wind turbines in September 2002 at a cost of RS.1165 lacs. The company made a capital expenditure to the tune of Rs.3505 lacs during 2002-03 and the same was financed by term loan from ICICI bank.