Incorported in 1945, Surat Textile Mills (STML), formerly known as Garden Cotton and Yarn, manufactures yarn and cloth. The company's three manufacturing plants are Located in Surat, Gujarat._x000D_ _x000D_ In Mar.'95, it issued rights shares at a premium and FCDs. During 1994-95, STML privately placed secured redeemable PCDs with financial institutions. The above proceeds were utilised for the company's expansion cum modernisation programme which it undertook by installing 25,200 spindles and manufactured PFY having a installed capacity of 17,500 TPA. The above expansion were completed and production was started in 1996._x000D_ _x000D_ The polycondensation unit commenced commercial production of Fibre grade Polyester Chips in 1996. The implementation of the POY Spinning project has been set up into two two phases due to demand recession. The company's yarn doubling and grassing project at silvassa became fully operational during 1996-97._x000D_ _x000D_ In 1998 the company installed 12,384 spindles of synthetic fibre at Vareli and production started in the same year. _x000D_ _x000D_