Vardhman Polytex Limited (VPL) was originally promoted by Mohta Group in collaboration with PSIDC under the name & style of M/s Punjab Mohta Polytex Limited, with the initial spinning capacity of 11,520 spindles. The plant was set up at Bathinda and its commercial production started in October 1984. In 1987, Mahavir Spinning Mills Limited (MSML) took over the management of the Company and the said company become the subsidiary of MSML. In the same year, the Company entered into stock market with its first public issue.
After the take over, the management increased the capacity gradually to 25,000 spindles in 1991 and also changed the name of the company as "Vardhman Polytex Ltd".
In order to diversify the product range, the company also set up a worsted unit at Ludhiana in 1990 with an installed capacity of 8,000 spindles.
In 1992, the company expanded its operations by installing a Unit with an installed capacity of 25,000 spindles at Baddi known as Arisht Spinning Mills. Later on, the capacity of this unit was further expanded to 65,760 spindles. This unit was transferred to Mahavir Spinning Mills Ltd against consideration under a scheme of family settlement.
In 1994, further expansion was carried out at Bathinda with the setting up of 11,320 spindles for manufacturing of Tyre Cord and Hosiery Yarns. In order to further strengthen the unit, the company has added another 12,000 spindles in 1998. After this expansion, the capacity of the unit was 49,248 spindles.
In 1999, the company further carried out the Modernization of its existing plant at Bathinda with the total capital outlay of Rs. 32 Crores under the TUFS scheme.
After the family settlement, in January 2003, the company is ushering under the newly formed Oswal Group. The company has set up a state of the art technology-spinning project at Focal Point Ludhiana with an installed capacity of 24,288 spindles in January, 2004.
Further, a new state of the art Dye House has been installed at the same site with an installed capacity of 13 MT / day which has been increased to 15 MT/day.
The company has also set up a state of the art technology-spinning project at Bathinda with an installed capacity of 25,344 spindles for the manufacture of Cotton yarn/Blended yarn, which has started its commercial production in May, 2005.
Thereafter, the company has expanded its capacity at Focal Point, Ludhiana with an installed capacity of 25,315 spindles for the manufacture of Cotton yarn/Blended yarn which has started its commercial production in October, 2006.
In 2006, the Company has joined hands with one of the leading European shirting fabric manufacturer namely F.M. Haemmerle estd. 1836 for setting up of a green field project of dyed yarn shirting fabric. The said project has been undertaken in the newly formed subsidiary company namely "Oswal F. M. Haemmerle Textiles Ltd." at Kolhapur (Maharashtra) with annual capacity of 12 million meters. The dyed yarn shirting fabric plant of OSWAL GROUP is one of the best plant in India with latest state-of-art machinery and equipments. The commercial production is expected in the month of Aug 2008.
In 2008, the Company completed another expansion of 30,000 spindles at its existing location in Bathinda and with this expansion, the total spinning capacity with OSWAL GROUP stands increased to 1,65,872 spindles.