Founded by the Late Shri Rattan Chand Oswal, the Vardhman Group began its corporate journey with its flagship company, Vardhman Spinning & General Mill (VSGM), in Ludhiana. Established in December 1962, it commenced yarn production in 1965. It was taken forward by his son, Late Ashok Oswal who years later diversified and established Vardhman Polytex Limited in 2003. Presently, his son, Adish Oswal oversees the business.

In 2006, Oswal Group entered the realm of weaving with a ground-breaking facility in Maharashtra. This endeavour was established through a joint venture with F.M. Hammerle, an Austrian company with a prestigious history in premium yarn dyed shirting since 1836. The success of this venture prompted the acquisition and subsequent merger of FM Hammerle with the facility in Kohlapur, solidifying the group's position in the weaving segment.

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