M/s Prashanth Textiles Ltd (PTL) a part of the reputed PSG Group of Coimbatore was initially started as a partnership concern under the name of Pioneer Textiles in the year 1956 by the three brothers Shri G.R. Damodaran, Shri G.R. Govindarajulu and Shri G.R. Varatharajan. Consequent to a family partition in the year 1979 the company was handed over to Mr. V. Ravichandran S/o of Late Shri G.R Varatharajan.

PTL was incorporated on 29.09.1980 to manufacture 100% cotton yarn from count 60s-100s catering to the local and export markets. PTL in the year 2008 has downsized its capacity to 6180 spindles and has its own in-house gassing and mercerizing facility to manufacture value added yarn. The company at present is a debt free unit with the primary focus on quality and profitability. The promoters keeping with the changing economic trend has also successfully relocated its operations from the existing Vedapatti city limits to Appanaikenpatti Village, Sulur during the year 2012.

At its new location Unit-2 in Sulur the company has setup its operations in a 26 acre campus and has re-commenced operations from April 2012. The existing infrastructure at its Unit-1 in Vedapatti city limits comprising of 10 acres and 1,50,000 sq.ft buildup area has been converted into a ware house and being rented out to multinational companies.