Sriman Petrochemicals (SPL) was established in 1982 as Sriman Chemical Industries, a partnership firm. The company went public in 1992 and, subsequently, the name was changed to the present one. SPL was promoted by Ashok Rajani and Prakash Jaisingh, who also have interests in Sriman Organic Chemicals, Vidhata Chemicals and Gopi Organics. SPL is managed by managing director Prakash Jaisingh.

The company came out with a public issue (premium : Rs 5) in Jul.'94, aggregating Rs 3 cr to part-finance a project to expand the company's production of dye and dye-intermediates. The total project cost was estimated at Rs 15.3 cr.SPL manufactures dyes and dye-intermediates (cap.: 705 tpa) at Dombivali, Maharashtra.

The main products that the company plans to expand are fast red B base, scarlet R base, fast bordeaux GP base, and fast blue B base. On completion of this project, SPL will become one of the largest manufacturers of fast red B, and blue B bases in the world. Exports account for 26% of the company's sales.