Prime Industries (PIL) was incorporated on October 19, 1992 as a public limited company. Formerly known as Prime Proteins, it was promoted by R K Singhania, M L Goyal and Harjeet Singh Aurora. The name of the company was changed to the present one in 1995.

The company was engaged in manufacturing and marketing of Vanaspati. Vanaspati is a blend of refined and hydrogenated edible oil and is an important and popular cooking medium. It supplements and provides fat in the normal diet. PIL also started manufacturing bakery quality Vanaspati and the product has been well-accepted in the market. At the company`s de waxing unit, various oils like sunflower oil, etc, are processed to produce superior-quality refined oil.

As on April 16, 2007, the company informed BSE that it has closed down its manufacturing operations at its factory situated at Village Gobindgarh, On December 4, 2007 the members of the company by way of postal ballot approved the ordinary resolution, to sell, lease or otherwise dispose of the undertaking(s) of the company; namely Vanaspati unit situated at Village Gobindgarh, Malout Road, Abhor (Punjab), with requisite majority.