History of Apollo Tyres Ltd.
1972
- Apollo Tyres limited [ATLs] was incorporated 28th September, 1972 as a Public Limited Comp. & obtained certificate of Commencement of Business on October 24, 1972. The Comp. was promoted by Bharat Steel Tubes, limited Raunaq International Pvt. Ltd., Raunaq and Co. Pvt. Ltd., Raunaq Singh, Mathew T. Marattukalam & Jacob Thomas. The Comp. manufacture automobile tyres & tubes, camel back/retreading materials and rubber conveyor belts.
- 15,00,000 No. of equity shares issued to Bharat Steel Tubes Ltd., 2,50,000 No. of equity shares to Kerala Govt. and 13,50,000 No. of equity shares to promoters, etc. & associate companies. 75,000 pref. shares & 46,50,000 No. of equity shares offered at par to the public in October 1975.
1978
- 35 Pref. & 13,06,200 No. of equity shares forfeited in 1977-78. During 1978-79 forfeiture on 22,200 No. of equity shares annulled.
1980
- Forfeiture on 2,30,050 No. of equity shares annulled.
1981
- After the expiry of original agreement the Company negotiated with General Tire International Co., U.S.A., for the renewal with General Tire International Co., U.S.A., for the renewal of technical collaboration agreement for a further period of 5 years. This agreement expired on January 1987.
- Forfeiture annulled on 700 No. of equity shares during 1981-82 and on another 610 No. of equity shares during 1981-83.
1983
- 6,88,950 forfeited equity shares reissued.
1984
- 3,63,700 forfeited shares reissued.
1986
- `General Tire International Corporation', U.S.A. was taken over by `Continental Gummi werke GmbH', West Germany.
1987
- During the year, the Comp. acquired interest in Gujarat Tyres Ltd., for implementing an industrial licence to manufacture automobile tyres & tubes in Gujarat State.
- The Comp. finalised a proposal for promoting a Comp. in joint participation for carrying on business in pipe laying, drilling, coating contracts & other engineering, designing, consultancy & management services.
- 6,52,000 No. of equity shares allotted at par to financial institutions in conversion of loans.
1988
- The Comp. set up a plant with a capacity of 6.75 lakh tyres per annum at Limda, Baroda, Gujarat at an estimated cost of Rs 168.96 crores.
- The Comp. promoted a new Comp. under the name of 'Raunaq Aker Drilling, Ltd.' in technical collaboration with Aker Drilling A/s, Norway. The Comp. was to undertake multifarious onshore & offshore drilling services/related activities in India.
- The Comp. entered into an agreement with Persterp AB, Sweden for promotion of joint venture Comp. in the name of 'Gujarat Perstorp Elektronics Ltd.' It undertook manufacture of electronic grade copper clad laminates.
1989
- Radial tyres for Maruti cars & premium tyre for trucks were launched during the year.
- During August, the Comp. offered 42,01,000-12.5% secured partly convertible debentures of Rs 100 each on Rights basis in the ratio 1 debenture : 2 Equity shares held. Additional 6,30,150 debentures were allotted to retain over subscription.
- The Comp. also issued 2,10,050 - 12.5% partly convertible debentures to the employees' [including Indian working directorss] of Comp. [only 8,875 debentures were taken ups]. The unsubscribed portion of 2,01,175 debentures was allowed to lapse.
- Rs 35 [Part As] of face value of each debenture was automatically & compulsorily converted into one equity share of Rs 10 each at a premium of Rs 25 per share.
- Rs 40 [Part Bs] of face value of each debenture was automatically & compulsorily converted into one equity share of Rs 10 each at a premium of Rs 30 per share at the end of 12 months from the date of allotment of debentures.
- The remaining Rs 25 [Part Cs] of face value of each debenture was to be redeemed in two instalments of Rs 10 & Rs 15 at the end of 8th & 9th year respectively from the date of allotment of debentures.
- During September the Comp. issued through a prospectus 42,59,715 - 12.5% secured partly convertible debentures of Rs 140 each of which the following debentures were reserved and allowed on a firm basis: [is] 4,30,000 debentures to Commonwealth Development Corporation [CDCs]; [iis] 1,00,000 debentures to SBI Mutual Fund & [iiis] 3,57,000 debentures to UTI.
- Of the balance 33,72,715 debentures [is] 3,55,000 debentures to shareholders of promoter & other companies, viz., BST Mfg. Ltd., Bharat Gears, Ltd., Apollo Tubes, Ltd., Raunaq International Ltd., Raunaq and Co. Pvt. Ltd., Universal Steel & Alloys Ltd & Raunaq Automotive Exports, limited [iis] 2,13,000 debentures to employees of Comp. [only 650 debentures were taken ups]. The remaining 20,89,715 debentures along with 5,75,000 debentures not taken up under preferential quota were offered to the public. Additional 6,38,935 debentures were allotted to retain over subscription [53,550 debentures to UTI; 53,250 to promoters & 5,32,135 debentures to the publics].
- Rs 35 [Part As] of face value of each debentures was automatically & compulsorily converted into one equity shares of Rs 10 each at a premium of Rs 25 per share at the end of 6 months from the date of allotment of debentures.
- Rs 40 [Part Bs] of face value of each debentures was automatically & compulsorily converted into one equity share of Rs 10 each at a premium of Rs 30 per share at the end of 12 months from the date of allotment of debentures.
- Rs 65 [Part Cs] of face value of each debenture was to be redeemed in three instalments of Rs 20, Rs 20 & Rs 25 each at the end of 7th, 8th and 9th year from the date of allotment of debentures.
1991
- The Comp. proposed to undertake exports of LVC & farm tyres in addition to truck tyres.
1993
- The Comp. undertook modernisation, upgradation of technology installation of line balancing equipments, setting up a state of are R&D centre, & to be financed by way of Rights issue of non convertible debentures with detachable warrants.
- Pref. Shares redeemed on 28.12.1990. 194,77,350 No. of equity shares allotted in part conversion of deb. [prem. Rs 35 per share for 97,38,675 shares & Rs 40 per share for another 97,38,675 sharess].
1994
- A number of high technology radial products were developed and introduced. The Comp. created distribution network of more than 2500 dealers in the country.
1995
- A new plant for manufacturing tubes & flaps at Ranjangaon near Pune was commissioned during the year.
- The Comp. entered into an agreement with continental AG, Germany, for setting up a passenger car radial tyre factory with and initial production capacity of 4.7 million car radial tyres per annum & with a capital outlay of Rs 400 crores at Pune. This is a 50:50 joint venture between Apollo & Continental.
- During January, the Comp. issued 69,69,838-14% secured non-convertible debentures of Rs 150 each with one detachable warrant, in the ratio 1 NCD : 4 equity shares held.
- Each debenture shall be redeemed in three equal instalments of Rs 50 each at the end of 6th, 7th and 8th year respectively from the date of allotment of debentures.
- The BIFR vide its order dated April 17, approved the rehabilitation scheme for revival of Premier Tyres limited [PTLs] envisaging take over of PTL. The scheme involves operation of Premier plant by Apollo for production of Apollo brands under a lease arrangement. The Comp. had become a subsidiary of the Company.
- 10,25,667 No. of Equity shares issued against detachable warrants attached with 14% - NCDs on 31.3.1996. 5,52,492 Rights Equity shares of Rs 10 each [Premium Rs 90 per shares] allotted on 30.3.96 [Propn. 1:1s].
- The Comp. emerged as the largest exporter of tyres registering a phenomenal 102 per cent increase in exports.
1996
- 4,17,389 shares issued on conversion of warrants.
1997
- The Comp. issued 12.5% NCD aggregating Rs 20 crores to IDBI on private placement for a period of 18 months.
- 1,65,206 No. of equity shares issued on conversion of detachable warrants.
- Apollo Tyres Limited has set up shop in the city opening its Apollo Tyre World [ATWs] through Vora Tyres.
- Apollo has been setting up ATW all over the country equipped with state-of-the-art testing equipment.
- ATL signed a letter of intent with the global major Continental AG for a 50:50 joint venture for setting up a 4.7 million passenger car radial facility.
- The Apollo Tyres management has declared a lock-out at its Perambra unit, on Dec 6, lightning strike by its workers in the electrical, electronics, winding shop & instrumentation sections.
- The week-long lock-out declared by Apollo Tyres management at its factory at Perambra in Kerala has been lifted & the factory resumed operations from December 13.
- ATL is the first Indian Comp. to have an ISO 9001 accreditation for entire product range.
- ATL has emerged as the fastest growing tyre Comp. in India [turnover up six-fold in the last five yearss] & the seventh fastest in the world.
- The strike, by electrical department workmen, began from November 30, demanding withdrawal of suspension of an employee.
1998
- Apollo Tyres has announced a voluntary retirement scheme [VRSs] for the workers at its Perambra unit in Kerala with a view to optimise manpower utilisation & costs.
- The Perambara unit in Kerala was one of largest units with a capacity of 115 tonnes per day & its closure between April 10 to July 18 resulted in a massive production loss.
- The Comp. proposes to step up its radial capacity at Vadodara plant to 57,000 tyres per month, in addition to the current output of 8,500 radials at Kochi.
- Apollo Tyres has desubsidiarised two wholly-owned companies - Apollo Finance & Apollo International - by diluting its holding in both to below 51 per cent.
- For Apollo Tyres, its Perambara tyre plant has not been doing too well & acting as a drag on the company resources. This is mainly due to the continued labour unrest & lock-outs leading to heavy production loss at that unit.
- Apollo International recently set up a subsidiary firm, Infonet Worldwide, for providing IT solutions to corporate clients.
- The Comp. is setting up a greenfield project at Ropar in Punjab to manufacture 100 tonnes a year of agriculture and off-the-road tyres, that is, mainly tyres for tractors, earthmovers, etc.
- The Comp. has a total installed capacity of 1.5 lakh truck tyres per month. The two plants in Kerala have a capacity of 70,000 tyres per month, the Baroda plant has a installed capacity of 55,000 tyres per month & the conversion arrangement with TCIL contributes another 25,000 tyres per month.
- Premier Tyres limited became a subsidiary of company.
- 4,190 No. of equity shares issued on conversion of warrants and another 30,10,000 No. of equity shares issued on conversion of part-A of convertible debentures of Rs 92 each.
1999
- Apollo Tyres Limited [ATLs] has signed an agreement with national Securities Depository Limited [NSDLs] for holding and trading of shares in demant form.
- Apollo Tyres limited has informed the Mumbai Stock Exchange [BSEs] that the management has declared a lock-out at the company's Penrambra unit in Kochi with effect from 11th July.
- No new technical collaboration agreement would be signed between ATL & Continental to include technology transfer for truck radials as the existing agreement.
2000
- The Comp. is planning to set up a Rs 300-crore radial tyre manufacturing unit either in Tamil Nadu or Andhra Pradesh with a capacity of 100 tonnes per day for radial tyres for trucks and off-the-road vehicles.
- Crisil has reaffirmed the `AA-' rating assigned to the Rs. 104.45-crore non-convertible debenture [NCDs] programme of Apollo Tyres Ltd.
- The Comp. proposes to pump in Rs. 225 crore as equity in its new wholly-owned subsidiary which will set up a greefield manufacturing unit.
- The Comp. is setting up a Rs 450-crore plant to manufacture cross/ply radial tyres.
- The Company plant at Limba was closed for 19 days from 1st May, to 19th May, on Acc. of an illegal strike by workers.
- In a bid to attract the Net-savvy customers, Apollo Tyres has tied up with indiatimes.com to accentuate brand association with safe & pleasant journeys.
- The Kalamassery unit of Apollo Tyres has won the 26th National Competition for Young Managers for 2000 organised by All India Management Association in New Delhi.
- Credit rating agency Crisil has reaffirmed the high safety rating of `AA-' to the Rs 104.45 crore non-convertible debenture programme of Apolly Tyres.
2001
- Apollo Tyres limited has zeroed in on Tamil Nadu for setting up its Rs 450-crore greenfield truck radial tyre manufacturing plant.
- Apollo Tyres Ltd has posted a 48.48 per cent decline in net profit at Rs 3.22 crore for quarter ended September 30, 2001.
2002
- Apollo Tyres Ltd has informed that the appointment of Shri Raunaq Singh as Managing Director. He will however continue to be a Director & Non-Executive Chairman of Board of Directors, liable to retire by rotation.
-Apollo Tyres Ltd has informed that the Board of Directors appointed Mr Onkar S Kanwar as the Chairman of Board of Directors. The Board also appointed Mr D Sengupta former Chairman of GIC as an Additional Director of Company.
-Apollo Tyres Ltd has informed the Exchange that Mr. Raaja R S Kanwar has been appointed as Director, liable to retire by rotation in the vacancy caused by retirementof Mr. Raunaq Singh, Non-Executive Director & Chairman of Board.
2003
-Technical and Financial Collaboration with Michelin Group.
2004
-Compagnie Financiere Michelin, Switzerland, acquire 57,12,500 shares amounting to 14.90% of total paid up capital of Apollo Tyres Ltd.
-Michelin Apollo Tyres Pvt Ltd [MATLs], a 51:49 joint venture between Michelin Group & Apollo Tyres Ltd [ATLs], has announced the launch of range of truck & bus radials for Indian market.
-Apollo Tyres Ltd on August 9, 2004, announced the opening of Apollo Pragati Kendras , exclusive outlets for selling the entire range of its farm tyres to the agricultural community
-Apollo Tyres introduces new range of tubeless car radials on october 27, 2004.
2005
- The first tyre-manufacturing unit of Apollo Tyres Ltd [ATLs] at Perambra in Thrissur district celebrates its 30 years of successful operations on 17th April 2005.
2006
-Apollo Tyres rolls out DuraTreads
2007
- The Comp. has splits its face value from Rs10/- to Rs1/-.
