Apollo Tyres : History

1972

- Apollo Tyres Ltd. (ATL) was incorporated 28th September, 1972 as a Public Limited
Company and obtained certificate of Commencement of Business on October 24, 1972.
The Company was promoted by Bharat Steel Tubes, Ltd. Raunaq International Pvt. Ltd.,
Raunaq & Co. Pvt. Ltd., Raunaq Singh, Mathew T. Marattukalam and Jacob Thomas.
The Company manufacture automobile tyres and 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. and associate
companies. 75,000 pref. shares and 46,50,000 No. of equity shares offered at par to the
public in October 1975.

1978

- 35 Pref. and 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 the 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 the 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 Company acquired interest in Gujarat Tyres Ltd., for implementing
an industrial licence to manufacture automobile tyres and tubes in Gujarat State.

- The Company finalised a proposal for promoting a company in joint participation for
carrying on business in pipe laying, drilling, coating contracts and other engineering,
designing, consultancy and management services.

- 6,52,000 No. of equity shares allotted at par to financial institutions in conversion of

loans.

1988

- The Company 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 Company promoted a new Company under the name of "Raunaq Aker Drilling,
Ltd." in technical collaboration with Aker Drilling A/s, Norway. The company was to
undertake multifarious onshore and offshore drilling services/related activities in India.

- The Company entered into an agreement with Persterp AB, Sweden for promotion of
joint venture company in the name of "Gujarat Perstorp Elektronics Ltd." It undertook
manufacture of electronic grade copper clad laminates.

1989

- Radial tyres for Maruti cars and premium tyre for trucks were launched during the year.

- During August, the Company 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 Company also issued 2,10,050 - 12.5% partly convertible debentures to the
employees' (including Indian working directors) of the Company (only 8,875 debentures
were taken up). The unsubscribed portion of 2,01,175 debentures was allowed to lapse.

- Rs 35 (Part A) of the face value of each debenture was automatically and compulsorily
converted into one equity share of Rs 10 each at a premium of Rs 25 per share.

- Rs 40 (Part B) of the face value of each debenture was automatically and 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 C) of the face value of each debenture was to be redeemed in
two instalments of Rs 10 and Rs 15 at the end of 8th and 9th year respectively from the
date of allotment of debentures.

- During September the Company 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: (i) 4,30,000 debentures to Commonwealth
Development Corporation (CDC); (ii) 1,00,000 debentures to SBI Mutual Fund and (iii)
3,57,000 debentures to UTI.

- Of the balance 33,72,715 debentures (i) 3,55,000 debentures to shareholders of the

promoter and other companies, viz., BST Mfg. Ltd., Bharat Gears, Ltd., Apollo Tubes,
Ltd., Raunaq International Ltd., Raunaq & Co. Pvt. Ltd., Universal Steel & Alloys Ltd
and Raunaq Automotive Exports, Ltd. (ii) 2,13,000 debentures to employees of the
Company (only 650 debentures were taken up). 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 and 5,32,135 debentures to the public).

- Rs 35 (Part A) of the face value of each debentures was automatically and 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 B) of the face value of each debentures was automatically and 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 C) of the face value of each debenture was to be redeemed in three

instalments of Rs 20, Rs 20 and Rs 25 each at the end of 7th, 8th & 9th year from the date
of allotment of debentures.

1991

- The Company proposed to undertake exports of LVC and farm tyres in addition to truck
tyres.

1993

- The Company undertook modernisation, upgradation of technology installation of line

balancing equipments, setting up a state of are R&D centre, and to be financed by way of
a 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 and Rs 40 per share for
another 97,38,675 shares).
1994

- A number of high technology radial products were developed and introduced. The
Company created distribution network of more than 2500 dealers in the country.

1995

- A new plant for manufacturing tubes and flaps at Ranjangaon near Pune was
commissioned during the year.

- The Company 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 and with a capital outlay of Rs 400 crores at Pune. This is a 50:50
joint venture between Apollo and Continental.

- During January, the Company 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 & 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 Ltd. (PTL) envisaging take over of PTL. The scheme involves operation
of Premier plant by Apollo for production of Apollo brands under a lease arrangement.
The Company 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
share) allotted on 30.3.96 (Propn. 1:1).

- The Company 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 Company 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 (ATW)
through Vora Tyres.

- Apollo has been setting up ATW's 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 and
instrumentation sections.

- The week-long lock-out declared by the Apollo Tyres management at its factory at
Perambra in Kerala has been lifted and the factory resumed operations from December
13.

- ATL is the first Indian company to have an ISO 9001 accreditation for the entire
product range.

- ATL has emerged as the fastest growing tyre company in India (turnover up six-fold in
the last five years) and the seventh fastest in the world.

- The strike, by the electrical department workmen, began from November 30,
demanding withdrawal of suspension of an employee.

1998

- Apollo Tyres has announced a voluntary retirement scheme (VRS) for the workers at its
Perambra unit in Kerala with a view to optimise manpower utilisation and costs.

- The Perambara unit in Kerala was one of the largest units with a capacity of 115 tonnes
per day and its closure between April 10 to July 18 resulted in a massive production loss.

- The company 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 and
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 and acting as a
drag on the company's resources. This is mainly due to the continued labour unrest and
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 company 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 company 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 and the conversion arrangement with TCIL
contributes another 25,000 tyres per month.

- Premier Tyres Ltd. became a subsidiary of the 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 (ATL) has signed an agreement with national Securities
Depository Limited (NSDL) for holding and trading of shares in demant form.

- Apollo Tyres Ltd. has informed the Mumbai Stock Exchange (BSE) 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 and

Continental to include technology transfer for truck radials as the existing agreement.

2000

- The Company 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 (NCD) programme of Apollo Tyres Ltd.

- The Company proposes to pump in Rs. 225 crore as equity in its new wholly-owned
subsidiary which will set up a greefield manufacturing unit.

- The Company is setting up a Rs 450-crore plant to manufacture cross/ply radial tyres.

- The Company's plant at Limba was closed for 19 days from 1st May, to 19th May, on
account 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 and pleasant journeys.
- The Kalamassery unit of Apollo Tyres has won the 26th National Competition for
Young Managers for 2000 organised by the 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 Ltd. 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
the 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 and Non-Executive Chairman of the
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 the Board of Directors. The Board also appointed Mr D
Sengupta former Chairman of GIC as an Additional Director of the 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 the
retirementof Mr. Raunaq Singh, Non-Executive Director and Chairman of the Board.

2003

-Technical & Financial Collaboration with Michelin Group.

2004

-Compagnie Financiere Michelin, Switzerland, acquire 57,12,500 shares amounting to

14.90% of the total paid up capital of Apollo Tyres Ltd.

-Michelin Apollo Tyres Pvt Ltd (MATL), a 51:49 joint venture between Michelin Group
and Apollo Tyres Ltd (ATL), has announced the launch of a range of truck and bus
radials for the 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 the Apollo Tyres Ltd (ATL) at Perambra in
Thrissur district celebrates its 30 years of successful operations on 17th April 2005.

- Apollo Tyres Ltd has entered into a distribution tie-up with Triveni Khushali Bazaar -
specialised farm goods supermarkets being promoted by Triveni Engineering &
Industries Ltd - for retailing its farm tyres.

2006

-Apollo Tyres rolls out DuraTreads

-Apollo Tyres executes MOU with Tamilnadu Government for setting up Tyre
Manufacturing Facility

-Apollo Tyres to acquire Dunlop South Africa for Rs 290cr

2007

- The Company has splits its face value from Rs10/- to Rs1/-.

-Apollo diversifies into transport and logistics

2008

-Apollo Tyres establishing plant in Hungary

2009

-Apollo Tyres - Acquisition of 100% shareholding control of Vredestein Banden B.V.,

Netherlands
OUR COMPANY
• At a Glance
• We Believe
• Board of
Directors
• Management
Board
• Executive
Office
• Operations

•
India Home
Corporate Home
Onkar S Kanwar Neeraj R S Kanwar**
Chairman Managing Director
Apollo Tyres Ltd Apollo Tyres Ltd

T Balakrishnan* L C Goyal *
Principal Secretary Principal Secretary
(Industries) (Finance)
Government of Kerala Government of Kerala

Michael J Hankinson
Deputy Chairman Nimesh N Kampani
Apollo Tyres South Africa Chairman
(Pvt) Ltd JM Financial Group

Dr S Narayan
Raaja Kanwar Former Principal Secretary
Managing Director to the Prime Minister of
Apollo International Ltd India

M R B Punja
U S Oberoi** Former Chairman
Chief, Corporate Affairs Industrial Development
Apollo Tyres Ltd Bank of India

Arun Kumar Purwar Sunam Sarkar**

Former Chairman Chief Financial Officer
State Bank of India Apollo Tyres Ltd

Shardul S Shroff Robert Steinmetz

Senior Partner Former Chief of
Amarchand & Mangaldas International Business
& Suresh A Shroff & Co Continental AG

K Jacob Thomas
Managing Director
Vaniamapara Rubber Co P N Wahal
Ltd Company Secretary
OUR COMPANY
• At a Glance
• We Believe
• Board of
Directors
• Management
Board
• Executive
Office
• Operations

•
India Home
Corporate Home
INDIA

Kalamassery, Cochin, Kerala

In operation since 1962
Products manufactured
Truck and bus cross-ply
Light truck cross-ply
Farm cross-ply
Re-treading material

Limda, Baroda, Gujarat

In operation since 1991
Products manufactured
Passenger car radial
Truck and bus radial & cross-ply
Light truck radial & cross-ply
Farm radial & cross-ply

Perambra, Cochin, Kerala

In operation since 1977
Products manufactured
Truck and bus cross-ply
Light truck cross-ply
Farm radial & cross-ply

SOUTH AFRICA
 Durban, Kwazulu NatalI
In operation since 1935
Products manufactured
Truck and bus radial & cross-ply
Light truck radial & cross-ply
Farm
Off-The-Road

Ladysmith, Kwazulu Natal

In operation since 1973
Products manufactured
Passenger car radial
Light truck radial

ZIMBABWE

Bulawayo, Matabeleland
In operation since 1957
Products manufactured
Passenger car radial & cross-ply
Truck cross-ply
Farm
Off-The-Road
Retreading material
 Harare, Harare
In operation since 1926
Products manufactured
Retreaded tyres

THE NETHERLANDS

Enschede
In operation since 1946
Products manufactured
Passenger car radial
Collapsible passenger car spare tyres
Agriculture tyres