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Apollo Tyres Ltd. Company History and Annual Growth Details

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


 
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