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Apollo Tyres
BSE: 500877|NSE: APOLLOTYRE|ISIN: INE438A01022|SECTOR: Tyres
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Company History - Apollo Tyres
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
 
 2010
 
 -Apollo to launch Vredestein tyres in India.
 
 -Apollo Tyres has introduced 6 new products in the European market.
 
 -Apollo Tyres South Africa (Pty.) Ltd. (ATSA), a
 wholly-owned-subsidiary of Apollo Tyres Ltd
 
 2011
 
 -Tamil Nadu government and the tyre manufacturer Apollo has signed a
 MoU relating to investment of Rs 2,100 crore as part of Apollo’s
 Greenfield project.
 
 2012
 
 -Apollo Tyres likely to acquire stake in Cooper Tire & Rubber
 Company.
 
 
 
 
Source : Dion Global Solutions Limited
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