History of Apollo Tire
The Indian cricket team has got its jersey sponsor. Apollo Tire has signed an agreement of Rs 579 crore for 3 years with BCCI. Now by the year 2027, you will be seen playing with a jersey with the Indian cricket team Apollo tire. But do you know that the situation of Team India's jersey sponsoring company was quite bad at a time. The father offered his own son to sell the company in a symbolic prize of 1 rupee. But it was then and now is the time. The company's market cap is now close to Rs 31 thousand crore on BSE.
During the Emergency of 1975, the company's economic conditions had deteriorated. Facing the serious problems of the company, Raunak Singh decided to get rid of this unsuccessful business and proposed to sell it to his son Omkar Kanwar at a symbolic price of one rupee. According to the DNA report, Omkar Kanwar accepted the challenge and transformed Apollo Tires from his difficult period. He turned it into billions of rupees enterprise and a prominent player in the global tire industry.
According to the company's website, the story of Apollo Tires started in 1972, when its foundation was laid in Gurugram, India. In 1975, the first factory began in Perambra, Kerala, which made the company to new heights by creating high quality tires. Gradually, Apollo made his mark in more than 100 countries with its hard work and quality. In 2009, the company made the Netherlands Wradestein Banden BV. Bought, named Apollo Wradestein. Today, five factories of Apollo are in India and one in the Netherlands and Hungary, which supply reliable tires worldwide.
In 1980, his son Onkar Kanwar took control of the company from the company's founder Raunak Singh and started a big restructuring. He took several important steps to revive the company. For example, domestic trucks focused on the tire market, especially the products for Indian roads and load conditions have developed. The employee's salary was linked to the productivity, which led to the improvement in relation and efficiency.
Along with this, as the company started creating its grip. He started expansion in India. In 1991, another plant opened in Limada, Gujarat. In 1995, Premier Tires Limited was acquired and set up a third plant in Kerala, with the company in 1990, the company became a leader in the Indian Radial Tire Segment and also became the top tire exporter of the country.
Apollo tires are currently one of the country's major tire companies. Talking about its financial health, the company's market cap is Rs 30,916.71 crore. After the news of Jersey sponsor, the shares of Apollo Tire Limited saw a jump. The company's stock rose by 1.56 per cent to close at Rs 486.80 on BSE.
