Never tire of reaching milestones:Once on verge of being sold for ₹1, Apollo is now one of India’s top tyre makers

In 1978, the then Janata Party government took control of the management of Apollo Tyres, which was facing a severe financial crisis. The crisis was so serious that the company, established in 1972, had incurred a loss of around ₹30 crore against a capital of ₹8 crore by 1978-79. According to reports, the company did not even have enough money to pay its employees’ salaries. However, the management began a legal battle against government control. Founder Raunak Singh became so troubled by the legal complications that he advised his son, Onkar Kanwar, to sell the company to the government for ₹1, so that they could be freed from the burden of debt and legal disputes. However, instead of selling the company, Onkar Kanwar took charge himself, and today it is among the country’s leading tyre manufacturers. By revenue, it is currently the country’s second-largest tyre company. MRF ranks first. According to a report from December 2025, the company manufactures around 3.17 crore tyres annually. It holds a leading position, particularly in the manufacture of truck and bus tyres. Importantly, around one-quarter of its revenue comes from Europe. Current status: Market capitalisation of more than ₹25,000 crore In the 2025-26 financial year, the company’s revenue was around ₹28,471 crore, which is more than its current market capitalisation of around ₹25 crore. Around 26% of the company’s revenue comes from Europe. It currently has six plants, five of them in India and one in Hungary. However, it also had a plant in the Netherlands, where production ceased in June 2026. In 2025, Apollo became the Indian cricket team’s jersey sponsor. The agreement, worth ₹579 crore and spanning around two and a half years, covers 121 bilateral and 21 ICC cricket matches. Beginning: Industrialist Raunak Singh laid the foundation with his associates Apollo Tyres was registered as a public limited company on 28 September 1972. Its promoters included industrialists Raunak Singh, Mathew T. Marattukalam and Jacob Thomas. Raunak Singh was a refugee who came from Pakistan’s Punjab after Partition. The company launched its IPO in 1975. Its first plant began operations in Perambra, Kerala, in 1977. New steps: Plan to increase passenger car tyre capacity in Hungary The company is increasing its passenger car tyre manufacturing capacity in Hungary, with production expected to begin in the second half of this financial year. New capacity in India will start coming on stream by the end of financial year 2026-27. In July, it opened its second super-premium outlet in Jaipur. The company has set a target of achieving net-zero carbon emissions by 2050. Lesson: In a crisis, it is important to focus on one’s strengths instead of rushing in every direction and to win people’s trust. Comeback: Bet on truck tyres Despite the losses, Onkar Kanwar set an ambitious target and focused on truck tyres. By 1986, Apollo’s ‘Hercules’ truck tyre had become the market leader. This gave the company a way out of its loss-making phase. Plants opened at different locations Kanwar started new plants to deal with the unions. A plant was set up in Limda, Gujarat, in 1991, and a third plant was established in Kochi in 1995 following the acquisition of Premier Tyres. End of the dispute Onkar Kanwar’s vision prevailed in the father-son dispute. Instead of becoming a conglomerate with multiple businesses, the company remained focused on Apollo Tyres. Production shifted to lower-cost locations Production of truck-bus radial tyres made in the Netherlands is being shifted to Indian plants. Expansion is also under way in Hungary. The challenges faced by the company Initial losses and production crisis The company fell into losses as soon as the plant began operations. When Onkar Kanwar took charge in 1979, the company had already lost more than its entire net worth in just two years and was also facing serious production problems. Strikes and lockout At the time, Apollo’s entire production depended on the Perambra plant. Conflicts between the management and the union led to several strikes in the 1980s. The plant remained under lockout from December 1989 to 15 January 1990. Father-son dispute In the 1990s, an open dispute broke out between Raunak Singh and his son, Onkar Kanwar, over control of the company. Raunak Singh levelled several serious allegations. High costs and weak demand in Europe Due to high costs and weak demand in Europe, the company had to shut its Enschede plant in the Netherlands in June. The company in figures… – The company operates in more than 100 countries. – The company had 17,517 employees in financial year 2025-26. – Revenue stood at ₹7,398 crore in April-June. – The company’s profit stood at ₹1,372 crore in the 2025-26 financial year. Major competitors: In India, its biggest competitor is MRF. In Europe, Apollo competes with global giants such as Michelin, Continental and Bridgestone. How it got its name: Some sources say it was named after the Greek god Apollo, but this has not been documented authoritatively anywhere.