History of Goodyear India Ltd.
YEAR EVENTS 1922 - The Comp. was incorporated to manufacture tyres and rubber goods.
1961 - On becoming a public limited Comp. in March, the name of the Comp. was changed from 'The Goodyear Tire and Rubber Co. [Indias] Ltd.' to 'Goodyear India Ltd.'.
- The Goodyear Tires and Rubber Co., Akron, U.S.A., the ultimate holding Comp. & its nominees hold 89,68,400 No. of equity shares of Company.
- Subject to necessary permission being received, the Company proposed to issue 81,00,815 No. of equity shares of Rs 10 each at a premium of Rs 77.94 per share to the Good Year Tyre & Rubber Comp. Akron, Ohio U.S.A. to raise their stake to 74% from the existing 59.926%.
1962 - 16,00,000 right shares issued.
1963 - 4,00,000 shares offered to the public [prem. Rs 7 per shares].
1964 - In Dec. 6,40,000 shares offered [prem. Rs 7 per share; prop. 5:8s] to Indian shareholders.
1973 - 25,38,577 bonus shares issued in prop. 1:1.
1974 - 2,67,736 right shares issued [prem. of Rs 7 per share; prop. 1:7s] to Indian Nationals.
1977 - 21,37,956 bonus shares issued in prop. 2:5.
1982 - The Comp. executed an agreement with Andrew Yule and Co. Ltd., Calcutta to provide technical know-how for manufacture of `Fan' & `Vee' belts & to buy 50% of their production for resale under the `Goodyear' brand name.
- An approval was received to convert the bicycle tyre plant to produce 1,50,000 scooter/motorcycle tyres per annum & to increase the production capacity of automotive tyres & tubes to 10.24 lakhs per annum.
- The Comp. undertook a three-year modernisation in the Ballabgarh plant in order to raise the plant capacity.
1989 - The Comp. proposed to increase the production of ultra large earthmover tyres as an import substitution measure.
1990 - The `Power Tread', a passenger radial tyre launched was well received in the market.
- 74,82,846 bonus shares issued in prop. 1:1.
1993 - Profitability was adversely affected due to strike of truckers, high carrying cost on receivables & competitive prices.
1994 - The Comp. introduced two new products namely `Power King' in the Bias Truck Tyre segment & wrangler-RT/s in fabric radial segment for car & other vehicles which received high acclamation for their quality & acceptance. 1995 - The Comp. entered into a joint venture arrangement for manufacturing Steel Radial Passenger, Light & Medium Truck Tyres & Bias Earthmover tyres with the technology of The Goodyear Tire and Rubber Company, Akron, U.S.A.
1996 - In the Ballabgarh plant, a 5.3 MW RFO based wartsila genset was commissioned.
1997 - The Comp. undertook expansion of Rear Farm Tyres production at its Ballabgarh plant.
- 81,00,815 No. of equity shares allotted to Goodyear Tea and Rubber Co. U.S.A.
- Goodyear India, a subsidiary of global tyre giant Goodyear Tire & Rubber Company, is organising a 700-km two day car rally for women in Delhi.
- The Comp. will be issuing preferential shares at the rate of Rs.87.94 per share which would amount to Rs.71 crore to the company.
- The Comp. proposes to raise Rs.710 million in the form of preferential shares in order to reduce the debt burden and increase the working capital of its Indian arm.
- Goodyear Tire and Rubber Co. & the Steelworkers union reached a tentative contract agreement that if ratified will end the union 14-day strike against the tyremaker.
- Goodyear has also set up a joint venture Comp. in partnership with Ceat Ltd called South Asia Tyres Ltd [SATLs]. The 50:50 joint venture has set up a Rs.367 crore radial tyre plant at Aurangabad.
- Goodyear India limited [GILs] promoted by Goodyear Tire and Rubber, USA [FY96 turnover US $13 billions] went public in 1961.
1998 - RPG Enterprises & Goodyear India 50:50 joint venture South Asia Tyres Ltd is under strain.
- The Comp. presently has a capacity of 1,194 tonnes per year. The company joint venture with its parent Comp. & Ceat, South Asia Tyres.
1999 - The Comp. has the technical & financial muscle to ride out the current sluggish phase.
- Goodyear India limited [GILs], announced the launch of two new tyre that are meant for special purpose dump trucks used in mining, quarrying & construction activities.
- Goodyear has simultaneously launched nine new tyres. This is probably the first time that a tyre Comp. has introduced so many new products at one go.
- Goodyear has emerged as the largest tyre Comp. in the world and India is its largest investment destination in Asia.
2000 - The Comp. has informed that, Goodyear Tire and Rubber Company, Akron, Chlo, USA, continues to hold 1,70,69,215 equity shares of Rs. 10/- each which constitutes 74% of equity share capital of company.
2001
-Unveiles three new products for truck & light truck segments. Launched after field & Laboratory testing, the three new tyres are the power 2000, the Power Torq+and the Power Max+, targeted at the medium, commercial & light truck segments respectively.
-Mr C Dasgupta, former Ambassador to European Union, the Kingdom of Belgium & China, has joined the Board of Comp. as non-wholetime Director.
-Launches tubeless radial tyres for passenger car category, making it the first tyre manufacturer in the country to offer a complete tubeless tyre range for all types of passenger cars
2002
-Mr H D Pace, non-wholetime Director & Mr E Krishnaiah, wholetime sales Director, resign from the company
-Decides to stop the manufacture of tyres for Ceat Ltd under the brand names of latter company
-Mr Antonio M. Capellini appointed as its new Chairman & Managing Director
2003
-Company chosen as the original equipment [OEs] supplier of tyres for two domestic passenger cars, Skoda Octavia & GM Chevrolet Optra, & two export cars, the Telco City Rover & Telcoline 4X2
-Parent Goodyear Tire and Rubber Comp. - the largest tyre manufacturer in the world - decides to invest $30 million [approximately Rs 135 crores] via the external commercial borrowing [ECBs] route in its units at Ballabgarh & Aurangabad
2006
-Goodyear India on Oct 10, 2006, rolled out new range of tyres Excellence for premium car segment in India.
