MRF Limited (Madras Rubber Factory limited) is an India-based company engaged in manufacturing, distribution and sale of tyres for various kinds of vehicles. The company is primarily engaged in the manufacture of rubber products, such as tyres, tubes, flaps, tread rubber and conveyor belt. It exports to more than 65 countries.
Although the factory was just a small shed without any machines, a variety of products, ranging from balloons and latex-cast squeaking toys to industrial gloves and contraceptives, were produced. During this time, MRF established its first office at 334, Thambu Chetty Street, Madras (now Chennai), Tamil Nadu, India.
MRF ventured into the manufacture of tread rubber. And with that, the first machine, a rubber mill, was installed at the factory.
MRF soon became the only Indian-owned unit to manufacture the superior extruded, non-blooming and cushion-backed tread-rubber, enabling it to compete with the MNC's operating in India at that time.
By the end of 1956, MRF had become the market leader with a 50% share of the tread-rubber market in India. So effective was MRF's hold on the market, that the large multinationals had no other option but to withdraw from the tread rubber business in India.
The company was incorporated as a private limited company on 5 November. The company manufactured automobile, aircraft, bicycle tires and tubes in collaboration with the Mansfield Tire & Rubber Company of Mansfield, Ohio. The tires were sold under the trade name Mansfield Tyres (MRF). The Company also produces other industrial products made of rubber such as conveyor belts and hoses.
The Madras Rubber Factory Private Limited was converted into a public company on 1 April, and additional capital was raised in order to start the manufacture of automobile tires and tubes in collaboration with the Mansfield Tire & Rubber Co.. The Company was given permission to export tires with the Mansfield trademark to all global markets except the United States and Canada. : 2,49,650 shares allotted without payment in cash. 350 shares subscribed for by the signatories to the Memorandum of Association. 2,50,000 shares reserved and allotted directors. 5,00,000 shares issued to public in April 1961. The balance 2,50,000 shares allotted to collaborators as payment for machinery.
The main plant for production of tires and tubes was commissioned on 4 December.
Nylon Hot-Stretch Unit of the latest design was commissioned in November.
6,25,000 Right Equity shares offered at par in the proportion 1:2.
With the commissioning of the main plant in 1964, MRF also made progress in the export of tires. An overseas office in Beirut, Lebannon was established to develop the export market, and it was amongst India's very first efforts. This year also marked the birth
of the now famous MRF Muscleman.
MRF became the first Indian company to export tires to the U.S.A..
In March, 5,62,500 bonus equity shares issued in the proportion 3:10.
MRF scored a major breakthrough by being among the very first in India to manufacture and market Nylon tyres.
During September, 12,18,714 bonus shares issued in proportion 1:2. (Only 12,18,689 shares were taken up).
The Company finalised a technical know-how collaboration with B.F. Goodrich Co., U.S.A., which became fully operative in early 1980-81.
This agreement was revalidated for further five years.
The Mansfield Tire & Rubber Co., U.S.A. offered for sale out of its holding 3,74,250 No. of Equity shares of Rs 10 each of the Company at
a premium of Rs 4 each as follows: 3,63,786 shares as rights to the existing shareholders in the proportion 1:8 and 10,464 shares to the employees of the Company.
The Company crossed several milestones in its history. It went into technical collaboration with BF Goodrich Tire Co., USA in the year.
The name of the Company, Madras Rubber Factory Ltd. was changed to MRF Ltd in the year.
Mansfield Tire & Rubber Co. of U.S.A., offered for the their balance shareholding of 3,55,537 No. of Equity shares of Rs 10 each in the
Company at a premium of Rs.4 per share as follows: 3,29,587 shares to the existing resident Indian shareholders and non-resident Indian shareholders (on non-repatriation basis) in proportion 1:10 and 25,950 shares to the Indian employees, business associates and dealers of the Company.
2,00,000 No. of Equity shares allotted in Feb. 1982 to IFCI at a premium of Rs 5 per shares on conversion of loans.
The Company finalised a technical collaboration agreement with M/s. Marangoni TRS SPA, Italy for the supply of know-how for the
manufacture pre-cured tread rubber for retreading industry.
Sales crossed INR two billion. MRF tyres were the first tyres selected for fitment onto the Maruti Suzuki 800 - India's first
small, modern car.
A letter of intent was obtained for the manufacture of conveyor belts and hoses in collaboration with Industrial Pirelli SPA,
Italy. Plans were also on hand to go in for a joint venture with the aero tyre division of B.F. Goodrich & Co., for retreading and subsequently for manufacturing aircraft tyres.
The Company issued 15% non-convertible debentures of Rs 100 each (II Series) for Rs.8 Crore as rights to the existing shareholders to raise finances for modernisation of the Company. Under Cumulative interest payment scheme, these debentures are redeemable in 3 annual
instalments of Rs 35 each commencing on 8 May 1993 at a premium of 5% in the first instalment. Under the non-cumulative interest payment scheme, the debentures are redeemable in five equal annual instalments of Rs.20 each commencing from 8 May 1991 at a premium of 5% which will be paid on 8 May 1993.
(18 months), The Company obtained MRTP clearance and a letter of intent for the manufacture of pre-cured tread rubber up to 6,000
tonnes per annum by using indigenous technology developed by the Company. MRTP clearance was also obtained for setting up a new plant at Tada in Andhra Pradesh for manufacture of 1.5 million number of tyres and tubes per annum.
The Company entered into a collaboration agreement with Vapocure of Australia to manufacture polyurethane paint formulations that can be
rapidly cured at room temperature and would also help in the manufacture of shatter-proof glass. The plant with an installed capacity of 10,000 tonnes per annum was being set up at Gummidipoondi in Tamil Nadu.
Funskool (India), Ltd. and `Crystal Investment and Finance Co. Ltd.' became subsidiaries of the Company. Funskool (India), Ltd.
was promoted in collaboration with Hasbro International, U.S.A., the World's largest toy makers.
The MRF Pace Foundation was set up, with international pace bowler, Dennis Lillee as its Director. Not long thereafter, pace bowlers
trained at the Foundation were selected for the Indian Cricket Team.
The Company was identified as `Star Exporter', a status that enables the company to get priority treatment in several areas concerned
with Customs, RBI, etc.
Aero tyre division of B.F. Goodrich Co., USA was taken over by Michelin Cie of France.
Government approved the technical collaboration with Uniroyal Goodrich Tire Co., U.S.A., a subsidiary of Michelin Cie., France,
for imparting latest technology for bias ply/radial aircraft tyres for a period of 5 years.
The Aruna Leathers & Exports Ltd. was amalgamated with the
Company. As per the scheme one equity share of Rs 10 each of MRF Ltd. was allotted for every 10,000 shares of Rs.10 each fully paid-up held in ALEL. Accordingly, 25 equity shares were allotted to the erstwhile shareholders of ALEL.
The Company introduced `Vapocure' colours in the market.
(6 months), the Company privately placed 15,00,000 - 14% non-convertible debentures of Rs 100 each (III Series). The debentures
are redeemable - at a premium of 5% in three annual instalments of Rs.35 each commencing from 31 July 1997.
The Company privately placed with SBI Mutual Fund 10,00,000 - 14% debentures (IVth Series) which are redeemable at a premium of 5% on
26 June 1998.
During the year 5,00,000 - 14% debentures were also privately placed with Infrastructure Leasing & Financial Services, Ltd. These
debentures are redeemable in three annual instalments at a premium of 5% commencing from 23 July 1997.
The Company promoted a new Company viz. MRF International, Ltd., in view of the tremendous growth potential in the export market.
3,85,000 of equity shares issued at a premium of Rs.242 per share to the foreign collaborators M/s. Asia Trading Services, Hong Kong.
The Company has formed a new Company, viz., MRF INTERNATIONAL LIMITED and the Company has received the certificate of commencement of
K.M.Mammen Mappillai was awarded the Padma Shri Award of National Recognition for his contribution to industry - the only industrialist
from South India to be accorded this honour. MRF also became the first tyre company in India to cross the INR 10 billion mark. In addition, the company was voted by the Far Eastern Economic Review, as one of the ten leading Corporate Groups in India and a Leader in Asia, and by readers of the A & M magazine, as one of India's most admired Marketing Companies.
The Company has received the Top Export Award for the year from All India Rubber Industries Association.
The Company has received an award from CAPEXIL - Certificate of Merit based on the export performance for the year.
The Far Eastern Economic Review Award was presented to MRF for the fourth year in succession in recognition of excellence.
MRF Ltd has been assigned a credit rating of `PR1+' (superior) for its proposed Rs 100 crore commercial paper (CP) programme by Credit
Analysis and Research Ltd (CARE).
MRF is setting up a new plant in Puducherry for the production of radial tyres.
The company set up the Arakkonam plant in Chennai to produce bicycle tyres and tubes.
MRF began manufacturing tyres and tubes in technical collaboration with Mansfield Tire and Rubber Company, USA.
MRF has launched Nylogrip Zapper, a high performance tyre for new generation bikes.
The company tied up with Uniroyal Goodrich Tire Co. of USA, a subsidiary of the French Tyre giant Michelin, which held 9.8 percent
stake in the company.
MRF Tyres has signed an OEM (original equipment manufacturer) alliance with Siel Honda Motors and Hindustan Motors.
MRF has launched a market sampling operation for the MRF Zigma.
MRF Ltd has decided to set up more such clinics in Northern and Western cities.
The Company has entered into agreements with the Depositories viz., National Securities Depository Ltd. [NSDL] & Central Depository
Services (India) Ltd.
The Company has set up shop in Dubai to target markets in the UAE as part of its export thrust.
MRF has launched a steel-belted premium radial tyre variant called `MRF ZVTS'.
MRF Tyres Ltd sees slump in commercial vehicle tyre market and passenger car growth has also declined.
High court dismisses the writ petition filed by MRF Employees Union challenging the order
of dismissal of a worker, who was the secretary of the union.
Advertising Standard Council of India Quashed the objection raised by MRF by upholding J K Industries claim of being India's Number one tyre maker in the four-wheeler segment.
MRF and Bridgestone are ranked highest in a tie for the second year in a row in customer satisfaction with original tries according to JD Power Asia Pacific.
Shri K.M. Mammen Mappillai, Chairman and Managing Director expired[clarification needed] on 2 March.
Mr. C.D.Khanna has ceased to be the Director of the company. And Mr. K.S.Narayanan has resigned from the board of MRF.
Mr. N.Kumar and Mr. Ranjit Issac Jesudasen have been appointed as the directors of the company.
Mr. K.S.Narayanan ceased to be director of the Company with effect from 17 April 2003, consequent to his resignation from the Board of
MRF Ltd. has informed the Exchange that at its meeting held on 19 December 2003 the BOD have re-designated Jt. Managing Director
Mr. Arun Mammen as Managing Director of the Company w.e.f 1 April 2004.
MRF Ltd. has informed that Mr. Ravi Mannath has been appointed as Additional Company Secretary of the Company w.e.f. 5 January 2004.
MRF Tyres is the biggest consumer of natural rubber in India during 2002-03
Ties up with Maruti Udyog to boost motorsports in India
MRF Ltd launches premium truck tyre Super Lug 50-FS.
MRF Ltd inaugurated its 7th manufacturing facility at Ankanpally near Hyderabad, exclusively for radial tyres.
MRF Ltd crosses gross revenue mark of ₨ 10,000 crores.