MRF (company)

Last updated

MRF Limited
Company type Public
BSE:  500290
NSE:  MRF
ISIN INE883A01011
Industry
Founded1946;78 years ago (1946) in Tiruvottiyur, Madras, India
Founder K. M. Mammen Mappillai
Headquarters
Chennai, Tamil Nadu
,
India
Area served
Worldwide
Key people
  • K. M. Mammen (Chairman)
  • Rahul Mammen Mappillai (MD)
Products
RevenueIncrease2.svg₹25,486 crore (US$3.1 billion) (2024) [1]
Increase2.svg₹2,787 crore (US$330 million) (2024) [1]
Increase2.svg₹2,081 crore (US$250 million) (2024) [1]
Total assets Increase2.svg₹26,849 crore (US$3.2 billion) (2024) [1]
Total equity Increase2.svg₹16,703 crore (US$2.0 billion) (2024) [1]
Number of employees
19,209 (2024)
Website www.mrftyres.com OOjs UI icon edit-ltr-progressive.svg

MRF, or MRF Tyres, is an Indian multinational tyre manufacturing company and the largest manufacturer of tyres in India. It is headquartered in Chennai. [2] The acronym MRF comes from the company's initial days when it was called as Madras Rubber Factory. The company manufactures rubber products including tyres, treads, tubes and conveyor belts, paints and toys. [3] MRF was named the world's second-strongest tyre brand by Brand Finance, with a AAA− brand grade. [4]

Contents

MRF is also active in cricket and motorsports endorsements; it runs the MRF Pace Foundation and MRF Institute of Driver Development (MIDD) in Chennai.

History

MRF was started by K. M. Mammen Mappillai as a toy balloon manufacturing unit in 1946 at Tiruvottiyur, Madras (now Chennai). In 1952, the company ventured into the manufacture of tread rubber. [2] Madras Rubber Factory limited was incorporated as a private company in November 1960 and ventured into manufacture of tyres in partnership with Mansfield Tire & Rubber company based in Ohio, United States. [5] The company went public on 1 April 1961 and an office was established in Beirut, Lebanon to develop the export market in 1964 and its current logo of the muscleman was born. [5] In 1967, it became the first Indian company to export tyres to USA. [6]

In 1973, MRF started manufacturing Nylon tyres for the first time. The company entered into with a technical know-how collaboration with B. F. Goodrich in 1978. [7] The Mansfield Tire & Rubber Co sold out its share in 1979 and the name of the company was changed to MRF Ltd in the year. The company finalised a technical collaboration agreement with Marangoni TRS SPA, Italy for the manufacture of pre-cured tread rubber for retreading industry. MRF tyres supplied tyres to Maruti 800, India's first modern small car. [5] In 1989, the company collaborated with Hasbro International, the world's largest toy maker and launched Funskool India. Also, they entered into a pact with Vapocure of Australia to manufacture polyurethane paint formulations and with Italian tyre manufacturer Pirelli for conveyor and elevator belt manufacture. [7] During the year 2004–05, the product range of the company expanded with Go-kart & rally tyres and tyres for two/three wheelers.

Products

Manufacturing facilities

  1. Kottayam Plant in Kerala
  2. Puducherry Plant
  3. Goa Plant
  4. Trichy Radial Plant in Perambalur District, Tamil Nadu
  5. Trichy Bias Plant in Perambalur District, Tamil Nadu
  6. Arakonam Plant in Tamil Nadu
  7. Tiruvottiyur Plant in Chennai, Tamil Nadu
  8. Medak Plant in Telangana
  9. Ankenpally Plant in Telangana
  10. Dahej Plant in Gujarat

The company also manufactures toys at its facility in Goa. The paints and coats are manufactured at two facilities in Chennai, Tamil Nadu. [9]

Funskool

Funskool India was established in 1987 in collaboration with Hasbro toys, US. Funskool manufactures and markets toys, board games among others. It has a manufacturing facility in Goa, India. The company has manufacturing licenses for toys and games from Disney, Warner Brothers, Rummikub etc. Funskool also has partnerships with renowned toy brands such as Hasbro, Lego, Hornby, Ravensburger, Tomy Toys, LeapFrog, Siku Jumbo, and New Bright for manufacturing and marketing in India. [10]

Motorsports

MRF Racing

MRF built its first Formula 3 car in 1997. [11] MRF in collaboration with Maruti established the Formula Maruti racing, a single-seater, open wheel class motorsport racing event for race cars made in India. [5] MRF Challenge is a Formula 2000 open-wheel motorsport formula based series organised by Madras Motor Sports Club in association with MRF. The latest season consisted of races organised at Madras Motor Racing Track, Chennai, Bahrain International Circuit, Losail International Circuit, Doha and Buddh International Circuit, Noida. Freddie Hunt, son of 1976 Formula One champion James Hunt and Mathias Lauda, son of 1975, 1977 and 1984 Formula One champion Niki Lauda both competed in the series. [12] MRF has sponsored Indian racing drivers including Narain Karthikeyan, Karun Chandok, Ashwin Sundar, N. Leelakrishnan and Raj Bharath.

MRF rally team

MRF is the first and only Indian manufacturer to have won the Team Championship at the prestigious FIA European Rally Championship, not once, but twice in 2022 and 2023.

MRF have also been a long-running sponsor of an MRF rally team participating in the Asia-Pacific Rally Championship and Indian National Rally Championship. Associating with Czech car manufacturer Škoda, MRF Skoda is the three time reigning champion in the Asia-Pacific Rally Championship with Chris Atkinson winning in 2012, Gaurav Gill in 2013, Jan Kopecký in 2014, [13] Pontus Tidemand in 2015 and Gaurav Gill again in 2016 and 2017. MRF also participates in Raid De Himalaya, the world's highest rally. [14]

MRF entered the European Rally Championship in 2020, with WRC Hyundai driver Craig Breen and Emil Lindholm driving for the team.

MRF remained in ERC for 2021 and also joined several other rally championships. Craig Breen, along with Italian Simone Campedelli are set to participate in European Rally Championship. Campedelli, along with eleven-time Italian rally champion Paolo Andreucci and the 2017 ERC Ladies champion Tamara Molinaro will use the tyres while competing in the Italy Gravel rally championship. Emil Lindholm left ERC and instead will focus entirely on testing the tyres on the gravel roads of Finland. After the 2021 Rally di Roma Capitale, Breen was replaced by other Hyundai drivers, Jari Huttunen and Dani Sordo, as well as Nil Solans later on.

MRF entered Norbert Herczig, Simone Campedelli and the 2021 runner-up Efren Llarena for the 2022 campaign, with Llarena taking his first win during 2022 Rallye Azores.

MRF Motocross

MRF promotes a national motocross championship, a form of all-terrain two wheeler racing held on enclosed off-road circuits annually across several cities. [11]

MRF Karting

MRF sponsors major karting championships in India. MRF is the first Indian tyre company to develop FIA approved karting tyres. [11]

Cricket

MRF Pace Foundation

MRF Pace Foundation is a coaching clinic for training fast bowlers established by MRF with the help of former Australian Pace spearhead Dennis Lillee in Chennai, India. Through this program, young aspiring fast bowlers are trained in a special facility. Fast bowlers who trained with foundation and went on to represent the Indian Cricket Team include Javagal Srinath, Irfan Pathan, Munaf Patel, Venkatesh Prasad, R. P. Singh, Zaheer Khan and S Sreesanth. Besides Indian players, foreign players like Chaminda Vaas, Henry Olonga, Heath Streak and Australian fast bowlers Glenn McGrath, Mitchell Johnson and Brett Lee have also trained at the foundation. Sachin Tendulkar in his early days trained in the MRF Pace Foundation to become a fast bowler. Glenn McGrath was appointed director of the Foundation on 2 September 2012, replacing Dennis Lillee, who has held the post since its inception in 1987. [15]

Endorsement

MRF has been the bat sponsor for many great cricketers of the game. Sachin Tendulkar, Brian Lara and Steve Waugh. [16] Currently MRF is endorsed by Virat Kohli. [17] MRF has also sponsored Indian batsmen Rohit Sharma, [18] Gautam Gambhir, Sanju Samson, Shikhar Dhawan and Mignon du Preez.

Previous endorsements

Sponsorship

At IPL 2010, MRF sponsored moored balloons floating above the cricket grounds with a high-definition camera recording live actions of the cricket match. MRF joined as a global partner of International Cricket Council for 2015 Cricket World Cup. [19] In 2017, MRF became the sleeve sponsor for the Premier League clubs Newcastle United, [20] West Ham United F. C. [21] and official tyre partner for West Bromwich Albion.

Awards and recognition

MRF won the JD Power Award for the record 11th time in 2014. [22] The company has won several awards and accolades including the All India Rubber Industries Association's (AIRIA) award for 'Highest Export Awards (Auto Tyre Sector)', 'Top Export Award' from Chemicals & Allied Products Export Promotion Council (CAPEXIL) for 2009–10. In 2014, MRF was ranked 48th among India's most trusted brands according to the Brand Trust Report, a study conducted by Trust Research Advisory. [23]

Anti competition practices

In April 2022, the Competition Commission of India raided the headquarters of MRF along with other tyre companies like Apollo Tyres, CEAT and Continental Tyre at multiple locations. Earlier in February the anti trust watch dog had released a statement about fining these tyre companies a total of Rs 1788 crores (of which MRF fined Rs 622.09 cr.) for sharing price sensitive information among themselves to manage their cartelization of tyre prices for supplies to the public transport corporation of Haryana state. Earlier the All India Tyre Dealers Federation had complained to the Ministry of corporate affairs about this cartelization of these companies to increase the tyre prices. The ministry had then referred the case to the CCI. [24]

See also

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References

  1. 1 2 3 4 5 "MRF Q4FY24 Results" (PDF). bseindia.com.
  2. 1 2 "MRF:Overview". 14 February 2015.
  3. 1 2 3 "Company Profile:MRF". Reuters. 14 February 2015. Archived from the original on 14 February 2015.
  4. ↑ "MRF is 2nd strongest tyre brand in world". The Times of India. 13 April 2023. ISSN   0971-8257 . Retrieved 14 April 2023.
  5. 1 2 3 4 "MRF Limited". NDTV. 14 February 2015.
  6. ↑ "Time line and milestones : MRF tyres 1946-1970". MRF Tyres website. MRF Tyres. Retrieved 12 August 2015.
  7. 1 2 3 4 5 "Company background: MRF". 14 February 2015.
  8. ↑ "What Are The Best Tyre Brands 2020? - Caringlyyours". Caringly Yours. 16 June 2020. Retrieved 24 June 2020.
  9. ↑ "MRF Paints and Coats".
  10. ↑ "Funskool India". 14 February 2015.
  11. 1 2 3 "MRF Sports".
  12. ↑ Simmons, Marcus (15 July 2014). "The sons of James Hunt and Niki Lauda to race in MRF series". Autosport . Haymarket Publications . Retrieved 15 August 2014.
  13. ↑ "Kopecky wins WRC for MRF". rally.com. Archived from the original on 29 November 2014.
  14. ↑ "Raid de Himalaya 2009 from October 5, 2009". North India Times. 2 September 2009. Archived from the original on 1 January 2010. Retrieved 30 March 2010.
  15. ↑ "McGrath takes charge of MRF Pace Foundation". Espncricinfo.
  16. ↑ "Sachin's innings with MRF ends". The Hindu.
  17. ↑ "Virat Kohli earns Rs 8 crore for MRF ad on his bat, rakes in Rs 2 crore more than MS Dhoni".
  18. ↑ "Even I am guilty of getting carried away but Sachin has stayed grounded". The Indian Express.
  19. ↑ "MRF becomes global partner for ICC". Zigwheels.
  20. ↑ "MRF named shirt sleeve sponsor". Newcastle United Football Club. 8 September 2017. Retrieved 29 March 2018.
  21. ↑ "MRF announced as West Ham United's first ever shirt sleeve sponsor". West Halm Football Club. Retrieved 29 March 2018.
  22. ↑ "MRF gets JD Power award for 10th time". The Times of India.
  23. ↑ "India's Most Trusted Brands". Archived from the original on 2 May 2015.
  24. ↑ "CCI Conducts Raids On Tyre Companies". 3 April 2022. Retrieved 4 April 2022.
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