Incorporated in Aug.'83, Dewan Tyres (DTL) commenced business in Oct.'83. The company was promoted by V S Dewan and J C Diwan along with Dewan Rubber Industries. The company is engaged in the manufacture and marketing of tyres and other rubber goods including synthetic rubber.
DTL's tyres and tubes find application in LCVs, jeeps, tractor fronts, tempos, autorickshaws, Maruti cars and vans, and tubes are also used in buses and trucks. These products are marketed under brand name Usha.
In Mar.'92, DTL came out with a rights issue of 35.07 lac equity shares at par, aggregating Rs 3.51 cr. The proceeds of the issue were utilised to part-finance the expansion of its installed capacity (from 7.50 lac to 8.20 lac tyres and 13.10 lac to 14.20 lac tubes) at a cost of Rs 6.24 cr. The manufacturing facilities are located in Partapur, Meerut.
The products of the company are approved by the Department of Transportation, Washington, US. Its products are exported to Singapore, Dubai, US, Zambia, Bangladesh, Srilanka, Australia, Philippines, Denmark, Spain, Argentina, Iran and Vietnam.
During 1995-96, the company has undertook expansion plan to manufacture OTR (Off The Road) Tyres, which will be exported to United States and Other European Countries. The project has been appraised by Bank Of Baroda at the total cost of 80.96 crores.
The company has become a sick industrial company within the section of SICA, 1985, in view of complete erosion of its entire networth as on 1999-2000 and hence a reference is being made to the BIFR for rehabilitation.