Incorporated in 1959, this tyre manufacturer is headquartered in Gurgaon.
Image: company website
It used to manufacture tyres under the Premier Tyres brand from its manufacturing facility in Kalamassery, Kerala. In 1995, it became an associate of Apollo Tyres ltd when its manufacturing facility was acquired by Apollo, and currently all production is carried out by Apollo Tyres using the manufacturing facility leased on long term basis.
The fixed income from the lease has allowed it to expand in other business areas. This company diversified into the healthcare sector with wholly owned subsidiaries Artemis Health Sciences and Artemis Medical Services. As of now it is involved in tyre manufacturing only indirectly through Apollo tyres.
Risks to its future growth include the relatively old tyre manufacturing unit that uses old machinery. Therefore the rise of radial tyres in the commercial vehicle segment possess a business threat to the company. The company is building its healthcare division. However due to the long gestation period in this business it is yet to realize the fruits of its investment.