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LATEST
NEWS - INDIA
NEW GAZETTE FOR INDIAN RETREADERS STIPULATES ONLINE RETURNS
Karun Sanghi, Chairman of the Tyre Retreading Education Association
The Indian Ministry of Environment, Forest and Climate Change (MoEF) has issued a gazette notification effective 1 March 2024, mandating that retreaders submit specific data online. This in- cludes monthly reports on the number of waste tyres retreaded, retreading certificates, and other relevant data through a desig- nated portal. Additionally, retreaders must file their annual and
TOLINS TYRE FILES PAPERS FOR IPO
quarterly returns via the portal before each quarter’s end.
Karun Sanghi, Chairman of the Tyre Retreading Education Asso- ciation (TREA), remarked that this initiative aligns with the July 2022 certification process and enhances the recognition of re- treaders in the recycling process, though the procedural details are still being clarified.
The gazette also allows for certain relaxations in filing deadli- nes up to nine months, if deemed necessary by the government, to support the practical implementation of these regulations. Rahul Saxena, General Manager of Technical Services at Indag Rubber, noted that this measure would help organise the re- treading sector and integrate it more effectively into India’s tyre recycling network by managing retreading waste and sub- mitting Extended Producer Responsibility (EPR) data to the Central Pollution Control Board (CPCB).
The notification prepares for the forthcoming Hazardous and Other Wastes (Management and Transboundary Movement) Amendment Rules, 2024, which will be implemented on 1 April 2024.
India’s Tolins Tyre Ltd has initiated the process for an initial public offering (IPO) to raise approximately INR 230 million ($27.8 million). Based in Cochin, the company, led by Chairman K V Tolins, has submitted preliminary documents to SEBI (Securities
and Exchange Board of India) with expectations to launch the IPO soon.
The proposed IPO comprises a fresh issue of equity shares valued at INR 200 million and an offer-for-sale of shares worth INR 30 million. This
financial move aims to render the company debt-free and support its expansion plans. The funds from the IPO will be allocated to various needs: INR 75 million for long-term working capital, INR 62.55 million for debt repayment, and INR 24.36 million to assist its subsidiary, Tolin Rubbers Private Limited, in debt repayment and capital needs.
Founded in 1982, Tolins Tyre specialises in a wide range of products, including tyres for passenger vehicles, light commercial vehicles, and agricultural uses. The company also produces precured tread rubber and retreading materials. It operates facilities in Cochin and the UAE with a capacity to produce over 1.5 million tyres and significant quantities of tread rubber and rubber compound annually.
For the year ending March 2023, Tolins reported a profit of INR 4.99 million, with revenue reaching INR 118.3 million. Saffron Capital Advisors Pvt Ltd. is managing the IPO.
Chairman K V Tolins
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