Tire manufacturer Dunlop's Indian company goes bankrupt

Recently, the High Court of India has appointed an official to head the bankruptcy liquidation of Dunlop (India). In the past few years, this tire manufacturer in Calcutta has operated only occasionally. Dunlop Indian Company announced on the stock exchange that the Calcutta High Court notified the company’s lawyer on March 26, 2012 regarding the appointment of an official liquidator.

Dunlop India was once part of the Dunlop International Group and has been under the control of the Ruia Group in India since 2005. The company’s factories in Ambattur, Tamil Nadu, and Sahaganj, East Bangladesh have been idle many times since then and ended the nine months ended December 31 last year. The results show that its sales amounted to 3.9 million U.S. dollars and its net loss was about 170,000 U.S. dollars. Revenue decreased by 90% compared to the same period in fiscal 2010.

Luya Group is a transnational large-scale industrial conglomerate and holds shares in many companies in the tire , rubber and heavy machinery industries. Its holding companies in the tire industry are Falcon Tire Company and Monotona Tire Company.