How tyre baron Raunaq Singh lost his empire—but cemented his legacy
Sundeep Khanna Apollo Tyres' founder rose from the ruins of Partition to build an industrial empire—but a family feud would later push him out of the company he created. Raunaq Singh, founder of the Apollo Group of companies. (Illustration: Mint) Gift this article
The partition of India in 1947 upended millions of lives on both sides of the newly drawn border. Yet, amid the devastation, it gave rise to a generation of Indian entrepreneurs whose stories stand as enduring testaments to human resilience and grit. They embodied the very spirit of 'rugged individualism" that Ralph Waldo Emerson once celebrated.
The partition of India in 1947 upended millions of lives on both sides of the newly drawn border. Yet, amid the devastation, it gave rise to a generation of Indian entrepreneurs whose stories stand as enduring testaments to human resilience and grit. They embodied the very spirit of 'rugged individualism" that Ralph Waldo Emerson once celebrated.
Among them were Brijmohan Lall Munjal, the visionary behind Hero Group; Karam Chand Thapar, founder of the eponymous conglomerate; Gujarmal Modi, who built the Modi Group; Dharampal Gulati, the Spice King who turned MDH into a global brand; and Kundan Lal Gujral, the man behind Delhi's iconic Moti Mahal restaurant. Displaced and dispossessed by Partition, they rose from adversity to help build the industrial foundation of a newly independent India.
One such figure was Raunaq Singh, founder of the Apollo Group of companies. While his later years were marred by a bruising public feud with his son, Onkar Singh Kanwar, Singh's legacy remains that of a towering industrialist who helped shape post-independence Indian enterprise.
Born in 1922 in Daska (now in Pakistan), Singh came from a modest, middle-class background. He began his career selling second-hand steel pipes in Lahore. After Partition, as a refugee in Delhi, he started over—working for a steel merchant in Gole Market, earning just one paisa a day, and living in a cramped one-room accommodation.
A turning point came in November 1947, when Singh sold his wife's jewellery for ₹ 8,000 and moved to Kolkata to set up a spice trading business. The venture took off, and he could have settled into a comfortable life. But Singh had bigger ambitions, and so did destiny.
Fate intervened on a train journey when he struck up a conversation with the chief executive of a German steel tube company. Impressed by Singh's drive, the executive offered to fund a steel tube plant in Kolkata, with repayment contingent on its success. That improbable deal gave birth to Bharat Steel Pipes, which quickly became a leading player, supplying not just the Indian market but also exporting to Europe and the US.
Singh wasn't done. In 1976, he founded Apollo Tyres, which would go on to become the group's flagship. At the time, India's tyre market was dominated by players like MRF, CEAT, and multinationals such as Dunlop and Goodyear. Singh made a shrewd bet: focusing on the underserved truck and bus tyre segment. Apollo targeted transporters—cost-conscious but quality-driven buyers—offering durable tyres and reliable after-sales service.
He also built a strong dealer and distribution network in northern and central India, regions where MRF and CEAT had little presence. Growth was hard-fought, but Singh's aggressive push paid off. Strategic acquisitions fuelled expansion—first Premier Tyres in 1995, and then Dunlop's Africa operations in 1996, marking Apollo's entry into international markets.
But Singh's later years were dominated by a bitter feud with his elder son, Onkar. The flashpoint was a disagreement over diversification: Onkar argued—presciently—that the age of sprawling, unrelated expansions was over, and Apollo needed sharper focus. Singh and his brother, Narinder Jeet Singh, accused Onkar of misusing company funds to tighten his grip on Apollo Tyres.
The drama deepened with the entry of stockbroker Harshad Mehta, who had quietly amassed a large chunk of Apollo shares. After Mehta's arrest, these were frozen by a court-appointed custodian. Onkar warned of a potential 'backdoor takeover" if those shares were sold. Apollo Tyres appealed to the Supreme Court to block any sale, calling them 'tainted shares" that had been illegally acquired. Also Read | Why no one blows the whistle until a short-seller turns up
After years of boardroom conflict, Raunaq Singh was ousted in 2002 by the very son he had once chosen as successor.
To Onkar Kanwar's credit, he proved a worthy heir. Under his leadership, Apollo Tyres expanded aggressively, becoming a global player with a market cap of $3.4 billion.
Raunaq Singh died in September 2002, just days after stepping down as chairman of Apollo Tyres. Despite the stormy final chapter, he had more than earned his place among the pioneers who helped lay the industrial bedrock of post-independence India. Topics You May Be Interested In Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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