- **OK Play India is a plastic-moulding company that turned a single manufacturing skill into a portfolio spanning children’s toys, truck fuel tanks, and electric three-wheelers - all shaped from the same family of moulding technologies**. It was incorporated in 1989, acquired the “OK Play” brand from the UK, and has since expanded by repeatedly spotting adjacent markets where its in-house design and moulding capabilities could replace metal or imported goods with Indian-made plastic. That recurring approach - own the design, own the tooling, and partner with global specialists for technology - explains how a toy company also became the dominant supplier of plastic fuel tanks for India’s heavy trucks. # Business segments Three engines at different stages - a toy brand with national distribution and export contracts, a market-leading automotive components supplier preparing for its own IPO, and an electric-vehicle challenger built on the group’s moulding and software capabilities - each spun out of the same plastic-processing core. ## 1. Toys, playground equipment and school furniture: the brand that built the company **A homegrown toy brand sold through 85 distributors, 5,000 retail stores, and contract-manufacturing deals with global names like Hamleys and MGA Entertainment, now tripling capacity to chase export orders displaced from China.** - **Made in-house, from pellet to playground** - the company runs its own commercial tool room and R&D facility, so it designs the product, builds the mould, and manufactures the finished item under one roof, using rotational, blow, and injection moulding with 100% virgin, non-toxic, UV-stabilised material that meets European safety standards. - **Two ways to sell, roughly balanced** - about half the business is the company’s own “OK Play” brand sold through 85 distributors to schools and mom-and-pop stores, and the other half is contract manufacturing for partners’ private labels; more recently the own-brand share has grown to around 65-70%. - **Global partners bring scale and credibility** - it supplies own-brand toys to every Hamleys store in India and exports to the UK and Europe, contract-manufactures for MGA Entertainment (owner of Little Tikes) across India, the Middle East, Australia and China, and white-labels for Amazon, Firstcry, and Kmart’s Anko brand in Australia. - **Policy tailwinds are turning Indian toys into a China alternative** - India raised toy import duties from 20% to 70%, mandated BIS certification, and secured zero-duty access to the UAE and Australia, while US tariffs of 145% on Chinese toys versus 10% on Indian ones are pushing global retailers like Walmart to source from India instead. ## 2. Automotive components: the market leader hiding inside a subsidiary **An 85%-plus share of plastic fuel tanks for India’s heavy commercial vehicles, built on single-source relationships with Ashok Leyland and Volvo Eicher, now preparing for its own IPO.** - **Plastic that replaced metal** - the business makes blow-moulded plastic fuel tanks, urea tanks, bus seats, fenders and cabin roofs for trucks, tractors and construction equipment, with fuel tanks contributing over 85% of revenue; rotational-moulded components have displaced metal, fibre and wood in next-generation applications because they last longer and cost less. - **Locked-in with the biggest truck makers** - it is the single-source supplier of plastic fuel tanks to Ashok Leyland and holds a majority share with Volvo and Eicher, making it a single-source supplier to two out of the three largest players in the medium and heavy commercial vehicle segment. - **Technology borrowed from Turkey, then built here** - a 10-year technical alliance with Floteks of Turkey, signed in 2019, helped develop and commercialise the “COMPTANK” fuel tank, while collaborations with Kohler (USA) on waterless portable toilets and Mann+Hummel on dust-filter roof boxes have opened non-automotive revenue streams with clients like Vestas and Indocool. - **Now knocking on the passenger-car door** - the subsidiary is actively exploring the passenger-vehicle segment with blow-moulded fuel tanks and vacuum-foam parts, and has already secured a strategic order from Escorts for construction and agricultural equipment components. - **IPO-ready structure** - the subsidiary was converted to a public limited company in August 2024 and its board has approved initiating an IPO process, giving the automotive engine its own capital-market currency separate from the parent. ## 3. Electric vehicles: the group’s bet on last-mile mobility **A subsidiary making electric three-wheelers for passenger, cargo and fleet use, with in-house software for vehicle control and battery management, and a delivery partnership with HPCL.** - **From plastic moulding to vehicle manufacturing** - the group entered EVs in 2015, and in FY22 transferred the entire business to a wholly owned subsidiary, RIRA E-Vehicles, via a slump sale, keeping it ring-fenced from the toys and auto businesses. - **Sixteen variants across two categories** - the company has launched 12 variants in the L3 category and 4 in the L5 category, selling through dealer networks across eight states in North and West India to individual buyers, logistics companies, and government fleets. - **Software is the differentiator** - the in-house R&D team develops the vehicle controller, battery management system, telematics and IoT platform, and fleet-management software, so the company controls the brains of the vehicle, not just the plastic body. - **HPCL as a customer and infrastructure partner** - HPCL invested in the group company and signed an agreement to use its petrol pumps as battery-swapping stations and experience showrooms; Phase 1 involves deploying 1,000 vehicles for LPG cylinder delivery across Delhi NCR, with a potential opportunity of over 80,000 vehicles for HPCL alone. - **Contract manufacturing with Hero Motors** - from January 2024, RIRA entered a contract manufacturing agreement with HMC E Valley, a Hero Motors group company, adding production capacity beyond its own 80-85 units per month. # Group structure and partners **A family-controlled listed parent with three main operating entities - toys in the parent, auto components and EVs in separate subsidiaries - and a web of global technology alliances that supply know-how the group then manufactures in India.** - **Three factories, all in the north-west** - the Sohna plant (4 acres, freehold) is the main toy and moulding hub, Ranipet in Tamil Nadu (11 acres, freehold, with 10 acres of surplus land) adds southern capacity, and Bhiwadi (1.5 acres, leasehold) rounds out the manufacturing footprint. - **Subsidiaries are the growth vehicles** - OK Play Auto Limited houses the automotive components business and is preparing for an IPO; RIRA E-Vehicles Private Limited holds the EV business; MRH Technologies, which held the Mann+Hummel air-purifier licence, ceased to be a subsidiary in May 2025 after a share allotment to new investors and is now an associate company. - **Promoter family at the centre** - Managing Director Rajan Handa holds 53.55% of the parent company, and together with other promoter-group members the family held just under 60% as of March 2023; three family members serve as whole-time directors, and promoter entities provide collateral security for bank borrowings. - **Global alliances supply the technology, the group supplies the manufacturing** - a 10-year technical alliance with Floteks (Turkey) for fuel-tank technology, an exclusive 10-year licensing agreement with Mann+Hummel (Germany) for air purifiers, a collaboration with Kohler (USA) for waterless toilets, a strategic partnership with Hamleys (Reliance) for toy distribution, and a contract-manufacturing agreement with MGA Entertainment for toys.