Innovative Tyres & Tubes is a tyre manufacturer that was pulled out of bankruptcy and rebuilt from the ground up. The company was rescued in 2023 when rubber-products maker Ten on Ten Rubtech acquired it through India’s corporate insolvency process, wiped out the old shareholding, and restarted the factory after a two-year shutdown. Everything the company does now flows from one idea: take a single plant that had ground to a halt, put it back to work with new management and group support, and sell bias tyres into the replacement market while gradually restoring capacity that was once idle.
Business segments
A single engine restarting after insolvency - one plant making bias tyres and tubes for trucks, buses, tractors and two-wheelers, sold domestically through dealers with a small export side-stream.
1. Bias tyre manufacturing: the sole operating engine
One factory in Gujarat makes bias-ply tyres for commercial and agricultural vehicles, selling them through a dealer network to a domestic replacement market - the company’s entire business rests on getting this plant back to full speed.
- One plant, one product family - the company manufactures bias automotive tyres (the older, cross-ply construction, as opposed to radial) at a single facility in Halol, Gujarat, serving trucks, buses, tractors, and two- and three-wheelers. There is no other factory and no other product line.
- Restarting from zero - after the insolvency resolution, the new management took control in August 2023 and began overhauling the plant; production resumed at reduced capacity from September 2023, meaning the business has been rebuilding its operational rhythm for less than three years.
- Raw rubber is the critical input - one of the directors brings a decade of experience as an importer of raw rubber materials, which matters because input-cost volatility is a key risk for a business whose primary raw material is a commodity.
- A tube division that no longer exists - the company historically ran a separate Tube plant on an adjacent plot in Halol, but the board approved the disposal of all the assets of the Tube Division (land, building, plant and machinery, etc.), subject to member approval, so the business is now a pure tyre operation.
2. Job-work and cross-selling: the group-synergy side-stream
Alongside its own manufacturing, the company processes tyres and tubes for related parties and buys and sells goods across the Ten on Ten group - a secondary revenue thread that keeps the plant busy and ties it into a wider rubber ecosystem.
- Processing for others - the company earns service income from job work, which involves converting or processing tyres and tubes for other parties, with both domestic and export components. This puts otherwise idle capacity to use and generates revenue beyond the company’s own-brand sales.
- Cross-selling within the group - ITTL buys and sells goods with its holding company Ten on Ten Rubtech and sister companies Ten on Ten Tyres and Ten on Ten International, with each related-party transaction priced at arm’s length and described as essential for operations. The maximum transaction amounts approved - ₹50 crores each for cross-selling with the three sister entities - suggest this is a material part of the commercial fabric, not a footnote.
- A group division of labour - Rubtech focuses on manufacturing rubber compounds and granules, while Ten on Ten International handles trade and exports; ITTL sits in the middle as the tyre-making arm, so goods and services flow between them to capture synergies.
Group structure and partners
The company is a 94.55%-owned subsidiary of Ten on Ten Rubtech, which rescued it from insolvency, wiped out all past claims, and now provides financial backing while sharing customers, suppliers and sister companies.
- The parent makes rubber inputs - Ten on Ten Rubtech manufactures rubber compounds, granules and EPDM granules, which means the holding company sits upstream in the same rubber value chain and can supply materials or coordinate procurement.
- Two sister companies extend the reach - Ten on Ten Tyres Private Limited operates in the tyre and rubber sector and shares directors with Ten on Ten Rubtech, while Ten on Ten International Private Limited handles trading and international business, giving the group a structure where manufacturing, tyre-making and trade are each housed in separate entities that transact with one another.
- All past liabilities were extinguished - the resolution plan paid off every admitted claim (statutory, operational and financial) within the 365-day implementation period, and an independent monitoring committee confirmed completion in its concluding meeting on August 8, 2024. The new management bears no liability for anything before August 17, 2023.
- The parent stands behind the company - as of June 2026, Ten on Ten Rubtech has committed to provide whatever financial support ITTL needs to meet its obligations, which is the backstop that allows a freshly restarted business to operate while it rebuilds its own cash flows.