In 1957 there was a poor family with 9 children in a village called Tiruvuru in Tamil Nadu. Almost everyone in the family worked to support the family. But in this process the youngest son of the family started a small business selling toys and bubbles on the streets to help his part financially business which once started by selling balloons on the streets of Madras city today has grown to become the largest tire manufacturing company in India and does business of about 23 thousand crores of rupees every year. Today I am going to tell you how the business of tires was started in America, Japan and Europe and how the MRF business expired in 65 countries. Our family is actually not a poor family from the beginning but because of his father participation in the independence struggle the British government arrested him and arrested them and all of their assets fell on the road so all the family members started working to support their family in any way possible. And as a part of that even though we were the youngest son in the family we too used to buy balloons from a toy factory
And sell them to wholesalers. After doing that for a few years he got an idea about the profit margin in that business that is for those who make balloons and toys, and finally. He got an idea how much profit would be made by those who sell them to customers. So after noticing this Panseiya wanted to set up his own factory to make balloons and toys and finally in 1946 he started a small company named Madras Rubber Factory. The company does not have big buildings and stops. After making and doing business he is getting better profits than before so he wants to explain his business to new products as well without stopping with these profits. And exactly at the same time, one of his friends told about the threading business of tires that means lorries and buses have worn out tires sometimes they do not make new tires that is not fixing new thread to the tires but he is making his own thread rubber. At that time Red Rubber Singh was from abroad. They used to import but there were no big manufacturers of these in India.
But the reason for this is that the automobile industry was not that big in India so investing in tires and thread rubber business at such a time is very risky but we forgot about that risk and started it within four years of starting MRF company no. It went to one position This is called first mover advantage which means whoever starts that business to anticipate future opportunities and cash in on that opportunity before anyone else they will move to the number one position in that sector when the demand for that particular product comes. MRF Company is doing this thread rubber business in India which is successful a foreign company called Timelo is also doing this business. So they reduced the price of their product to beat MRF company but MRF being an Indian company they know very well how Indian customers think so they made us with that experience and made them at the lowest possible price beating all the foreign companies in the market and stood at the number one position. At the same time the automobile industry started to grow slowly in India
so seeing this planteiah wanted to capture the necessary tire business but the MRF company did not have the technology and missionary. That is why he made a partnership deal with speed an American tire manufacturing company with the aim of making time anyway and finally in 1961 MRF Company started manufacturing tires on its own. But there was a problem here that the automobile industry was not yet fully developed in India in the 1960 that is companies like Hero Honda Bajaj Royal Enfield and Maruti Suzuki had not yet started manufacturing their own vehicles in India except doing business by importing bikes and cars from abroad to India. So if the vehicle is not manufactured in India then automatically there will not be much demand for the tires manufactured there that is why we at MRF Tires used to do business by exporting the products made in India to countries like Germany, France, Japan and Australia that is when there was no demand in the Indian market they used to export them to the markets where there was a demand.
But in the initial days MRF company even if it was an American company partnered with this Men Bill. It was not used to export to America but by the time of 1967 due to Mansfield Companys business in America MRF Company started exporting the tires made in India to the American market. MRF the first Indian company to export after canceling their partnership deal with Men Bill Company in 1967 made technical collaboration deals with many foreign companies like BF Good Reach and Mutton to make us an MRF level company and get the necessary technology and missionary. They used to make tires and do business by exporting them to different countries but in this process Indian markets are also ready to do business with MRF company Bajaj Maruti and Tata Lendi companies have started manufacturing their own vehicles in India. To cash in on the opportunity MRF Company has supplied tires for Maruti 800 the first car manufactured by Maruti Company in India. But I do not need to tell you separately how much success Maruti 800 has become so MRF company also got good success in India due to the success of Maruti 800 finally due to the economic reforms brought by the Indian government in 1991 many foreign automobile companies started their business in India
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