Ascenso builds on the glorious legacy of its promoters, the renowned Mahansaria family, consisting of father, Ashok Mahansaria and son, Yogesh Mahansaria.With over three decades of experience in the industry, they have been instrumental in building two leading global tyre brands in the past. Ascenso is their third venture with a clear focus on off-highway tyre segment.
Ashok Mahansaria has been in the tyre business for over four decades now. In 1975, he co-promoted Balkrishna Industries Limited (manufacturer of paper boards and tyres).
By 2006, the paper boards business was considered the leader in the premium quality segment of the Indian market. The off-highway tyre business had become the fastest growing and the most profitable tyre business in India.
In 2006, the Mahansarias parted ways with their partners in BKT tyres and set up a new venture that focused on the OHT business. They partnered with Warburg Pincus, a leading global private equity fund. They acquired a struggling tyre company in Israel and set up a greenfield manufacturing plant in India.
Fast forward to 2016, the Mahansarias had transformed the struggling tyre company into one of the world’s leading off-highway tyre brands with revenues reaching $ 600 million, and with customers across 120 countries.Ashok Mahansaria was also a co-promoter of Siyaram Silk Mills Limited (manufacturer of suiting and shirting fabrics) until 2006.
Yogesh Mahansaria’s journey in the tyre business began in 1993. He joined Balkrishna Industries Limited; a company co-promoted by the Mahansaria family.
His responsibilities included business development for the tyre business and soon he identified the opportunity to enter the global market for off-highway tyres.
In 2000, he was appointed as the CEO of the tyre business, a position he held till 2006. During this tenure, the tyre business revenue saw exponential growth, from $20 million to $125 million, and profitability increased manifold.
In 2006, Mr Mahansaria and his father joined hands with Warburg Pincus LLC to establish Alliance Tyre Group (ATG), with the acquisition of Alliance Tyre Company, in Israel.
This was followed by the establishment of ATC Tires Pvt. Ltd, India , to set up greenfield off-highway tyre manufacturing plants in India. In 2009, the group acquired the off-highway tyre distribution assets and brands of GPX International Tire Co of USA.
In just 10 years, Mr Mahansaria transformed the group into one of the world’s leading off-highway tyre companies, with revenues reaching $600 million, and with customers across 120 countries. In 2016, ATG was acquired by The Yokohama Rubber Co. Ltd, Japan, one of the world’s leading tyre and rubber companies.Mr Mahansaria has now promoted two new ventures, Mahansaria Tyres Private Limited (MTPL) and SYAM Trelleborg Tires LLP (STTL) to focus on manufacturing opportunities in the tyre industry.
Mr Mahansaria also serves as a Director on the boards of:
Avendus Capital Pvt Ltd (a leading financial services provider, focusing on areas of financial advisory, capital markets, wealth management and alternative asset management)
FSN E-Commerce Ventures Pvt Ltd (the operator of online beauty & wellness store: Nykaa.com)
Mr Mahansaria also serves as an Advisor to:
- 321 Education Foundation (a philanthropic organisation, focused on improving the quality of education for children of low income communities)
- Faering Capital (a leading mid market focused private equity fund in India)
- He is an active member of YPO (Young President’s Association) (Mumbai Chapter).
For his contribution towards the growth of the tyre industry and the industries in general, Yogesh Mahansaria has received many prestigious awards. Some of the key awards are:
- Forbes Next Gen Entrepreneur of the Year 2014
- EY Entrepreneur of the Year – Manufacturing 2014
- Economic Times Top 40 under 40 Business Leader