India Radiators Limited (formerly known as Rayale Corporation (Mysore) Limited) was established on 5 January, 1949. the Company is currently engaged into the business of sub assembly of automotive components. the Company mainly operates from two places, i.e. Chennai and Pondicherry. But since, there are no operations taking place in Chennai, the Pondicherry unit is currently confined to job works.

the Company made profits upto 1997, thereafter from 1998, it incurred losses. The net worth of the Company became negative as on September 1999. It was declared Sick by BIFR as per section 3(1) (o) of the Sick Companies (Special Provisions) Act, 1985 during July 2000. The Draft Rehabilitation Scheme (DRS) filed by the Company under Sick Industrial Companies Act of 1985 (SICA) was under consideration of Board for Industrial and Financial Reconstruction (BIFR) till the Act was repealed in 2016.

the Company had identified an investor to infuse funds in the Company for settlement to workers, Statutory Authorities, Banks and other Financial Institutions. Mercantile Ventures Limited became the holding company with effect from 06 September, 2019.

Business operations at Puducherry was discontinued with effect from March 31, 2023. In 2023-24, pursuant to Open Offer process, Mercantile Ventures Limited (MVL) acquired 38.41% equity share capital and voting rights in the Company on 8th July 2024, from the existing promoters of the Company, through Share Purchase Agreement and became the Promoter of the Company.

the Company operates in renting of properties in Chennai . The operational expenses are being funded by the new investor.