The hospital was named after Sir Ivan Stedeford, chairman of Tube Investments, U.K., who was instrumental in starting the TI factory and TII complex in India. Sir Ivan signed a joint venture agreement with A. M. Murugappa Chettiar of the Murugappa Group, which was then a small business house manufacturing sandpaper and abrasives for the war effort and also trading war surplus. It was the first joint venture agreement to be signed in South India after Independence. This resulted in the establishment of the TI Cycle factory in a mango grove in Ambattur by 1951, and manufacture of the 'Hercules India' bicycle soon began. By 1954, the word 'India' was dropped from the name when international quality standards were met.