Marangoni Group, Italy, has acquired GRP Ltd.’s 50% stake in the joint venture company in India – Marangoni GRP Pvt. Ltd – through its wholly-owned subsidiary, Leader Rubber Company (SA) Prop. Ltd, South Africa.
The 50:50 JV company, incorporated in late 2015, is a fast-emerging player in India’s commercial tyre retreading sector. With this acquisition, Marangoni says it is embarking on its solo journey in India, a fast-emerging key market in the retreading sector.
Commenting on this development, Vittorio Marangoni, president of Marangoni Group, said with its flagship product, Ringtread, the company has established a premium and unique position in the Indian truck tire market and amongst fleets through its chain of franchisee partners in Gujarat, Maharashtra, Kerala, Tamil Nadu and Telangana. While the JV has achieved some key milestones over the last few years, the company intends to deepen and accelerate its business in India with this acquisition.