The Marangoni Group has announced that it has entered into a Memorandum Of Understanding (MOU) to acquire the shares held by GRP Ltd in the Indian Joint Venture company, Marangoni GRP Pvt Ltd.
Marangoni to Acquire Full Ownership of Marangoni GRP Pvt Ltd
The 50:50 JV company, incorporated in late 2015, is a fast-emerging player in India’s commercial tyre retreading sector.
Commenting on this development, Vittorio Marangoni, President of Marangoni Group, said that India is a key focus for Marangoni, being one of the largest automotive and tyre markets in the world where high quality tyre retreading is growing in preference amongst truck fleets. Marangoni with its flagship product, RINGTREAD, has established a premium and unique position in the Indian truck tyre market and believes that India provides it with a significant growth potential. Vittorio thanked GRP for the role it has played in coming this far. For its exclusive Franchisees in India, he had high praise and the message that Marangoni’s commitment to India has further deepened and they will see enhanced support to grow their business.
Speaking on the occasion, Harsh Gandhi, Joint MD of GRP Ltd., said that as part of its growth strategy, GRP will continue to sharpen its focus on its core rubber, plastics, and composites business with ‘circularity’ at the heart of its strategy. GRP Ltd recently won the FICCI Indian Circular Economy Award 2021 and sees that as an endorsement of this strategy. GRP believes that serving global and large Indian customers in their raw material needs is what it will continue to focus on moving forward. The almost two-decade association with Marangoni as a supplier is intact and GRP will continue supplying high performance products to Marangoni in addition to evaluating avenues of collection of end-of-life tyre materials from Marangoni’s expanding franchisee network in India.
Marangoni’s franchisee network has a footprint in six states in India – Kerala, Tamil Nadu, Gujarat, Maharashtra, Telangana and Orissa. Hemant Kaul, CEO since the company’s inception, reiterated that his team’s focus in the next few months is to support its existing franchisees in growing their customer base and expanding the footprint into other states. 2022 will see several new initiatives to further this expansion in close partnership with its franchisee partners, added Kaul.