With its acquisition of all remaining shares in the Marangoni GRP joint venture expected to be completed by mid-July, Marangoni Group is now looking forward to “embarking on its solo journey in India,” a region it considers a “fast-emerging key market in the retreading sector.”
Marangoni Group is now the proud 100 per cent owner of the business it established in 2015 as a joint venture to bring its Ringtread retreading system to India. In a notification sent today to the Bombay Stock Exchange and the National Stock Exchange of India, former joint venture partner GRP Limited confirmed disposal of its 50 per cent shareholding in Marangoni GRP Private Limited.
Indian reclaimed rubber specialist GRP Ltd. shares that as of 16 February, it has installed capacity for recycling end-of-life tyres at a new plant in Solapur, Maharashtra state. The facility is capable of processing 6,000 tonnes of end-of-life tyres per annum.
On Tuesday, the Marangoni Group and Indian reclaimed rubber manufacturer GRP Ltd. entered into a non-binding Memorandum of Understanding for the sale of Marangoni’s equity shareholding in Marangoni GRP Pvt Ltd, a 50/50 joint venture established in 2015 to bring the Marangoni Ringtread system of retreading to India.
In its latest Annual Report, India’s GRP Ltd. shared that the 2020-21 financial year “proved to be a watershed year in more ways than one” for the Marangoni GRP retreading joint venture. While the world and India were under the grip of COVID-19 for the best part of the 12-month period to 31 March 2021, the company says Marangoni GRP “made rapid strides in several directions” that “set it on a path of high growth and expansion in the next year.”
Marangoni’s Ringtread retreading process doesn’t yet have a sizeable footprint within India’s large commercial vehicle sector, but it is growing. The Marangoni GRP Private Limited (MGPL) joint venture that was established in late 2015 recently took on its fourth franchise partner in India. Marangoni says it is also progressing with plans to add a further four franchise partners.
Since late 2015, the Marangoni Ringtread process has been represented in India by Marangoni GRP, a joint venture between the Marangoni Group and India rubber recycler GRP. The joint venture operation has now begun the rollout of a network of franchised retreaders within the country – the first, Autobahn Retreading, has opened its doors in the city of Kochi (Cochin). The Autobahn Retreading plant was officially inaugurated by Giuseppe Marangoni, vice-president of the Marangoni Group, together with GRP’s chief executive officer, Harsh Gandhi.
Marangoni S.p.A. has provided additional details about the recently-announced commercial vehicle tyre retreading joint venture it has commenced with Indian rubber recycling company GRP Ltd. According to the Italian retreading specialist, the aim of the joint venture is to “establish a pan-Indian network of tyre retreaders able to spread the quality of the Marangoni system to commercial vehicle fleets.”
Indian reclaimed rubber producer GRP Ltd has announced its entry into a joint venture agreement with Marangoni S.p.A. The two partners will contribute a total of Rs 20,000,000 (£198,000) to the project; GRP says it will draw upon the Italian retreading specialist’s technical knowledge in order to commence the retreading of pre-cure retreading of commercial vehicle radials within India, and the company also expects the joint venture will strengthen its raw material collection network.
