Marangoni acquires Indian JV share for 710,000 euros

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.

GRP reports that Marangoni paid 710,000 euros for the 50 per cent shareholding, the acquisition being made through Marangoni’s subsidiary in South Africa, Leader Rubber Company SA (Pty) Ltd. The sale is expected to be completed within 15 days.