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GRP , a leading reclaimed rubber manufacturer of India, will enter into a joint venture agreement with Marangoni SpA, Italy. The latter is a leading international company which owns technical knowledge relating to the precured retreading process used for tyres. It will now do the business of commercial vehicle tyre retreading in India. The total estimated investment will be ₹2 crore, which will be contributed equally by both the partners. This venture will give GRP a strategic advantage to strengthen its raw material collection network and offer entry into the fast-growing radial tyre retreading industry. Shares of GRP gained 1.84 per cent at ₹984.05 on the NSE, while they fell 0.39 per cent at ₹970 on the BSE.
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