Marangoni prepares for “next chapter” with subsidiary full acquisition

Mumbai, India – Marangoni Group has acquired the full ownership of Indian JV Marangoni GRP Ltd (MGPL), a Mumbai-based company active in the commercial vehicle retreading sector in India.

In a statement 29 June, the Italian retreading specialist said it had acquired GRP Ltd’s 50% stake in the joint venture to ‘embark on a solo journey in India', which Marangoni said was a fast-emerging key market in retreading sector.

Incorporated in late 2015, MGPL sets up retreading franchisees in trucking markets of India, mainly offering its flagship splice-less Ringtread to fleets.

Commenting on this development, Vittorio Marangoni, president of Marangoni Group, reaffirmed Marangoni’s focus in India as “the most growing country” in its global expansion plans.

The company has so far established ‘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,” Marangoni added..

The full acquisition was made through Marangoni’s South African subsidiary Leader Rubber Co.

“The market dominating position that Leader enjoys in Africa has great synergy with the Indian market.

“Leader Rubber’s deep experience in flat treads will add to the Indian team’s focus on Ringtread,” said Brett Sproson, managing director, Leader Rubber.