In India, Proparco and GRP Limited are setting a new benchmark for sustainability in the tire recycling industry

GRP is a sustainable materials manufacturer that helps brand owners fulfil their obligation towards responsible use of end-of-life waste. Founded by the visionary Mr. Rajendra Gandhi, the company is now strategically led by his son, Mr. Harsh Gandhi, whose leadership plays a pivotal role in advancing the company’s mission. GRP operates 7 manufacturing facilities across 5 locations with a capacity of 90,500 MT across 5 business verticals ~ Reclaim Rubber, Engineering plastics, Repurposed Polyolefins, Polymer Composites and Custom Die Forms.

Founded in 1974, GRP Ltd began as a tire recycler and has diversified to use end-of-life tires, plastic and textile waste to produce materials for use in the automotive, industrial, transportation, electrical and furniture industries. The company has emerged as a leading player globally in tire recycling and partners with leading tire manufacturers globally including European companies such as Michelin, Pirelli, Continental, as well as Indian tire majors such as Apollo, CEAT, MRF among others. GRP has adopted the circular economy model to drive optimisation of resources, reduce the consumption of raw materials and recover waste by recycling or giving a second life as a new product.

This financing will increase the production capacity of its existing product lines, including recycled rubber, engineering plastics, and support the company launch a tire pyrolysis oil, crumb rubber and recovered carbon black production line. Proparco's financing of GRP is 100% climate friendly. With this project, Proparco and GRP are establishing a strong partnership to help GRP develop its ESG strategy for sustainable growth. GRP has already committed to using clean energy and prioritizing women's employment and is dedicated to advancing these initiatives even further.

For Djalal Khimdjee, Deputy CEO of Proparco: “We are delighted to begin a partnership with a key player in the circular economy industry such as GRP. Protecting the planet is one of Proparco's strategic priorities, and this is concretely achieved through projects like the one we are signing today with GRP.”

"As we celebrate 50 years of GRP, we value the trust Proparco has placed in us, reaffirming our commitment to fostering a circular economy. This association strengthens our vision for the future and equips us to scale innovative solutions, thereby supporting India’s ambitious net-zero targets and creating a meaningful impact." said Harsh Gandhi, CEO of GRP.

Transaction Advisors to GRP: Alvarez & Marsal Corporate Finance India.