Tinna Rubber and Infrastructure Limited informed the exchange that it had entered into a joint venture agreement with Lionshare Holdings (Pty) Ltd and Mbodla Investments (Pty) Ltd, Johannesburg, South Africa.
The agreement lays out their plans to to acquire used tyres and recycle them either in India or setup a a recycling plant in South Africa and develop a tyre recycling venture in South Africa and manufacture and export used tyres, crumb rubber and other allied products.
The overall proposed investment in the joint venture company will be Rupees six crores. Tinna Rubber will invest 2.49 crore for 49% in the venture.