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Interpenetrating polymer networks (IPNs) of glycerol modified castor oil polyurethane (GC-PU) and poly[2-hydroxyethylmethacrylate] (PHEMA) were synthesized using benzoyl peroxide as initiator and N,N-methylene bis acrylamide as crosslinker. GC-PU/PHEMA interpenetrating polymer networks were obtained by transfer moulding. These were characterized with respect to their resistance to chemical reagents and mechanical properties such as tensile strength, per cent elongation and shore A hardness. Differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA) were undertaken for thermal characterization. The changes in NCO/OH ratio and GC-PU/PHEMA composition on the properties of the IPNs were studied. Keywords. Transesterification; glycerol modified castor oil polyurethane; poly[2-hydroxyethyl methacrylate].