Although multi-core processors enhance the performance yet the challenge of estimating Worst-Case Execution Time (WCET) of a task remains in such systems due to interference in shared resources like Last Level Caches (LLC). Cache partitioning has been used to reduce the interference problem by isolating the shared cache among each thread to ease the WCET estimation. However, it prevents information shared among parallel threads running in different cores. In current work, we propose sharing and reuse aware partitioned cache (SRCP) framework such that replication of shared information, data, or instruction, in different partitions could be avoided in LLC. Further, enhancement in existing cache replacement policy is proposed, which avoids eviction of cache blocks shared among multiple cores accessing partitioned last level cache. Tighter WCET, as well as improved resource utilization, is thereby ensured with the proposed framework. Experimental results show that SRCP shows significant improvement in cache hit-rate for PARSEC and SPLASH2 benchmarks as compared to least recently used cache replacement policy and outperforms EHC and TA-DRRIP, which are state-of-the-art replacement policies.