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Spanish Optical Group Indo Formalizes JV with GKB Ophthalmics Prime Group
- Mon, Sep 08 2008 04:12:04 PM
Report from Rubiya Shaikh
Daijiworld Media Network - Panaji (MR)
Panaji, Sep 8: The multinational optical group Indo, based in Sant Cugat del Valles (Barcelona), has formalized a joint – venture (JV) agreement with GKB Ophthalmics Ltd, an Indian company based in Goa, also involved in the optical industry, to commercialize its optical and ophthalmic products in the Asian country.
The new joint venture company, Indo Prime Visual Technologies Private Limited, represents one more step for Indo in its aim for increasing its representation in the Asian market (Indo is already established in the Middle Eastern countries) with high added value products.
"This agreement will also boost the equipment business unit, currently representing 28% of the total incomes for Indo", said Antoni Olivella Cunill, CEO, Indo S.A.
The agreement was signed in the presence of K.G. Gupta, CEO, GKB – Prime Group, Vikram Gupta, Director, GKB – Prime Group, Gaurav Gupta, Director, GKB – Prime Group, Antoni Olivella Cunill, CEO, Indo S.A., Spain and Ignasi Mira Figueras, Director, Indo S.A, Spain.
"Spain considers the only distribution of optical equipment. However, it might be extended to the two others business units of the Spanish group that will be frames and lenses", Antoni added.
The multinational, who has just finalized an increase in capital of 16 million Euros, is expecting to get significant benefits in the mid – term.
Indo, with an extended distribution network in Europe, U.S., Latin America and Middle East, expects to cater to the Indian optical market, through the JV company, with its huge growing potential.
"This represents the most challenging experience for Indo in its Asian expansion and experience of a long established Indian partner will be of immense support to meet goals", Antoni further stated.
GKB Ophthalmics group comprising of 2 exports oriented units based in Goa and a network of 9 PRIME laboratories spread all over India. It has been pioneer in Optical industry since 1983 and the group has its overseas offices in Germany, Dubai, and U.S.A. with lenses export of 60 crores rupees and domestic sales of 24 crores rupees.
"This is a small step we have taken and we believe in taking small steps at a time," said Krishna Gopal Gupta, CEO, GKB – Prime Group.
GKB, with its two export oriented units based in Goa and a network of nine laboratories spread across India, will use its marketing and service infrastructure to market Indo products to optical establishment all over India.