Goa-based ophthalmic manufacturing company GKB Ophthalmics Ltd has decided to divest its entire 36.47 per cent stake in GKB Vision Ltd to Essilor India Pvt Ltd for Rs 22.91 crore ($3.6 million), according to a stock market disclosure.
Incorporated in 2000, GKB Vision manufactures ophthalmic lenses like bifocals lenses, progressive lenses, mineral lenses, organic lenses and glass moulds.
Essilor India (formerly known as Essilor SRF Optics Pvt Ltd), a subsidiary of world’s largest ophthalmic lens maker Essilor International SA, designs and manufactures a wide range of lenses. The firm's flagship brands are Varilux, Crizal, Definity, Xperio and Foster Grant. It also has several research and development centres around the world.
The company began its operations in India in 1998 as a joint venture with SRF. In 2006, it bought out its local partner in the venture.
The deal comes after almost two years after it acquired a majority stake in Surat-based Deepak Optic.
In the past Essilor also acquired assets such as Lens and Spects, Kolkata-based GKB Rx Lens Pvt Ltd and Hyderabad-based 20 20 Rx Processing.
GKB Ophthalmics offers finished or semi-finished mineral lenses, semi-finished organic lenses and bifocal glass moulds and exports its products to many countries. Its other subsidiaries include Prime Lens Pvt Ltd, GKB Ophthalmic Products FZE, UAE and Lensco, NJ, USA.
Its shares closed at Rs 54.60 each, up 6.54 per cent on BSE in a weak Mumbai market on Monday.