World’s largest ophthalmic lens maker Essilor International SA has acquired a majority stake in Surat-based Deepak Optic for an undisclosed amount. The French giant has been actively pursuing small deals across geographies, including India.
Deepak Optic, a wholesaler with annual revenue of around $1.4 million (€1 million), has been a long time distributor for Essilor in Gujarat.
Apart from this acquisition in India, Essilor has signed seven other transactions with companies in the US, Brazil, South Africa and Asia. The firm has also completed its previously announced acquisitions of Servi Optica in Colombia and Isbir in Turkey, as per a company statement issued on Wednesday.
Essilor designs and manufactures a wide range of lenses to improve and protect eyesight. The firm's flagship brands are Varilux, Crizal, Definity, Xperio and Foster Grant. It reported consolidated revenue of around $6.7 billion (€5 billion) in 2012 and employs around 50,700 people, operating in around 100 countries with 22 plants. It also has several research and development centres around the world.
This would be one among a string of small deals struck by Essilor in India. Last year it said it picked 50 per cent stake in Optics India, a distributor of edging equipment for optical chains, prescription laboratories and hospitals. Optics India has annual revenue of close to $1 million.
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.
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.
(Edited by Joby Puthuparampil Johnson)