Financial Daily from THE HINDU group of publications
Tuesday, Nov 09, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 09, 2004 |
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Corporate
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Mergers & Acquisitions Essilor to acquire Vijay Vision Our Bureau
Bangalore , Nov. 8 ESSILOR, a global manufacturer of ophthalmic optical products, on Monday announced that it has acquired Vijay Vision, a processing lab based in Mumbai along with its distribution arm, Beauty Glass. The acquisition will provide Essilor access to trained manpower and Vijay Vision's extensive distribution strength. The acquisition deal was completed on October 15. Essilor, which runs a lens manufacturing and processing unit in Dodballapur near Bangalore through its joint venture Essilor SRF Optics Pvt Ltd, can now expand its reach in Mumbai, considered the largest market for optical lens. Mr B. Jayanth, Managing Director of Essilor SRF, declined to give the amount paid for acquisition. He said the company would be achieving a sales turnover of Rs 50 crore during the year (January to December 2004), which will also include the revenue earned by Vijay Vision. He said, "Acquisition is an important growth strategy for us in India. The acquisition of Vijay Vision will accelerate our market growth and the conversion from glass lenses into plastic lenses and the growth of other high value products such as multi-coats and progressive lenses."
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