CAPTION: Agreement signed in the presence of Mr. K. G. Gupta, CEO GKB - Prime Group, Mr. Vikram Gupta, Director, GKB - Prime Group, Mr. Gaurav Gupta, Director, GKB - Prime Group, Mr. Antoni Olivella Cunill, CEO, Indo S.A., Spain and Mr. Ignasi Mira Figueras, Director, Indo S.A., Spain THE SPANISH OPTICAL GROUP INDO FORMALIZES A JOINT-VENTURE WITH THE GOA BASED GKB OPHTHALMICS PRIME GROUP
Panaji 8th September 2008, The multinational optical group Indo, based in Sant Cugat del Vallès (Barcelona), has formalized a joint-venture 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. The current agreement signed in the presence of Mr. K. G. Gupta, CEO GKB - Prime Group, Mr. Vikram Gupta, Director, GKB - Prime Group, Mr. Gaurav Gupta, Director, GKB - Prime Group, Mr. Antoni Olivella Cunill, CEO, Indo S.A., Spain and Mr. Ignasi Mira Figueras, Director, Indo S.A., Spain considers the only distribution of optical equipment. However, it might be extended to the two other business units of the Spanish group: frames and lenses. 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 its goals. GKB Ophthalmics group comprising of 2 export oriented units based in Goa and a network of 9 PRIME laboratories spread all over India. It has been pioneer in Optical industry in India since 1983 and the group has its overseas offices in Germany, Dubai and USA with lenses export of 60.0 crores rupees (15.0 million dollars) and domestic sales of 24.0 crores rupees( 6.0 million dollars.) GKB Prime group will be an active partner of the new JV and will use its marketing and service infrastructure to market INDO products to optical establishment all over India. The joint venture agreement between two prominent groups of Spain and India will be signed by Mr. K G Gupta, Chairman & CEO of GKB Ophthalmics Ltd. and Mr. Antoni Olvella Cunill, CEO Indo, Spain. Ms. Parvish Andani Kamat Anka Services, Media*Press Relations*Conference Dainik Jagran Goa Office 111, Kamat Towers, Patto Plaza, Panjim, Goa. Tel:0832 2347346. Mob:9823284750. www.ankaservices.com
