Indian optical giant, GKB opthalmics limited, today signed a joint venture (JV) agreement with Spanish group -- Indo -- aiming to consolidate its position in the Asian market.
The joint venture company, Indo-Prime Visual Technologies Private Limited, will have its Indian couterpart marketing the products while Spanish firm will contribute in the form of technology and knowledge.
The new venture will help the Spanish firm to commercialise its optical and opthalmic products in the Asian market, officials stated.
"The new JV company represents one more step for Indo in its aim for increasingits representation in the Asian market with high added value products," chief executive offiecer, Indo, Antoni Olvella Cunill said.
Cunill said that with the current JV, Indo, with an extended distribution in Europe, US, Latin America and Middle East, expects to cater to the Indian optical market.
"At present our Asian figures are not so big but we expect to have indefinite figure in the Asian market with this JV," he said.
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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 establishments all over India.
" This is a small step we have taken and we believe in taking small steps at a time," chairman and chief executive officer, GKB, K G Gupta said.