SRF divests stake in ophthalmic lens venture

PRESS TRUST OF INDIA

NEW DELHI, Oct 16:SRF Limited on Friday announced it has hived off its stake in its existing plastic ophthalmic lenses business for a consideration of Rs 12 crore and said it would rather concentrate on its core business of industrial yarn and fabrics. The hiving off arrangement has been effected through two separate joint ventures with Essilor International SA of France and Sola of USA.

While Essilor and Sola both will have 45 per cent stake each in the manufacturing joint venture, the former will have a 74 per cent equity participation in the marketing outfit. In the manufacturing company SRF has only 10 per cent stake while in the marketing company, the Delhi-based firm has 26 per cent stake. ``SRF is pursuing a consistent business restructuring exercise with a view to consolidating its core businesses and seeking world class alliance partners for other businesses to become globally competitive'', SRF managing director Ravi K Sinha said in a statement.

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