Luxottica may buy Bausch stake

The decision to sell the sunglasses businesses follows a recent agreement with Luxottica to sell the assets and liabilities of its global sunglasses business including Ray-ban and killer loop sunglass lines. "The details are being worked out and Luxottica is considering to purchase Bausch & Lomb’s current shareholdings in BLI, provided governmental regulatory approvals in the US and India are satisfactorily obtained. The vision care businesses of BLI will be divested," the statement said.

William M Carpenter, chairman andchief executive officer of Bausch and Lomb Inc, said Luxottica was one of the world’s premier eyewear companies and was eminently positioned to manage the profitable sunglass business in India. Bausch and Lomb India has reported 154 per cent growth in net profit at Rs 13.61 crore for the year ended March 1999. Sales turnover for the year was up 35 per cent to Rs 89.71 crore from the previous year’s Rs 66.34 crore.The turnover and net profit for the fourth quarter were Rs 24.39 crore and Rs 4.12 crore, recording 20 per cent and 135 per cent growth respectively. In another development, the company’s MD Jaspal Singh Bajwa has been transferred to a new assignment with Bausch and Lomb Incorporated operations in North America.