Eyewear retailer Lenskart on Thursday has approved the merger of two wholly owned subsidiaries into the parent company and announced a joint venture with China's Mingfeng Glassesworld Ltd to manufacture metal spectacle frames in India, as it steps up efforts to strengthen domestic manufacturing and localise its supply chain.
In a stock exchange filing, the company's board approved a Scheme of Amalgamation under which Dealskart Online Services Pvt Ltd and Lenskart Eyetech Pvt Ltd will merge with Lenskart Solutions Ltd.
The company said the amalgamation involves two wholly owned subsidiaries and falls under the category of schemes that are exempt from obtaining a No-Objection Letter from the stock exchanges. The scheme and the board resolution have been submitted to the exchanges for disclosure purposes.
Separately, Lenskart's board also approved the incorporation of a joint venture company in India with China's Mingfeng Glassesworld Ltd (MGL).
The proposed joint venture will manufacture metal spectacle frames in India as part of a strategic partnership between the two companies.
According to Lenskart, the partnership aims to strengthen its manufacturing capabilities, improve supply chain efficiencies, promote localisation of production and reduce dependence on imported metal spectacle frames.
The move aligns with the company's broader strategy of expanding its domestic manufacturing footprint as it seeks to increase local production while improving control over quality, costs and supply chain resilience.
The manufacturing venture is also expected to support faster production cycles and reduce reliance on overseas suppliers for metal eyewear frames, a key product category in Lenskart's portfolio.
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