Luxottica seeks NOC from Rayban Sun Optics India to set up subsidiary in India

Rayban Sun Optics India Ltd has announced that the Board of directors of the Company has received a proposal from Luxottica Group S.p.A. Italy (Luxottica) indicating their intention to set up a wholly owned subsidiary(ies), in India, either directly or through one of its subsidiaries, engaged inter alia, in the business of carrying out wholesale distribution of various luxury & fashion brands in the eyewear industry, including the distribution of spectacle frames and sunglasses. Luxottica Group S.p.A, has requested a no-objection certificate from the Company for this purpose.

The proposal indicates that, subject to setting up of a wholly owned subsidiary in India for undertaking wholesale cash and carry business in luxury & fashion brand eyewear other than RayBan brand, Luxottica proposes to grant a five year exclusive license to the Company for the manufacturing and distribution in India of frames and sunglasses under the trademark RayBan.

The proposal also indicates that, subject to setting up of a wholly owned subsidiary in India for undertaking wholesale cash and carry business in luxury & fashion brand eyewear other than RayBan brand, Luxottica proposes to grant a five year exclusive distribution license in India of frames and sunglasses under RayBan trademark manufactured by Luxottica.

At the board meeting dated February 25, 2007, the Board of Directors has evaluated the proposal and recommended its approval to the shareholders at the upcoming Annual Genera] Meeting.

Source : Equity Bulls

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