Eyewear retail major Lenskart Solutions Ltd has announced plans to enter into a joint venture with China’s Mingfeng Glassesworld Ltd (MGL) to manufacture metal spectacle frames and allied optical products in India, marking another step in its strategy to strengthen domestic manufacturing and backward integration.
According to a stock exchange filing, the proposed joint venture will focus on the manufacturing, assembly, processing, sourcing, marketing and sale of metal spectacle frames, besides facilitating technology collaboration and product development.
Under the proposed shareholding structure, Lenskart will hold an 80% stake, while MGL will own the remaining 20% in the new venture.
The joint venture company will be incorporated with an initial paid-up share capital of ₹1 lakh, comprising 10,000 equity shares of ₹10 each. Lenskart will subscribe to 8,000 equity shares, while MGL will subscribe to 2,000 equity shares.
To strengthen backward integration
Lenskart said the proposed partnership is expected to significantly strengthen its backward integration strategy by enhancing domestic manufacturing capabilities and bringing advanced technology expertise into India.
The company said the venture will facilitate technology collaboration, improve sourcing capabilities, strengthen supply chain resilience, optimise procurement efficiencies and support its long-term growth strategy.
By manufacturing metal spectacle frames locally, Lenskart aims to deepen its manufacturing ecosystem while reducing dependence on imports and improving operational efficiencies.
Arm’s length transaction
The company clarified that upon incorporation, the joint venture will become a related party of Lenskart under the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations.
However, Lenskart said Mingfeng Glassesworld Limited is not related to the company’s promoters, promoter group or group companies, and the proposed transaction will be undertaken on an arm’s length basis.
Board approves amalgamation of two subsidiaries
Separately, Lenskart’s board has approved the amalgamation of Dealskart Online Services Private Limited and Lenskart Eyetech Private Limited with Lenskart Solutions Limited, subject to the necessary statutory and regulatory approvals.
Dealskart Online Services is engaged in providing operations and maintenance (O&M) services for Lenskart’s omni-channel retail stores across India.
Meanwhile, Lenskart Eyetech operates training centres for the company’s retail workforce, supporting employee skill development and customer service capabilities.
The proposed mergers are aimed at simplifying the group’s corporate structure, improving operational efficiency and streamlining business operations under a single entity.
The latest initiatives underscore Lenskart’s continued focus on strengthening its manufacturing base, enhancing supply chain capabilities and creating a more integrated operating model as it expands its presence in India’s fast-growing eyewear market.