Lenskart Solutions Ltd has incorporated a step-down subsidiary in China through its joint venture Baofeng Framekart Technology Ltd (BFT), strengthening its sourcing and trading capabilities in the optical products market.
The new entity, Wenzhou Framekart Trade Co. Ltd, will undertake trading, import, export and procurement of spectacle frames and allied optical products, along with related materials, equipment and technology.
New entity to support optical business
Wenzhou Framekart Trade is incorporated as a subsidiary of BFT, which is a joint venture of Lenskart Solutions.
BFT will hold 95% of the equity interest in the new entity upon incorporation and will subscribe to the interest for RMB 1 million.
Focus on sourcing and procurement
The Chinese subsidiary will support the business requirements of BFT and its subsidiaries through sourcing and procurement of spectacle frames, optical products, materials, equipment and technology.
As Wenzhou Framekart Trade is incorporated as a Chinese limited liability company, its ownership is represented through equity interests rather than a specified number of shares.