Bausch & Lomb India 98/99 net up 154 pct
NEW DELHI, May 29 (Reuters) - Bausch & Lomb India, a unit of Bosch & Lomb Inc (NYSE:BOL - news) said on Saturday its net profit in 1998/1999 had increased by 154 percent to 136.1 million rupees from 53.5 million rupees the previous year.
Baush & Lomb said in a statement its sales in 1998/99 grew 35 percent to 897.1 million rupees from 663.4 million rupees in the previous year.
In a separate statement, Bausch & Lomb India (BIL) said its board had announced parent Bosch & Lomb Inc's intention to sell its holding in its Indian unit to Italy's Luxottica Group SpA (NYSE:LUX - news).
Bausch & Lomb Inc said last month it was selling its sunglasss business to Luxottica in a deal worth $640 million in cash.
''In terms of the agreement between Bausch & Lomb and Luxottica, Luxottica will consider purchasing Bausch & Lomb's current shareholdings in BLI, provided requisite governmental regulatory approvals in the U.S. and India are satisfactorily obtained and the vision care business of BLI is divested,'' the statement said.
It quoted Bausch & Lomb's Chairman and Chief Executive Officer William Carpenter as saying ''Luxottica, being one of the world's premier eyewear companies, is eminently positioned to manage the profitable sunglass business in India.''
Bausch & Lomb India said its vision-care business, consisting of contact lenses and contact lens care products, was not in Luxottica's line of business.
''Consistent losses have been incurred by BLI's vision care business since its inception, given the level of eye care in India and the low level of awareness of contact lenses, and it is expected that the vision care business will require much effort and investment to grow and yield returns,'' the statement said.
It said Bausch & Lomb Inc would in due course propose to BIL the ''smooth divestiture of the vision care business.''
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