Minda Industries enters Uzbekistan market, to acquire 51% stake in UzChasys

FPJ Web DeskUpdated: Tuesday, June 22, 2021, 07:10 PM IST
article-image
Minda Industries forays in Uzbekistan, to acquire 51% stake in UzChasys |

Minda Industries limited (MIL) has announced that it has won bid to acquire of 51 per cent stake in leading automotive lighting manufacture UZ Chasys LLC (UZ Chasys) in Uzbekistan. This is for a purchase consideration of 83.1 Bn Soms equivalent to Rs 58 crore, stated the company.

Uzbekistan government is moving toward liberalisation of economy and divesting their stake is some of the government controlled entities. As part of this process, Uzbekistan Government is divesting their 51 per cent stake in UZ Chasys through auction process.

UzChasys specialise in manufacturing of automobile headlights and lamps and is a leading Supplier to OEM’s in Uzbekistan and has significant exports.

Uzbekistan automotive market is expected to grow significantly in coming years along with introduction of new models which will benefit UZ Chasys. The acquisition will further expand the company’s geographical footprints.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Jindal Stainless to generate hybrid energy in collaboration with ReNew Power

Jindal Stainless to generate hybrid energy in collaboration with ReNew Power

Swan Energy seeks nod for operating floating LNG unit in Gujarat, being built since 2013

Swan Energy seeks nod for operating floating LNG unit in Gujarat, being built since 2013

Air India to lease 12 more aircraft from both Boeing and Airbus

Air India to lease 12 more aircraft from both Boeing and Airbus

Insurance sector reportedly concerned about despotism after amendments to laws

Insurance sector reportedly concerned about despotism after amendments to laws

Protein supplement seller HealthKart strengthened by $135 mn in funding

Protein supplement seller HealthKart strengthened by $135 mn in funding