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.