Minda Industries limited (MIL), a group company of Nirmal Minda-run Uno Minda, announced that it has won bid to acquire of 51% stake in leading automotive lighting manufacture UZ Chasys LLC (UZ Chasys) in Uzbekistan for a purchase consideration of 83.1 billion Soms equivalent to -Rs 58 crore.
Uzbekistan government is moving toward liberalization of economy and divesting their stake is some of the government controlled entities. As part of this process, Uzbekistan Government is divesting their 51% stake in UZ Chasys through auction process.
UzChasys specialize in manufacturing of automobile headlights and lamps and is a leading supplier to OEM’s in Uzbekistan and has significant exports. The company said 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.