Auto components maker Minda Industries on Tuesday said it will acquire 51 per cent stake in Uzbekistan-based automotive lighting manufacture UZ Chasys for around ₹58 crore.
The company has won the bid to acquire a 51 per cent stake in UZ Chasys in Uzbekistan for a purchase consideration of 83.1 billion Kyrgystani Soms (equivalent to ₹58 crore), Minda industries said in a statement.
The Uzbekistan government is moving toward liberalisation of the economy and divesting their stake in some of the government-controlled entities.
As part of this process, the Uzbekistan government is divesting their 51 per cent stake in UZ Chasys through an auction process.
UzChasys specialises in manufacturing automobile headlights and lamps. It is a leading supplier to original equipment manufacturers (OEMs) in Uzbekistan and has significant exports as well.
The Uzbekistan automotive market is expected to grow significantly in coming years along with the introduction of new models which will benefit UZ Chasys.
The acquisition will further expand Minda’s geographical footprints, it noted.
Minda Industries is a flagship company of UNO Minda Group. It has over 71 manufacturing plants globally.
