Minda Industries has announced that it to acquire a 51% stake in leading automotive lighting manufacture UZ Chasys of Uzbekistan for a purchase consideration of 83.1 billions Soms, which is equivalent to Rs 58 crore.
The Uzbekistan government is moving toward liberalisation of economy and divesting their stake is some of the government controlled entities. As part of this process, the Uzbekistan government is divesting its 51% stake in UZ Chasys through an auction process.
UzChasys specialises in manufacture of automobile headlights and lamps and is a leading supplier to OEMs in Uzbekistan and has significant exports. The Uzbekistan automotive market is expected to grow significantly in coming years along with introduction of new models which will benefit UZ Chasys.