Minda Industries limited (‘MIL’) has 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 Bn Soms
equivalent to Rs 58 Cr.
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. 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.
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