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Minda Industries to acquire 51% stake in UzChasys in Uzbekistan
Minda Industries to acquire 51% stake in UzChasys in Uzbekistan
Minda Industries Limited ('MIL') on Tuesday, June 22, 2021, announced that it has won a bid to acquire of 51 per cent 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 crore.
Minda Industries Limited ('MIL') on Tuesday, June 22, 2021, announced that it has won a bid to acquire of 51 per cent 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 crore.
Uzbekistan government is moving toward liberalization of the economy and divesting its stake in some of the government-controlled entities. As part of this process, Uzbekistan Government is divesting their 51% stake in UZ Chasys through the auction process.
UzChasys specialize in the 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 the coming years along with the introduction of new models which will benefit UZ Chasys. The acquisition will further expand the company's geographical footprints.
Minda Industries Limited (MIL) is a flagship Company of UNO MINDA Group. UNO MINDA, a technology leader in Auto Components Industry is a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures automobile components for Original Equipment Manufacturers (OEMs) and is rapidly expanding with a growing market share across all its product lines. It endeavours to deliver high technology and quality products to its customers globally.
