Minda Industries wins bid to acquire 51% stake in Uzbekistan’s UzChasys
Minda Industries limited (MIL) said that it has prevailed in an auction process to acquire a 51% stake in automotive lighting manufacturer UZ Chasys (UzChasys) in Uzbekistan for 83.1 Bn Sams (around INR 58 crore).
The Uzbekistan government as part of liberalizing the country’s economy is offloading its stake in some of the state-controlled entities. As part of this process, it is selling the 51% stake in UZ Chasys via auction process.
UzChasys is engaged in manufacturing automobile headlights and lamps. It is said to be a major supplier to original equipment manufacturers (OEMs) in Uzbekistan and has considerable exports.
According to Minda Industries, the Uzbekistan automotive market is anticipated to significantly grow in coming years apart from introduction of new models which will benefit UZ Chasys.
The flagship company of India-based automotive components supplier UNO MINDA Group, said that the acquisition of a stake in UzChasys will further grow its geographical presence.