Home-grown auto component manufacturer Minda Industries has announced that it has won the bid to acquire of 51% stake in automotive lighting manufacture UZ Chasys LLC (UZ Chasys) in Uzbekistan for a purchase consideration of 83.1 billion Soms, equivalent to INR 58 crore.
Uzbekistan government is moving toward liberalising the economy and divesting its stake in some government-controlled entities. As part of this process, the government is divesting its 51% stake in UZ Chasys through the auction process.
UzChasys specialises in 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 by introducing new models that will benefit UZ Chasys.
The acquisition will further expand the company’s geographical footprints.