New Delhi [India], June 22 — Indian auto component manufacturer Minda Industries Ltd said on Tuesday it has won bid to acquire 51 per cent stake in UZ Chasys LLC in Uzbekistan for a purchase consideration of 83.1 billion sams equivalent to Rs 580 million.
Uz Chasys specialises in manufacturing of automobile headlights and lamps. It is a leading supplier to original equipment manufacturers and has significant exports.
The Uzbekistan government is liberalising economy and divesting its stake in some government-controlled entities. As part of this process, the Uzbek government is divesting 51 per cent stake in UZ Chasys through auction process.
The Uzbek 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.
Minda Industries Ltd is a flagship Company of Uno Minda Group. It manufactures automobile components for original equipment manufacturers and is expanding with growing market share across all product lines.
It endeavours to deliver high technology and quality products to its customers globally. The Group has manufacturing facilities in Indonesia, Vietnam, Spain and Mexico as well as design offices in Taiwan, Japan and Spain.
It has over 71 manufacturing plants globally besides joint ventures and technical agreements with world-renowned manufactures from Japan, Italy and Taiwan.