Minda Industries set to acquire 51 per cent stake in UzChasys
Minda Industries announced today after the market hours that it has won a bid to acquire a 51 per cent stake in the leading automotive lighting manufacturer, UzChasys LLC. With this, the company has forayed into Uzbekistan.
The company was able to acquire a 51 per cent stake through the competitive bidding process. The cost of acquiring a 51 per cent stake in UzChasys summed up to 83.1 billion Sams, which is equivalent to around Rs 58 crore.
UzChasys specialises in the manufacturing of automobile headlights & lamps and is a leading supplier to OEM’s in Uzbekistan with a considerable number of exports.
Uzbekistan's automotive market is expected to grow significantly in the coming years as new models are being introduced, which will benefit the company. The acquisition will further expand Minda’s geographical reach and also, help them increase their sales.
At the time of market closing on Tuesday, the share price of Minda Industries Ltd was trading 1.78 per cent lower at Rs 642.20 on BSE.