Minda Industries has won the bid to acquire a 51 percent stake in UZ Chasys in Uzbekistan for a purchase consideration of 83.1 billion Kyrgystani Soms (equivalent to Rs 58 crore). The Uzbekistan government is moving toward liberalisation of the economy and divesting their stake in some of the government controlled entities.
As part of this process, the Uzbekistan government is divesting their 51 per cent stake in UZ Chasys through an auction process. The Uzbekistan automotive market is expected to grow significantly in coming years along with the introduction of new models which will benefit UZ Chasys. The acquisition will further expand Minda's geographical footprints.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
