Minda Industries to acquire 51% stake in UzChasys, leading automotive lighting manufacturer

Minda Industries limited ('MIL') has announced that it has won bid to acquire of 51% stake in leading automotive lighting manufacture UZ Chasys LLC (UZ Chasys) in Uzbekistan for a purchase consideration of 83.1 Bn Sams equivalent to ~Rs 58 Cr.

Uzbekistan government is moving toward liberalization of economy and divesting their stake is some of the government controlled entities. As part of this process, Uzbekistan Government is divesting their 51% stake in UZ Chasys through auction process.

UzChasys specialize in manufacturing of 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 coming years along with introduction of new models which will benefit UZ Chasys. The acquisition will further expand the company's geographical footprints.

Shares of MINDA INDUSTRIES LTD. was last trading in BSE at Rs.642.2 as compared to the previous close of Rs. 653.85. The total number of shares traded during the day was 33302 in over 1431 trades.

The stock hit an intraday high of Rs. 669.5 and intraday low of 638.8. The net turnover during the day was Rs. 21538612.

Source : Equity Bulls

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