Minda Industries forays in Uzbekistan, to acquire 51% stake in UzChasys

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 Soms 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.