Shares of Minda Industries rose 1.60% to Rs 652.50 after the company said that it had won the bid to acquire 51% stake in leading automotive lighting manufacture UZ Chasys LLC in Uzbekistan.

The acquisition is being done for a cash consideration of 83.1 billion Soums, equivalent to approximately Rs 58 crore. The company expects to complete the transaction within a period of six months.

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.

The proposed investment in UzChasys will enable the UNO Minda Group to have significant presence in Uzbekistan as a leading OEMs Supplier.

Minda Industries is a flagship company of UNO MINDA Group. UNO MINDA, a technology leader in Auto Components Industry is a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures automobile components for Original Equipment Manufacturers (OEMs).

The company's consolidated net profit surged to Rs 140.32 crore in Q4 FY21 from Rs 13.10 crore in Q4 FY20. Net sales during the quarter increased by 49.44% YoY to Rs 2,238.27 crore.

In the past one month, the stock has gained 15.23% while the benchmark Nifty 50 index and the Nifty Auto index have risen 4.05% and 2.64%, respectively.