Kolkata, Dec 5(UNI) Central airconditioning and commercial refrigeration major, Blue Star Limited, plans to strengthen its Airconditioning Projects business through the strategic acquisition of the businesses of Naseer Electricals Private Limited, a leading Electrical Contracting firm.
The Board of Directors of Blue Star Limited at its meeting here today, authorized a four-member committee to finalize the Definitive Business Purchase Agreement, and conclude the transaction on or before December 31next, company sources said.
With this move, Blue Star, a leader in central airconditoning in the country, would also be in a position to deliver integrated Mechanical, Electrical and Plumbing (MEP) contracting projects for the commercial building and infrastructure segments, the sources said.
Naseer Electricals Private Limited, headquartered at Bangalore, is an Electrical Contracting firm with a turnover of Rs 107 crore and a strong presence in South India.
The sources said the growing Indian economy and the construction boom was offering attractive business opportunities in the MEP contracting space while many customers of Blue Star were seeking Electrical Contracting services from the Company.
While Blue Star would continue to focus on its core businesses of airconditioning and commercial refrigeration as a manufacturer, contractor and service provider, it intended to further enhance its capabilities in the MEP space by entering Electrical Contracting through this transaction, they said.