Blue Star acquires Naseer Electricals

Bangalore: Blue Star has completed the acquisition of Bangalore-based Naseer Electricals, an electrical contracting firm, as a going concern for up to Rs 42 crore.

Announcing the acquisition, Blue Star Vice-Chairman and Managing Director, Mr Suneel M. Advani told newspersons on Thursday that the buy-out amount includes, upfront payment, debt and escrow amount payable on the fulfillment of certain conditions.

The acquisition will help Blue Star to deliver integrated mechanical, electrical and plumbing contracting projects for commercial buildings and infrastructure segments. The company will also use the resources of Naseer Electricals to expand its businesses in the Middle East.

All 117 permanent employees of Naseer Electricals have been absorbed by Blue Star following the acquisition and the company stands merged with Blue Star as of January 24, 2008. Naseer Electricals has a turnover of Rs 107 crore.

Blue Star’s carry-forward order book position as on December 31, 2007 stood at Rs 1,072 crore compared with Rs 831 crore on December 31, 2006.