By IANS
Mumbai : Leading air-conditioning and commercial refrigeration company Blue Star Ltd Thursday said it has completed the strategic acquisition of the businesses of the Bangalore-headquartered electrical contracting firm Naseer Electricals Ltd.
Blue Star has bought Naseer Electricals for Rs.420 million, which includes upfront payment, and debt and escrow amount payable on fulfilment of certain conditions.
The move will enable Blue Star to deliver integrated mechanical, electrical and plumbing contracting projects for commercial buildings and infrastructure segments.
Last December, Blue Star had informed the Bombay Stock Exchange (BSE) that the board of directors of the company at a meeting on Dec 5, 2007 cleared a proposal for the strategic acquisition of Naseer Electricals that had a turnover of Rs.1.07 billion in fiscal 2006-07.
According to an official release by Blue Star, all 117 permanent employees of Naseer Electricals have been retained.