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Blue Star Board approves upfront consideration of Rs 80 crores for acquisition of D S Gupta Construction.

Central airconditioning and commercial refrigeration major, Blue Star Limited has announced that its Board of Directors in its meeting held on July 26, 2010 have approved the consideration amount for the acquisition of plumbing and fire fighting major D S Gupta Construction.

Blue Star Electro-Mechanical Limited, a wholly-owned subsidiary of Blue Star Limited, plans to acquire D S Gupta Construction Pvt Ltd for a consideration of Rs 80 crores on a slump sale basis. The transaction is subject to customary closing conditions being met.

The turnover of D S Gupta Construction was in excess of Rs 130 crore in FY10 and the Company has a carry forward order book of around Rs 300 crore. With this acquisition, Blue Star will strengthen an important pillar in its electro mechanical projects offering for its commercial and residential real estate customers. The promoters of D S Gupta Construction will continue to manage the business for the foreseeable future.

For additional information, please contact: B Thiagarajan, President, Airconditioning & Refrigeration Products Group, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant Road, Worli, Mumbai - 400 030 email: Telephone: 09821078098.

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