Blue Star set to buy Naseer Electricals

Blue Star, the Rs 2,000-crore commercial airconditioning company, is planning to buy electrical contractor Naseer Electricals for over Rs 100 crore. The Bangalore-based company is a three-decades-old firm with top line close to Rs 100 crore.

According to sources close to Blue Star, the company was looking at an established electrical contractor which can give it access to clients at the conceptual stage when a building is planned.

A senior official at Blue Star said the company was planning to acquire Naseer Electricals for backward integration.

While Blue Star officially declined to comment on the deal, Ameerjan Shaik Dawood, founder and managing partner of Naseer Electricals, was not available for comments.

"It is also our policy not to comment on any specific companies," a statement noted. The Blue Star senior official added that the company was receiving offers for tie-ups and acquisitions.

Blue Star officials said they had worked with Naseer Electricals on a few projects in South India.

Naseer Electricals has worked with well-known realty developers such as Prestige Group, Brigade, India Builders, executing close to 500 projects for a host of clients such as Motorola, Cisco, HP, Lucent, Wipro, among others.

Blue Star looks after the airconditioning needs of corporate and commercial customers and has established itself in the field of commercial refrigeration equipment ranging from water coolers to cold storages. The company's other businesses include marketing and maintenance of hi-tech professional electronic and industrial products.