The Mumbai-based home appliances company announced that it has incorporated a wholly owned subsidiary, Blue Star Innovation Japan on 20 February 2023.
Blue Star Innovation Japan is incorporated in Japan and it is yet to commence its business operations. It will be engaged in research and development of refrigeration cycles, control algorithms, and control boards for residential and commercial air conditioners and cold/hot water chillers.
The company said that the proposed initial investment is upto JPY 40 million.
Blue Star is an air-conditioning and commercial refrigeration company. The company conducts various activities, such as electrical, plumbing and fire-fighting services. Its segments include electro-mechanical projects and packaged air conditioning systems, and unitary products.
The company's consolidated net profit jumped 23% to Rs 58.41 crore on 18.7% rise in net sales to Rs 1,788.20 crore in Q3 FY23 over Q3 FY22.
Shares of Blue Star were up 0.20% to Rs 1,420.95 on the BSE.
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