Blue Star board okays acquisition
Blue Star Ltd’s board of directors has approved a proposal for the acquisition of the businesses of Naseer Electricals Private Ltd, a leading electrical contracting firm, as a going concern. With this, the company will be able to deliver integrated mechanical, electrical and plumbing (MEP) contracting projects for the commercial building and infrastructure segments. The board has authorised a four-member committee headed by Mr Suneel M. Advani, Vice-Chairman and Managing Director to finalise the definitive business purchase agreement, and conclude the transaction on or before December 31, 2007 (closing date) subject to final due diligence. The details of the transaction will be available after the closing date. – Our Bureau
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