Blue Star Signs agreement with UAE’s Al-Futtaim

Blue Star, a consumer electronics company specialised in air-conditioners and refrigeration entered into an agreement with UAE based Al-Futtaim Technology that builds energy efficiency services. Al-Futtaim aims at distributorship from Blue Star of its electronic devices across UAE.

Blue Star is trading near its multi-year high. The announcement was made on Friday pre-market and thereby the stock opened on a positive note with 1.4 per cent gains at Rs 460.10. Its total earnings from export of its goods on FOB basis has grown nearly 35 per cent to Rs 241.65 crores in FY 2015-16.

Blue Star already has its presence in UAE and has a tie-up with top, influential distributors in Dubai to cater to the demands in UAE market. Blue Star also builds customised room air conditioners and eco-friendly refrigerant R410A with high energy efficiency in line with the UAE regulations.

Through the agreement Al-Futtaim would be able to provide innovative and cost effective cooling solutions specifically for commercial built-ups like malls, hotels etc. Al-Futtaim has a huge network and assures a bigger penetration in UAE market.

Along with manufacturing and selling of air conditioners and refrigeration, Blue Star is also engaged in plumbing and firefighting, IT services and also distribution of imported electronic systems. The Company deals in various segments including Electro Mechanical Projects and Packaged Air-conditioning Systems, and Cooling Products.