Indian conglomerate acquires majority stake in Omani MEP firm
Blue Star targets a 10% share of Oman’s MEP market with new joint venture
Indian engineering conglomerate Blue Star has acquired a 51% stake in Oman Electro Mechanical Contracting (OEMC), it said in a bourse filing.
The new joint venture is called Blue Star Oman Electro-Mechanical Company and will offer mechanical, electrical and plumbing (MEP) contracting services in Oman.
OEMC is a subsidiary of W J Towell & Co, a group with interests in real estate, construction, consumer goods, automotive, engineering and services. The group represents several multinational brands including Mazda, Bridgestone, Nestle and Unilever.
Blue Star has core business in MEP contracting, air-conditioning, commercial refrigeration, and after-sales service.
“Blue Star takes pride in announcing this joint venture for the Oman market. WJ Towell & Co is a highly reputed 148-year old group which is well entrenched in Oman and is the perfect strategic partner for us to enter the market,” said Vir Advani, executive director and president of the electro mechanical projects business at Blue Star Limited.
“I am confident that this new venture will make deep inroads and create a significant difference to the MEP landscape in Oman.”
The current MEP market in Oman is worth around $350 million, Blue Star said in its statement. The new joint venture, Blue Star Oman, aims to acquire a market share of over 10%, with a focus on residential, commercial, industrial and infrastructure projects.
