COMPANY PROFILE

Blue Star is India's leading air conditioning and commercial refrigeration company, with an annual turnover of
over 3500 crores, a network of 35 offices, 5 modern manufacturing facilities, 2300 employees, 2200 dealers and
600 retailers. Blue Star's integrated business model of a manufacturer, contractor and after-sales service provider
enables it to offer an end-to-end solution to its customers, which has proved to be a significant differentiator in the
market place. In fact, every third commercial building in the country has a Blue Star product installed.
The Company fulfills the cooling requirements of a large number of corporate, commercial as well as residential
customers. The Company also offers expertise in allied contracting activities such as electrical, plumbing, firefighting and industrial projects, in order to offer turnkey solutions, apart from execution of specialised industrial
projects.
Blue Star's other businesses include marketing and maintenance of imported professional electronics and industrial
products and systems, which is handled by a wholly owned subsidiary of the Company called Blue Star Engineering
& Electronics Ltd.
Blue Star has business alliances with world-renowned technology leaders such as Rheem Mfg Co, USA; Hitachi
Medical Corporation, Japan; Danfoss, Denmark; Bitzer, Germany; Emerson, USA; Aeroflex, USA; Kitz, Japan; and
many others, to offer superior products and solutions to customers.
The Company has manufacturing facilities at Dadra, Himachal, Wada and Ahmedabad, which use modern, state-ofthe-art manufacturing equipment to ensure that the products have consistent quality and reliability. The Company
has a manufacturing footprint of about 1 lakh sq m, manufacturing over 300 models across 25 product lines. The
Company's mainstay of product development and R&D has been energy efficiency, coupled with eco-friendly and
sustainable products.
In accordance with the nature of products and markets, business drivers, and competitive positioning, the lines of
business of Blue Star can be segmented as follows:
Electro-Mechanical Projects And Packaged Air Conditioning Systems
This business segment covers the design, manufacturing, installation, commissioning and maintenance of central
air conditioning plants, packaged/ducted systems and variable refrigerant flow (VRF) systems, as well as
contracting services in electrification, plumbing and fire-fighting. After-sales services such as revamp, retrofit and
upgrades also form part of this segment. Blue Star is the largest after-sales AC&R service provider in India,
maintaining around 2 million TR of equipment. Its 24x7 call centre handles over 1 million service calls a year. Blue
Star is present right from understanding the customer requirement to hassle-free project execution and committed
after-sales service i.e. throughout the life cycle of the air conditioning system

FOUNDER - MOHAN
T ADVANI

In September 1943, with just two employees and two thousand rupees, he started Blue Star Engineering Company
in the middle of World War II. He was then thirty years old, and armed only with confidence, charm and charisma.
The one thing he possessed in abundance, however, was ambition. As he said, "For any growth to take place, there
must be ambition. Without that desire, that drive, that obsession, you can do nothing."
Unfettered by convention, Mohan Advani could discern opportunity where others saw difficulty. His spirit of
enterprise and working innovatively around obstacles was the hallmark of many of his ventures. This, combined
with his great capacity for hard work, was the formula for his many business successes. It was he who pioneered
water cooler manufacturing in India, making Blue Star synonymous with water cooler and laying the foundation for it
to become a manufacturing company. In 1946, he emptied the Company's bank account to travel to the US. He
knew absolutely nobody there. Gifted with chutzpah and a flair for marketing, he returned with tie-ups in the fields of
air conditioning and refrigeration. In the years to come, the several lucrative agencies that he negotiated for Blue
Star brought the Company invaluable know-how and helped it burgeon. Although his health had already started to
decline in the early 1970s, he took a keen personal interest when Blue Star was commissioned to air condition the
new skyscrapers that began to dot Bombay's skyline in that era.
Mohan Advani would have been happy and proud to see Blue Star today: India's largest central air conditioning
company and the industry leader in commercial refrigeration. The seed planted by him has grown into a mighty oak,
and is growing still.
A large-hearted man who loved life with a passion, Mohan Advani was a natural leader, inspiring great devotion in
his staff to both himself and the Company. The work culture that he established in Blue Star was imbued with
professionalism, a commitment to quality and customer satisfaction, a sense of corporate social responsibility and
consideration for employees - long before they became fashionable buzzwords. Decades after Mohan Advani, his
legacy continues to grow from strength to strength.
A pictorial tribute to Mohan T Advani, titled 'Remembering Mohan T Advani: The Man and his Legacy', was
published on the momentous occasion of his birth centenary on November 11, 2012. This Memoir which
commemorates his life and legacy incorporates interesting inputs and anecdotes from numerous people whose
lives he touched

Blue Star was founded in 1943 by Mohan T Advani, an entrepreneur of exemplary vision and drive. The Company
began as a modest 3-member team engaged in reconditioning of air conditioners and refrigerators.
Within three years, the Company obtained the sole agency of US-based Melchoir Armstrong DessauCompany and
several other companies manufacturing air conditioning and refrigeration equipment. Shortly after, the Company
was selected by Worthington, the US leader in air conditioning, as its India based partner - these were the first of
numerous foreign associations to follow. An expanding Blue Star then ventured into the manufacture of ice candy
machines and bottle coolers, and also began the design and execution of central air conditioning projects. This was
followed by the manufacture of water coolers. In 1949, the proprietorship company set its sights on larger
expansions, took on shareholders and became Blue Star Engineering Company Private Limited.
Ever since, there has been a constant and profitable growth. Blue Star diversified and tied up with agencies for
Material Testing Machines and Business Machines. The export arena beckoned and the Company began exporting
water coolers to Dubai, where, in fact, 'Blue Star' soon became the generic name for water coolers.
The sixties and the early seventies witnessed Blue Star continuing to expand and flourish. A team of dedicated
professionals aided Mohan T Advani in ever furthering his vision of a profitable company dedicated to its ideals of
professionalism and success. Employee strength crossed the 1000 mark and the Company went public in 1969 to
become Blue Star Limited, as it continues to be called today.
In 1970, the Company took up the all-India distributorship of Hewlett-Packard products, a business relationship
which continues till date, and has grown ever stronger through the years. As the Company's reputation for
delivering goods in the most challenging of air conditioning projects grew steadily, the early seventies saw a series
of prestigious projects being entrusted to Blue Star - skyscrapers such as Air India Building, Express Towers, the
Oberoi Hotel in Mumbai, apart from (among) several others. Revenues touched the 10 crore mark and staff
strength doubled to exceed 2000.
As its Indian presence reached greater heights, the Company began building determinedly upon its existing
overseas presence. Blue Star set up a joint venture with Al Shirawi in Dubai and went on to execute some
outstanding projects in Syria, Iraq and Saudi Arabia. To complement its air conditioning projects and undertake
turnkey industrial projects, an Industrial Division was set up in 1978.
Always moving with the times and ever on the lookout for business possibilities, Blue Star next set up a software
export unit at Seepz, Mumbai in 1983. This was followed by associations with more global leaders - a collaboration
with York International of USA for central air conditioning equipment and joint ventures with Motorola and
Yokogawa.
In 1984, Ashok M Advani and Suneel M Advani, the sons of Mohan T Advani, took over the reins of the Company,
after spending nearly 15 years within the Company steadily climbing up the ladder. A renewed thrust was placed on
the Company's core business areas - air conditioning and refrigeration, and distribution of professional electronics
equipment - and the Company emerged a market leader in these focus areas.
The nineties witnessed India entering an era of economic liberalisation and an upsurge in competition as the
dynamic business scenario attracted the world's most forward-looking corporations. It was time to relook at existing

business competencies, re-engineer those that were obsolete and forge ahead in acquiring new business
competencies. Blue Star rose to the challenge and expansion continued unabated.
In keeping with this focus, an advanced manufacturing facility was set up at Dadra in 1997, in technical
collaboration with Rheem, USA, to enhance manufacturing competency. Today, it bears the distinction of being
regarded as a state-of-the-art plant India-wide. The dealer network was strengthened and expanded to bring
products within easy reach of every customer across the country.
In 2000, the software unit was spun off into a separate company, Blue Star Infotech Ltd, the export of air
conditioning products from the Dadra factory began and contract manufacturing for local and foreign brands
commenced. A new Corporate Vision was developed - To deliver a world-class customer experience.
HISTORY
Blue Star crossed the 500 crore milestone in 2000 and the 600 crore milestone in 2002-03. With the boom in
construction activity and increased infrastructure investments, the Company leveraged its leadership position to
grow aggressively. In the following three years, the Company nearly doubled its turnover, clocking 1178 crores in
2005-06.
Even more than size, Blue Star enjoys an enviable reputation as an ethical corporation, ever mindful of its
obligations towards customers, shareholders, dealers, business partners, employees and the environment in which
it operates.
In 2008, the Company ventured into the electrical contracting business, offering customers mechanical, electrical
and plumbing (MEP) services. From a logistical and technological perspective, this move was facilitated by the
Company's acquisition of Bangalore-based Naseer Electricals Private Limited.
In 2010, Blue Star strengthened its electro-mechanical projects business through the strategic acquisition of D S
Gupta Construction Private Limited, the largest independent plumbing and fire fighting contracting company in
India. This move fortified Blue Star's position, placing it amongst the country's leading companies in the MEP field.
In 2011, the Company forayed into the residential air conditioning segment. Blue Star was witnessing a significant
demand from the residential segment given the higher disposable income and the growing middle class who are
upwardly mobile and seek comfort. Despite the fact that Blue Star room air conditioners were not available in retail
channels, a significant amount of Blue Star's sales came from the residential segment, mainly from consumers who
believe that a specialist is better than a generalist and a conviction that if Blue Star is a leader in cooling large
spaces, its room air conditioners must be good. The Company significantly altered its marketing mix to focus on the
residential segment and launched a new contemporary and stylish range of split air conditioners to appeal to home
consumers.
In the period between 2011-15, Blue Star has made significant changes to its energy-efficient product offerings to
appeal to the residential segment, distribution through home appliance retail outlets and enhanced advertising
budgets. The residential foray met with resounding success and Blue Star's room air conditioners sales grew
considerably, despite almost flat sales growth in the overall room air conditioners industry. Only 75 companies listed
on the Indian stock exchanges having a turnover in excess of 1000 crores are more than 70 years old and it is a
matter of immense pride that Blue Star is one amongst them.
In 2015, given the fact that Blue Star is well entrenched in the residential segment, the Company identified a new
value proposition of 'Nobody Cools Better' which highlights the unmatched expertise, experience and deep
understanding of the science of cooling that Blue Star offers to its customers. Blue Star's room air conditioners are
available in 3500 outlets in over 500 locations spread across the length and breadth of the country, vide exclusive

and multi-brand sales and service air conditioning dealers, retail showrooms and modern trade. The Company has
also built up a strong installation and service franchise network to support the retailers.
The introduction of Blue Star VRF IV Plus - the 100% Inverter VRF in June 2015 has set a new global benchmark
which proves that an Indian manufacturer can develop a product, equipped with the right technology and robust
R&D capabilities, which is the best-in-class and can challenge any product across the world.
In the same year, the PE&IS business of the Company was transferred to a separate subsidiary called Blue Star
Engineering & Electronics in April 2015. The PE&IS business is distinctly different from the air conditioning and
refrigeration businesses of the Company with minimal business synergy between the two. This independent identity
along with specialised resources will enable the business to maximise its full potential. Blue Star crossed the 3000
crore turnover milestone too in 2015.
The trend of combining multiple MEP services (HVAC, Electrical, Plumbing, Fire-fighting & Low Voltage systems) is
gaining acceptance in the country. While the contracting space in India is rapidly changing and the customer needs
are far more challenging, Blue Star has built its capabilities in MEP contracting in a systematic way, through a
judicious mix of acquisitions and capability building.
Blue Star has done exceedingly well in the domestic business with its integrated model of a Manufacturer, EPC
solutions provider and After-sales service provider and is aggressively expanding its international footprint by taking
forward these unique capabilities globally. It is identifying new opportunities for its air conditioning and commercial
refrigeration products, MEP projects, after-sales service and system integration in global markets such as Middle
East, North Africa, SAARC and ASEAN regions. This focus will significantly enhance the Blue Star brand beyond
India while providing growth opportunities for its businesses, and will go a long way in establishing Blue Star as a
true global player.
The Company has enhanced its investments on new product development and research and design initiatives in
order to continue to develop modern and sophisticated products competing with the best in the world

VISION

VALUES & BELIEFS

Be a company that is a pleasure to do business with.

Continuously improve shareholder value.
Win our people's hearts and minds.
Encourage learning, experimentation and innovation in what we do.
Place the Company's interest above one's own.
Conduct business with personal integrity and ethics.
Work in a boundary-less manner between various functions to provide the best solutions to customers.
Treat business partners as respected members of our organization.
Ensure high standards of corporate governance.
Be a good corporate citizen.

BLUE STAR CODE OF CONDUCT

1. Obeying the Law Comply with the laws and regulations of the countries where
we do business. 2. Integrity Promote ethical and honest behaviour. Act with
competence, diligence and in good faith without misrepresenting or concealing
material facts. Comply with Company rules and regulations. Honour commitments.
Avoid personal, financial or business activities that could conflict with the
Companys interests and disclose these activities carried out by family members to

the Company. Respect the confidentiality of internal Company information and

ensure that any such confidential information is not misused for personal gain. 3.
Towards Customers Strive to provide a world class customer experience in terms of
products and services. Compete in the market by offering innovative solutions that
meet customers needs. Strive to be a supplier of choice. 4. Towards Shareholders
Enhance shareholder value by focusing on long term profitable growth and prudent
financial management. Provide real shareholder returns in the form of a fair and
sustainable dividend policy. Practise high standards of Corporate disclosure by
timely, regular and reliable reporting of the Companys activities, financial position
and performance to enable a proper evaluation of the Blue Star scrip. 5. Towards
Employees Employ, reward and promote people solely on the basis of merit,
without any discrimination on the basis of religion, gender, caste, social background
or special connections. Provide a comfortable, healthy and safe work environment
which will also protect the interests of female employees. Develop and enhance
employees skills and competencies to enable them to perform their jobs and grow
to assume new responsibilities. Be a learning organization. Recognize the right of
employees to freedom of expression and freedom of association. 6. Towards
Business Partners Treat suppliers, dealers, associates and subcontractors as an
extended arm of Blue Star and create mutually beneficial relationships with them. 7.
Social Responsibility Support needy and deserving causes in society through
financial and/or managerial assistance. 8. Duties of Independent Director The
Independent Directors shall: Undertake appropriate induction and regularly update
and refresh their skills, knowledge and familiarity with the Company. Seek
appropriate clarification or amplification of information and, where necessary, take
and follow appropriate professional advice and opinion of outside experts at the
expense of the Company. Strive to attend all meetings of the Board of Directors and
of the Board committees of which he is a member. Participate constructively and
actively in the Committees of the Board in which they are chairpersons or members.
Strive to attend the general meetings of the Company. Where they have concerns
about the running of the Company or a proposed action, ensure that these are
addressed by the Board and, to the extent that they are not resolved, insist that
their concerns are recorded in the minutes of the Board meeting. Keep themselves
well informed about the Company and the external environment in which it
operates. Not to unfairly obstruct the functioning of an otherwise proper Board or
committee of the Board. Pay sufficient attention and ensure that adequate
deliberations are held before approving related party transactions and assure
themselves that the same are in the interest of the Company. Ascertain and ensure
that the Company has an adequate and functional vigil mechanism and to ensure
that the interests of a person who uses such mechanism are not prejudicially
affected on account of such use. Report concerns about unethical behaviour, actual
or suspected fraud or violation of the Company's code of conduct or ethics policy.
Acting within his authority, assist in protecting the legitimate interests of the
company, shareholders and its employees. Not disclose confidential information,
including commercial secrets, technologies, advertising and sales promotion plans,

unpublished price sensitive information, unless such disclosure is expressly

approved by the Board or required by law.

BOARD OF DIRECTORS

Ashok M Advani - Chairman

Ashok M Advani is an MBA from the Harvard Graduate
School of Business Administration, an Electrical Engineer
from MIT, USA and a BSc (Honours) from Mumbai
University.
He joined Blue Star in 1969 and held a variety of senior
positions in manufacturing and finance in the Company before
he took over the Company's affairs as Chairman & Chief
Executive in 1984. He was redesignated as Chairman &
Managing Director in 2005 and Executive Chairman in 2009.
He relinquished his position as the Executive Chairman in
2012, and continues as the Chairman of the Company.
Ashok was also the Vice Chairman of the erstwhile Blue Star
Infotech Ltd. He has been a member of the Local Advisory
Board of The Chase Manhattan Bank and is a Past President of
the Bombay Chamber of Commerce and Industry.

Suneel M Advani - Vice Chairman

Suneel M Advani is a double graduate in Electrical
Engineering and Economics from MIT, USA. He also holds an
LLB degree from Mumbai University.
He spent his entire working career in Blue Star, joining as a
Management Trainee in 1969 and moving up steadily to
President and Vice Chairman in 1984. He retired from his
executive position in 2014, and continues as Vice Chairman of
the Board. Suneel established Blue Star's presence in computer
software development and export, and when this division was
spun off to become Blue Star Infotech Ltd in 2000, he assumed
the position of Chairman there and later, Managing Director as

well, in addition to his responsibilities in Blue Star.

In the span of his career, Suneel formed many joint ventures
with global majors such as HP, Motorola, Stork-Comprimo in
the hi-tech area, and with smaller Indian entities in the air
conditioning field. For Blue Star and Blue Star Infotech, he
conceived and completed several corporate acquisitions. Over
the years, he served on the managing councils of several
industry and trade bodies, such as CII, and is the founder and a
Past President of Refrigeration and Airconditioning
Manufacturers' Association (RAMA).

Vir S Advani - Managing Director

Vir S Advani holds Bachelors Degrees in Systems Engineering
and in Economics from the University of Pennsylvania. He has
also completed a comprehensive Executive Management
Program on Leadership Development at Harvard Business
School.
Vir, after a 2-year working stint in private equity in New York,
joined Blue Star Infotech Ltd in 2000 and then founded Blue
Star Design & Engineering Ltd in 2003, designated as its Chief
Executive Officer. In 2007, he moved to Blue Star as Vice
President - Corporate Affairs, where he made valuable
contributions in a profit improvement programme as well as in
electro-mechanical projects. He was promoted as Executive
Vice President in 2008; President - Corporate Affairs & Special
Projects in 2009 and Executive Director in 2010. In April 2016,
Vir has been appointed as the Managing Director of the
Company, and currently oversees the Electro-Mechanical
Projects business, the International Business Group, Corporate
Financial Services, Corporate Planning and Investor Relations,
apart from Blue Star Engineering & Electronics Ltd.
Vir is a Director of Blue Star Engineering & Electronics Ltd.
He is a Member of three CII National Committees; namely
Gulf & Middle East, Exports and Exports Competitiveness as
well as Real Estate and Building Technology.

B Thiagarajan - Joint Managing Director

B Thiagarajan is a Bachelor of Engineering in Electrical and
Electronics from Madurai University. He has also completed
the Senior Executive Program of London Business School. He
has over three decades of experience, having worked for
reputed companies such as Larsen & Toubro Ltd, BPL Systems
Ltd and Voltas Ltd, prior to joining Blue Star in 1998.
Thiagarajan has handled various assignments in the Service
business, Corporate Communications & Marketing and
Corporate Affairs & Planning before he was promoted as
President - AC&R Products Group in 2009. Under his
leadership, the AC&R products business of the Company grew
significantly. In 2013, Thiagarajan was elevated as Executive
Director & President - AC&R Products Business. In April
2016, Thiagarajan has been appointed as Joint Managing
Director, and currently oversees Manufacturing and R&D;
Marketing, Supply Chain and Service operations pertaining to
the Products business; Corporate Communications; Public
Relations; Corporate Marketing Services as well as Human
Resources.
Thiagarajan plays an active role in various industry forums,
and is the Past President of RAMA. He has been driving the
Cold Chain Infrastructure Development for several years. He is
a nominated Member of the CII National Council, Chairperson
of the CII National Committee on State Level Co-ordination in
Agriculture, and represents Blue Star in the Western Regional
Council of CII.

Shailesh Haribhakti - Director

Shailesh Haribhakti is a Chartered Accountant, Cost
Accountant, Certified Internal Auditor, Financial Planner and
Fraud Examiner. He strongly believes that good governance is
of sustainable competitive advantage to companies. With a
strong background in audit, tax and consulting, he seeks to
create enduring value for companies and organizations that he
is involved with. Being a strong supporter of a clean and green
environment, Shailesh is pioneering the concept of 'innovating
to zero' in the social context. He is currently Chairman of the
National Pension Scheme Trust and Member of Pension
Advisory Committee of Pension Fund Regulatory &
Development Authority.

Shailesh joined the Board of Blue Star in 2005 and in addition,

serves on Boards of multinational and Indian Companies as
well as of not-for-profit organisations; and is a Member of
several advisory boards. He is the Managing Partner of
Haribhakti & Co LLP, Chartered Accountants; Group
Chairman of Baker Tilly DH Consultants Pvt Ltd; Chairman of
New Haribhakti Business Services; and Chairman, Mentorcap
Management Pvt Ltd.

Shobana Kamineni - Director

Shobana Kamineni holds a Bachelors Degree in Economics
and has an Accelerated Diploma in Hospital Administration
from Columbia University, New York. As a member of the
founding family of the Apollo Hospitals Group, she has
directed the company's diversification into several new
domains. She is the Executive Vice Chairperson of Apollo
Hospitals Enterprise Ltd. Shobana is at the helm of Apollo
Global Projects Consultancy that steers the planning, design
and execution of new projects. Shobana spearheads Apollo
Pharmacy - India's largest pharmacy chain. She has
championed Apollo's collaboration with Munich Re in 2008,
and continues to be a Wholetime Director on the Board of
Apollo Munich Health Insurance.
Shobana joined the Board of Blue Star in 2014. She is Vice
Chairperson of the KEI Group; an Independent Director on the
Board of Hero MotoCorp Ltd; Advisor to the External Board of
CISCO India; and on the Advisory Council of the National
Cadet Corp. As an active member of CII, Shobana was elected
as the Vice President for 2015. Shobana has been a recipient of
prestigious national awards for Entrepreneurship and
Leadership.

Pradeep Mallick - Director

Pradeep Mallick is a B Tech from IIT Madras and Diploma
holder in Business Management from UK. He is also a
Chartered Engineer and Fellow of the Institution of
Engineering & Technology, London (CEng FIET). Pradeep is a
recipient of the Distinguished Alumnus Award from IIT
Madras. He was conferred Knight First Class of the Order of
the White Rose of Finland. He joined the Board of Blue Star in
2003.

Pradeep was the Managing Director of Wartsila India Ltd from

1988 to 2003, prior to which he worked with several leading
companies in the field of electrical power transmission and
distribution. Pradeep is also on the Boards of several other
companies including Automotive Stampings & Assemblies
Ltd, Foseco India Ltd and Gujarat Pipavav Port Ltd. He is a
Past Chairman of CII Western Region and Past President of
Bombay Chamber of Commerce and Industry. He is also
associated with social organisations like Population First.

M K SHARMA - Director
M K Sharma holds Bachelors degrees in Arts and Law, and
Post Graduate Diplomas in Personnel Management and Labour
Laws. He has also attended the Advanced Management
Program at Harvard Business School.
M K Sharma joined Hindustan Unilever Ltd in 1974, and
subsequently joined its Management Committee in 1990. After
serving as Vice Chairman for 7 years, he retired in 2007,
completing 12 years on its Board. He has rich experience in
mergers and acquisitions, corporate restructuring and law. He
has also served as a member of Corporate Law Committee
formed by the Ministry of Corporate Affairs and Naresh
Chandra Committee on Corporate Governance.
M K Sharma joined the Board of Blue Star in 2013. He is
currently Non-Executive Chairman of ICICI Bank Ltd as well
as United Spirits Ltd; an Independent Director of Wipro Ltd as
well as Asian Paints Ltd; a Member of the Board of Governors
of the Anglo Scottish Education Society; and a Member of the
Executive Board of Indian School of Business. He is also
actively involved in several industry associations.

GURDEEP SINGH - Director

Gurdeep Singh is a Chemical Engineering Graduate from IIT
Delhi. After his graduation, he joined Hindustan Unilever Ltd
as a Management Trainee. He held various responsible
positions in the company before he was expatriated to Brazil as
Technical Director of the Unilever Detergents business.
Gurdeep returned to Hindustan Unilever Ltd in 1998 as
Director - Human Resources, Corporate Affairs and
Technology, and retired from the company in 2003. He joined

the Board of Blue Star in 2003. He is also on the Boards of

several leading companies including Kloeckner Pentaplast
India Pvt Ltd, Technova India Ltd and Gateway Rail Freight
Ltd

SENIOR MANAGEMENT

Ashok M Advani

Chairman

Suneel M Advani

Vice Chairman

Vir S Advani

Managing Director

B Thiagarajan

Joint Managing Director

R Aravindan

Executive Vice President - Electro-Mechanical Projects

Business

Neeraj Basur

Chief Financial Officer

J M Bhambure

Executive Vice President - R&D and Technology

R G Devnani

Executive Vice President - Manufacturing

C P Mukundan
Menon

Executive Vice President - Air Conditioning & Refrigeration

Products Sales Group

P Venkat Rao

Chief Human Resources Officer

V S Ashok

Vice President - Air

MILESTONES

Year

Event

1943

Mohan T Advani establishes Blue Star Engineering Company as a

proprietary firm
1946

Blue Star secures Melchior Armstrong Dessau agency

1947

Worthington selects Blue Star as Indian Partner. Manufacturing of ice

candy machines and bottle coolers begins. Central air conditioning
system design and execution begins

1948

Manufacture of water coolers commences

1949

Proprietorship converted to Private Limited Companies

1954

Blue Star selected as distributor for Honeywell

1955

GDR Testing machines distributorship begins

1957

Perkin-Elmer tie-up marks the start of the electronics business. GDR

business machines agency commences

1960

Total Income crosses the Rs 1 crore mark

1962

GDR Machine Tools distributorship begins

1964

Total employment crosses 1,000

1965

Techniglas Pvt Ltd set up to manufacture insulation material

1969

Factory moves from Colaba in Mumbai to Thane

1970

Hewlett- Packard distributorship commences

1972

First skyscrapers of Mumbai Air India Building, Express Towers and

Oberoi Hotel set-up all air conditioned by Blue Star

1972

Total Income crosses Rs 10 crores. Employment crosses 2,000

1974

Water Cooler manufacturing license granted to Yusuf Alghanim, Kuwait

1977

Middle East thrust begins. Joint Venture (JV) with Al Shirawi in Dubai

1977

Hitachi Medical Equipment distributorship begins

1978

Industrial Division commences activity

1980

Bharuch Factory set up

1980Major AC and R projects executed in the Middle East

86
1983

International Software Division inaugurated in Seepz

1984

York technology collaboration begins

1985

Manufacture of centrifugal packaged chillers commences at Thane Plant

1986

Total Income crosses Rs 100 crores

1987

Yokogawa Blue Star JV formed

1987

Gandhinagar factory set up for EPABX systems

1988

Blue Star becomes Indias largest central air conditioning company

1988

Manufacturing collaboration with Mitsubishi

1988

Assembly of personal computers under the brand name Quantum

begins

1989

JV with Hewlett-Packard and Motorola

1990

Gandhinagar factory closes

1992

Total Income crosses Rs 200 crores

1992

Blue Star exits from Motorola JV

1993

Formation of Arab Malaysian Blue Star JV in Malaysia

1995

Blue Star exits from HP India JV

1997

Dadra Plant inaugurated

1998

Major thrust on dealerisation and brand building begins

1999

Blue Star exits from Industrial Projects business

2000

International Software business spun off to form Blue Star Infotech,

listed on stock exchanges

2001

Total Income crosses 500 crores. Export of air conditioning products

begins

2003

Blue Star exits Yokogawa JV

2005

Blue Star sets up new factory at Kala Amb in Himachal Pradesh

2006

Total Income crosses the Rs 1000 crores mark

2006

Blue Star opts for a 5 for 1 stock split

2007

Blue Star sets up its fifth factory at Wada, Thane District

2008

Blue Star powers into Building Electrification. Acquires Naseer

Electricals, a leading Electrical Contractor

2008

Total Income crosses Rs 2000 crores

2010

Blue Star acquires D S Gupta Construction, the largest independent

Indian plumbing and fire-fighting contractor. Fortifies the Company's
integrated Mechanical, Electrical, Plumbing & Fire fighting (MEP)
contracting offering.

2011

Blue Star forays into the residential air conditioning segment.

2012

Blue Star celebrates Birth Centennial of Founder Chairman, Mohan T

Advani.

2013

Blue Star celebrates its 70th Anniversary.

2015

The PE&IS business of the Company transferred to a separate

subsidiary called Blue Star Engineering & Electronics in April 2015.

2015

Total Income crosses Rs 3000 crores

2015

Blue Star enters into JV with W J Towell & Co LLC; forms Blue Star
Oman Electro-Mechanical Company LLC

HISTORY & OVERVIEW

"To deliver a world-class customer experience", has been the core philosophy of Blue Star. The Manufacturing
division of the Company also aspires to be of world-class caliber.
Blue Star's foray into manufacturing was a modest effort at producing ice candy machines in the 1940s, at first from
a small office in Forbes Street at Colaba in Mumbai. It was only in the mid 1960s that Mohan T Advani expanded
Blue Star's manufacturing base by buying a factory in Thane, then a distant suburb in Mumbai. Currently, the Thane
Plant manufactures a range of screw chillers in air cooled, water cooled and flooded types, with all products being
AHRI certified. It also manufactures the innovative Water Cooled Centrifugal Chiller.
The second Plant was built in 1980 in Bharuch in Gujarat to manufacture water coolers, deep freezers and bottle
coolers.
In the late 1990s with the software boom driving the economy, investments in manufacturing sector were dwindling.
Manufacturing facilities started become an unviable proposition. As a result, a lot of manufacturing units had to be
closed down. However Blue Star management was convinced that manufacturing would be an important driver in
the value chain and was important for the Company to be successful in the longer run.
A new and exciting chapter began with the inauguration of a world-class factory in Dadra in 1997. The project at
Dadra was incorporated with state-of-the-art technologies, quality standards and manufacturing process with
consultations from Rheem USA.
After the success of Dadra, Blue Star has been able to transplant the manufacturing philosophy and attitude to the
other factories at Thane and Bharuch as well.
The two fundamental transformations of Blue Star's manufacturing took place in improving operational efficiencies
and quality improvement, resulting in competitiveness in terms of price and delivery. Blue Star remained
competitive in the market where prices of air conditioning products fell constantly since the late 1990s. The
introduction of world-class manufacturing facilities coupled with IT, automation and an overall positive morale
amongst the employees resulted in reduction of manufacturing costs.
With the addition of Himachal Plant in 2005, which was built with in-house expertise, Blue Star has been able to
meet the increasing market demand of room air conditioners. Himachal Plant holds the advantage of augmented
scale of operations. With the second factory in Himachal introduced in 2011, the two facilities manufacture room air
conditioners as well as storage water coolers, both being signature products enjoying enviable market patronage.
The second HP Plant also houses one of the few, state-of-the art MCHX coil ( aluminim heat exchanger)
manufacturing facilities in the country.
The Wada factory was established in 2008 which is Blue Star's largest manufacturing facility and manufactures air
handling units, screw chillers, scroll chillers and refrigeration units for cold rooms. It is also a contract manufacturer
of sophisticated condensing units and roof top units for a few multinationals. Driven by the ice cream, frozen foods

and dairy segments, the commercial refrigeration business of Blue Star has been on the rise. Considering the
expected demand surmount in the near future, the Company considered it prudent to expand its manufacturing
capacity for refrigeration products by setting up another plant in Ahmedabad in 2012. This has made the current
production capacity for these products quite robust.
In 2015, Blue Star restructured its manufacturing operations, closing two of its old and unviable units, namely, the
Thane and Bharuch plants
Blue Star's five modern manufacturing facilities coupled with an able product development team, the country's most
advanced AHRI-certified chiller test lab, significant support from original equipment manufacturers and a good
footing in the export market has given Blue Star a cutting edge in manufacturing

MANUFACTURING PHILOSOPHY

Manufacturing philosophy in Blue Star starts with the birth of an idea, a need in the market, which is harnessed
using manufacturing setup. All Blue Star factories are well equipped to deliver a required product to the customer
on time.
In its continuous thrust towards new product development, introducing product innovations and enhancing product
quality and customer satisfaction, Blue Star has upgraded and expanded its manufacturing and product
development facilities.

Bluestar Air Conditioner Price List In India

Check out the below price list of Bluestar Air Conditioners in India,

Popular Bluestar Air Conditioner Models

Available From

Bluestar 5HW24MA1 2 Ton 5 Star Split AC

Rs. 47,100

Bluestar 5HW18SA1 1.5 Ton 5 Star Split AC

Rs. 38,780

Blue Star 3HW24JB1 2 Ton 3 Star Split AC

Rs. 41,399

Bluestar R410A CNHW18RAF 1.5 Ton Inverter Split AC

Rs. 39,499

Bluestar 5HW24MA1 2 Ton 5 Star Split AC

Rs. 47,100

Blue Star 3HW18JB1 1.5 Ton 3 Star Split AC

Rs. 29,725

Bluestar 5HW12SA1 1 Ton 5 Star Split AC

Rs. 30,589

Blue Star 3HW12JB1 1 Ton 3 Star Split AC

Rs. 29,250

Blue Star 2HW18OC1 1.5 Ton 2 Star Split AC

Rs. 31,899

Blue Star 2W24La 2 Ton 2 Star Window AC

Rs. 29,684

HIMACHAL PRADESH COMPANY PROFILE

Factory Facts:
Started
This
factory
Area: 14,000
Manpower: 100

in
is

300

kms

North

West

of

North

2005
Delhi.
sq.mts

This factory has been set-up in the sylvan settings of Kala-amb in Himachal Pradesh. The industrial zone of Baddi
has seen a proliferation of manufacturing setups in the recent past, thanks to the benevolent tax concessions
granted by the Government. Blue Star too has capitalized on this opportunity to augment its manufacturing capacity

R&D

We offer complete engineered products and solutions with differentiated features. With the extent of climatic
conditions varying across the nation, our products are designed to suit the specific local conditions. Considering the
shortfall of Electricity supply, we have designed all our products for energy efficiency. Blue Star products are most
preferred in the domestic market because of energy efficiency features. In our offer, we have widest range of
products for varying applications. This is possible due to extensive research and development that goes behind the
products.
All our factories are equipped with robust R&D facilities and a lot of importance is given towards continuous up
gradation. Currently R&D team constitutes nearly 20% of the manufacturing division work force. This is a testimony
to the significance that R&D has in the product development process at Blue Star.
R&D team is encouraged to update with the latest techniques and processes in the field and thus are sent to
various exhibitions / site visits across the globe. Consultants from various industries are also hired for specific
industrial design projects.
Blue Star also believes in associating itself with leading global organizations that have done path breaking work in
the field of innovations. We have tie-ups with such reputed companies for knowledge sharing. We also have tie-ups
with technical institutions of repute like IIT, Mumbai, where individual projects are executed.
R&D at Blue Star also handles customer specific requirements, which require tremendous amount of expertise in
that particular domain.
Software that R&D team has deployed and which is used on a regular basis - Pro-Engineer, Solid Edge, AutoCAD,
Pro Mechanics, R&R, HTRI, Mechanical Desktop, Rhino, Alias, CATIA, IDEAS, Solid Works, Patran, Hypermesh,
Femap, Ansys, Nastran, Fluent, Flow Mechanica and Moldflow. Software packages including those for system
design, air handling unit selection and heat exchanger optimization

TEST FACILITIES

Substantial investments have been made in setting up sophisticated test laboratories. All the test labs comply with
international standards and boast of state-of-the-art instrumentation systems. These monitor operating parameters
on a real time basis, under controlled conditions.
We also believe in constantly upgrading product design and manufacturing technologies to produce cost effective
customized solutions. This ensures that demands on reliability, flexibility and process capability are constantly met,

keeping customer needs in mind, focus is also kept on creative design, innovation and frequent up gradation of
products

CONTRACT MANUFACTURING

With well established in house R&D for new product development and an integrated manufacturing set-up to deliver
high quality products in a short lead time, manufacturing division is well equipped to offer original design
manufacturing. The experts at Blue Star deeply understand customer specific requirements. The requirements are
studied in a holistic manner in terms of understanding application, competition, standards requirement, and
compliances and finally arrive at a product strategy. This entire process further leads to getting into product design
and prototyping. Rigorous tests are then carried out for validation before getting into execution.
We offer products to meet new market requirements right from conceptualization to delivery of large volumes in the
brands specified. With wide expertise in domestic and international markets, we are well set to offer contract
manufacturing

ENVIRONMENTAL INITIATIVES

Blue Star's factories have been exquisitely landscaped with lawns and flowering plants dotting the campus. Trees
have also been planted on a proactive basis even outside the Blue Star factories. As a responsible organization,
special ETP plants are installed to dispose off the wastes generated. Additionally, all our factories are designed for
rain water harvesting.
The Wada plant has achieved a gold rating from IGBC for its sustainable systems and processe

TABLE OF CONTENT
SR.N
O.

1.

CONTENTS
CHAPTER-1

PAGE
NO

1-20

INTRODUCTION OF TOPIC
MICRO FINANCE

2.

CHAPTER -2
RESEARCH METHODOLOGY
DATA COLLECTION METHOD
NEED OF THE STUDY
OBJECTIVE OF THE STUDY
LIMITATIONS OF THE STUDY

21-27

CHAPTER-3
DATA ANALYSIS & INTERPRETATION

3.
4.

CHAPTER-4

28-41
42-51

FINDINGS
RECOMMENDATIONS
SUGGESTIONS
CONCLUSION

5.

CHAPTER-5

52-53

BIBLOGRAPHY

ANNEXURE

54-58

ABBREVIATIONS
QUESTIONNAIRE