Bengaluru-based firm Bluspring to buy German energy firm’s India arm for ₹180 crore

Bluspring Enterprises, a city firm which deploys over 90,000 blue-collar workers for various industries and manages infrastructure for over 1,000 enterprises across the country, has on Friday said its wholly-owned subsidiary, Bluspring New Horizon One, that focuses on industrial asset management, has entered into a definitive agreement to acquire 100% shareholding in STEAG Energy Services India (SESI) for a cash deal of ₹180 crore.

The transaction is expected to close in the next 60–90 days.

SESI, owned by STEAG Power, a German energy company, offers operations and maintenance, digital solutions, and end-to-end engineering & management advisory services to the conventional and renewable power/ energy industry across India, Botswana, West Asia and other markets.

According to Bluspring Enterprises, this acquisition, via its subsidiary, will significantly enhance Bluspring’s global power market position and should boost margins, EPS (earning per share), and long-term value. It will also bring over 7 GW of managed assets, nearly 2,000 specialists, and strong engineering, advisory, and digital skills of STEAG India to Bluspring.

STEAG India has two subsidiaries which would become step-down subsidiaries of Bluspring New Horizon One, with the acquisition, said the release.