Blue Star appoints Vir S Advani as CMD

New Delhi: Air conditioning and commercial refrigeration company Blue Star Ltd on Tuesday announced the appointment of Vir S Advani as chairman and managing director of the company, effective 1 April.

Advani will succeed Shailesh Haribhakti, who will retire on 31 March after having completed two consecutive terms.

Advani’s journey with Blue Star began in 2000 at Blue Star Infotech. He later established Blue Star Design & Engineering Ltd in 2003, serving as its CEO. Advani’s ascent within the company continued as he took on various roles: vice president of corporate affairs in 2007, executive vice president in 2008, president of corporate affairs and special projects in 2009, and executive director in 2010. 

In 2016, Advani was appointed managing director, and in 2019, he was promoted to vice chairman & managing director. He is a graduate of the University of Pennsylvania, holding degrees in Systems Engineering and Economics.

For the fiscal year ended 31 March 2023, Blue Star reported total income of 8,008 crore and a net profit of 401 crore, as per the company’s annual report.

Additionally, Blue Star announced on Tuesday the induction of Murlidhar Gangadharan and Vipin Sondhi onto its board. Effective 30 January 2024, they will join as additional directors designated as independent directors for a term of five years, as disclosed in a separate statement to the stock exchanges.

“India is a fast-growing market for air conditioning and refrigeration products, and Blue Star is well positioned to consolidate its market leadership and accelerate its growth. Vir is leading from the front and is spearheading the company’s plans to grow faster than the market and improve its profitability through significant investments in R&D, Manufacturing, and expansion of international footprint,” said Haribhakti.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here.
Download The Mint News App to get Daily Market Updates & Live Business News.


Published: 30 Jan 2024, 06:41 PM IST

Source link