Bluspring Acquires STEAG Energy Services India

Founded in 2001, STEAG Energy Services India provides operations and maintenance, digital solutions, and end to end engineering and management advisory services to conventional and renewable power markets across India, Botswana and the Middle East. The company supports close to 2,000 professionals and reported consolidated annual revenues of Rs six billion (bn). STEAG India currently manages nearly seven gigawatts (GW) of power assets and 2,200 tonnes per hour (t per hour) of process steam supply capacity, including supercritical plants and refinery utilities.

The acquisition significantly enhances Bluspring's upstream and downstream power services capabilities and is expected to accelerate its expansion in the fast growing power infrastructure market in India and internationally. STEAG India's digital capabilities in performance monitoring, predictive analytics, diagnostics and training simulation with flexibilization and simulation studies were cited as key complements to Bluspring's offering. Company executives indicated that the transaction is expected to be margin and EPS accretive and to enhance return on equity over the near to medium term.

Bluspring, which operates a workforce of over 90,000 across 28 states and serves more than 1,000 customers, will integrate STEAG India's engineering and asset management expertise into its portfolio. Management said combining the businesses will create a broader platform to deliver technology enabled operations and maintenance solutions to a global client base and to generate long term shareholder value. The parties will complete customary regulatory and closing procedures before finalising the transfer of ownership.