Leading air-conditioning and commercial refrigeration major Blue Star on Tuesday announced major management rejig with the appointment of Shailesh Haribhakti, the noted chartered accountant and tax specialist, as its chairman, and elevated Vir Advani as vice-chairman and managing director.
On management changes, Haribhakti said, “What happened is a natural transition and this was extremely well-planned and well-structured. As soon as the directors reach the age of 75, they are expected to step aside. And true to that promise, Suneel Advani stepped aside and moved to an Emeritus position.”
In terms of demand, he said, “Climate is something that is very difficult to predict but the indications are that we will have a normal summer this time and therefore we are quite optimistic looking at the kind of demand impulses we are now experiencing to get back to a normal level of operation, which will be perhaps a big improvement from last year.”
If you look at the overall market penetration of Blue Star, 65 percent of the company’s business is happening in tier II, III and IV cities Haribhakti said, adding that it has decided to go much deeper into these parts of India and also touch the villages with differentiated products.