New Delhi, March 20 -- Bluspring Enterprises Ltd, the demerged infrastructure services arm of Quess Corp Group, has agreed to buy the Indian unit of German energy company STEAG Power GmbH for Rs 180 crore ($21.4 million).
The acquisition of STEAG Energy Services (India) Pvt Ltd will strengthen Bluspring's position in India's growing power and infrastructure market, as well as select international markets including Botswana, according to a stock-exchange filing.
The deal will make STEAG India a wholly owned subsidiary of Bluspring, with its operations in Botswana and a joint venture becoming step-down units.
Bluspring was hived off from Ajit Issac-led Quess Corp last year. Both companies count Indian-born Canadian billionaire Prem Watsa's Toronto-listed investment firm Fairfax as a promoter. Fairfax controls a 34.6% stake each in Bluspring and Quess Corp, stock-exchange data show.
Bluspring, positioned as one of India's largest integrated infrastructure services providers, said the acquisition of STEAG India is aligned with its strategy to expand its industrial vertical, adding complementary capabilities in operations and maintenance (O&M), engineering, digital, and technical services across the power value chain.
STEAG India, founded in 2001, provides O&M services, digital solutions, engineering, and advisory services for conventional and renewable power plants. It has a workforce of more than 2,000 professionals. For the financial year ended March 31, 2025, it reported revenue of Rs 481 crore and a net profit of Rs 27 crore, per the filing.
The deal is expected to close in 60 to 90 days' time, subject to customary conditions.
Singhi Advisors acted as the exclusive strategic advisor to Bluspring on the transaction. This marks Singhi Advisors' 11th deal in the infrastructure and energy sector, the investment bank said.
Published by HT Digital Content Services with permission from VC Circle.