On Friday, air conditioning and refrigeration company Blue Star Ltd announced that its honorary chairman and promoter Ashok M Advani had given the company a personal grant totalling Rs 100 crore.

The company said the grant would be awarded in instalments over five years to facilitate Blue Star’s research and development (R&D) activities.

“The aim is to significantly accelerate, expand and sustain investments in technology and product development of air conditioning and refrigeration products to meet the rapidly changing demands of the Indian and international markets,” the company announced in a press release on Friday.

Shailesh Haribhakti, Chairman of the Board of Directors of Blue Star, said, “The company intends to use the above grant for several innovative projects at its R&D centres in India and abroad to develop cutting-edge cooling and heating products designed for a large number of customers. Reduce carbon footprint.”

Blue Star opened a new factory in Sri City, Andhra Pradesh, earlier this month. The plant’s first phase will have a capacity of 300,000 room air conditioners, which is expected to expand to 1.2 million units by fiscal 2027.

Shares of Blue Star rose 2.6% to Rs 1,460.