HCC acquires 66% in Karl Steiner AG

Mumbai-based construction firm, Hindustan Construction Company Ltd (HCC) and Zurich-based Karl Steiner AG have successfully completed their transaction signed in March 2010, after obtaining all regulatory approvals in India and in Switzerland. HCC now owns a 66 per cent stake in Karl Steiner AG.

The funds raised by the capital increase will primarily be used to grow Steiner’s Swiss core operations. The deal will simultaneously help HCC to extend its footprint in India’s growing residential and commercial construction market.

The Board of Directors of Karl Steiner AG now comprises the following members: Ajit Gulabchand (Chair¬man), Peter Steiner (non-executive Vice-Chairman), KG Tendulkar, Anil Singhvi and, Andreas Schmid. HCC will nominate one more member to this Board in the near future.