HCC closes deal with Karl Steiner AG
Hindustan Construction Company (HCC) said that it has completed all the legal formalities to acquire Zurich-based Karl Steiner AG after both the companies signed transaction in March this year. The company has obtained all regulatory approvals in India and in Switzerland.
With the issuance of new shares in consideration for a CHF 35 million (Rs150 crore) cash investment, HCC would now own a 66% stake in Karl Steiner AG. The company said 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.
Karl Steiner AG will have new Board of Directors comprising Ajit Gulabchand (Chairman), 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.