Mumbai-based Hindustan Construction Company Ltd (HCC) and Zurich-based Karl Steiner AG have completed their transaction signed in March 2010, after obtaining all regulatory approvals in India and in Switzerland, the company said in a BSE filing.
With the issuance of new shares in consideration for a CHF 35 million cash investment, 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.
