Hindustan Construction Company on Thursday said it has completed the acquisition of a 66 per cent stake in Swiss construction firm Karl Steiner AG.
With the issuance of new shares as consideration for a 35 million Swiss francs (about Rs 140 crore) cash investment, HCC now owns a 66 per cent stake in Karl Steiner, the company said in a statement.
The companies had entered into a pact in March this year for the deal. All regulatory approvals in India and Switzerland have been obtained for the deal, it said.
The Board of Directors of Karl Steiner AG now comprises the following members: 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.
The Mumbai-based construction major will nominate one more member on the board of Karl Steiner in the near future, it said. “The funds raised by the capital increase will be used to grow Steiner's Swiss core operations,” HCC said.
Source: Economic Times