Construction and infrastructure major Hindustan Construction Company (HCC) today said that it has obtained all regulatory approvals in India and Switzerland for acquiring a majority stake in Switzerland's second largest real estate total services contractor Karl Steiner AG.
The board of directors of the Zurich-based Karl Steiner is now made up HCC chairman Ajit Gulabchand as the chairman, Peter Steiner, non-executive vice-chairman, KG Tendulkar, Anil Singhvi and, Andreas Schmid.
Mumbai-based HCC said that it will nominate one more member to the board in the near future.
In March 2010, HCC had agreed to acquire a 66-per cent controlling stake in Karl Steiner for 35 million Swiss Francs, subject to regulatory clearances in both countries. (See: HCC to acquire majority stake in Swiss construction firm Karl Steiner)
Founded in 1915 and with an annual turnover of over $700 million, Karl Steiner had constructed over 1,200 residential projects, 540 office buildings and 45 hotels and 150 social infrastructure projects.
HCC will buy the remaining 34 per cent from Peter Steiner, owner and chairman of Karl Steiner in 2014, so as to ensure a smooth transition and acquisition of the Swiss firm's expertise.