Hindustan Construction To Sell Swiss Arm For Rs 928 Crore
Hindustan Construction Co. will sell its Swiss construction unit to a French company for Rs 928 crore.
The HCC-owned Steiner AG, Switzerland, has entered into a share purchase agreement with Demathieu Bard to sell its entire stake in Steiner Construction SA, Switzerland—a step-down material subsidiary of the company, according to an exchange filing released on Monday.
The deal will be completed by end of this month or the beginning of next year.
Steiner Construction is a total and general contractor in western Switzerland and has projects in Zurich and Bülach, among other cities.
HCC took a controlling stake in Steiner AG, Switzerland's second largest total services contractor, in May 2010. The company also operates in India through a subsidiary.
Separately, the company also said its unit HCC Infrastructure Co. has received Rs 110 crore as an earn out money from Cube Highways and Infrastructure V Pte. as part of the Baharampore-Farakka Highways Ltd. stake sale transaction.
Shares of Hindustan Construction closed 0.92% higher at Rs 29.69 apiece on Monday, as compared with a 2.05% advance in the BSE Sensex.
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