HCC on 6 May 2010 completed the acquisition of a 66 per cent stake in Zurich
based construction firm Karl Steiner AG.
In March 2010, the companies had entered into a pact for the deal. All
regulatory approvals in India and Switzerland have been obtained for the deal.
The funds raised by the capital increase are to be used to grow Steiner's Swiss
core operations.
The deal is likely to help HCC to extend its footprint in India's residential
and commercial construction market.