HCC plans to acquire 66 per cent stake in Karl Steiner AG (KSAG),
Switzerland. The acquisition is to be funded through company's internal accruals
and debt.
The company is likely to acquire stake in KSAG through the issuance of new
shares in consideration for around Rs 150 crore cash investment.
KSAG is likely to use the proceeds for its Swiss operations and the growth of
the company's core business in India's residential and commercial construction
market. The deal is likely to be closed in the second quarter of 2010.
KASAG is expected to sell the remaining 34 per cent shares to HCC in 2014.