06.05.2010
HCC announces closing of transaction to acquire 66% in Karl Steiner AG

Mumbai and Zurich, May 6, 2010 - Mumbai-based Hindustan Construction Company Ltd (HCC) and Zurich-based Karl Steiner AG have completed their transaction signed in March 2010, after obtaining all regulatory approvals in India and in Switzerland.
 
With the issuance of new shares in consideration for a CHF 35 million cash investment, HCC now owns a 66% stake in Karl Steiner AG. The funds raised by the capital increase will primarily be used to grow Steiner's Swiss core operations. The deal will simultaneously help HCC to extend its footprint in India's growing residential and commercial construction market.
 
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.
 
HCC is an integrated group with businesses across Engineering & Construction, Infrastructure Development, Real Estate and Urban Development & Management. Incorporated in 1926, HCC, the Group's flagship company specializes in technically complex, new age infrastructure construction in the hydropower, water resources, transportation and nuclear power sector. Over the last eight decades it has executed a majority of India's landmark infrastructure projects, having constructed more than 25% of India's hydro power and over 50% of India's nuclear power generation capacities, 2,300 kms of roads and expressways and over 170 kms of complex tunneling in addition to hundreds of bridges, dams and barrages. Besides executing India's largest hydropower project on an turnkey basis, HCC has also executed projects on an EPC basis in water supply, underground metro-rails, transportation and lift irrigation projects, moving up the value chain to cater to emerging opportunities. Currently, HCC's order backlog in construction amounts to approximately Rs 19,000 crores (CHF4.4 billion).
 
Karl Steiner AG is Switzerland's leading general contracting company and as a total services contractor provides comprehensive services in the real estate industry. Founded in 1915, the company has constructed over 1,200 residential projects, 540 office buildings, 45 hotels and 150 social infrastructure buildings which include universities, schools, hospitals, prisons and nursing homes. The Steiner Group is headquartered in Zurich, Switzerland.
 
Inquiries:
 
HCC
Jimmy Mogal, Vice President - Corporate Communication
Telephone: +91-22-25715906
E-Mail: jimmy.mogal@hccindia.com
Internet: www.hccindia.com
 
Karl Steiner AG
Claude Sulser, Member of the Group Executive Board
Telephone: +41 44 305 22 11
E-Mail: claude.sulser@steiner.ch
Internet: www.steiner.ch

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