Steiner AG Sells Construction Subsidiary to Demathieu Bard for Rs 928 cr
By Rediff Money Desk, NEWDELHI Jan 19, 2024 12:03
Steiner AG, HCC's subsidiary, has sold its construction business subsidiary, Steiner Construction SA, to Demathieu Bard for CHF 98 million (Rs 928 crore). The acquisition is a major milestone for Demathieu Bard, strengthening its international presence.
New Delhi, Jan 19 (PTI) Steiner AG, the wholly-owned subsidiary of Hindustan Construction Company (HCC), on Friday said it has concluded the sale of its construction business subsidiary, Steiner Construction SA, to Demathieu Bard for approximately CHF 98 million (Rs 928 crore).
Demathieu Bard is an international construction group headquartered in France.
HCC in a statement said for 2022-23, Steiner Construction posted a turnover of CHF 347 million (Rs 3,076 crore) and was operating 30 projects.
Demathieu Bard Group Managing Director Stéphane Monceaux said the acquisition of Steiner Construction SA is a major milestone for the Demathieu Bard Group.
"We are strengthening our international presence and consolidating our position as a benchmark company in the construction sector. Demathieu Bard makes its biggest acquisition ever with the integration of Steiner Construction SA," he said.
Zurich-headquartered Steiner AG, which was founded in 1915, is a real estate service provider with a focus on project development.
Demathieu Bard is an international construction group headquartered in France.
HCC in a statement said for 2022-23, Steiner Construction posted a turnover of CHF 347 million (Rs 3,076 crore) and was operating 30 projects.
Demathieu Bard Group Managing Director Stéphane Monceaux said the acquisition of Steiner Construction SA is a major milestone for the Demathieu Bard Group.
"We are strengthening our international presence and consolidating our position as a benchmark company in the construction sector. Demathieu Bard makes its biggest acquisition ever with the integration of Steiner Construction SA," he said.
Zurich-headquartered Steiner AG, which was founded in 1915, is a real estate service provider with a focus on project development.
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