Live Markets »News & Advice»Company News»Company News Details
Company News Details

HCC's Swiss arm Steiner to make India entry

Press Trust of India/ 29 Apr 12 | 05:16 PM
 Hindustan Construction Company Ltd

BSE   25 May 16 | 12:00 AM

18.40  0.2 (1.1%)

NSE   25 May 16 | 12:00 AM

18.40  0.2 (1.1%)

Hindustan Construction Company's (HCC) Swiss subsidiary Steiner AG is likely to make a foray into the Indian market this year.

"Steiner has established itself as the largest building construction company in Switzerland. Now Steiner will also migrate to India during the fiscal," HCC Chairman and Managing Director Ajit Gulabchand said.

In May 2010, HCC made its first international acquisition by taking a controlling stake (66% equity stake) in Switzerland-based building construction company Karl Steiner AG (KSAG).

KSAG specialises in turnkey development of buildings and refurbishments and offers services in all facets of real estate construction.

"The acquisition of Steiner has helped HCC to establish its presence in the Swiss market. We are hopeful that in the next two years, it (Steiner) will be able to establish itself in the Indian market as well," he said.

KSAG has undertaken several projects, including the headquarters of Nestle, Google, World Economic Forum, Terminal T3 of Geneva airport, and several hotels and residential buildings.

"There is tremendous scope for a company like Steiner to establish its base in India given the huge opportunity of refurbishment of old and heritage structures here. We are waiting for the right project to come our way," said another official, who did not wish to be named.
For the last fiscal (FY12), Steiner registered a revenue of Rs 3,996 crore and a net profit of Rs 15.8 crore. The closing cash balance of the company was around Rs 644 crore.
"During the last year, Steiner was able to notch up an order backlog of almost USD 2 billion. When we took over the company two years ago, its order backlog was hardly about USD 500-600 million. We have been able to turn it profitable in the Swiss market," Gulabchand said.
HCC group's turnover last year was Rs 8,157.6 crore of which Steiner AG accounted for nearly half at Rs 3,996 crore.

Related Stories

    No Related Stories Found


Company Price Gain (%)
ICICI Bank234.454.48
B H E L122.654.34
Larsen & Toubro1,291.304.02
Bajaj Auto2,478.853.96
Maruti Suzuki4,053.603.47


Will the Nifty top 8,000 if the BJP manages to win Assam assembly elections?

Online Portfolio

You can create Online Portfolio here using the below button.