Hindustan Construction Offloads Steiner Stake to Focus on Indian Core

Hindustan Construction Company has sold its stake in Steiner AG to Uniresolv, part of m3 Immobilier Holding SA, to concentrate on core Indian operations. This move enables Steiner Development AG to plan a Swiss IPO and allows HCC to gain significant liquidity from future successes.

Hindustan Construction Company has confirmed the divestment of its stake in Steiner AG to Uniresolv SA, part of the Geneva-based m3 Immobilier Holding SA, marking a strategic shift back to its core operations within India.

This transaction allows Steiner Development AG to restart as a direct subsidiary of m3 Immobilier, with future plans to launch a Swiss IPO. HCC anticipates financial gains reaching up to Rs 205 crore from the development's success.

Vice Chairman Arjun Dhawan expressed pride in the company's long-standing relationship with Steiner, emphasizing a shared goal with m3 to optimize the value of their key markets in India and Switzerland.

(With inputs from agencies.)