Steiner AG sells its construction arm to Demathieu Bard for Rs 928 cr

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 Stphane 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.