Fair trade regulator CCI has approved the proposal of state-owned construction firm NBCC India Ltd to acquire Hindustan Steelworks Construction Ltd (HSCL).
In a filing to the BSE, NBCC informed that the Competition Commission of India in its meeting dated March 31 approved takeover of HSCL.
On April 1, HSCL's board allotted Rs 35.7 crore equity share capital, i.E. 3.57 crore equity share of Rs 10 each, constituting 51 per cent of HSCL's post issued share capital to NBCC. As a result, HSCL has become a subsidiary of NBCC.
In May last year, the Cabinet had approved the proposal for restructuring of HSCL and subsequently its takeover by NBCC.
HSCL was incorporated in 1964 under the aegis of Steel Ministry for undertaking construction work related to steel plants. It is presently engaged in construction of buildings and infrastructure besides steel plants and has also forayed into certain activities in the mining sector.
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