The divestment is set to be completed by the end of the year. Credit: PeopleImages.com – Yuri A via Shutterstock.

India-based Hindustan Construction Company’s (HCC) material subsidiary Steinier AG has signed an agreement with French company Demathieu Bard to sell its entire stake in Steiner Construction SA for approximately Rs9280m.

Steiner Construction (Switzerland) is a step-down material subsidiary of Steiner AG.

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The transaction will be finalised by the end of the year.

Steiner Construction will no longer be a subsidiary of Steiner AG upon the conclusion of the acquisition.

HCC’s shares gained 6% on the National Stock Exchange (NSE) on 5 December, a day after the announcement of the deal, Indian news agency Moneycontrol reported.

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HCC acquired a 66% stake in Karl Steiner in March 2010.

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Demathieu is a major real estate and construction enterprise that works on road construction, building engineering, energy distribution, transportation facilitation, and living space development.

In March this year, a joint venture (JV) of HCC and Megha Engineering & Infrastructures received an order from the National High-Speed Rail Corporation of India.

Under the contract, the JV agreed to construct the Bandra Kurla Complex station in Mumbai, India.

The bullet train station, which forms part of the 508.17km Mumbai-Ahmedabad high-speed rail project, will feature six 414m-long platforms, which can each accommodate a 16-coach bullet train.