NBCC gets CCI Consent for takeover of HSCL

nbcc-celebrated-indian-bureaucracy
nbcc-celebrated-indian-bureaucracy

NBCC (India) Ltd. is all set to formally acquire Hindustan Steelworks Construction Ltd. (HSCL) soon. Fair Trade Regulator, Competition Commission of India (CCI), has, in its meeting held on March 31, 2017, approved the proposal of NBCC to acquire HSCL. It is also worth mentioning that the Board of HSCL has allotted Rs 35.7 crore equity share capital to NBCC on April 1, 2017.  With this acquisition, NBCC shall add a new vertical to its Business operation enriching its portfolio further and in turn, further reinforce its position as a leading construction company of the country. It can be recalled that in May, 2016, 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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