NBCC gets CCI’s nod for takeover of HSCL

NBCC (India) Ltd. is set to acquire the Hindustan Steelworks Construction Ltd. (HSCL) with the Competition Commission of India approving its proposal on March 31.

It is worth mentioning here that the Board of HSCL had allotted Rs 35.7 crore equity share capital to NBCC on April 1.

With this acquisition, NBCC will 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.

In May last year, the Union Cabinet had approved the proposal for restructuring of HSCL and subsequently its takeover by the 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.