The board of Hindustan Construction Company (HCC) in its meeting on 15 March 2010 has approved the acquisition of controlling stake in Karl Steiner AG (KSAG), the second largest operator in the Swiss real estate market. The company will acquire 66% stake via issuance of new shares in consideration for a CHF 35 million cash investment in KSAG. KSAG will use the funds raised by the capital increase for its Swiss operations, and the growth of the company's core business in India's booming residential and commercial construction market.