Hindustan Construction will buy a controlling stake in Karl Steiner and purchase remaining shares in the Swiss developer in 2014, the Indian company said in a statement to the Bombay Stock Exchange.

Mumbai-based Hindustan Construction will buy 66% of Karl Steiner by issuing new shares worth SFr35m Swiss francs ($33 million). Owner Peter Steiner will sell his remaining holdings to the Indian company in 2014 at a pre-agreed price based on Karl Steiner’s earnings from this year to 2013, the statement said.