Mumbai, June 26 (ANI/Business Wire India): Axis Bank has invested Rs. 250 crores in Lavasa Corporation Limited (Lavasa), a subsidiary of HCC (Hindustan Construction Company Limited) in the form of Convertible Preference Shares and Convertible Debentures. ased on the above investment, the equity valuation of Lavasa works out to Rs. 10,000 crore.
"This investment by Axis Bank is an endorsement of our vision for Lavasa and the solid foundation we have already built. We are delighted to have Axis Bank as our investment partner," said Ajit Gulabchand, Chairman and Managing Director, HCC.
"Lavasa, based on the principles of New Urbanism, epitomizes the way cities will grow in the future. We believe our investment in Lavasa is an opportunity to participate in this growth with excellent prospects," said Mr. Siddharth Rath, Sr. Vice President and Head of Capital Markets, Axis Bank.
Lavasa hill station development is being led by HCC with 65 per cent stake, along with Avantha Group (LM Thapar Group) and Venkateshwara Hatcheries. Spread amidst 25000 acres of hill station area and a master plan of 12500 acres, the first phase is planned to be ready for occupation during 2009-10.
Some of the tie ups that have already been done include Said Business School, Oxford University (UK), Ecole Hoteliere de Lausanne (Switzerland), GDST school (UK), Symbiosis Institute (Pune), Accor and ITC Hotels as well as Apollo Hospitals.