Axis Bank pumps Rs 250 cr in Lavasa

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New Delhi, Jun 26 (UNI) Axis Bank today said it has invested Rs 250 crore in Lavasa Corporation Ltd (Lavasa), a subsidiary of Hindustan Construction Company Ltd (HCC), in the form of Convertible Preference Shares and Convertible Debentures.

Based on the above investment, the equity valuation of Lavasa, which is the country's first and largest hill station being developed by HCC where people can live, work, learn and play in harmony with nature, works out to Rs 10,000 crore, a statement said.

''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,'' HCC CMD Ajit Gulabchand said.

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 25,000 acres of hill station area and a master plan of 12,500 acres, the first phase of the project will be ready for occupation during 2009-10.

UNI SBA SG RK1925

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