HCC expects revenue of Rs 1,47,000 cr from Lavasa project

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New Delhi, January 21: : Hindustan Construction Company on Monday said it is expecting a total revenue of Rs 1,47,000 crore over the next 10-15 years from the ‘Lavasa’ hill station project being developed near Pune in Maharashtra.

“The total revenue expected from the Lavasa project is Rs 1,47,000 crore,” HCC Chairman and Managing Director Ajit Gulabchand said, adding the first phase would start in 2009-10 and all the four phases are expected to be completed by 2020.

Gulabchand, who is also the chairman of Lavasa Corporation Ltd which is developing the hill station, said: “We have already invested Rs 1,000 crore to provide initial infrastructure at Lavasa project.” The ‘Lavasa’ hill station project is being developed by HCC along with L M Thapar Group and Venkateshwara Hatcheries.

HCC holds 65 per cent stake in Lavasa Corp, while Thapar Group has 15 per cent share and Venkateshwara Hatcheries 12.5 per cent. The remaining stake is held by two other local entities.

Gulabchand said the investment would be about Rs 3,000-4,000 crore in the first phase, after which the project would be self-sustaining. He declined to comment on the total investment expected to be pumped in entire project that will be spread over an area of more than 12,500 acres of land.

The total project cost would be Rs 40,000 crore, Lavasa Corporation President Rajgopal Nogja said, adding funds would be sourced through various options such as equity from all the promoters, debt, private equity and joint ventures.