BWI: HCC to Invest Rs. 40,000 Crore in Creating Lavasa like City in Gujarat

Press release from Business Wire India
Source: Hindustan Construction Co. Ltd (HCC)
Monday, January 12, 2009 06:01 PM IST (12:31 PM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Construction, Financial Analyst, Heavy industries, Water
Release no: 18921
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HCC to Invest Rs. 40,000 Crore in Creating Lavasa like City in Gujarat
Signs MoU with Gujarat Govt to Develop Water Front City at Dholera with Investments of Rs. 40,000 Crores; Also Signs another MoU for three Water Pipeline Projects worth Rs. 1500 Crores

Ahmedabad, Gujarat, India, Monday, January 12, 2009 -- (Business Wire India) -- Hindustan Construction Company (HCC), India's leading construction and infrastructure development company, has signed two MoUs with Government of Gujarat with a total investment of Rs. 41,500 crores. The first MoU has been signed with the Gujarat Infrastructure Development Board to develop a Water Front City with a total investment of Rs. 40,000 crores. The new city will be based on Lavasa, free India's first and largest Hill City being built by HCC near Pune, Maharashtra.

The second MOU has been signed with Narmada Water Resources, Water Supply and Kalpasar Department for developing three water pipeline projects worth Rs. 1500 crores.

The Water Front City will be developed over 4000 acres in Dholera Special Investment Region (SIR) located at the Gulf of Cambay about 129 km from Ahmedabad. Dholera is in the influence area of the Delhi-Mumbai Industrial Corridor (DMIC).

Mr. Ajit Gulabchand, Chairman and Managing Director of HCC, said, "The concept of new urbanism is gaining momentum globally and we are happy to initiate this modern and sustainable Water Front City in Gujarat, based on this model. We are confident of replicating our successful Lavasa business model which has already established a large network of business partners. The innovative nature of this project is matched only by the Gujarat government's keen interest to develop world-class infrastructure in the state."

The new Water Front City at Dholera will have an employment potential of 50,000 jobs and the actual construction will begin after various regulatory approvals like detailed project report, Environmental Impact Assessment (EIA) study and after development of the master plan of the region. The company shall act according to the provisions in the Special Investment Region Act 2009, township policy of Government of Gujarat and other provisions for any infrastructure development activities within or outside the assigned area.

Lavasa is free India's first and largest hill station being developed by HCC where people can Live, Work, Learn and Play in harmony with nature. A complete new city, based on the principles of New Urbanism, it is fast being developed over 12,500 acres of land, just a 3 hour drive away from Mumbai and an hour from Pune. Lavasa will host a complement of global leaders in hospitality, tourism, education, healthcare, business research and industry. The company has already established tie-ups with the best of international as well as domestic institutions such as ITC Hotels (Fortune Select) and Accor (Pullman, Novotel and Grand Mercure) in the field of hospitality, Oxford University (Said Business School), Girls' Day School Trust (UK), Ecole hotelier de Lausanne (Switzerland), Symbiosis (Pune) and Christ University (Bangalore) in the field of education and Apollo Hospitals in health and wellness. Lavasa provides contemporary yet timeless architectural designs, multiple options for housing across socio-economic segments of society with state of the art infrastructure and amenities, thus enabling people to live a life in full.

The MoU signed for developing three water pipelines envisages inter basin transfer of water from N.M.C. to various reservoirs such as the Dharoi reservoir in Mehsana district, Dantiwada reservoir in Banaskantha district and Sipu reservoir in Banaskantha district.

About HCC:

HCC is a leading construction and infrastructure development company with a rich heritage of experience. The company specializes in large-scale infrastructure development and developing new age construction technologies. The Company has managed and executed several technically complex and high value projects across segments like transportation, power generation infrastructure, marine projects, oil & gas pipeline constructions, irrigation & water supply, utilities and urban infrastructure. (Please visit: www.hccindia.com)


CONTACT DETAILS
Sandeep Sawant, Hindustan Construction Company Ltd, +91 (022) 25775959, +91 9833992874, sandeep.sawant@hccindia.com
Suman Sharma, Comma Consulting Pvt Ltd, +91 9960272661, ssharma@comma.in

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, CONSTRUCTION, Financial Analyst, HEAVY INDUSTRIES, WATER

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