Hindustan Construction Company will hold a meeting of the Board of Directors of the Company on 14 November 2019.

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Promoted by HCC, Lavasa was set up as a private, planned hill city built near Pune in Maharashtra in 2000. It reportedly defaulted on Rs 4,150 crore in loans to banks.

Shares of HCC were up 13.83% at Rs 9.55. The stock has traded in the range of Rs 8.95 and Rs 10.06 so far during the day.

As per reports, Haldiram has offered to take over 100% of Lavasa by infusing Rs 2,046 crore through a consortium of Haldiram Snacks, Pioneer Facor IT Infradevelopers, and Sansar Property LLP.

The reports further added that Deshpande, who owns City Corporation, is yet to submit details on his source of funds, and has made a Rs 250 crore offer.

The third bidder, UVARC is credited with notable turnaround cases like Majestic Hotels, Mitra Gyan Shiksha Samiti, and Tea Exchange Bharat, the reports added.

As per HCC's annual report 2018-19, Lavasa is jointly held by four shareholders: HCC (68.7%), the Avantha Group (17.18%), Venkateshwara Hatcheries (7.81%) and Mr. Vithal Maniar (6.29%).

During the year 2018-19, HCC has written off its entire investment of Rs 1,046 crore in Lavasa Corporation (Lavasa) as a matter of prudence, consequent to the admission of its 68.7% controlled subsidiary into corporate insolvency resolution process (CIRP) by National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code (IBC). Furthermore, HCC has fully accounted for all of its contingent liability obligations given to Lavasa lenders, including corporate guarantees and put options.

The project had suffered a major setback after stop work notice was issued by Environment Ministry in 2010 and was under financial stress since then. After the failure to implement a financial restructuring / resolution plan duly approved by the Joint Lenders Forum (JLF) in 2015 due to a deadlock amongst lenders, the JLF invoked structured debt restructuring (SDR) on Lavasa on 20 September 2017.

The company had been actively working in conjunction with lenders to ensure implementation of SDR. However, consequent to RBI's stand on resolution of stressed assets announced in February 2018 despite all efforts, SDR process could not. Thereafter, an operational creditor of Lavasa filed application before NCLT for admission of Lavasa into CIRP under IBC and the same was admitted on 30 August 2018.

Hindustan Construction Company's (HCC) businesses span the sectors of engineering & construction, real estate, infrastructure, urban development & management.

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Hindustan Construction Company announced that Exim Bank has withdrawn the nomination of Samuel Joseph as its Nominee on the Board of the Company and accordingly he ceases to be a Nominee Director of the Company with effect from close of business hours on 30 October 2019.

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Hindustan Construction Company announced the inauguration of Indian Navy's first aircraft carrier dock in Mumbai by Defence Minister Rajnath Singh on 28 September 2019.

The Aircraft Carrier Dock (ACD) is thelargest dock of the lndian Navy measuring a mammoth 281 m in length, 45 m in breadth and 17m in depth. This dock can accommodate the pride of the lndian Navy, aircraft carrier INSVikramaditya.

The ACD is also the first lndian dry dock built into the sea, thereby conserving premium landspace and providing the Navy with 0.5 km of crucial berthing space.

The Director General of Naval Project (DGNP), Mumbai, had awarded HCC the contract toconstruct the dry dock and to strengthen the associated North and South wharves on April 12,2010.

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