Mumbai: Infrastructure developer Hindustan Construction Company (HCC) Friday said the country`s largest private sector lender ICICI Bank has invested Rs 250 crore in its subsidiary, Lavasa.
The bank has invested Rs 250 crore in Lavasa Corp, in the form of convertible debentures, HCC said in a filing to the Bombay Stock Exchange.
In the past, other lenders have also invested in HCC`s luxurious project including Axis Bank (Rs 225 crore), Bank of India (Rs 150 crore), Allahabad Bank (Rs 100 crore), Indusind Bank (Rs 50 crore), Andhra Bank (Rs 25 crore) and United Bank of India (Rs 50 crore), the filing added.
Lavasa is India`s first and largest hill city, which is being developed by HCC, with a master plan of 12,500 acres, and is set amidst seven hills and 60 km of lakefront, the company said on its website.
Lavasa is planned for a population of two lakh residents and a tourist inflow envisaged at 20 lakh per annum, it added.
Shares of HCC were trading at Rs 158.70 on the BSE, up 1.15 percent from its previous close.