After KSS Petron, Royale Partners bids for Lavasa
5 years, 11 months ago

After KSS Petron, Royale Partners bids for Lavasa

Live Mint  

After bidding for engineering, procurement and construction company KSS Petron Pvt. Ltd, Mauritius-based Royale Partners Investment Fund has thrown its hat in the ring to acquire debt-laden Lavasa Corp. Ltd, a subsidiary of the BSE-listed Hindustan Construction Co. Ltd. Lavasa, the country’s first privately-developed city, around 180km from Mumbai, has started the corporate insolvency process under the insolvency and bankruptcy code. “Royal Partners Investment Fund has submitted an expression of interest for Lavasa Corp. Ltd,” said one person close to the development, requesting anonymity. “There are other resolution applicants as well, including a few Maharashtra-based realty developers.” According to Lavasa’s website, it owes more than ₹6,200 crore to its financial creditors and more than ₹400 crore to 840 homebuyers. In its regulatory filing, HCC has written off ₹1,046 crore, or its entire exposure to Lavasa Corp., and HCC Real Estate Ltd, its wholly owned subsidiary, which holds 68.7% in Lavasa Corp.

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HCC reports Rs 1,525 cr loss in July-September on impairment charge for Lavasa Corp; total income falls to Rs 994.40 cr
6 years, 2 months ago

HCC reports Rs 1,525 cr loss in July-September on impairment charge for Lavasa Corp; total income falls to Rs 994.40 cr

Firstpost  

HCC approved a rights issue of up to Rs 500 crore to strengthen company’s financial profile and to refocus its efforts on its core construction and engineering business New Delhi: Hindustan Construction Company Ltd Thursday posted a loss of Rs 1,525.23 crore for the July-September quarter, hit by an exceptional loss of Rs 2,011.13 crore due to impairment charges related …

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