HCC hopes to get green clearance for Lavasa soon

Mumbai : Infrastructure major Hindustan Construction Company (HCC) today expressed hope that it would soon get environment clearances for the first phase of its Rs 3000 crore Lavasa project, a hill city being developed near Pune.

This whole issue is getting resolved as the environment clearances from the Ministry of Environment and Forests (MOEF) are underway and we are expecting that the clearances would be addressed shortly," HCC Chairman Ajit Gulabchand told reporters here while announcing the financial results of the company.

According to an HCC release, Lavasa Corporation's net profit declined by 20.18% in 2010-11 to Rs 111.9 crore due to the order to stop work, while it reported a turnover of Rs 533.7 crore during the same period.