Lavasa seems to be leaving a sour taste in the mouth of a consortium of 27 lenders.
The township developed by HCC's subsidiary HCC Real Estate, will be classified as a non-performing asset (NPA) when banks report their fourth quarterly numbers. ICICI Bank and Punjab National Bank are the two largest lenders with exposure of around Rs 1,255 crore and Rs 910 crore respectively, sources familiar with the development told Moneycontrol.com on March 19, 2012.
Lavasa is a USD 31 billion township developed by HCC's subsidiary HCC Real Estate, which owns 65% stake in the township.
The engineering and construction firm recorded a net loss of Rs 130 crore for the quarter ended December 31, 2011 on the back of higher interest outgo and cost overruns. Lavasa
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