Hindustan Construction Company (HCC) Plans Stake Divestment
Hindustan Construction Company (HCC), one of the country’s premier construction firms, has announced plans to divest a significant portion of its investment. The firm revealed that it will sell 74% of its stake in various other projects.
Focus on 247Park Project
Currently, the firm is concentrating on a project known as 247Park, situated in Mumbai. This project is anticipated to serve as a crucial milestone for the company's business operations. The stake being divested is from the IL&FS Milestone Fund.
247Park: A Green Building Milestone
The 247Park project is slated to be the largest standalone LEED Gold certified green building in India, valued at approximately Rs. 775 crore. Spread over 1.8 million square feet, this project is strategically located in the heart of Vikhroli, which is rapidly gaining recognition as a significant business corridor in Mumbai.
Project Completion and Lease Progress
Completed in March 2010, the 247Park project has already seen over 85% of its space leased out within a few months after completion. According to Mr. Rajgopal Nogja, President of HCC Real Estate Ltd., HCC has successfully completed the project on time while maintaining high standards.
Quote from HCC
According to Mr. Rajgopal Nogja, President of HCC Real Estate Ltd., "HCC has finished the project in time without compromising on the high standards of the project."
Important Details
- Company: Hindustan Construction Company (HCC)
- Project: 247Park
- Location: Vikhroli, Mumbai
- Investment Fund: IL&FS Milestone Fund
- Certification: LEED Gold Certified
- Completion Date: March 2010
- Leased Space: Over 85%