HCC shelves Lavasa IPO

Mumbai: Hindustan Construction Company (HCC) has put the proposed IPO for its ambitious Lavasa project on the backburner for the third time, citing bad market conditions in the realty sector.  The Ajit Gulabchand-led firm had originally planned to hit the market with a Rs 2,000-crore IPO in September 2010, but could not proceed due to unfavourable market conditions. “When the sector gets the right momentum we will move the Sebi again or do something about it. We are rethinking over our plan,” HCC Group CFO Praveen Sood told PTI.