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With reference to the news item appearing in a leading financial daily titled “HCC piggybacks on arm Lavasa”, Hindustan Construction Company Ltd has clarified to BSE that the said news item is partially correct.

Further the Company has informed that, Axis Bank Ltd has invested Rs 250 Crore in Lavasa Corporation Ltd, the subsidiary of the Company in the form of Compulsory Convertible Preference Shares and Convertible Debentures. The letter to this effect along with press release dated June 26, 2008 has already been sent to the exchange.

However, Lavasa Corporation Ltd is in the process of raising further funds including equity. Towards this purpose, Lavasa is in discussion with various Bankers including Deutsche Bank.

Hindustan Construction Company Ltd has informed BSE that the Company has bagged a prestigious order from National Highway Authority of India (NHAI), New Delhi, to construct the 4.4 km elevated six lane highway at Badrapur on National Highway 2 (Mathura Road) near Delhi on BOT basis.

The contract envisages design, construction, development, finance, operation and maintenance of 4.4 kms of six lane elevated highway. The cost of the project is estimated at about Rs 340 crore. The Company has received the letter of award from NHAI for this project.

The Concession Period is 20 years including Construction Period of 24 months.

Hindustan Construction Company Ltd has informed BSE that Axis Bank Ltd. has invested Rs 250 Crore in Lavasa Corporation Ltd (LAVASA), a subsidiary of HCC (Hindustan Construction Company Ltd) in the form of Convertible Preference Shares and Convertible Debentures. Based on the above investment, the equity valuation of Lavasa works out to Rs 10,000 Crore.

Hindustan Construction Company Ltd has informed BSE that the Company has received a Letter of Intent from M/s. Lanco Infratech Ltd, Gurgaon, Haryana, for execution of Lot-IV: All Civil works of Power House, Surge Shafts, Pressure Shafts, Switchyard & Tail Race Tunnels including adits - IV & V near Subin Khore for Teesta Hydroelectric Project, Stage VI. (4×125 MW) Stage- VI Sikkim.

The value of the contract is Rs 303.03 Crore.

The project is to be completed in 44 (forty four) calendar months from the date of Letter of Intent.

Hindustan Construction Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 25, 2008, inter alia, to consider and decide the following:

1. To consider and approve the Annual Accounts for the financial year ended March 31, 2008.

2. To consider recommendation of Dividend, if any, on the Equity Shares of the Company.

3. To consider and approve the Audited Financial Results for the Financial year ended March 31, 2008.

Hindustan Construction Company Ltd has informed BSE that the Company will publish the Audited Financial Results for the financial year ending on March 31, 2008 within three months from the date of close of the Accounting year and will not publish the Unaudited Financial Results for the last quarter ending on March 31, 2008.

Further the Company has informed that, the Audited Financial Results of the Company for the financial year ending on March 31, 2008 will be published by April 30, 2008.