A mixed deal

The New Year seems to have brought mixed fortunes for Ajit Gulabchand, Chairman and Managing Director, Hindustan Construction Company. His Lavasa hill city project near Pune is mired in controversies with the Union Environment Ministry (MoEF) declaring it as illegal and not allowing work to progress unless the company pays a heavy penalty for it. Gulabchand is now negotiating for a settlement with the Environment Ministry. Whether he is able to arrive at a consensual agreement and restart the project is what remains to be seen. These difficulties nothwithstanding, Gulabchand was recently selected amongst the 130-member strong, Confederation of Indian Industry (CII) delegation from India for participating in the World Economic Forum’s Annual Meeting in Davos - Klosters, Switzerland, from January 26-30, 2011. The theme aims at raising India’s profile as a vibrant democracy, a fast growing stable economic power, and a hub of culture and art.