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Unitech may sell tower-making business: Report

Last Updated: Tuesday, August 4, 2009 - 09:49

Mumbai: Real estate developer Unitech Ltd is trying to sell its telecom tower-making business for up to Rs 7.5 billion (USD 157.6 million) as part of its deleveraging initiatives, the Daily News & Analysis said on Tuesday.

Unitech officials could not be immediately reached for comments.
Unitech, which has been hit by high debt, sluggish demand and a crash in property prices, has been looking to raise capital by selling shares and assets such as hotels and office property.

In the quarter ended June, it raised USD 900 million through two placements to institutions. It also raised about Rs 10 billion from non-core asset sales.

Its total loans outstanding at the end of the quarter was Rs 82.6 billion.

Bureau Report

First Published: Tuesday, August 4, 2009 - 09:49
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