Unitech to spin off biz including telecoms

NEW DELHI Tue Apr 20, 2010 8:06pm IST

A labourer works at a construction site in Lucknow February 7, 2006. REUTERS/Pawan Kumar/Files

A labourer works at a construction site in Lucknow February 7, 2006.

Credit: Reuters/Pawan Kumar/Files

Related Topics

Border Security Force (BSF) soldiers ride their camels as they rehearse for the "Beating the Retreat" ceremony in New Delhi January 27, 2015. REUTERS/Ahmad Masood

"Beating The Retreat" Rehearsals

Rehearsals are on for "Beating the Retreat" ceremony which symbolises retreat after a day on the battlefield, and marks the official end of the Republic Day celebrations.  Slideshow 

NEW DELHI (Reuters) - Unitech Ltd, India's second-largest listed real estate firm, said late Tuesday it would spin off its infrastructure businesses including its investment in a telecoms firm into a separate company as it aims to unlock value.

For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges, said New Delhi-based Unitech in a statement after a board meeting.

Unitech Infra will house the property firm's infrastructure businesses including telecoms, management of amusement parks, construction business, hotels, special economic zones, it said.

Currently, Unitech owns about 33 percent stake in telecoms firm Unitech Wireless, the Indian joint venture partner of Norway's Telenor.

In February, Telenor completed its stake buy in the telecoms venture, taking its holding to an agreed 67.25 percent.

While Unitech will own 35 percent of Unitech Infra, the realtor's existing shareholders will own the remainder.

Unitech said its board has approved constituting a committee to explore potential local and overseas acquisitions.

Prior to the announcement, Unitech shares closed 4.6 percent higher at 83.50 rupees in a Mumbai market.

(Reporting by Devidutta Tripathy; editing by Malini Menon)

(For more business news on Reuters Money visit www.reutersmoney.in)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Reuters Showcase

Vodafone Ruling

Vodafone Ruling

Government will not appeal Vodafone tax ruling   Full Article 

Indian Railways

Indian Railways

Private refiners compete with state firm to sell diesel to railways   Full Article 

Ranbaxy Results

Ranbaxy Results

Dec-quarter net loss widens on forex loss  Full Article 

Market Eye

Market Eye

Sensex, Nifty retreat from record highs on profit-taking.  Full Article 

Tech Talk

Tech Talk

Apple takes high road in China smartphone standoff with Xiaomi.  Full Article 

Business Strategy

Business Strategy

Uber scraps commissions for its New Delhi taxis.  Full Article 

Job Cuts

Job Cuts

Sony to cut 1,000 jobs in smartphone business - sources.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage