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

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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

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