Key Developments: Unitech Ltd (UNTE.NS)
Latest Key Developments (Source: Significant Developments)
Unitech Ltd:With reference to an announcement made by Unitech Corporate Parks PLC to sell its entire interest in the portfolio of 6 IT SEZ / Parks in India.Unitech Ltd says that interest of two of the affiliates of Unitech Limited in four of these 6 IT SEZ/Parks stands transferred to an independent third party.These four SEZs are the most mature in terms of their development status.As part of this transaction, certain affiliates of Unitech will continue to manage and develop these assets to ensure that there is no impact on tenants and other stakeholders. Full Article
Unitech Ltd:Says that Unitech Corporate Parks Plc (UCP) received an approach from a third party expressing interest in potential acquisition of its wholly owned subsidiary Candor Investment Limited and it is in discussions regarding a possible sale of this subsidiary.Says it has also been approached by a third party in relation to strategic alliance for carrying out the remaining development of the IT SEZs / Parks under development along with the potential acquisition of its stake in certain IT SEZs / Parks. Full Article
Unitech Ltd announced that the Board of Directors of the Company at its meeting held on May 30, 2013, inter alia, has not recommended any dividend for the financial year 2012-2013. Full Article
Dow Jones reported that Telenor ASA and Unitech Ltd have reached an agreement to amicably settle all disputes between the two parties. The parties are bound by confidentiality obligations, and are therefore not able to provide any further comments on specific terms and conditions in the settlement. However, it can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity (NewCo) controlled by Telenor. Unitech Ltd. has agreed to dispose of its shareholding in Uninor for a nominal amount. Unitech Ltd. shall also continue to retain its economic rights associated with its current shareholding in Unitech Wireless. Full Article
Reuters reported that Unitech Ltd the Indian partner of Norwegian telecommunications group Telenor ASA has agreed to sell its share of their mobile phone joint venture (JV), the Indian company said, in what it termed as an amicable settlement after months of dispute. Unitech has agreed to sell its stake in the joint venture, which operates under the Uninor brand, for a nominal amount, it said in a statement to Indian stock exchanges on October 11, 2012. The Company declined to comment on terms and conditions. It said the two companies had agreed to transfer the joint venture's assets to a new entity controlled by the Norwegian company. Full Article
NEW DELHI - Foreign private equity funds and pension funds are among investors that over the last 12 months have committed to invest more than $1 billion to buy or build commercial property in India as the government works to finalise rules governing real estate investment trusts (REITs).