Unitech repays Rs 130 crore; sells 10 acres of land
As part of its strategy to repay debt, realty major Unitech has recently sold around 10 acres of land in Bangalore and Mysore for about Rs 100-130 crore.
Unitech currently has debt of about Rs 6,200 crore, including Rs 150-200 crore from Life Insurance Corporation of India (LIC).
It has been reported that the LIC had declared Unitech a “wilful defaulter” and that the insurance firm has taken “notional possession” of a slice of Unitech’s 350-acre land parcel in Noida.
As per the sources, the realty major has sold 2-3 land parcels in Bangalore and Mysore to local developers for about Rs 100-130 crore. These are to be believed as “Non Core” assets of the company. The company has to repay about Rs 80 crore to LIC.
When contacted, a Unitech spokesperson declined to comment.
Unitech is also in the process of developing an IT SEZ ‘IST Infospace Gurgaon’ with a leasable area of 3.6 million sq ft. Unitech Corporate Parks (UCP), the London based form of the group holds 60 per cent in the project, while Unitech has the remaining stake.
Source: The Economic Times
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