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Unitech to raise Rs 1000 cr in next few months to repay debt

Money to be raised from sale of non-core assets for repayment of its debt

BS Reporter  |  New Delhi 

Real estate player plans to raise Rs 1000 crore in the next few months from sale of non-core assets for repayment of its debt. According to people close to the development, the company has already sold 11 acres of non-coreland parcels in Bangalore and Mysore for about Rs 130 crore.

as also put its hotels in and on the block to raise money. Whencontacted, a spokesperson declined to comment. The moneyfrom sale from land parcels will be used to repay loans from by the end of this month.

has a debt of about Rs 6,200 crore, including Rs 150-200 crore from There have been of declaring a wilful defaulter, as well as taking notional possession of a part of slice of Unitech's 350-acre land parcel in is looking to raise about Rs 400 crore from selling plots in South India and another Rs 600 crore from its hotels in and

While hotel is operational, the one is under construction.In 2009, sold its prime office complex in south Delhi for over Rs 500 crore anda budget hotel in for about Rs 200 crore. Corporate Parks, a group firm listed in London, has been negotiating with private equity firm Blackstone and Singapore's sovereign wealth fund GI Cover the past few months to sell its IT in for about Rs 2,700crore.

is developing an IT 'IST Infospace Gurgaon' with a leasable area of 3.6 million sq ft. UCP holds 60% in the project, while Unitechhas the remaining stake.

First Published: Tue, March 11 2014. 18:11 IST