Money to be raised from sale of non-core assets for repayment of its debt
Real estate player Unitech 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.
Unitech as also put its hotels in Noida and Gurgaon on the block to raise money. Whencontacted, a Unitech spokesperson declined to comment. The moneyfrom sale from land parcels will be used to repay loans from LIC by the end of this month.
Unitech has a debt of about Rs 6,200 crore, including Rs 150-200 crore from LIC. There have been of LIC declaring Unitech a wilful defaulter, as well as taking notional possession of a part of slice of Unitech's 350-acre land parcel in Noida. Unitech is looking to raise about Rs 400 crore from selling plots in South India and another Rs 600 crore from its hotels in Noida and Gurgaon.
While Gurgaon hotel is operational, the Noida one is under construction.In 2009, Unitech sold its prime office complex in south Delhi for over Rs 500 crore anda budget hotel in Gurgaon for about Rs 200 crore. Unitech Corporate Parks, a Unitech 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 SEZ in Gurgaon for about Rs 2,700crore.
Unitech is developing an IT SEZ 'IST Infospace Gurgaon' with a leasable area of 3.6 million sq ft. UCP holds 60% in the project, while Unitechhas the remaining stake.
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