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Unitech is likely to list infrastructure biz by fiscal-end

Press Trust of India  |  New Delhi 

The country's second largest realty firm Unitech is planning to list its new infrastructure entity -- Unitech Infra -- by the end of this fiscal.

According to sources, the demerger process of the infrastructure businesses, including telecom venture, into a new entity would be completed by December 2010.

"Unitech Infra will be listed on Bombay Stock Exchange and National Stock Exchange in the first quarter of 2011 calender year," a source in the know said.

In April, the company had announced the demerger of its infrastructure businesses, including investments in telecom, hotels, amusement parks and SEZs, into a separate entity. The swap ratio was fixed at 1:1.

Post-demerger, Unitech will hold 35 per cent stake in Unitech Infra, while Unitech promoters will have 32 per cent share and the remaining will be with the public.

Earlier in April, the company had said that it would list Unitech Infra by the end of 2010.

Sources said Unitech Infra would focus on development of highways and power transmission to begin with.

"The company is eligible for bidding up to Rs 1,000 crore highway project. To tap bigger project, it is in talks with domestic and global players," the source said.

At the time of demerger, Unitech had said that the demerged entity was estimated to have a high initial net worth of nearly Rs 5,000 crore and a very low debt of Rs 350 crore.

Unitech Infra development portfolio includes 11 hotels comprising 2,100 rooms, five IT SEZs and one IT park with 21.4 million sq ft of space, three amusement parks, two industrial parks and one logistic park in Kolkata.

The realty major entered into the telecom sector in 2008. It has 32.5 per cent stake in the venture -- Uninor, while the rest is lying with Norwegian major Telenor.

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First Published: Sun, October 31 2010. 14:17 IST