Unitech to sell upto 50% stake to foreign company

Real estate major Unitech, which acquired licenses to offer telecom services in 22 circles in the country, will sell 10-50% stake to a foreign company in its telecom services operations, reports Business Standard.

The company is in talks with various foreign players for an equity tie-up for the same. As per existing guidelines, foreign direct investment of up to 74% is allowed in telecom services.

The company will tie up with only one company and is yet to begin talks with telecom equipment manufacturers.

The company is revising its fund raising plans due to the meltdown in global markets. It earlier planned to raise USD 1 billion to fund its telecom operations.

Unitech, which had applied for 22 circles through seven different companies, is among the nine new entrants that acquired the licenses on January 10. There are 22 circles in the country, each of which requires a separate license.

Shares of the company closed down Rs 19.9, or 4.85%, at Rs 390.5. The total volume of shares traded at the BSE was 1,048,352. (Tuesday)