Unitech in its petition before the CLB, in which it accused Telenor and its executives of ‘oppressive and mala-fide actions’ has offered to buy Norwegian partner Telenor’s 67.25% stake in their mobile joint venture.
The Unitech Group plans to drag global communications major Telenor to the Company Law Board citing ‘gross mismanagement’ of their joint venture mobile phone operations by the Norwegian telco.
The resolution for a dividend was blocked on Thursday, September 29, at the Annual General Meeting (AGM) of Unitech, the second-largest real estate firm in India.
Norwegian telecom giant Telenor has started a process to raise up to Rs.8,000 crore in its Indian joint venture with real estate developer Unitech, said a top company executive.
Unitech will set up Great India Place (GIP) in Kochi, Kerala. The project consists of a hotel, shopping mall and office complex.
Unitech Ltd, India’s second largest real estate company, and DB Realty Ltd continued to struggle with sales in the June quarter amid rising interest rates and slowing demand—a seemingly unceasing plight they share with most of the sector.
Unitech Ltd is expanding its retail development business and plans to invest around Rs.2,000 crore over the next three years to develop about 2 million sq. ft of premium and luxury shopping malls.
With the Central Bureau of Investigation (CBI) charging Unitech Managing Director Sanjay Chandra as a key accused in the 2G spectrum scam and his brother Ajay Chandra appearing as a CBI testimony, it is generally believed that the two Chandra brothers are falling apart.
Realty firms are making a beeline to private equity investors for money to repay mounting debt portfolios. With commercial banks turning cautious about lending to the real estate sector, industry players strapped for cash are seeking equity capital to ease the liquidity crunch.
Australia’s Platinum Investment Management has raised its stake in India’s second largest real estate firm Unitech to 5.16%.