Unitech to sell 26 per cent in telecom arm; raise Rs11,000 crore from market

Mumbai: Unitech Ltd, the second-biggest listed developer in the country, said it would dilute 26 per cent stake in its telecom arm to a strategic foreign partner. The company is currently in discussions with a few telcos.

''We are looking for a minority dilution of 26 per cent stake to a strategic foreign player in Unitech Wireless," Unitech Ltd managing director Sanjay Chandra said.

Unitech was one among the many who were received unified licences from the Department of Telecom earlier this year.

Unitech Wireless, which has bagged a pan-India GSM licence, has got spectrum for five circles and the company is planning to roll out telecom services by the last quarter of the current financial year.

Chandra said Unitech is targeting the Mumbai market and expects the city to contribute half of its revenue in two years.

''On a similar piece of land we get much more money in Mumbai than in Delhi,'' he said, adding, ''We will get 50 per cent of our revenue from Mumbai in two years' time."