Unitech appoints Ernst & Young, 2 others as advisers for restructuring

Unitech Ltd, one of India's leading real-estate developers, said today it has appointed three advisers for restructuring its operations as an expanding economy boosts demand for property.

In a filing with the Bombay Stock Exchange (BSE), the company said the appointment of Ernst & Young, S R Batliboi & Co and Amarchand & Mangaldas & Suresh A Shroff & Co as advisors to the company is to assist it in the proposed corporate restructuring.

The board also constituted a committee of directors named 'Restructuring Committee' to explore, consider and evaluate opportunities and suggestions for potential merger of subsidiaries, demerger and other forms of restructuring.

The committee will also advice the board on acquisition, or spin-off with the ultimate object of enhancing and unlocking shareholders' value and to do all such acts that may be considered necessary for the corporate restructuring scheme.

According to experts, with the expansion of economy, housing demand is expected to soar in the immediate future.

Earlier, industry analysts had said the Gurgaon-based realty major is planning to demerge its non-core businesses of telecom and hotels.