Unitech GSM: Unitech to offload 26 pc to foreign partner in telecom arm
The country’s second largest real estate player Unitech Ltd on Friday said it would dilute 26 per cent stake in its telecom arm to a strategic foreign partner, for which it is in discussion 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 told reporters.
Unitech was one among the many unified licenses issued by the Department of Telecom earlier this year.
Unitech Wireless, which has bagged a pan-India GSM license, has already got the crucial spectrum for five circles and the company is planning to roll out telecom services by the last quarter of the current financial year, he said.
To fund the telecom operations, it is considering to raise debt up to Rs 8,000 crore in the next five years once the company starts services.
“Raising Rs 8,000 crore is the peak amount. Once we finalise the partner and start services, we will look at raising the amount. We will also have vendor financing,” Chandra said, adding that at a future date the company would spin off the telecom arm into a separate company.
“Unitech Wireless is currently a subsidiary of the main company, but in the future we will see it as a separate company,” Chandra said.
The company would invest the money in purchase of telecom equipment and developing infrastructure, he added.
“Currently, we are talking to three European and two Chinese firms for supplying telecom equipment,” he said.
When asked if the company would bid in the auctioning of 3G spectrum, Chandra replied in positive.
