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Saturday, February 07, 2015

Last year in November there were media reports that Unitech Corporate Parks (UCP), the London listed Unitech group firm, had completed a deal to sell its stakes in six IT-SEZ projects in India to Canada's Brookfield Asset Management for £188.9 million (Rs.1785.50 Cr).

Unitech Ltd (Rs.16.85) currently has over 100 ongoing projects, totaling an area of 38.41 million sq ft. Its net debt stood at Rs.5,900 crore at the end of the first quarter of this fiscal. 

Last year in September, Unitech Ltd said it will sell non-core land parcels to reduce debt by 15-20% and improve cash-flows for faster execution of ongoing projects. UCP and Unitech were jointly developing five IT special economic zones (SEZs) and one IT Park in Gurgaon, Noida and Kolkata. In these six projects, UCP held 60% stake and Unitech 40%. That apart, Unitech had direct stake of about 13-14% in UCP.  

Unitech has a bank of 5,500 acres in Delhi-NCR, Chennai, Mohali, Kochi, Kolkata, Hyderabad and Bangalore. An earlier media report mentioned that the average cost of acquisition of the land was aground Rs.250 per square feet. This is one of the biggest strengths of the company. 

This move will significantly retire debt on the books of Unitech Ltd (Rs.16.85); but what is now needed is the revival of cash flow cycle. 


Meanwhile, India's benchmark bond yield ended down 2 basis points at 7.70 percent, as global oil prices remain low which would help keep domestic inflation lower. It means we might see, further cut in the Repo rates in the near future. 

In case interest rates fall further, the core real estate business of Unitech Ltd has the potential to grow better. Apart from land sale, the company also plans to monetise some commercial assets.

Moreover, Unitech Ltd has no economic interest in Unitech Wireless. Further, Unitech Ltd has no exposure whatsoever to the Telecom business.
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