Unitech plans to sell assets to reduce debt

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Unitech
New Delhi, May 18: Unitech is planning to sell two hotels in Gurgaon and a a commercial office complex in Saket, New Delhi and generate up to Rs 900 crore by the end of June, Business Standard reported quoting a top company official.

“We will close the deal by the end of next month,"" the official reportedly said. He, however, did not disclose the names of the buyers.

The country"s second largest real estate developer plans to generate Rs 1,600 crore by selling assets, including plots and residential projects, by the end of the current fiscal. The company intends to reduce its debt to Rs 40-50 billion by the second quarter of the next financial year from the sale of assets.

Earlier, the company sold its Marriott Courtyard Hotel, in Gurgaon for Rs 2.31 billion to a high net worth individual based out of Delhi. Unitech had Rs 89 billion worth of debt as of Mar 2009.

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