ED to rein in assests worth Rs 5100 cr of Etisalat, Unitech

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New Delhi, Jun 27: From Monday, Jun 27 the Enforcement Directorate (ED) would start attaching assets of Unitech Wireless and Etisalat DB Telecom due to the alleged involvement of both the companies in 2G spectrum scam.

This was confirmed to Financial Chronicle by an official of ED, who also clarified that the assets to be attached were owned by Unitech Wireless and Etisalat DB Telecom.

“Assets worth Rs 2400 crore of Unitech Wireless and Rs 2,700 crore of Etisalat DB Telecom will be attached to prevent the companies from selling them off," said the official on conditions of anonymity.

The official however declined to name or give the number of properties to be attached as ED apprehends that the companies might try to dispose off the properties by selling them. The attachment process is expectedly completed within a week.

“The assets to be attach-ed include the telecom companies" real estate assets and plant and machinery and represent the amount of gain made by the companies by selling their stake to foreign partners," said the official.

ED said that Unitech, that had 100 per cent equity holding of Rs 138 crore in the 8 licencee companies, saw the notional value of the shares rise to Rs 2,480 crore with Telenor Asia"s equity infusion, that led to the gain.

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