Unitech to invest Rs 25,000cr over four years

New Delhi, May 28 (UNI) Realty major Unitech Ltd today said it plans to invest Rs 25,000 crore over the next four years in hospitality, retail centres and residential space.

The company will spend Rs 10,000 crore in hospitality and malls, while an amount of Rs 5,000 crore and about Rs 8,000-Rs 9,000 crore will be used in the construction of offices and residential complexes.

''The Rs 25,000 crore expansion plan will be funded through internal accruals and special purpose vehicles (SPVs). We have about Rs 1,450 crore in cash and Rs 4,000 crore in debt at the end of the fiscal 2006-07,'' Unitech Ltd Managing Director Sanjay Chandra told newspersons here.

The 10-billion-dollar company is looking at setting up 28 hotels and up to eight malls in various locations by 2011.

''We want to expand in the markets where we are already present.

We have planned seven to eight large size malls covering 50,000 sq ft in Kolkata and Bangalore,'' Mr Chandra said after announcing the company's annual results.

UNI