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Unitech Group eyes close to Rs 1,000 crore from land, 2 NCR hotels

Delhi-based real estate developer Unitech Group is looking at selling two hotel properties in the national capital region (NCR) and around 30 acres of land parcels in south India, which totally could fetch the company close to Rs 1,000 crore, said an industry source.

The two hotels properties being put on the block are in Gurgaon and Noida, which the company is looking to offload by March. The sale is expected to fetch Unitech Ltd between Rs 550-Rs 600 crore, a source told FE.

The Gurgaon hotel is a 200-room property being managed by Country Inns & Suites, a brand under the US-based Carlson Group of hotels. The Noida property has 250 rooms and it is under a tie-up with another US hospitality giant Marriot Group of hotels, said the source. Apart from the two hotels, Unitech is also looking to sell around 25-30 acres of land parcels spread across three of its existing townships in Chennai, Mysore and Bangalore, said sources.

The company is in talks with HNIs and few leading gutka players in India to sell these assets. "The company may realise close to Rs 400 crore from land sales," a person said. A Unitech spokesperson declined to comment. Unitech, laden with a net debt of Rs 6,240 crore at the end of September 30 has been looking to sell some of its non-core assets to lower its debt burden.

It is also in talks with global funds like Blackstone and GIC to sell some of its IT SEZ in NCR, which is believed to get the firm over Rs 2,500 crore.

Source : financial express           Date :  Jan 16 2014

By vayaM CS