Unitech In Search Of Telecom Ally

Real estate giant Unitech Limited is likely to finalize by the end of June the entity which will pick up a 25-30 % stake in its new telecom venture.

The country’s second largest real estate developer by market capitalization, which has been awarded start up spectrum in five telecom circles, will open next week the first round of financial bids from international mobile operators.

Sources said Unitech had held talks with firms such as AT&T, South Africa’s MTN, Telecom Italia, Norway’s Telenor and Spain’s Telefonica.

These global telecom firms are interested in establishing a presence in the world’s fastest growing telecom market where at least eight million mobile subscribers are added every month. However, it could not be confirmed whether these foreign telecom players had placed a bid for a stake.

Unitech, which has no experience in running a telecom business, is looking to partner foreign telecom firms to utilize their technical expertise and financial strength, said analysts. They estimate total investment for the venture to be around Rs 20,000 crore over the next three years.

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