Unitech Group

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Unitech Group
Public
Industry Real estate
Founded 1972
Founder Ramesh Chandra
Headquarters New Delhi, India
Key people
 Ramesh Chandra, Executive chairman
Revenue $760 million (2008)[1]
$300 million (2008)[1]
Total assets $3.03 billion (2008)[1]
Number of employees
 1,472 (2011)[2]
Website unitechgroup.com

Unitech Limited is India's second largest real estate investment company,[3] and has recently claimed to be the largest real estate builder in the country.[4][5][5]

The company is based in New Delhi[3] and ranks 1484, in Forbes Global 2000 listing of the top 2000 public companies in the world by Forbes magazine, 32nd in India.[1] Its construction business includes highways, roads, powerhouses, transmission lines, and it has residential projects called Unitech Cities/Uni World, in cities like Mumbai, Delhi, Kolkata , Chennai, Hyderabad,Mohali, Bangalore, Kochi, Noida,Greater Noida, Agra, Lucknow, Varanasi,Gurgaon, and Ghaziabad.[6]

Past Join Ventures: LG - Unitech Hyundai - Unitech Singapore Consortium - Unitech Carlson (Radission) - Unitech

History

Founded by 5 partners, Ramesh Chandra, Dr. S. P. Shrivastava, Dr. P K Mohanti, Dr. Ramesh Kapur and Dr. Bahri and originally formed as United Technical Consultant Private Ltd in 1972 as a soil investigation company.[7] They later moved into civil engineering contracts in 1974.[8] The company began to enter into real estate in 1986.,[7] and started to increase focus in Real Estate in 2000 today it is India's second-largest listed real estate firm.

Telecommunications

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Main article: Uninor

Unitech had formed a large joint venture with Norway-based Telenor Group to create Unitech Wireless Ltd.,[9] in August 2009, it secured a 50 billion rupee ($1 billion) loan from State Bank of India (SBI.BO) to fund its mobile phone network rollout.[10] And after almost 2 years in 2011, due to the 2G-spectrum scam controversy (explained below), the company got involved in a public spat due to which its Chairman Sanjay Chandra allegedly resigned from his position while on bail[11] over Telenor's pressure to do so, followed by news of Unitech's settlement of issues by agreeing to sell its entire stake in the Unitech Wireless to shift the business to a new entity owned by the former almost 1 year later[12] and then Telenor shifted the erstwhile United Wireless' entire assets into a newly formed holding company as its majority-owned subsidiary Telewings Communications Services Pvt. Ltd., another JV which 26% stake was owned by an investment firm named Lakshdeep Investments & Finance Pvt. Ltd. and rest of the 74% owned by Telenor directly, thus sealing the end of Unitech's presence into telecommunications so far, only after 15 days since last development.[13]

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Main article: 2G spectrum scam

Unitech Wireless is one of the accused in the 2G spectrum scam.[14] It is alleged that they were able to attain 2G licenses by bribing officials in the Indian Government even though they didn't have any previous telecom experience. As a fallout of this they had a total of 22 licenses cancelled by virtue of a court order,[15] and their Managing Director Sanjay Chandra sent to jail.[16]

References

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External links

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