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Unitech Group


Unitech Limited is the second largest real estate investment company in Indie. The company has recently claimed to be the largest real estate builder in the country.

The company was founded by 5 partners, Ramesh Chandra, Dr. S. P. Shrivastava, Dr. P K Mohanti, Dr. Ramesh Kapur and Dr. Bahari. It was originally formed as United Technical Consultant Private Ltd in 1972 as a soil investigation company. They later moved into civil engineering contracts in 1974. The company began to enter into real estate in 1986.

Unitech Wireless

Unitech have formed a large joint venture with Norway based Telenor Group to create Unitech Wireless. In August 2009, it secured a 50 billion rupee loan from State Bank of India to fund its mobile phone network rollout.

Unitech Wireless is one of the accused in the 2G Spectrum Scam. It is alleged that they were able to attain 2G licenses by bribing officials in the Indian Government eventhough 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, and their Managing Director Sanjay Chandra sent to jail.

Settlement

On 11 October 2012, Unitech has announced they have reached an agreement with Telenor on all outstanding disputes over their telecom joint venture. Telenor owns 67.25 percent stake. According to the settlement, all Uninor assets will be transferred to a new entity which will be controlled by Telenor. The shares of the company in the NSE surged 5 percent higher at Rs. 24.5.

Unitech will sell its entire shareholding in Uninor and will also withdraw nominees from Uninor board.

Uninor is likely to participate in the 2G auction in November.

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