MUMBAI: India's second-largest listed developer Unitech is looking to spin off non-core businesses that include power, hotels, telecom and special economic zones, the media reported on Friday.
The company is planning to sell the businesses or get private-equity investment, said the paper, quoting an unnamed source familiar with the development.
It did not give the size or timing of the deals. The funds raised through the non-core assets may be used to reduce the company's debt, which stood at 62 billion rupees at December-end, the report said.
Unitech officials could not be immediately reached for comment. Last year, Unitech sold a 67.25 percent stake in telecom unit Unitech Wireless to Norway's Telenor. The transaction was completed in February
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