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Telecom Biz one third to divest (1) 14-May-08 06:25

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Posted by: rvk41 on ( 14-May-08 06:25 )
Price : BSE: Rs 275.45 ( -1.36 % ), NSE: Rs. 275.70 ( -1.31 % )
Real estate major Unitech is looking at raising around $1 billion through a stake sell in its telecom venture Unitech Wireless to fund its mega expansion plans. It is relaiably learnt that Unitech is looking at divesting 30-35 per cent stake to raise $1 billion valuing the enterprise at around $3 billion. The company expects to finalise the deal by the beginning of June. Sources suggest about 8-9 companies are in the final round of negotiations, of which two are financial investors and the rest telecom players. South African telecom major MTN has dropped out of the race for obvious reasons. Speculations are rife with names like AT&T, Etisalat, Zain, Altimo and Telecom Italia among others doing the rounds. However, most companies did not reply to our queries but Zain, the Saudi based telecom giant said: "Zain is interested in India and our interest ranges from strategic investments in existing operations to greenfield opportunities." Telecom is a different terrain for Sanjay Chandra, Director of Unitech, but he is learning the ropes rather fast as he is already talking with all the major telecom tower companies for outsourcing infrastructure. For this purpose the company has approached Tatas, Quipo, Reliance GTL and even Indus Towers. Telecom is a profitable business to venture into but it has no synergies with real estate and Unitech's inexperience in the business has been a concern for many. However, Unitech believes that it has a very flexible business model and it will tackle competition by formulating a different strategy in each circle but it remains to be seen how will it differentiate itself from the rest in such a fiercely competitive space. Invest & Reap,with regards rvk41

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