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Unitech sells 4 arms in Gurgaon to Tata Realty: Sources
Unitech has sold its four subsidiaries - owning 30 acres in Gurgaon - to Tata Realty, in lieu of a loan of Rs 1,700 crore given by the latter in early 2008, reports CNBC-TV18, quoting sources.
Here is a verbatim transcript of CNBC-TV18's Nayantara Rai's comments. Also watch the accompanying video.
Unitech has sold its four subsidiaries - owning 30 acres in Gurgaon - to Tata Realty, in lieu of a loan of Rs 1,700 crore given by the latter in early 2008, reports CNBC-TV18, quoting sources.
There is an interest component of 10% and Unitech had repaid about Rs 1,000 crore to Tata Realty, they said. Unitech might sell two more subsidiaries owning 25 acres in Gurgaon to Tata Realty.
However, Unitech said no loan has been taken from Tata Realty. Moreover, Tata Realty had paid an advance to the company for various developments and the balance has been paid back to Tata Realty. Tata Realty said they didn't offer any loan to Unitech.
Tata Realty also confirmed that an advance payment was given to Unitech for the development plan and the balance amount of money has been duly reimbursed by Unitech to the company.
CNBC-TV18 Disclaimer:
This information has not been provided to the stock exchanges, and is source-based.
