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Our Bureau

New Delhi, July 29

Real estate developer Unitech Ltd has recorded a net profit of Rs 74 crore for the first quarter ended June 30, an increase of 798 per cent against Rs 8.24 crore recorded in the corresponding period of the previous fiscal.

The company's sales jumped 114 per cent to Rs 306.21 crore from Rs 141.76 crore. Announcing the company's results on Saturday, the Managing Director, Mr Sanjay Chandra, said that it has entered into an alliance with the international hotel chain Marriott to set up hotels.

"We will have at least 15 hotels in the next five years across the country," he said.

These hotels will be owned by Unitech and managed by Marriott. Unitech's investment of Rs 3,000 crore in these hotels will be funded through internal accruals and debt.

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