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Our Bureau

New Delhi, Oct. 24 Real estate developer Unitech on Friday said it would divest 26 per cent to 45 per cent stake in its telecom venture to a strategic partner, within a month.

“We will divest between 26 per cent and 45 per cent stake in the telecom venture. We are looking for a strategic partner who can help us build the telecom business,” Unitech Managing Director, Mr Sanjay Chandra, said on the sidelines of a CII event.

Unitech is among the few companies, which had recently bagged telecom licences along with Swan, Datacom and Shyam Telelink. It has received licences for 22 circles and spectrum in 13 circles.

“We are still talking to multiple potential partners. Any transaction takes time to complete. I cannot comment on the valuations,” he said, and exuded confidence that an announcement on the strategic partner would be made in less than a month.

The market has been rife with speculation that the company has entered into a dialogue with Telenor and Telecom Italia to sell over 40 per cent stake in the telecom venture.

Mr Chandra, however, refused to identify the telecom company that Unitech was negotiating with.

Market sources said that the foreign partner may pick up about 45 per cent stake in the telecom business for about $1.2 billion.

The valuation would be similar to the Swan-Etisalat deal where the UAE-based telecom firm picked up 45 per cent stake for $900 million.

Mr Chandra said that Unitech had invested close to Rs 2,000 crore in the telecom business, and pointed out that it would launch telecom operations in the first half of next year.

More Stories on : Alliances & Joint Ventures | Telecommunications | Unitech Ltd | Real Estate & Construction

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