Unitech Group
 | |
| Type | Public |
|---|---|
| Industry | Real estate |
| Founded | 1972 |
| Founder(s) | Ramesh Chandra |
| Headquarters | New Delhi, India |
| Key people | Ramesh Chandra, Executive chairman |
| Revenue | $760 million (2008)[1] |
| Net income | $300 million (2008)[1] |
| Total assets | $3.03 billion (2008)[1] |
| Employees | 1,472 (2011)[2] |
| Website | unitechgroup.com |
Unitech Limited is India's second largest real estate investment company,[3] and has recently claimed to be the largest real estate builder in the country.[4][5][5]
The company is based in New Delhi[3] and ranks 1484, in Forbes Global 2000 listing of the top 2000 public companies in the world by Forbes magazine, 32nd in India.[1] Its construction business includes highways, roads, powerhouses, transmission lines, and it has residential projects called Unitech Cities/Uni World, in cities like Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Kochi, Noida,Greater Noida, Agra, Lucknow, Varanasi,Gurgaon, and Ghaziabad.[6]
History
Founded by 5 partners, Ramesh Chandra, Dr. S. P. Shrivastava, Dr. P K Mohanti, Dr. Ramesh Kapur and Dr. Bahari and originally formed as United Technical Consultant Private Ltd in 1972 as a soil investigation company.[7] They later moved into civil engineering contracts in 1974.[8] The company began to enter into real estate in 1986.,[7] and started to increase focus in Real Estate in 2000 today it is India's second-largest listed real estate firm.
Past Join Ventures: LG - Unitech Hyundai - Unitech Singapore Consortium - Unitech Carlson (Radission) - Unitech
Communication
They have recently formed a large joint venture with Norway based Telenor Group to create Unitech Wireless.,[9] in August 2009, it secured a 50 billion rupee ($1 billion) loan from State Bank of India (SBI.BO) to fund its mobile phone network rollout.[5]
Unitech Wireless is one of the accused in the 2G spectrum scam.[10] It is alleged that they were able to attain 2G licenses by bribing officials in the Indian Government even though they didn't have any previous telecom experience. As a fallout of this they had a total of 22 licenses cancelled by virtue of a court order,[11] and their Managing Director Sanjay Chandra sent to jail.[12]
References
- ↑ 1.0 1.1 1.2 1.3 Special Report:Forbes Global 2000 Forbes, The Global 2000. 04.02.08
- ↑ Company Profile For Unitech Ltd: Unitech Ltd (UNTE.BO) (Bombay Stock Exchange) Reuters.
- ↑ 3.0 3.1 The New Mantra for Reality sector The Economic Times.
- ↑ "Three new schemes for Indian property investment developer". Offplanpropertyexchange.com. 2009-01-08. Retrieved 2010-11-23.
- ↑ 5.0 5.1 5.2 India Unitech Wireless gets $1 bln loan from SBI Reuters, Aug 18, 2009.
- ↑ Unitech Group Profile India's Business Directory.
- ↑ 7.0 7.1 Unitech supremo: A reluctant tycoon The Economic Times, 26 Jan 2008.
- ↑ Unitech: Building on a diversified strategy Financial Express, Entered into Civil Engineering Projects into Libya in 1978, Aug 20, 2001.
- ↑ Cyber India Online Ltd. "Money Matters". Voicendata.ciol.com. Retrieved 2010-11-23.
- ↑ "What is 2G scam?". NDTV. 2011-05-05.
- ↑ "Cancellation of 2G licenses". The Hindu. 2012-02-02.
- ↑ "Accused in 2G Scam". NDTV. 2011-10-22.