Unitech Plans To Raise $560 Million From PE Funds

Realty major, Unitech is in talks with private equity funds for investments up to $560 million (Rs 275 billion). According to sources, the company is also in negotiations with banks to restructure an additional Rs 500 crore (Rs 5 billion) of loans as part of its plan to cut debt and secure funding to complete existing projects. The realty major is planning to raise $300 million (Rs 148 billion) through PE Funds at the corporate level and $150 million (Rs 74 billion) for housing projects being developed in Hyderabad and Kolkata. While the company expects to tie up PE funding for its Hyderabad and Kolkata projects, being developed through special purpose vehicles by the end of March 2009, PE funding at the corporate level is expected only after the fortunes of the market turn for the better, a source said.
14 Jan 2009 Business Standard