LIC India has taken “Notional
Possession” of Unitech Land in Noida:-
Unitech
Problems seems to not ending as LIC India has taken “Notional Possession” of
Noida Sec- 96, 97 & 98 Lands which are approximately 350 Acre as Unitech
unable to pay Rs. 150 Crore loan taken from LIC India.
LIC
India also warned public to not to deal with Unitech for that land laying in
Noida. “Notional Possession” is just a step to take control of assets when
anyone unable to payback loan. Although assets is still with Unitech but
Unitech has to pay back loan so as to take complete handover of property from
LIC.
LIC
has taken Property in its control on 7th March as LIC issued a
Notice to Unitech Promoter on 26th Nov. 2013 to payback its dues
within 60 days but same doesn’t happen.
Unitech
Promoters said that they will payback dues to LIC India by 31st
March 2014.
Unitech on
fast Track to reduce Debt:-
Unitech has total debt of Rs. 6200 Crore which includes LIC Rs. 150 Crore. In Pat few months Unitech sold several assets to reduce the burden. Unitech has sold 10 Acre of land in Bangalore and Mysore to local developers for about Rs 100-130 crore to repay LIC India loan.
Unitech has total debt of Rs. 6200 Crore which includes LIC Rs. 150 Crore. In Pat few months Unitech sold several assets to reduce the burden. Unitech has sold 10 Acre of land in Bangalore and Mysore to local developers for about Rs 100-130 crore to repay LIC India loan.
In January earlier this year Unitech was looking to sell
plots in south India for about Rs 400 crore.
In January this year Unitech put 2 Hotels for sale are
the 200-room Country Inn and Suites in Gurgaon and the 250-room Marriott in
Noida. This deal will leads to get Unitech 550 to 600 crore.
Unitech also in talks to sell its IT SEZ in Gurgaon
which is spread over 3.6-million square feet. Unitech
has 40% stake in it and 60% stake is with UCP. Unitech is developing the same. Unitech
group is negotiating with private equity
firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT
special economic zone (SEZ) in Gurgaon for about Rs 2600- 2700 crore.
In 2009 Unitech sold its
prime office complex in south Delhi for over Rs 500 crore and a budget hotel in
Gurgaon for about Rs 200 crore.
Unitech is doing all this to
reduce its debt.