News & Views on Indian Real Estate

Monday, August 04, 2008

Unitech Plans To Raise $ 1 Billion from PE Funds

The country's second-largest property developer, Unitech, is planning to raise $1 billion (Rs 4, 200 crore) from private equity (PE) players for its hotel, commercial and retail projects across the country. It will raise funds by floating special purpose vehicles (SPVs) in different projects. The company will spend $ 300 million on hotel projects and $ 700 million on commercial and retail projects. These projects will be implemented in cities such as the National Capital Region and Mumbai among others.