New Delhi: Property developer Unitech Ltd has restructured debt obligations of Rs600 crore due by 31 March, the company said.
Clearing debt: Sanjay Chandra.
India’s second largest realty firm by market value has repaid part of this amount from the proceeds of a sale of Marriott Courtyard hotel it built in Gurgaon, on the outskirts of New Delhi, and from internal accruals, a company spokesman said.
It has rescheduled the remaining amount after talks with lenders. The developer owed about 60% of the Rs600 crore to banks and the rest to mutual funds.
Unitech has sold the hotel to Roop Madan, managing director of Sanya Motors Pvt. Ltd, a dealership of Tata Motors Ltd, for around Rs235 crore. The company has received around Rs105.75 crore from Sanya Motors, with the remaining expected in April.
Unitech has also put an office property in Saket in south Delhi for sale, though the deal has not been closed yet.
It has also received around Rs380 crore from Norway’s Telenor SA which has a 67.25% stake in Unitech Wireless Ltd, its mobile phone services arm. The realtor’s managing director Sanjay Chandra had earlier said that this money could be used to repay debt but the company spokesman said this wasn’t being done.
Mint has reported on 19 January that the firm reduced its debt obligations due by March from Rs2,500 crore to Rs600 crore, by repaying in part, Rs900 crore to mutual funds and restructuring some bank loans. Its total debt stood at Rs8,000 crore before the repayment.