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Unitech set to ink deal with foreign phone firm: minister

Unitech set to ink deal with foreign phone firm: minister
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First Published: Mon, Oct 13 2008. 10 58 PM IST

New pact: Telecom minister A. Raja says he has been informally told the realtor has entered into a term sheet with a company. Arvind Yadav / Hindustan Times
New pact: Telecom minister A. Raja says he has been informally told the realtor has entered into a term sheet with a company. Arvind Yadav / Hindustan Times
Updated: Mon, Oct 13 2008. 10 58 PM IST
New Delhi: Telecom minister Andimuthu Raja said on Monday that India’s second largest publicly traded realty developer Unitech Ltd is close to signing a deal with a foreign phone firm for its telecom business.
New pact: Telecom minister A. Raja says he has been informally told the realtor has entered into a term sheet with a company. Arvind Yadav / Hindustan Times
“I am informally told they (Unitech) have entered into a term sheet with some company,” Raja said on the sidelines of an industry event. “I am informally told it is almost finished.”
Sanjay Chandra, the firm’s managing director, declined to comment.
A person with knowledge of the developments said Unitech is in talks with two telecom firms—Norway’s Telenor ASA and Italy’s Telecom Italia SpA—adding that the firm would be finalizing by next week.
“We have visited India as part of our continuous evaluation of investment opportunities,” said Pal Kvalheim, vice-president of group communications at Telenor.
McKinsey and Co. is advising Unitech on the deal and UBS AG is its banker for this.
(Mint’s Shabana Hussain and Devidutta Tripathy of ‘Reuters’ contributed to this story.)
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First Published: Mon, Oct 13 2008. 10 58 PM IST