| Real estate major Unitech., which has acquired licences to offer telecom services in 22 circles in the country, will sell 10-50 per cent stake to a foreign company in its telecom services operations, a senior company official said. |
| The company is in talks with various foreign players for an equity tie-up for the same, he said. |
| “A lot of foreign companies already have tie-ups with Indian companies for various operations. We too are talking to a few for prospective partnerships. |
| We will give the foreign partner 10-50 per cent stake,” the official said. |
| As per existing guidelines, foreign direct investment of up to 74 per cent is allowed in telecom services. |
| “We will tie up with only one company for all the seven licence holders,” the official said. |
| The company is yet to begin talks with telecom equipment manufacturers though the official confirmed receiving queries from vendors. |
| On Unitech’s plans to raise $1 billion to fund its telecom operations, he said the company is revising its programme due to the meltdown in global markets. |
| “We are having a re-look at our original plan. Because of the meltdown in global markets, we may be forced to re-price our fund raising plans,” he said. |
| Unitech, which had applied for 22 circles through seven different companies, is among the nine new entrants (seven Unitech companies considered as one) that acquired the licences on Jan 10. |
| There are 22 circles in the country, each of which requires a separate licence. |
Source: Business Standard