Unitech Group
{{Short description|Real estate investment company}}
{{Use dmy dates|date=September 2015}}
{{Use Indian English|date=September 2015}}
{{Infobox company
| logo = Unitech logo.svg
| logo_size = 250px
| type = Public
| traded_as = {{ubl|{{BSE|507878}}|{{NSE|UNITECH}}}}
| foundation = 1972
| founder = Ramesh Chandra
| location_city = New Delhi
| location_country = India
| key_people = Yudhvir Malik, Executive chairman{{Cite web | url=https://www.business-standard.com/article/pti-stories/yudvir-singh-malik-takes-charge-as-unitech-s-new-cmd-after-govt-supersedes-board-120012101434_1.html | title=Yudvir Singh Malik appointed Unitech's CMD after govt supersedes board | newspaper=Business Standard | date=2020-01-21}}
| industry = Real estate
| revenue = {{down}} {{INRConvert|491.95|c}} (FY23){{Cite web |title=Unitech Group consolidated financials 2023|url=http://www.unitechgroup.com/images/financial/Consolidated-31mar23.pdf|access-date=2023-09-23 |website=Unitech}}
| operating_income = {{up}} {{INRConvert|53.61|c}} (FY23)
| net_income = {{down}} {{INRConvert|-2787.67|c}} (FY23)
| assets = {{up}} {{INRConvert|26885.56|c}} (FY23)
| equity = {{down}} {{INRConvert|-1139.92|c}} (FY23)
| num_employees = 400+ (2021)
| homepage = [http://www.unitechgroup.com unitechgroup.com]
}}
Unitech Limited is an Indian real estate investment company headquartered in New Delhi,[http://economictimes.indiatimes.com/Market-News/QIPs-The-new-mantra-for-realty-sector/articleshow/4962558.cms The New Mantra for Reality sector] The Economic Times. and once claimed to be the largest real estate builder in the country.{{cite web |url=http://www.offplanpropertyexchange.com/news/2009/01/08/three-new-schemes-for-indian-property-investment-developer/612 |title=Three new schemes for Indian property investment developer |publisher=Offplanpropertyexchange.com |date=2009-01-08 |access-date=2010-11-23 |archive-date=27 April 2014 |archive-url=https://web.archive.org/web/20140427161456/http://www.offplanpropertyexchange.com/news/2009/01/08/three-new-schemes-for-indian-property-investment-developer/612 |url-status=dead }}{{cite news | url=https://www.reuters.com/article/rbssRealEstateOperations/idUSDEL38461320090818 | title=India Unitech Wireless gets $1 bln loan from SBI | publisher=Reuters | date=18 August 2009}}
The company is based in New Delhi and ranks 1484, in Forbes Global 2000 listing of the top 2000 public companies in the world by Forbes magazine, 32nd in India.[https://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000-India_10Rank.html Special Report:Forbes Global 2000] Forbes, The Global 2000. 04.02.08 Its construction business includes highways, roads, powerhouses, transmission lines, and it has residential projects called Unitech Cities/Uni World, in cities like Mumbai, Delhi, Kolkata, Bhubaneswar, Chennai, Hyderabad, Mohali, Bangalore, Kochi, Noida, Greater Noida, Agra, Lucknow, Varanasi, Gurgaon, and Ghaziabad.[http://business.mapsofindia.com/india-real-estate/unitech-group.html Unitech Group Profile] India's Business Directory.
History
Founded by 5 partners, Ramesh Chandra, Dr. S. P. Shrivastava, Dr. P K Mohanti, Dr. Ramesh Kapur and Dr. Bahri originally formed as United Technical Consultant Private Ltd in 1972 as a soil investigation company.[http://economictimes.indiatimes.com/articleshow/msid-2733073,prtpage-1.cms Unitech supremo: A reluctant tycoon] The Economic Times, 26 Jan 2008. They later moved into civil engineering contracts in 1974.{{cite news | url=http://www.financialexpress.com/old/fe20010820/inc8.html | title=Unitech: Building on a diversified strategy | newspaper=Financial Express }} Entered into Civil Engineering Projects into Libya in 1978, 20 August 2001. The company began to enter into real estate in 1986, and started to increase focus on real estate in 2000. Few year back, it was India's second-largest listed real estate firm.
Unitech had formed a large joint venture with Norway-based Telenor Group to create Unitech Wireless Ltd.,{{cite web|author=Cyber India Online Ltd.|url=http://voicendata.ciol.com/content/news/109081901.asp |title=Money Matters |publisher=Voicendata.ciol.com |access-date=2010-11-23}} in August 2009, it secured a 50 billion rupee ($1 billion) loan from State Bank of India (SBI.BO) to fund its mobile phone network rollout.{{cite news | url=https://www.reuters.com/article/rbssRealEstateOperations/idUSDEL38461320090818 | title=India Unitech Wireless gets $1 bln loan from SBI|publisher=Reuters | date=18 August 2009 | quote=Unitech Ltd (UNTE.BO), India's second-largest listed real estate firm..." }}
= Prosecutions =
In 2011, due to the 2G-spectrum controversy (explained below), the company got involved in a public spat due to which its Chairman Sanjay Chandra al while on bail{{cite news | url=http://ndtv.com/profit/sanjay-chandra-quits-as-uninor-chairman-sources-143880 | title=Sanjay Chandra quits as Uninor chairman: Sources|publisher=NDTV Profit | date=26 November 2011 | quote=Sanjay Chandra, who is in judicial custody for alleged involvement...}} over Telenor's pressure to do so, followed by news of Unitech's settlement of issues by agreeing to sell its entire stake in the Unitech Wireless to shift the business to a new entity owned by the former almost 1 year later{{cite news | url=http://ibnlive.com/news/business/unitech-uninor-516105.html | title=Unitech settles disputes with Telenor, to sell stake in Uninor|publisher=IBNLive | date=11 October 2012 | quote=Realty firm Unitech on Thursday said it has amicably settled...}} and then Telenor shifted the erstwhile United Wireless' entire assets into a newly formed holding company as its majority-owned subsidiary Telewings Communications Services Pvt. Ltd., another joint-venture which 26% stake was owned by an investment firm named Lakshdeep Investments & Finance Pvt. Ltd. and rest of the 74% owned by Telenor directly, thus sealing the end of Unitech's presence into telecommunications so far, only after 15 days since last development.{{cite news | url=http://thehindu.com/business/companies/telenor-signs-lakshdeep-as-its-new-partner/article4034562.ece | title=Telenor signs Lakshdeep as its new partner|work=The Hindu | date=26 October 2012 | quote=After ending its telecom joint venture Uninor with Unitech, Norway’s Telenor...}}
In 2021, the Enforcement Directorate filed a criminal case against Unitech Limited under suspicion that the organization had illegally diverted Rs 2,000 crore to tax havens. Another 2023 criminal fraud case was filed by the ED against the organization and its directors.{{Cite web |date=2024-01-27 |title=Unitech ex-promoters get bail from Delhi court |url=https://indianexpress.com/article/cities/delhi/unitech-ex-promoters-bail-delhi-court-9130661/ |access-date=2024-02-11 |website=The Indian Express |language=en}}
== 2G spectrum case ==
Unitech Wireless is one of the accused in the 2G spectrum case.{{cite news | url=http://www.ndtv.com/article/india/what-is-2g-spectrum-scam-66418 |title=What is 2G scam? | publisher=NDTV | date=2011-05-05}} It is alleged that they were able to attain 2G licenses by bribing officials in the Indian Government even though they didn't have any previous telecom experience. As a fallout of this they had a total of 22 licenses cancelled by virtue of a court order,{{cite web |url=http://www.thehindu.com/news/national/article2853159.ece?homepage=true |title=Cancellation of 2G licenses |work=The Hindu |date=2012-02-02}} and their Managing Director Sanjay Chandra sent to jail.{{cite web |url=http://www.ndtv.com/article/india/2g-scam-charges-against-raja-others-143384 |title=Accused in 2G Scam |publisher=NDTV |date=2011-10-22}}
In March 2017, Sanjay Chandra, who had been out on bail in the 2G case, and brother Ajay were arrested by the Economic Offences Wing of the Delhi Police for allegedly duping home-buyers in a Gurugram project. Till date both are in jail. On 21 October 2019, the Noida Authority has cancelled the allotment of a group housing property to crisis-hit realtor Unitech over non-payment of dues worth Rs 1,203 crore.{{Cite web|url=https://www.proptiger.com/guide/post/how-the-unitech-empire-crumbled-like-a-highrise-of-cards|title=The Story Of Unitech Empire: Rise And Fall|last=Mishra|first=Sunita|website=www.proptiger.com|language=en-in|access-date=2019-12-24}} In December 2019, the apex court has asked the central government to take over the management of the company, Keeping in mind the interests of about 30 thousand home buyers. The court has also directed the government to investigate the matter from various agencies including the Enforcement Directorate (ED) after Unitech and its directors revealed that thousands of crores of flat buyers had been diverted by the forensic report. The court has also flatly refused to grant bail to Unitech directors Chandra brothers, the apex court has asked the government to appoint the current directors of Unitech as independent directors.{{Cite web|url=https://english.newstracklive.com/news/supreme-court-order-to-central-government-to-take-over-management-of-real-estate-company-unitech-mc23-nu-1056736-1.html|title=SC orders government to take over Unitech management|date=2019-12-22|website=News Track|language=en|access-date=2019-12-24}}
References
{{reflist}}
External links
- [http://www.unitechgroup.com Unitech Group website]
- [https://www.amicusunitech.in/ Supreme Court mandated Claim Submission Portal for Unitech Buyers]
Category:Companies listed on the Bombay Stock Exchange
Category:Companies listed on the National Stock Exchange of India
Category:Real estate companies established in 1972
Category:Construction and civil engineering companies of India
Category:Real estate companies of India
Category:Companies based in New Delhi
Category:Economy of West Bengal
Category:Construction and civil engineering companies established in 1972