Unitech to foray into telecom

Monday, 24 September 2007, 07:00 Hrs
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New Delhi: Unitech, India's second-largest real estate firm, Friday said it is planning to foray into the telecom sector and has applied for licenses in 22 network areas.

The company, in its communiqué ´o the National Stock Exchange of India, has said eight of its subsidiaries will submit applications to department of telecommunications to provide telecom services in the country.

"The board noted that the continuous rapid growth in India's telephone services business indicates enormous potential for future growth in this business. Further, it would help boost the group's telecom and transmission tower manufacturing business," the communiqué ³aid.

Another realty player, Parsvnath Developers, has also recently applied for a similar license to provide telecom services in India as part of its diversification efforts.
Source: IANS
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