Unitech, country's second largest real estate firm has informed that it has decided to divest 26% to 45% stake in its telecom venture to a strategic partner, within a month.

Presently, the company is scouting for a strategic partner who can help it, to build the telecom business.

Unitech is among the few companies, which had recently bagged telecom licences along with Swan, Datacom and Shyam Telelink. The company has secured licences for 22 circles and spectrum in 13 circles.

As per sources, the company has entered into a dialogue with Telenor and Telecom Italia to sell over 40 per cent stake in the telecom venture. .

While, according to market sources, the foreign partner may pick up about 45% stake in the telecom business for about $1.2 billion. They said that the valuation would be similar to the Swan-Etisalat deal, where the UAE-based telecom firm acquired 45% stake for $900 million.

The company has planned to launch its telecom operations in the first half of next year.

Yesterday, Unitech stock lost more than half its market value as media reports that the company has a missed a payment for some land. But latter company clarifies that all such reports are baseless. 

Unitech shares ended down 51.3 percent at 30.10 rupees, a 2-½ year low, taking their losses in 2008 to 94 percent.