Unitech has eyes on Telecom Sector

Unitech Limited

Mumbai: Unitech Ltd, the country’s second-biggest realty firm stated that it will enter the telecom services sector and will shortly apply for permissions for the whole country.

In an announcement to NSE, the company told that its eight subsidiaries will submit applications to Department of Telecommunications (DoT) in order to offer Unified Access Services (UAS) in 22 telecom circles crosswise the country.

In the speedily rising telecom segment, Unitech accompanies another real estate player Parsvnath Developers that has pulled in several non-telecom companies who have wanted licenses from the administration to commence functioning.

The company’s share price climbed 2.19 per cent to Rs 336.55 on the NSE, on Friday.

The company’s directors sanctioned a proposal in this regard, on Friday (September 21).

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

The company said that the investment in this segment would offer vast prospective for adding up value to the group.

The planned diversification would be depending on mandatory regulatory approvals, it added.