Unitech Group - Revision history

->AnomieBOT: Rescuing orphaned refs ("forbes" from rev 1063937230)

2022-01-05T20:13:38Z

Rescuing orphaned refs ("forbes" from rev 1063937230)

← Older revision		Revision as of 01:43, 6 January 2022
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			{{Short description\|Real estate investment company}}
	{{Use dmy dates\|date=September 2015}}		{{Use dmy dates\|date=September 2015}}
	{{Use Indian English\|date=September 2015}}		{{Use Indian English\|date=September 2015}}
	~~{{more citations needed\|date=June 2015}}~~
	{{Infobox company		{{Infobox company
	\| logo = Unitech logo.svg		\| logo = Unitech logo.svg
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	\| key_people = [[Ramesh Chandra]], Executive chairman		\| key_people = [[Ramesh Chandra]], Executive chairman
	\| industry = [[Real estate]]		\| industry = [[Real estate]]
	\| revenue = ~~[[United States Dollar~~\|~~$]]760 million~~ (~~2008~~)~~<ref name~~=~~forbes>[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</ref>~~		\| revenue = {{down}} {{INRConvert\|1764.94\|c}} (2021)
	\| net_income = ~~$300 million~~ (~~2008~~)~~<ref name=forbes/>~~		\| operating_income = {{down}} {{INRConvert\|-766.44\|c}} (2021)
	\| assets = $3.~~03 billion~~ (~~2008~~)~~<ref name=forbes/>~~		\| net_income = {{down}} {{INRConvert\|-1562.15\|c}} (2021)
	\| ~~num_employees~~ = ~~1,472~~ (~~2011~~)~~<ref>[https://web.archive.org/web/20081009102511/http://in.reuters.com/money/quotes/companyProfile?symbol~~=~~UNTE.BO Company Profile For Unitech Ltd: Unitech Ltd~~ (~~UNTE.BO) (Bombay Stock Exchange~~)~~] [[Reuters]].</ref>~~		\| assets = {{down}} {{INRConvert\|25876.87\|c}} (2021)
			\| equity = {{down}} {{INRConvert\|4670.72\|c}} (2021)
			\| num_employees = 400+ (2021)
	\| homepage = [http://www.unitechgroup.com unitechgroup.com]		\| homepage = [http://www.unitechgroup.com unitechgroup.com]
	}}		}}

	'''Unitech Limited''' ~~was India's second largest~~ [[real estate]] investment company,<ref name=etimes>[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]].</ref> and once claimed to be the largest real estate builder in the country.<ref>{{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}}</ref><ref name=rt>{{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}}</ref>		'''Unitech Limited''' is an Indian [[real estate]] investment company headquartered in [[New Delhi]],<ref name=etimes>[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]].</ref> and once claimed to be the largest real estate builder in the country.<ref>{{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}}</ref><ref name=rt>{{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}}</ref>

	The company is based in [[New Delhi]]<ref name=etimes/> and ranks 1484, in [[Forbes Global 2000]] listing of the top 2000 public companies in the world by [[Forbes]] magazine, 32nd in India.<ref name=forbes/> 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.<ref>[http://business.mapsofindia.com/india-real-estate/unitech-group.html Unitech Group Profile] India's Business Directory.</ref>		The company is based in [[New Delhi]]<ref name=etimes/> and ranks 1484, in [[Forbes Global 2000]] listing of the top 2000 public companies in the world by [[Forbes]] magazine, 32nd in India.<ref name=forbes>[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</ref> 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.<ref>[http://business.mapsofindia.com/india-real-estate/unitech-group.html Unitech Group Profile] India's Business Directory.</ref>

	Past Join Ventures:		Past Join Ventures: LG - Unitech Hyundai - Unitech Singapore Consortium - Unitech Carlson (Radission) - Unitech
	LG - Unitech
	Hyundai - Unitech
	Singapore Consortium - Unitech
	Carlson (Radission) - Unitech

	==History==		==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.<ref name=tycoon>[http://economictimes.indiatimes.com/articleshow/msid-2733073,prtpage-1.cms Unitech supremo: A reluctant tycoon] [[The Economic Times]], 26 Jan 2008.</ref> They later moved into civil engineering contracts in 1974.<ref>{{cite news \| url=http://www.financialexpress.com/old/fe20010820/inc8.html \| title=Unitech: Building on a diversified strategy \| newspaper=[[The Financial Express (India)\|Financial Express]] }} Entered into Civil Engineering Projects into Libya in 1978, 20 August 2001.</ref> The company began to enter into real estate in 1986.,<ref name=tycoon/> and started to increase focus on real estate in 2000. Few year back, it was India's second-largest listed real estate firm.		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.<ref name=tycoon>[http://economictimes.indiatimes.com/articleshow/msid-2733073,prtpage-1.cms Unitech supremo: A reluctant tycoon] [[The Economic Times]], 26 Jan 2008.</ref> They later moved into civil engineering contracts in 1974.<ref>{{cite news \| url=http://www.financialexpress.com/old/fe20010820/inc8.html \| title=Unitech: Building on a diversified strategy \| newspaper=[[The Financial Express (India)\|Financial Express]] }} Entered into Civil Engineering Projects into Libya in 1978, 20 August 2001.</ref> The company began to enter into real estate in 1986,<ref name=tycoon/> 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.,<ref>{{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}}</ref> 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.<ref>{{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..." }}</ref>		Unitech had formed a large joint venture with Norway-based [[Telenor Group]] to create Unitech Wireless Ltd.,<ref>{{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}}</ref> 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.<ref>{{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..." }}</ref>
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	Unitech Wireless is one of the accused in the [[2G spectrum case]].<ref>{{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}}</ref> 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,<ref>{{cite web \|url=http://www.thehindu.com/news/national/article2853159.ece?homepage=true \|title=Cancellation of 2G licenses \|publisher=[[The Hindu]] \|date=2012-02-02}}</ref> and their Managing Director [[Sanjay Chandra]] sent to jail.<ref>{{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}}</ref>		Unitech Wireless is one of the accused in the [[2G spectrum case]].<ref>{{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}}</ref> 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,<ref>{{cite web \|url=http://www.thehindu.com/news/national/article2853159.ece?homepage=true \|title=Cancellation of 2G licenses \|publisher=[[The Hindu]] \|date=2012-02-02}}</ref> and their Managing Director [[Sanjay Chandra]] sent to jail.<ref>{{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}}</ref>

	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 [[Gurgaon\|Gurugram]] project. Till date both are in jail. On October 21, 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.<ref>{{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}}</ref> 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.<ref>{{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}}</ref>		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 [[Gurgaon\|Gurugram]] project. Till date both are in jail. On October 21, 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.<ref>{{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}}</ref> 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.<ref>{{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}}</ref>

	==References==		==References==

imported>GreenC bot: Rescued 1 archive link. Wayback Medic 2.5

2021-07-05T21:17:44Z

Rescued 1 archive link. Wayback Medic 2.5

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{{Use dmy dates|date=September 2015}}
{{Use Indian English|date=September 2015}}
{{more citations needed|date=June 2015}}
{{Infobox company
| logo = Unitech logo.svg
| logo_size = 250px
| type = [[Public company|Public]]
| foundation = 1972
| founder = [[Ramesh Chandra]]
| location_city = [[New Delhi]]
| location_country = [[India]]
| key_people = [[Ramesh Chandra]], Executive chairman
| industry = [[Real estate]]
| revenue = [[United States Dollar|$]]760 million (2008)<ref name=forbes>[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</ref>
| net_income = $300 million (2008)<ref name=forbes/>
| assets = $3.03 billion (2008)<ref name=forbes/>
| num_employees = 1,472 (2011)<ref>[https://web.archive.org/web/20081009102511/http://in.reuters.com/money/quotes/companyProfile?symbol=UNTE.BO Company Profile For Unitech Ltd: Unitech Ltd (UNTE.BO) (Bombay Stock Exchange)] [[Reuters]].</ref>
| homepage = [http://www.unitechgroup.com unitechgroup.com]
}}

'''Unitech Limited''' was India's second largest [[real estate]] investment company,<ref name=etimes>[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]].</ref> and once claimed to be the largest real estate builder in the country.<ref>{{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}}</ref><ref name=rt>{{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}}</ref>

The company is based in [[New Delhi]]<ref name=etimes/> and ranks 1484, in [[Forbes Global 2000]] listing of the top 2000 public companies in the world by [[Forbes]] magazine, 32nd in India.<ref name=forbes/> 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.<ref>[http://business.mapsofindia.com/india-real-estate/unitech-group.html Unitech Group Profile] India's Business Directory.</ref>

Past Join Ventures:
LG - Unitech
Hyundai - Unitech
Singapore Consortium - Unitech
Carlson (Radission) - Unitech

==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.<ref name=tycoon>[http://economictimes.indiatimes.com/articleshow/msid-2733073,prtpage-1.cms Unitech supremo: A reluctant tycoon] [[The Economic Times]], 26 Jan 2008.</ref> They later moved into civil engineering contracts in 1974.<ref>{{cite news | url=http://www.financialexpress.com/old/fe20010820/inc8.html | title=Unitech: Building on a diversified strategy | newspaper=[[The Financial Express (India)|Financial Express]] }} Entered into Civil Engineering Projects into Libya in 1978, 20 August 2001.</ref> The company began to enter into real estate in 1986.,<ref name=tycoon/> 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.,<ref>{{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}}</ref> 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.<ref>{{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..." }}</ref>

In 2011, due to the [[2G spectrum case|2G-spectrum controversy]] (explained below), the company got involved in a public spat due to which its Chairman [[Sanjay Chandra]] al while on bail<ref>{{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...}}</ref> 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<ref>{{cite news | url=http://ibnlive.com/news/business/unitech-uninor-516105.html | title=Unitech settles disputes with Telenor, to sell stake in Uninor|publisher=[[CNN-IBN|IBNLive]] | date=11 October 2012 | quote=Realty firm Unitech on Thursday said it has amicably settled...}}</ref> and then Telenor shifted the erstwhile United Wireless' entire assets into a newly formed [[holding company]] as its [[subsidiary|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 [[telecommunication]]s so far, only after 15 days since last development.<ref>{{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|publisher=[[The Hindu]] | date=26 October 2012 | quote=After ending its telecom joint venture Uninor with Unitech, Norway’s Telenor...}}</ref>

{{main|2G spectrum case}}
Unitech Wireless is one of the accused in the [[2G spectrum case]].<ref>{{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}}</ref> 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,<ref>{{cite web |url=http://www.thehindu.com/news/national/article2853159.ece?homepage=true |title=Cancellation of 2G licenses |publisher=[[The Hindu]] |date=2012-02-02}}</ref> and their Managing Director [[Sanjay Chandra]] sent to jail.<ref>{{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}}</ref>

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 [[Gurgaon|Gurugram]] project. Till date both are in jail. On October 21, 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.<ref>{{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}}</ref> 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.<ref>{{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}}</ref>

==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: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:2G spectrum case]]
[[Category:Construction and civil engineering companies established in 1972]]
[[Category:Indian companies established in 1972]]