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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}} | ||
{{Infobox company | {{Infobox company | ||
| logo = Unitech logo.svg | | logo = Unitech logo.svg | ||
| Line 12: | Line 12: | ||
| key_people = [[Ramesh Chandra]], Executive chairman | | key_people = [[Ramesh Chandra]], Executive chairman | ||
| industry = [[Real estate]] | | industry = [[Real estate]] | ||
| revenue = | | revenue = {{down}} {{INRConvert|1764.94|c}} (2021) | ||
| net_income = | | operating_income = {{down}} {{INRConvert|-766.44|c}} (2021) | ||
| assets = | | net_income = {{down}} {{INRConvert|-1562.15|c}} (2021) | ||
| | | 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''' | '''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 | 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== | ||