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Unitech plans to bid for airport projects

india Updated: Jul 31, 2007 02:06 IST
Arun Kumar
Arun Kumar
Hindustan Times
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Unitech Ltd, the country's second largest reality company, is planning to bid for greenfield and brownfield airports. The company is in negotiations with some of the world's leading airport operators to rope in a strategic partner, Unitech's managing director Sanjay Chandra said on Monday.

“We are looking at Greater Noida, Kolkata, Chennai and others in case the government invites bids from private companies,” Chandra told reporters.

Besides this, the company is also building 28 hotels accounting for around 5,000 rooms. These hotels will be operational in the next three years. The company is investing around Rs 3,000 crore (excluding land) on these hotel projects.

Bolstered by its recent performance, the company is planning to invest around Rs 18,000 crore over the next three years primarily on acquiring land and building commercial assets. While 70 per cent of these funds would be self financed, Chandra said that the company would use internal accruals and fresh debts to finance the expansion plan.

While announcing the first quarter results, Chandra said the company is planning to enter Western India in the states of Maharashtra and Goa where it does not have strong presence. It is planning to invest around Rs 4,000 crore on land acquisition in these two states.

Unitech reported a whopping 371 per cent surge in net profit for the April-June first quarter of the current fiscal year to Rs 347.83 crore from Rs 73.92 crore in the corresponding period of the previous fiscal year. Total income on astandalone basis rose 158 per cent Rs 788.73 crore in the dquarter from Rs 306.21 crore in the same quarter of the last fiscal year.

On a consolidated basis, first quarter net profit stood at Rs 365.67 crore on a total income of Rs 899.67 crore, the company said.