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Unitech to quit telecom business
Unitech will exit the telecom business and focus on its core business of real estate, according to Mr. Ajay Chandra, Managing Director, Unitech. He admitted that the decision to enter the business was a mistake. He said, Telecom is not our core competency. Our competence is real estate and we will stick to real estate."
He also said that the company will not bid for new telecom licences when they are given out later this year.
Uninor the Indian JV between Unitech and the Norwegian telco Telenor run into trouble after the Supreme Court in its February 2 verdict cancelled all the 122 spectrum allotted in 2008 during the tenure of former telecom minister A Raja. These include 22 licences of Uninor.
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