Unitech forays into telecom
Its eight subsidiaries will submit applications to Department of Telecommunications to provide Unified Access Services (UAS) in 22 telecom circles across the country.
By PTI |
MUMBAI: Unitech Ltd, the country's second- biggest real estate player by market value, on Friday said it will enter the telecom services segment and will soon apply for licenses for the entire country.
In a communication to National Stock Exchange, the company said its eight subsidiaries will submit applications to Department of Telecommunications to provide Unified Access Services (UAS) in 22 telecom circles across the country.
Unitech follows another realty player Parsvnath Developers in the rapidly growing telecom sector, which has attracted a number of non-telecom companies who have sought licenses from the government to start operations.
The company's scrip rose 2.19 per cent to Rs 336.55 on the NSE today.
The board of directors of the company today approved a proposal in this regard.
"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 said.
Unitech said investment in this sector would provide immense potential for value addition to the group. The proposed diversification would be subject to requisite regulatory approvals, it added.
In a communication to National Stock Exchange, the company said its eight subsidiaries will submit applications to Department of Telecommunications to provide Unified Access Services (UAS) in 22 telecom circles across the country.
Unitech follows another realty player Parsvnath Developers in the rapidly growing telecom sector, which has attracted a number of non-telecom companies who have sought licenses from the government to start operations.
The company's scrip rose 2.19 per cent to Rs 336.55 on the NSE today.
The board of directors of the company today approved a proposal in this regard.
"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 said.
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Unitech said investment in this sector would provide immense potential for value addition to the group. The proposed diversification would be subject to requisite regulatory approvals, it added.
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