Unitech clears Indiabulls debt

Unitech Ltd. said on Nov 17 that it has repaid the entire financial assistance received from Indiabulls Financial Services Ltd. and its affiliates / associates. With this, neither the company nor its subsidiaries, affiliates, associates or promoters has any loan, debt or any other outstanding amount payable to Indiabulls Financial Services or its affiliates / associates, Unitech said. Separately reports stated that Unitech has put on the block all its six hotel projects under construction to
reduce its capital expenditure and raise cash to fund its other ongoing projects. The company is in talks with a few private equity investors to sell all its six properties, being constructed at Gurgaon and Kolkata, newspaper reports said.