Unitech hires advisors for rejig

Unitech Ltd, the second-largest real estate developer in the country, on Tuesday said its board has constituted a restructuring committee to explore, consider and evaluate opportunities and suggestions for potential merger of subsidiaries, demerger and other forms of restructuring, or acquisition, or spin-offs.

It has appointed Ernst & Young, S R Batliboi & Co and Amarchand & Mangaldas & Suresh A Shroff & Co, as advisors to assist the proposed corporate restructuring, according to a filing with the Bombay Stock Exchange.

The New-Delhi-based developer has been looking to demerge its non-core businesses in order to focus only on real estate. The company’s non-realty businesses include construction, special economic zones (SEZs), power transmission, telecom, amusement parks and hotels.