Unitech

By: EconomyWatch   Date: 17 July 2010

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Unitech International is a major name in real estate industry of India. It has been ranked in #1484 position in 2008 Forbes Global 2000 list, something which points to standing of Unitech in international business scenario.
Over years, Unitech has been playing a major role in development of real estate sector of India. It has been constructing a number of world class establishments that have enhanced status of Indian real estate scenario. At present Unitech has become a major seller of iron and steel products to well known concerns within India. It also provides its products and services outside India as well. Its registered office is located at P D'Mello Road in Mumbai.

Brief history
Unitech was incorporated on 11th November, 1994. Its name at inception was Unitech Polypackaging Limited and its certificate of incorporation number was 11-82810. Unitech was provided certificate permitting them to start business in December 2nd 1994.

Products and services
Unitech involves itself in a number of project types like residential projects, construction projects, commercial projects, wireless projects and retail and leisure projects. It provides mortgages as well.

Unitech has carried out a number of residential projects at various cities throughout India like Mohali, Varanasi, Greater Noida, Kolkata, Noida, Mumbai, Delhi, Hyderabad, Gurgaon, Chennai, Ghaziabad, Bangalore, Agra, Kochi and Lucknow. Recently Unitech has launched Iconic Towers – AQUA & TERA , which are part of Unitech Grande project.

Commercial projects of Unitech have been executed at cities like Delhi, Greater Noida, Gurgaon,Kolkata and Noida. Unitech has executed a number of international standard retail and leisure projects at Noida, Kolkata, Delhi, Bangalore and Gurgaon. In construction segment Unitech offers its products and services to sectors like industrial sector, transport sector, civil sector, power sector and building sector.

Financials
In 2007, sales of Unitech amounted to $0.76 billion and it earned profits of $0.30 billion. Assets held by Unitech were worth $3.03 billion in value and its market value stood at around $14.57 billion.

Awards and recognition
In 2007, Unitech got Best Developer Award. They received this award at Cityscape India Awards ceremony. It was awarded for Infospace project that was being executed at Gurgaon.


Current financial crisis
Global financial market crisis has led to a drop in demand for steel and related products. But Tata Steel has expressed optimism about retaining its position as one of world's largest steel makers. According to media reports, in October 2008, company Vice-President (corporate services), Partho Sengupta claimed that Tata Steel was strategically well placed to handle current financial crisis.


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