Shapoorji Pallonji buys Unitech’s power biz

Unitech sells power transmission biz to Sterling and Wilson for Rs 100 cr

Crisis-hit realty firm Unitech Ltd said that the company has sold its power transmission business to the Sterling and Wilson for Rs 100 crore. Unitech Power Transmission is in the business of manufacturing and installation of power transmission lines. According to sources, the value of the deal is around Rs 100 crore and the amount will be deposited with the registry of the Supreme Court. The apex court had asked Unitech to deposit Rs 750 crore. The Supreme Court Unitech to sell stake in its wholly owned subsidiary Unitech Power Transmission Ltd. After the completion of this transaction, Unitech Power Transmission Ltd will become a wholly owned subsidiary of Shapoorji Pallonji-promoted Sterling and Wilson Pvt Ltd.

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