Unitech sells power to Sterling and Wilson

Unitech sells power to Sterling and Wilson

Crisis-hit realty firm Unitech Ltd 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 it will be deposited with the registry of the Supreme Court. The apex court had asked Unitech to deposit Rs 750 crore. The Supreme Court had allowed Unitech to sell its stake in Unitech Power Transmission Ltd. Unitech Power Transmission Ltd will become a wholly owned subsidiary of Shapoorji Pallonji-promoted Sterling and Wilson Pvt Ltd.

 

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