Indian property developer Unitech Ltd is trying to sell its telecom tower-making business for up to 7.5 billion rupees ($157.6 million) as part of its deleveraging initiatives, a newspaper said on Tuesday.
Unitech officials could not be immediately reached for comments.
Unitech, which has been hit by high debt, sluggish demand and a crash in property prices, has been looking to raise capital by selling shares and assets such as hotels and office property.
In the quarter ended June, it raised $900 million through two placements to institutions. It also raised about 10 billion rupees from non-core asset sales.
Its total loans outstanding at the end of the quarter was 82.6 billion rupees.
Source: Economic Times