UNITECH TO REPAY RS 2KCR DEBT

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Smarting the global economic downturn and a severe credit crunch, realty major Unitech plans to repay about Rs 2,000 crore of its debt and bring it below Rs 6,000 crore level by the end of this fiscal. The company's total debt currently stands at about Rs 7,800 crore, which would be brought down below Rs 6,000 crore by the end of current financial year, said Unitech managing director Sanjay Chandra. The target would be met through proceeds from sale of various assets, including hotels and school plots, and also non-core investments, he said. Chandra further said that Unitech has already retired about Rs 2,000 crore of debt in the last three months.

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