In order to save some grace and raise enough money to pay their debt, Unitech is said to have sold some land in Bangalore and Mysore. They would also sell hotels in Gurgaon and Noida and try to raise 1000 crore.
As was reported by hindu.com, a source of the company has confirmed that they have sold 11 acres of land in Mysore and Bangalore and has managed to raise a total of 130 crore. The sale was crucial as LIC is about to take possession of a 350 acres of land owned by Unitech. It is said that the company will clear its debt by the end of March and then the assets would be handed over back to the company.
Earlier in December, LIC housing has not accepted any exposure on Unitech company. It was in 2007 that Unitech took a loan of 300 crore from LIC Company. Till now they have been able to repay 100 crore. On top of that, managing director Sanjay Chandra has been facing criminal charges in the 2G scam.