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Unitech history
Unitech company history timeline
The manufacturing of power transmission and telecom towers in India is carried out through a subsidiary Unitech Power Transmission Ltd.Unitech Ltd was incorporated in the year 1972 by four civil engineers as a soil testing company.
Founded by 5 partners, Ramesh Chandra, Doctor S. P. Shrivastava, Doctor P K Mohanti, Doctor Ramesh Kapur and Doctor Bahri originally formed as United Technical Consultant Private Ltd in 1972 as a soil investigation company.
In the year 1978 they forayed into the Middle East for construction projects.
In the year 1980 they started construction of power projects.
In the year 1986 they entered into real estate starting with Gurgaon.
Also they entered into capital market through public issue.In the year 1995 the company established a joint venture with Hyundai for the transmission tower manufacturing.
Unitech was the first real estate developer to have been certified ISO 9001:2000 in North India.
As per a report in The Economic Times, the company’s share price went up to Rs 13,422.80 with market capitalization of Rs 16,765 crore on May 30, 2006.
The company completed the construction of Gurgaon Central a retail mall spread over an area of 100000 square feet.During the year 2008-09 the company received initial spectrum (4.4 Mhz) in 21 telecom circles.
Unitech had formed a large joint venture with Norway-based Telenor Group to create Unitech Wireless Ltd., in August 2009, it secured a 50 billion rupee ($1 billion) loan from State Bank of India (SBI.BO) to fund its mobile phone network rollout.
In December 2009 they launched telecom services across 8 circles viz.
Of the total area launched in 2010-11 3.9 million sq ft was launched in Gurgaon 2.2 million sq ft in Noida and Greater Noida 1.4 million sq ft in Chennai 1.3 million sq ft in Kolkata and 1.6 million sq ft in other cities.
The developer was hit again in 2011 by Sanjay Chandra’s involvement in the 2G spectrum scam.
In March 2017, Sanjay Chandra, who had been out on bail in the 2G case, and brother Ajay were arrested by the Economic Offences Wing of the Delhi Police for allegedly duping home-buyers in a Gurugram project.
On October 21, 2019, The Noida Authority has cancelled the allotment of a group housing property to crisis-hit realtor Unitech over non-payment of dues worth Rs 1,203 crore.
Sanmitra Commercial Ltd - Statement Of Investor Complaints For The Quarter Ended June 2022
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