Unitech clarifies on investment news

With reference to News Article published in leading financial daily dated December 07, 2007 regarding investment of Rs 20,000 crores in the next six years to develop another 48 malls, Unitech Ltd has clarified that the Company has not made any announcement or issued any release relating to the matter published in the said News Article.

Further, the Company has informed that :

"Unitech, a leading real estate Company, has several business segments relating to residential, commercial, Information Technology (IT) parks, retail, amusement parks and hotels. As a fast growing Company Unitech at any point of time would be developing several projects which may be at various stages of completion or considering initiating many new projects in line with its growth strategy. The Company has stated in its Annual Report for 2006-07 that it has around 50 million square feet of ongoing projects across its different business segments and that the Company will continue to make furthest strategic land acquisitions and utilise the existing land bank to develop properties across different segments (Page 42, Management's Discussion & Analysis Section). In keeping with this statement, the Company is chalking out plans to launch several retail projects. Company has so far not shared the details of these projects as giving of information pertaining to projects under design / planning may not only result in providing incomplete information to the investors but also be highly prejudicial to its business interest. In line with the corporate policy, the Company shall provide the information on its projects to the stock exchanges as and when the design / planning of those projects is complete."