Govt lays out strategy to revive Unitech, says won't use public money

The Ministry of Corporate Affairs (MCA) has laid out a broad strategy for reviving Unitech, starting with appointing a fresh 10-member board of directors.

The government said it would not pump money into the troubled real estate company. It will instead finance the unfinished housing projects through pending instalments of homebuyers.

The MCA on Wednesday submitted a proposal in the Supreme Court to  take over the management of Unitech.

The new board — which will include financial and technical experts, and an eminent industrialist — will also try to monetise Unitech’s assets, which have not been pledged yet.

Besides, payment of Rs 300-400 crore