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Picture this – you buy an asset worth Rs.1651 crore during early 2008 and you manage to find a wiful suitor who values it for an unimaginable Rs.10,200 crore just nine months later! Murderous profit booking; but at a time when the entire Global Inc. community is finding cash hard to come by to finance deals, here is Unitech selling 60% of its telecom asset for a handsome Rs.6,120 crore to Norway’s Telenor!
Unitech Telecom plans to kick-off operations by H1, 2009 and thanks to the deal, Unitech would derive great benefit from telenor’s expertise in both emerging and mature telecom markets, and that certainly is not a bad business proposition in a nation where the monthly mobile growth stands at a healthy average of 4-5 million as Sanjay Chandra, Chairman, Unitech Wireless affirms, “We believe Unitech Group’s local position and strengths coupled with Telenor’s technical, operational and marketing expertise will form a winning team.”
However, this is not the only deal which has promises galore for the growth of telecom sector in the country. Earlier, Swam telecom had offloaded a 45% stake to UAE-based Etisalat for a huge $900 million. So was it another instance of insane profit-making too? Indeed yes! Swan Telecom had bought the telelcom licence for 13 circles on the 2G platform for a paltry Rs.1,537 crore ($330 million). Subsequently, it sold 45% of its stake to Etisalat for Rs.4,500 crore ($900 million), taking its book value to a monstrous $2 billion! Yes, the two telecom players booked huge profits, it was more of a lesson on ‘how to make money during a downturn and do good to the sector and economy at the same time!’
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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