Unitech Ltd, India's second-largest listed real estate firm, said late Tuesday it would spin off its infrastructure businesses including its investment in a telecoms firm into a separate company as it aims to unlock value.

For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges, said New Delhi-based Unitech in a statement after a board meeting.

Unitech Infra will house the property firm's infrastructure businesses including telecoms, management of amusement parks, construction business, hotels, special economic zones, it said.