Reliance Communications surges; Citic Telecom eyes undersea cable JV

Written by Reuters | Mumbai | Updated: May 23 2014, 15:11pm hrs
Reliance Communications surged as much as 3.6 percent after the Financial Times reported that the Indian company was in talks with China's Citic Telecom over an undersea cable joint venture, citing unnamed people familiar with the talks.

If completed, the move would create a 50-50 joint venture valuing Reliance Communications' cable assets at $1 billion, the newspaper reported on Thursday.

Both Reliance Communications, India's fourth-biggest mobile phone operator by customers and controlled by billionaire Anil Ambani, and Citic Telecom declined comment on the report on Thursday.