Reliance Communications gains on stake buy reports

Jan 25 2013, 09:46 IST
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Shares in Reliance Communications gained after a report that the company was in talks to sell a stake. (Reuters) Shares in Reliance Communications gained after a report that the company was in talks to sell a stake. (Reuters)
SummaryShares in Reliance Communications gained after a report that the company was in talks to sell a stake.

Shares in Reliance Communications Ltd gained on Friday after a report that the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd.

A report said the deal could involve Reliance Industries' unit Reliance Infotel buying a stake in Reliance Communications' unit Reliance Infratel, citing two people close to the negotiations.

It also said talks involved a leasing arrangement between the two units.

Reliance Communications shares had slumped 9.14 percent on Thursday after posting a sharper-than-expected fall in its October-December quarter.

Shares in Reliance Communications were up 2.9 percent as of 0403 GMT. Reliance Industries shares were down 0.8 percent.

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