(Corrects headline, Reliance gains on media report of sale deal)
MUMBAI Jan 25 (Reuters) - Shares in Reliance Communications Ltd gained on Friday after The Economic Times newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd.
The Economic Times reported 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.
The newspaper also reported 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.
(Reporting by Manoj Dharra; Editing by Michael Perry)
Trending On Reuters
Rescuers dug with their bare hands and bodies piled up in Nepal on Sunday after an earthquake devastated the heavily crowded Kathmandu valley, killing at least 1,900, and triggered a deadly avalanche on Mount Everest. Full Article | Pictures
RBI chief Rajan calls for formal financing routes for farmers - report Full Article