(Corrects headline, Reliance gains on media report of sale deal)
MUMBAI Jan 25 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
India is considering setting up an independent panel to help state-owned banks negotiate settlements with big businesses on bad loans, in order to shield bankers from a populist backlash they say is hobbling efforts to clean up their balance sheets. Full Article