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RComm up on reports of stake sale in tower unit
January 25, 2013 / 4:07 AM / 5 years ago

RComm up on reports of stake sale in tower unit

A construction supervisor speaks on a mobile phone amid rolls of underground telephone cable pipes on the outskirts of the southern Indian city of Hyderabad November 29, 2010. REUTERS/Krishnendu Halder/Files

MUMBAI (Reuters) - Shares in Reliance Communications Ltd (RLCM.NS) ended 7.62 percent higher at 86.10 rupees after The Economic Times newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd (RELI.NS).

The stock nearly recovered most of its Thursday’s losses of 9.14 percent, sparked by a sharper-than-expected fall in its October-December quarter.

The Economic Times reported Reliance Communications was in talks over a stake sale in Reliance Infratel to a unit of Reliance Industries, as well as leasing arrangement for mobile towers, citing two people close to the negotiations.

Reporting by Abhishek Vishnoi

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