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RComm shares extend gains after telecom deal

by FP Staff  Apr 4, 2013 05:00 IST

#Arabic   #Business   #China   #Entertainment   #Japan   #Latin America   #Mexico   #opinion   #Russia  

MUMBAI (Reuters) - Shares in Reliance Communications (RLCM.NS) extended gains on Wednesday, a day after announcing a fibre optic network sharing deal with Reliance Jio Infocomm, a unit of Reliance Industries(RELI.NS), which is widely seen as benefiting both companies.

Under the deal, Reliance Industries Ltd, controlled by Mukesh Ambani, will pay 12 billion rupees to younger brother Anil Ambani's Reliance Communications Ltd for use of its fibre optic network.

Reliance Communications shares are up nearly 5 percent as of 12:11 p.m.

(Reporting by Manoj Dharra; Editing by Rafael Nam)