Reliance Communication surged 6 percent on reports that the company will sell 80 percent stake in its subsidiary Reliance Globalcom to a consortium led by Batelco for around Rs 6000 cr as part of a series of deals the group hopes to strike over the next 2-8 weeks.
Earlier in the month Reliance Jio Infocomm Ltd and Reliance Communications Ltd had announced the signing of a definitive agreement for approximately Rs 1,200 crore as one-time indefeasible right to use (IRU) fees for sharing RCom’s nationwide inter-city fibre optic network infrastructure.
Under the terms of the agreement, Reliance Jio Infocomm will utilise multiple fibre pairs across RCom’s 1,20,000 kilometres inter-city fibre optic network to provide the backbone for rolling out its 4G services. As per the agreement, RCom will in turn have reciprocal access to optic fibre infrastructure to be built by Reliance Jio Infocomm in the future.
In a weak market Reliance Communications shares are up 6% on a volume of 1.6 crore shares.