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Reliance Comm surges on report of Etisalat talks
Shares in Reliance Communications jumped 11 percent on Wednesday following a newspaper report that UAE’s Etisalat was in advanced talks to buy a quarter of the Indian firm for 180 billion rupees.
Etisalat confirmed it is looking to buy a stake in an Indian mobile operator.
A stake sale could mean a change in strategy for Reliance Comm owner Anil Ambani, who has made several smaller acquisitions to expand his firm overseas.
Shares in Reliance Comm have fallen more than 10 percent this year, hurt by the price war in the domestic telecom sector.
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