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This is an archive article published on April 3, 2013

RIL shares extend gains after telecom deal

Reliance Communications shares gained 7.3 percent as of 0355 GMT.

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Reliance Communications RIL shares extended gains on Wednesday,a day after announcing a fibre optic network sharing deal with a unit of Reliance Industries,which is widely seen as benefiting both companies.

Under the deal,Reliance Industries Ltd,controlled by Mukesh Ambani,will pay 12 billion rupees 221 million to younger brother Anil Ambani8217;s Reliance Communications Ltd for use of its fibre optic network.

Reliance Communications shares gained 7.3 percent as of 0355 GMT.

 

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