Reliance to sell stake to Etisalat for $3bn

Reliance Communications Ltd. rose the most in 10 days in Mumbai trading after the Financial Times reported Emirates Telecommunications Corp. is nearing an accord to buy 26 percent of India’s second-largest wireless company.

Reliance climbed 2.1 percent to 191.25 rupees at the 3:30 p.m. close in Mumbai, the biggest gain since July 9. The carrier known as Etisalat may reach an agreement by as early as next month and is considering merging its Indian unit with Reliance to comply with domestic rules barring ownership of more than 10 percent of two telecommunications companies, the newspaper reported, citing unidentified people familiar with the talks.

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Written by Shahzoor Ali


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