Anil Ambani group company Reliance Communications’ stock price jumped by 10.9% after it announced a tie-up with the Mukesh Ambani group telecom company Reliance Jio Infocomm. Reliance Communications will open up its optic fibre network to Reliance Jio which has a license for nationwide 4G services. A recent government decision means that it can also provide voice services by paying a one-time fee. Reliance Industries owns a majority stake in Reliance Jio.
Reliance Infratel, a subsidiary of Reliance Communications, has revived its IPO plans. Over a year ago, the telecom tower infrastructure company had filed a draft red herring prospectus with Sebi. The issue was postponed as stock markets fell, after the global financial crisis hit Indian equities. The company was planning to raise about Rs 6,000 crore through the IPO at that point. Continue Reading →