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ADAG stocks jump on RCOM pact with RIL

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ADAG stocks jump on RCOM pact with RIL
Shares in Anil Dhirubhai Ambani Group companies jumped in trade today as Reliance Communications signed a pact with Reliance Industries for sharing its fibre optics network.

While Reliance Communications was up 5 per cent, Reliance Media Networks also jumped 5 per cent and Reliance Infra gained 2 per cent.

 

Reliance Jio Infocomm Ltd and Reliance Communications Ltd on Tuesday announced the signing of a definitive agreement for approximately Rs 1,200 crore 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-km inter-city fiber optic network to provide 4G services.

Reliance Communications will, in turn, have reciprocal access to optic fiber infrastructure to be built by Reliance Jio Infocomm in the future.

"This agreement is the first in an intended comprehensive framework of business co-operation between Reliance Jio Infocomm and Reliance Communications to provide for optimal utilisation of the existing and future infrastructure of both companies on reciprocal basis, including inter alia, inter-city fiber, intra-city fiber, towers and related assets," said a statement from RCoM.

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Read more about: rcom ril
Story first published: Wednesday, April 3, 2013, 9:45 [IST]
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