Shares in telecom major Reliance Communications hits a 52-week high today on reports that the company would spin off its real estate business into a separate unit.
The shares were up 4.72 per cent and were last trading at Rs 142.20 on the Bombay Stock Exchange. "The proposed separation of real estate into a separate unit is part of RCOM's strategic plan to divest non-core assets, and focus on its core wireless and enterprise business," the company said in a press release.
The properties proposed to be developed by Reliance Properties include: 1. Prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area of over 15 million sq. ft. 2. Prime property near Connaught Place, New Delhi measuring nearly 4 acres.
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