REFILE-Reliance Comm gains on media report of stake sale

Last Updated: Fri, Jan 25, 2013 04:30 hrs

(Corrects headline, Reliance gains on media report of sale deal)

MUMBAI, Jan 25 (Reuters) - Shares in Reliance Communications Ltd gained on Friday after The Economic Times newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd.

The Economic Times reported the deal could involve Reliance Industries' unit Reliance Infotel buying a stake in Reliance Communications' unit Reliance Infratel, citing two people close to the negotiations.

The newspaper also reported talks involved a leasing arrangement between the two units.

Reliance Communications shares had slumped 9.14 percent on Thursday after posting a sharper-than-expected fall in its October-December quarter.

Shares in Reliance Communications were up 2.9 percent as of 0403 GMT. Reliance Industries shares were down 0.8 percent.

(Reporting by Manoj Dharra; Editing by Michael Perry)

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