Reliance Jio signs $221 mln deal with Reliance Communications

Last Updated: Tue, Apr 02, 2013 11:56 hrs

India's Reliance Jio Infocomm Ltd, a unit of Mukesh Ambani-controlled Reliance Industries , signed a deal worth 12 billion rupees ($221 million) to share Reliance Communications Ltd's fibre optic network to roll out its 4G services.

Reliance Communications, controlled by the younger Ambani brother Anil, said the deal was the first in a "comprehensive framework of intended business co-operation" between Reliance Jio and the company.

Shares of Reliance Communications rose more than 14 percent after the news.

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