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India's Reliance Comm gains 5 pct on debt reduction hopes
September 4, 2012 / 9:46 AM / 5 years ago

India's Reliance Comm gains 5 pct on debt reduction hopes

Sept 4 (Reuters) - Shares in Reliance Communications Ltd , India’s second-biggest telecoms carrier by customers, were up more than 5 percent after its chairman, Anil Ambani said it will explore options, including selling a stake in its tower arm to pare debt.

With a net debt of $6.4 billion as of June, Reliance Communications has so far been unsuccessful in its efforts to raise funds through asset sales.

At 0937 GMT shares in Reliance were up 5.1 percent at 50.30 rupees, outperforming the wider Mumbai market that was up 0.4 percent. (Reporting by Aditi Shah in MUMBAI; Editing by Prateek Chatterjee)

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