| Glimpses of the 14th annual International Indian Film Academy (IIFA) awards show in Macau. Slideshow A man walks past a logo of Reliance Communication before the Annual General Meeting in Mumbai September 22, 2009. Credit: Reuters/Arko Datta MUMBAI | MUMBAI (Reuters) - Reliance Communications Ltd (RLCM.NS) gained more than 6 percent on Monday after the company said it will spin off its real estate business into a separately listed unit. The unit, Reliance Properties, will work with global partners to develop real estate, which includes land in Mumbai and New Delhi, Reliance Communications said on Friday. The value of the real estate when developed was estimated to be more than 120 billion rupees, the company said. Reliance Communications were up more than 6.2 percent at 9:28 a.m., after earlier hitting a session high of 142.20 rupees. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
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Monday, 8 July 2013
RComm surges 10 percent on real estate spin-off plans - Reuters India
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