Reliance Communications to spin off real estate - Reuters India

Tweet Link this Share this REUTERS - Reliance Communications (RLCM.NS) will spin off its real estate business into a separately listed unit, a move the country's No.3 mobile phone carrier by customers said was to focus on its core business. The unit, Reliance Properties, will... Email Print Glimpses of the 14th annual International Indian Film Academy (IIFA) awards show in Macau.  Slideshow  San Francisco plane crash Editor's Choice Saint John Paul Egypt reacts to Mursi's downfall Tour de France highlights » Click here for more slideshows A man walks past a logo of Reliance Communication in Mumbai September 22, 2009. Credit: Reuters/Arko Datta/Files Sun Jul 7, 2013 6:14pm IST REUTERS - Reliance Communications (RLCM.NS) will spin off its real estate business into a separately listed unit, a move the country's No.3 mobile phone carrier by customers said was to focus on its core business. The unit, Reliance Properties, will work with global partners to develop real estate, which includes land in Mumbai and New Delhi, Reliance Communications said. The value of the real estate when developed was estimated to be more than 120 billion rupees, the company said. Shareholders of Reliance Communications will receive free shares in Reliance Properties on a pro-rata basis, the mobile carrier said. A panel constituted by its board will work out further details of the demerger. Reliance Communications, controlled by billionaire Anil Ambani, is the most leveraged among listed Indian telecommunications carriers and has so far been unsuccessful in its efforts to sell stakes or list companies to cut its debt. In December, Ambani's Reliance Group and China's Dalian Wanda Group announced a tie-up to develop real estate and movie theatre projects. (Reporting by Aradhana Aravindan in MUMBAI and Devidutta Tripathy in NEW DELHI; Editing by Elaine Hardcastle) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH5LlcLUSQKsF3lJrOddOU3eM_1MQ&url=http://in.reuters.com/article/2013/07/07/reliancecommunications-spinoff-idINDEE96604X20130707

Put the internet to work for you. via Personal Recipe 2910127