RIL gains as its telecom arm inks tower infrastructure sharing agreement

Reliance Industries is currently trading at Rs. 1081.15, up by 27.95 points or 2.65% from its previous closing of Rs. 1053.20 on the BSE. The scrip opened at Rs. 1081.15 and has touched a high and low of Rs. 1142.50 and Rs. 1078.85 respectively. So far 1,92,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1142.50 on 16-May-2014 and a 52 week low of Rs. 765.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1142.50 and Rs. 995.00 respectively. The current market cap of the company is Rs. 3,50,797.00 crore. The promoters holding in the company stood at 45.30% while Institutions and Non-Institutions held 29.86% and 21.41% respectively. Reliance Industries’ (RIL) telecom arm - Reliance Jio Infocomm (RJIL), and Tower Vision India, an independent tower company in India, have entered into a Master Service Agreement (MSA) for tower sharing. Under the agreement, Reliance Jio would utilize the telecom tower infrastructure of Tower Vision to launch its services across the country. Tower Vision has a portfolio of 8,400 towers in India. Tower Vision India specializes in the provisions of passive infrastructure to the wireless telecommunications industry on a shared, multi-tenancy basis. Tower Vision India combines high expertise in roll-out, operation and maintenance of Telecom infrastructures. RJIL, India’s largest private sector company, is the first telecom operator to hold pan India Unified License. This license authorizes RJIL to provide all telecommunication services except Global Mobile Personal Communication by Satellite Service.