RIL gains as arm inks tower sharing agreement with Ascend Telecom Infrastructure

Reliance Industries is currently trading at Rs. 1096.40, up by 1.65 points or 0.15% from its previous closing of Rs. 1094.75 on the BSE. The scrip opened at Rs. 1096.00 and has touched a high and low of Rs. 1099.00 and Rs. 1087.00 respectively. So far 19,000 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. 1101.90 and Rs. 1062.00 respectively. The current market cap of the company is Rs. 3,55,257.00 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’ telecom arm - Reliance Jio Infocomm (RJIL) has signed a tower sharing agreement with Ascend Telecom Infrastructure. Under the agreement, RJIL will utilize the pan-India tower infrastructure of Ascend to launch its 4G services, ensuring a faster and more efficient rollout to its customers. Ascend is one of the leading innovators in the wireless infrastructure space, and has a portfolio of more than 4,500 towers across India. The company has successfully deployed innovative and efficient solutions with reduce provider’ operating costs and carbon footprints. It is at the forefront of leveraging technology to manage infrastructure efficiently. Ascend is backed by New Silk Route Growth Capital, IL&FS and the TVS Group.