Reliance Communications Surges on Etisalat Investment Report - Bloomberg.com

Reliance Communications Ltd., controlled by billionaire Anil Ambani, rose the most in a year after the Times of India reported Emirates Telecommunications Corp. may buy a stake.

Reliance Communications, India’s second-largest mobile phone operator, said in a statement it received “various proposals” from overseas companies after the newspaper reported that Emirates Telecommunications, known as Etisalat, is in advanced stages of talks to buy a 25 percent stake.

Indian operators were among companies Etisalat was looking at for possible investment, Spokesman Ahmed Bin Ali said in a telephone interview today. He declined to give a timeline. “We normally announce any development in any market in due time,” he said in an e-mailed statement earlier.