RComm jumps 8 percent on real estate spin-off plans

MUMBAI (Reuters) - Reliance Communications Ltd were up more than 8 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 8.4 percent at 12:30 p.m., after hitting a session high of 148.40 rupees.

(Reporting by Abhishek Vishnoi; editing by Rafael Nam)