RComm surges 10 percent on real estate spin-off plans

MUMBAI (Reuters) - Reliance Communications Ltd gained more than 10 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 9.65 percent at 1:54 p.m., after hitting a session high of 149.60 rupees. The stock has gained more than 100 percent this year.