Stocks

RIL gains on reports of IL&FS stake purchase

PTI Mumbai | Updated on February 28, 2011

Reliance Industries Ltd surged by over 2 per cent in early trade on the BSE today amid reports that the company may acquire 23.87 per cent stake of Japan’s Orix Corporation’s Infrastructure Leasing and Finance Company (IL&FS) for $1.2 billion.

Bolstered by the media reports, shares of the company rose by 2.07 per cent to an early high of Rs 986 apiece on the Bombay Stock Exchange.

Witnessing similar buying interest on the National Stock Exchange, RIL’s scrip jumped by 2.43 per cent to Rs 989.75 in the morning session.

According to reports, if the deal materialises, it will make the Reliance group the second largest investor in IL&FS after Life Insurance Corporation of India and will pave the way for its entry into the financial services business.

Last month, IL&FS had completed the purchase of a 45 per cent stake in Reliance’s Model Economic Township, comprising 10,000 acres, in Jhajjar, Haryana.

Published on February 28, 2011

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