RIL ups by 0.85 pc on JV for realty fund

Mumbai, Feb 19 (UNI) Reliance Industries Limited (RIL) today rallied by 0.85 per cent to close firm at Rs 2,585 from its last close on Bombay Stock Exchange (BSE) on reports that the company is in an advanced stage of talks with New York-based Vornado Realty Trust, one of the world's top five real estate asset managers, to float a USD 1-billion plus fund.

The proposed fund will acquire and manage properties, mainly in the retail space, across India, reports suggest. The proposed joint venture is likely to manage real estate for RIL's rapidly-expanding retail arm Reliance Retail (RRL), a company spokesperson said.

Vornado, which has a market capitalisation of nearly USD 14 billion, owns and manages over 116 million square feet of realty assets in the US with significant concentration in New York and Washington.

On BSE, 3.54 lakh shares were traded in the counter. The scrip had an average daily volume of 7.8 lakh shares in the past one quarter.

The stock hit a high of Rs 2,616.80 and a low of Rs 2,558 so far during the day. The stock had a 52-week high of Rs 3,252.10 on January 15 and a 52-week low of Rs 1,250 on March 5, 2007.

The company's current equity is Rs 1,453.65 crore and the face value per share is Rs 10.

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