Reliance Comm surges; Citic Telecom eyes undersea cable JV

MUMBAI (Reuters) - Reliance Communications surged after the Financial Times reported that the Indian company was in talks with China's Citic Telecom <1833.HK> over an undersea cable joint venture, citing unnamed people familiar with the talks.

Reliance Communications shares were trading up 3 percent as of 9:32 a.m.

If completed, the move would create a 50-50 joint venture valuing Reliance Communications' cable assets at $1 billion, the newspaper reported on Thursday.

Both Reliance Communications, India's fourth-biggest mobile phone operator by customers and controlled by billionaire Anil Ambani, and Citic Telecom declined comment on the report on Thursday.

(Reporting by Abhishek Vishnoi; Editing by Gopakumar Warrier)