Reliance Communications shares rose as much as 3.2 percent after The Economic Times reported the company was in preliminary talks with Reliance Industries for a mobile network sharing deal.

The deal could involve Reliance Infratel Ltd, a unit of Reliance Communications, leasing out capacity in some of its mobile towers to Reliance Industries, the newspaper reported, citing two executives aware of the development.

Reliance Industries is planning to roll out high speed mobile data services.

Reliance Communications shares were up 2 percent as of 10:40 a.m. while shares in Reliance Industries were up 1 percent.