Addressing shareholders at the Annual General Meeting, Reliance Communications Chairman also said he was “grateful” to his elder brother for “unstinted support and guidance”.

According to the spectrum trading guidelines, a telecom operator can share or trade their underutilised spectrum obtained via auction.

This is since the rules approved by the government on Wednesday say that for 800 MHz airwaves acquired in the March 13 auctions, trading will be allowed only if the differential of the price discovered in the latest auction (March 2015) and the March 2013 price on the balance period is paid to the government.

Cheering the announcement, share price of Reliance Communication surged 11.57 per cent to Rs 62.20, followed by Bharti Airtel and Idea Cellular which gained 2.44 per cent and 2.12 per cent at Rs 355.20 and Rs 149.20, respectively, on Wednesday. Sensex closed 1.59 per cent higher at 25,719.58.

Ambani called on Qatar's Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani among other senior Qatari ministers during a visit to the oil-rich country yesterday.

RCom is Jasper's sole telecom partner in India.

Reliance Communications' shares jumped more than 4% after the announcement.

The airwaves sharing pact will allow Reliance Jio to access 10 MHz of contiguous 4G bandwidth in Mumbai, UP-East, Orissa, Madhya Pradesh, Bihar, Assam, Northeast, Haryana, Himachal Pradesh and Jammu & Kashmir, a person familiar with the matter told ET.

The investor suggested that this belief was misplaced, given that the competition was very busy on this front.

In a clarification to BSE exchange over a media report that said ATC and Carlyle lead race for a majority stake in Reliance Infratel, RCom said, "The company has started a process to monetise the valuable tower and fibre assets held in its subsidiary, Reliance Infratel, within the current financial year."