Reliance Globalcom, a subsidiary of Reliance Communications Ltd (RCL), has acquired a 90 percent stake in eWave World, a UK-based telecom company offering wireless telephony services using WiMAX technology.
Reliance Globalcom CEO Punit Garg says that the company would invest about $500 million (Rs.20 billion) over next two-three years to build and acquire WiMAX networks in emerging markets in Asia, Europe, Latin America and Africa.
The acquisition of eWave is a significant deal for RCL as it would help the company reach out to millions of customers in over 50 countries and offer broadband service.
According to Garg, eWave World holds WiMax licenses and has received spectrum to commence WiMAX service in several countries. 'The 4G WiMAX network in 50 countries would enable us to offer services to over 75 percent of global population in combination with Reliance Globalcom's 115,000 km IP (internet protocol) enabled network spread across six continents,' he added.
Reliance Globalcom
