Reliance Communications buys UK-based firm

Mumbai: Reliance Communications Ltd, India’s No.2 mobile operator, said on Monday its Reliance Globalcom unit has bought UK-based global managed network services provider Vanco for $77 million.

Reliance Communications, which earlier said it had started exclusive talks with South Africa’s MTN Group that could create a $63 billion telecoms giant, said the acquisition of Vanco would add $365 million in annual revenue.

Reliance Globalcom will pay $76.9 million for 100% equity of Vanco Group free of debt, the Indian firm said in a statement.

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