Reliance Globalcom, a subsidiary of India’s Reliance Communications, has taken a controlling stake in eWave World, a UK headquartered telco which is aiming to build up a series of WiMAX networks worldwide.
Over the next 2-3 years, Reliance Globalcom, through the acquired company eWave World, would invest around US$500 million to build and acquire WiMAX networks in emerging markets in Asia, Europe, Latin America and Africa. Recently eWave World had entered into a Joint Venture in China to invest in nationwide broadband operations. The company holds WiMAX licenses and has received spectrum to commence WiMAX services in several countries.
“The acquisition of eWave World is a significant step forward in Reliance Communications’ global growth strategy to directly reach out to Millions of Customers - both Corporate and Individual – through a best in class future proof Last Mile network”, said Mr. Punit Garg, CEO - Reliance Globalcom. “The 4G WiMAX network in 50 countries would enable us to offer the most diverse and unmatched suite of services to over 75 % of global population in combination with Reliance Globalcom’s 1,15,000 km fully IP enabled optic network spread across 6 continents”, he added.
“Readily available, reliable and affordable broadband service is critical to the development of any economy. Today many emerging markets are effectively excluded from the full benefits of the internet because of a lack of broadband service. With the backing of Reliance, eWave World will deliver broadband services to business and residential customers in numerous emerging markets. We consider this represents a very significant opportunity for both eWave World and the countries in which we plan to Invest”, said Mr. Jay Metcalfe, Chairman - eWave World.
Posted to the site on 24th April 2008
Posted to: www.cellular-news.com/story/30751.php