Reliance Globalcom acquires VANCO Group for USD 7.9 million

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Mumbai, May 26 (UNI) Reliance Globalcom, subsidiary of private telecom major Reliance Communications, has acquired 100 per cent equity of the London-based global managed network services provider, VANCO Group, for USD 76.9 million (Rs 327 crore) free of debt.

''The acquisition of VANCO is in line with Reliance Globalcom's vision to create one of the top five Global Data Communications Enterprises in the world,'' Anil Ambani, Chairman of Reliance Communications, said in a release here.

''The combination of Reliance Globalcom's extensive capabilities and VANCO's unique global experience would create a new breed of integrated services communications powerhouse.'' The acquisition is expected to add USD 365 million (Rs 1,550 crore) in annual revenues to Reliance Globalcom and its tally of enterprise customers to over 1,400 in 163 countries. It would also add nine network management centres to its integrated global service systems and processes and enhance customer delivery capabilities in important markets like US, UK, France, Germany, Benelux, Singapore and Australia.

The deal will also enable Reliance Globalcom to maximise the advantage provided by VANCO's relationships with over 700 global, regional and domestic carriers offering services in 230 countries.

Vanco, with a peak market capitalisation of USD 750 million (Rs 3,000 crore), is recognised as one of the world's top five Managed Global Network players, added the release.

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