Reliance Globalcom, a subsidiary unit of India’s Reliance Communications, has acquired 90 per cent stake in UK’s Wi-Max operator, eWave World. It is reported that the Globalcom will use eWave's Wi-Max licenses to tap international markets in Europe, Asia and Latin America. Before getting this start-up company, it was only the previous year that Reliance Globalcom acquired Yipes Holdings at a USD 300 million.  

 

Wi-Max operator eWave World was set up just two-years ago and has not registered any profits till now. But the main attractive feature about this company is that that it holds licenses and spectrum to initiate Wi-Max services in 20 countries. Reliance Communications may take some time to introduce Wi-Max services in India due to spectrum scarcity, but it is betting high on eWave for tapping the international markets.

 

Punit Garg, the CEO of Reliance Globalcom informed that Wi-Max will help in providing access to more than 50 countries in three years. He said that the company already has long-distance network reaching 40 countries at present, a figure Reliance Globalcom is planning to increase to 60. Globalcom will be investing Rs 2,000 Crore into the start up company in the next two-three years. These investments will help the company launch operations globally.