Mumbai, April 24 (IANS) Anil Ambani-promoted Reliance Globalcom, a subsidiary of Reliance Communications Ltd (RCL), has acquired 90 percent stake in eWave World, a UK-based telecom company engaged in offering wireless telephony services using WiMAX technology. However, Reliance refused to divulge the exact amount of the acquisition.

Relinace Globalcom CEO Punit Garg said 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 would be funded internally,” he told IANS.

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.

“Today many emerging markets are effectively excluded from the full benefits of internet because of lack of broadband service. With the backing of Reliance, eWave World will deliver broad band services to business and residential customers in numerous emerging markets,” said eWave World chairman Jay Metcalfe.

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.

Last year Relaince Globalcom acquired US-based ethernet service provider Yipes Holdings for $300 million (Rs.12 billion).