Indian firm buys US telecom data service provider
Pallab Bhattacharya, New Delhi
Reliance Communications has acquired the US telecom data services Yipes Holdings for 300 million dollars, marking the Indian company's foray into lucrative American enterprise data market.Reliance Communications bought the American company from a group of investors including J P Morgan. The acquisition of Yipes would accelerate Reliance Communications' entry into the 10 billion dollar global market for enterprise and institutional data services, Anil Ambani, Chairman of Reliance Communications told media persons in Mumbai on Monday. Yipes has annual revenue of 100 million dollars with a network presence in 14 top American cities which account for 40 percent of the total US data and enterprise services market. Yipes is a wholly-owned subsidiary of Flag Telecom, the undersea cable arm which Reliance Communications had acquired in 2003 for 209 million dollars.
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