Font Size

- Aa +

Tue 13 Jan 2004 04:00 AM

Font Size

- Aa +

Flag Telecom acquisition goes through

Investors in international bandwidth provider, Flag Telecom, have approved its US$211million purchase by Indian telecoms group, Reliance Infocomm.

Investors in international bandwidth provider, Flag Telecom, have approved its US$211million purchase by Indian telecoms group, Reliance Infocomm.

All of the investors that attended a shareholders meeting in New York earlier this week voted in favour of the move, which will see Flag amalgamated into Reliance Gateway, a 100% owned subsidiary of Reliance Infocomm.

The deal, which represents the Indian group’s first international acquisition, is expected to give it an advantage in the provision of international long distance (ILD) services and added bandwidth supply for its call centre operation.

“FLAG's global fibre optic network will complement our existing next generation digital network in India and enable us to serve our customers worldwide more effectively by offering end-to-end solutions,” says Amit Khanna, a spokesperson for Reliance Infocomm.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Read next