Reliance Communications acquires telecom firm in Uganda
21 Feb 2008
Mumbai: Reliance Communications Ltd, India's second-biggest mobile operator, has acquired a telecom firm in Uganda and plans to invest $500 million in the African country over the next five years.
The acquisition was made through its Uganda-based subsidiary Anupam Global Soft Ltd. Reliance Copmmunications did not disclose financial details of the transaction.
The licence and the spectrum allocated to the target firm would help Reliance Communications offer mobile, fixed line, internet, long distance and other services in Uganda, the company said in a statement.
Reliance would launch mobile services in Uganda by the end of 2008. The company also plans to spend up to $500 million over five years building an integrated telecom network in that country.
"There were 3 million mobile subscribers by end-March 2007, equivalent to a penetration rate of 10 per cent, providing ample scope of expansion," the statement added.