India’s Reliance Communications to buy US telecom data company

MUMBAI, India - Reliance Communications Ltd. announced Monday it would buy San Francisco-based Yipes Holdings Inc. for US$300 million (Ð218 million).

By (AP)

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Published: Mon 16 Jul 2007, 5:11 PM

Last updated: Sat 4 Apr 2015, 10:20 PM

Reliance Communication chairman Anil Ambani said the company had signed an agreement to buy Yipes as part of Reliance’s strategy to expand into high-end data communication packages.

I am pleased to announce a further major growth in Reliance,’ Ambani told reporters in Mumbai. Yipes is a leading specialist in cutting edge data communication products and this will accelerate our entry in the data communication market in developed and emerging markets.’

Yipes, established in 1999, is a data communication provider with nearly 1,000 customers, mainly in the financial, legal, government and health care sectors. The company has provided communication platforms for the New York Stock Exchange and NASDAQ.

Reliance Communication has the second largest number of mobile phone subscribers in India. It reaches more than 8,000 towns and 300,000 villages in the country.

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