Indian communications firm acquires Vanco

Mobile virtual network firm Vanco has been snapped up by Reliance Globalcom

Indian communications services firm Reliance Globalcom, has bought a 100 per cent stake in virtual network operator (VNO) Vanco Group Limited for $76.9m.

Communications giants BT, AT & T, T-Systems and NTT were also competing to secure Vanco's large enterprise customer contracts, which include British Airways, Avis Europe and Siemens, a portfolio which Vanco said would add £185m to Reliance Globalcom's annual revenue through these long term contracts.

Vanco said its peak capitalisation value was around £380m, and that it currently serves 200 clients globally, operating in all 230 countries.

Reliance Globalcom is a communications subsidiary of Reliance communications.