Indian telecom major Reliance Communications has acquired 90 percent stake in UK based WiMax co eWave World. The acquisition has been made through Reliance Infocom BV, a division of Reliance Globalcom, which is a subsidiary of Reliance Communications. The value of the deal has not been disclosed, though, as always, some very big investment numbers here from Reliance - Globalcom intends to invest around $500 million over the next 2-3 years to build and acquire WiMax networks in Asia, Europe, Latin America and Africa.

At some level, this also appears to be an acquisition of licenses and spectrum—eWave World recently entered into a joint venture to invest in broadband operations in China, and holds WiMax licenses and has been granted spectrum for WiMax “in several countries”...Rcom is targeting WiMax services in 50 countries by 2012. Reliance Globalcom had acquired Yipes Holdings Inc for $300 million. Globalcom also tied up with UAE based operator Du, and has plans for an IPO. This announcement, incidentally, comes just 5 days before the announcement of RCom’s annual earnings. [via BSE]