Reliance Globalcom

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Reliance Globalcom (RGCOM)
Type Private
Industry Telecommunication
Predecessor(s) Reliance Gateway
Headquarters London, UK
Key people Punit Garg
President and CEO
Website www.relianceglobalcom.com

Reliance Globalcom is a division of Reliance Communications, an India-based integrated telecommunications service provider. Reliance Globalcom provides managed wide area network services in partnership with carriers. The company also offers products and services consisting of voice, Internet access and value added services with 2.5 million retail customers in 163 countries on six continents.

Reliance Globalcom owns an undersea cable system spanning 165,000 kilometres which is integrated with Reliance Communications' domestic optic fiber which runs to over 190,000 kilometres. Reliance Globalcom's global VPLS enabled Ethernet network capability serves India, the United States, Europe, Middle East, and the Asia Pacific region.

History

The company began as Reliance Gateway Net Private Limited in 2000, based in Mumbai, India.[1][2]

Flag

Flag Telecom started in the 1990s as a provider of international wholesale network transport and communication services, with 50,000 km of undersea cables, known as the Fiber-Optic Link Around the Globe. The first link was between Asia and Europe organized as FLAG Limited. Daniel Petri acted as chief executive from June 1997 until Andres Bande became chief executive starting in January 1998 (when he left as president of Sprint International).[3] In February 1999 Flag Telecom Holdings was formed in Bermuda to comprise various joint ventures for the parts of the network.[4] In 2001 Flag filed for bankruptcy under chapter 11. In 2002 it emerged from bankruptcy as FLAG Telecom Group Limited, officially incorporated in Bermuda.[5] In October 2003, Reliance Infocom (later renamed Reliance Communications) offered to acquire Flag Telecom for US$207 million (Rs 939 crore) in cash.[6] It was disclosed that Patrick Gallagher, chief executive of Flag at the time, would receive over $3.7 million.[7] In January 2004 the deal closed after consideration was raised to $211 million including $1 million to Flag's largest share-holder, Harbert Distressed Investment Master Fund, Limited.[8] It was the Reliance group's first acquisition outside of India. After the merger the resulting amalgamation was renamed Reliance Globalcom.[1]

Yipes

Reliance Communications announced the $300 million acquisition of San Francisco-based Yipes Holdings in July 2007. Yipes Holdings was originally founded as Yipes Enterprise Services in April 2002, and funded by Norwest Venture Partners, New Enterprise Associates, and Sprout Capital with over $40 million.[9] By November 2002 the holding company was formed, and another round of $54 million was disclosed in January 2003.[10] The deal closed in December after approval from the U.S. Federal Communications Commission.[11]

Vanco

Established in 1988, Vanco was a global Virtual Network Operator. The acquisition of Vanco in May 2008 added $365 million (Rs. 1,550 crore) to the annual revenue of Reliance Globalcom, and increased Reliance Globalcom's tally of enterprise customers to over 1,400. Vanco's customer base included Avis, British Airways, Siemens, Virgin Megastores. Through this acquisition, Reliance Globalcom added nine network management centers to its service systems and processes.

Sale

In April 2013 Reliance announced it was selling 80% of Reliance Globalcom to Batelco of Bahrain.[12]

See also

References

  1. ↑ 1.0 1.1 "Flag Telecom Amalgamates with Reliance Gateway". Press release. 12 January 2004. Retrieved 6 October 2013. 
  2. ↑ "Company Overview of Reliance Gateway Net Limited". Bloomberg Business Week. Retrieved 6 October 2013. 
  3. ↑ FLAG Telecom Holdings (16 May 2000). "Prospectus". USA Securities and Exchange Commission. Retrieved 6 October 2013. 
  4. ↑ "Prospectus". US Securities and Exchange Commission. 15 February 2000. Retrieved 5 October 2013. 
  5. ↑ "Flag Telecom emerges from Chapter 11 with network intact". Lightwave Online. 2 October 2002. Retrieved 5 October 2013. 
  6. ↑ "Reliance Gateway To Acquire Flag Telecom For $207 Million". Financial Express. 17 October 2003. Retrieved 6 October 2013. 
  7. ↑ "Proxy materials". US Securities and Exchange Commission. 5 December 2003. Retrieved 6 October 2013. 
  8. ↑ "Reliance Raises FLAG Offer". Press release (Light Reading). 5 December 2003. Retrieved 6 October 2013. 
  9. ↑ "Notice of Sale of Securities" (pdf). Form D. US Securities and Exchange Commission. 15 July 2002. Retrieved 6 October 2013. 
  10. ↑ "Notice of Sale of Securities" (pdf). Form D. US Securities and Exchange Commission. 24 January 2003. Retrieved 6 October 2013. 
  11. ↑ "Reliance Communications (“RCOM”) Completes Acquisition of US based Yipes Holdings, Inc. (“Yipes”) through FLAG Telecom". Press release (Reliance Globalcom). 20 December 2007. Retrieved 6 October 2013. 
  12. ↑ Shubham Mukherjee (8 April 2013). "Reliance communications to sell arm to Batelco for Rs 6,000 crore". Times of India. Retrieved 5 October 2013. 

External links

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