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FLAG Telecom shareholders okay purchase by Reliance
By siliconindia
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Tuesday, 13 January 2004, 20:30 IST |
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MUMBAI: Shareholders of bandwidth provider FLAG Telecom have approved the firm's acquisition by a unit of Reliance Infocomm for $211 million, a spokesman for the Reliance group firm said on Tuesday.
Reliance had announced in October its plan to purchase FLAG Telecom, which provides bandwidth to telecom providers, Internet service providers and broadcasters -- marking its first international acquisition.
The Reliance Infocomm spokesman said the acquisition price was slightly higher than an earlier estimate of $207 million.
Reliance Industries Ltd holds a 45 per cent equity stake in Reliance Infocomm.