Mumbai: Reliance Globalcom, a subsidiary of Anil Ambani-controlled Reliance Communications, has acquired 90 per cent stake in eWave World, a UK-based telecom company for an undisclosed amount.

The acquisition was done through Reliance Infocom BV, a division of Reliance Globalcom and wholly owned subsidiary of Reliance Communications.

Reliance Globcom will use its acquisition to invest around $500 million to build and acquire WiMAX networks in emerging markets in Asia, Europe, Latin America and Africa over the next 2-3 years, as part of a strategy to build up a series of WiMAX networks worldwide.

Recently, eWave World had entered into a joint venture in China to invest in nationwide broadband operations. eWave holds WiMAX licences and has received spectrum to commence WiMAX services in several countries.

Speaking to reporters Punit Garg, CEO of Reliance Globalcom, said the company would fund the acquisition through internal accruals.

The acquisition of eWave would help Reliance Communications to reach out to millions of customers in over 50 countries and offer broadband service.

"The 4G Wimax network in 50 countries would enable us to offer services to over 75 per cent of global population in combination with Reliance Globalcom's 1,15,000 km IP (internet protocol) enabled network spread across six continents," Garg said.

''Readily available, reliable and affordable broadband service is critical to the development of any economy. Today many emerging markets are effectively excluded from the full benefits of the internet because of a lack of broadband service. With the backing of Reliance, eWave World will deliver broadband services to business and residential customers in numerous emerging markets. We consider this represents a very significant opportunity for both eWave World and the countries in which we plan to Invest'', said Jay Metcalfe, chairman of  eWave World.

Reliance Globalcom had, last year, acquired US-based ethernet service provider Yipes Holdings for $300 million. The company plans to invest an additional $200 million to more than double the metro coverage in the US to over 35 top metros.