Reliance Communication to spend $3.96 bn in FY08

Reliance Communication Ltd, the No. 2 mobile services provider plans to acquire US-based Yipes Holdings Inc for $300 million.

Reliance Communications Ltd will spend 160 billion rupees ($3.96 billion) on network expansion in the fiscal year to March 2008, Chairman Anil Ambani told shareholders on Tuesday.

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Reliance Communications, the No 2 mobile services provider, on Monday said it would acquire US-based Yipes Holdings Inc for $300 million.