Mumbai: Reliance Communications Ltd has acquired UK-based virtual network operator Vanco for $76.9 million. Reliance Communications, India's No.2 mobile phone operator, made the acquisition through its overseas arm Reliance Globalcom.

The acquisition of Vanco would add $365 million to Reliance Communications' annual revenue, the Anil Dhirubhai Ambani Group company said in a filing with the Bombay Stock Exchange.

Reliance Communications, which is also in buy-out talks with South Africa's MTN Group, said it may assume Vanco's  £123-million pound debt.

Shares of Vanco, which had a market cap of $800 million at its peak, was to suspended from trading after it gave a major profit warning and parted ways with its founder chairman Allen Timpany.

Vanco has more than $750 million worth of long-term contracts from its customers, that include AVIS, British Airways, Siemens and Virgin Megastores.

Vanco's customer base could boost the number of Reliance Globalcom's enterprise customers to over 1,400. 

Vanco, a pioneer in the virtual network model of network sourcing, does not own telecom infrastructure and therefore has the freedom to provide clients with the optimum global network solution.

The service, available in 230 countries and territories, offers clients maximum network choice and flexibility, lowest lifetime cost, and a focused service.

Pioneer of the Virtual Network Operator (VNO) model of network sourcing, Vanco is a Network Service Provider that does not own telecoms infrastructure and therefore has the freedom to provide clients with the optimum global network solution.

Vanco's network service is available in 230 countries and territories.

Eleven other telecom companies, including global majors such as AT&T, BT, T-Systems, NTT, Cable & Wireless, and private equity firms like Platinium and Oakley were also in the race to acquire the ailing British mobile network operator, media reports said.