Anil Dhirubhai Ambani Group’s, Reliance Communications (RCOM) has announced that the company has received approval from the Federal Communications Commission (FCC) for the acquisition of US- based Yipes Holdings Inc, the leading provider of managed Ethernet services.

The FCC is an independent United States government agency charged with regulating interstate and international communications by radio, television, wire, satellite, and cable.

Reliance Communications had announced the U.S. $ 300 million acquisition of Yipes in July 2007. With the acquisition of Yipes, the company will accelerate its penetration into the lucrative $ 100 billion global enterprise and institutional data services market and will be better able to serve its international customers directly in the US.

Yipes headquartered in San Francisco, is the leading provider of managed Ethernet and application delivery services for the global enterprise. It has pioneered Metro Ethernet and has developed leading edge proprietary products to meet the exacting requirements of its customers.

Punit Garg, CEO, FLAG Telecom and president, global business, RCOM said, "The FCC approval is an important step for Reliance to accelerate its plans to expand Yipes' coverage in the US domestic market."

RCOM presently holds market cap worth Rs. 145693 crore, PE Ratio of 47.04; EPS of 15.02 and BV of 100.39. The firm had posted a net profit of Rs 801 crore for the quarter ended September 2007 as against Rs. 497 crore in same period of corresponding year.