UK-based New Call Telecom has won approval from India’s Foreign Investments Promotion Board to acquire local WiFi provider Ozone Networks for an undisclosed price.
UK-based New Call Telecom has won approval from India’s Foreign Investments Promotion Board to acquire local WiFi provider Ozone Networks for an undisclosed price.
In August, New Call CEO Nigel Eastwood said the company planned to spend US$300m to acquire three or four Indian companies over the next six to 12 months as part of its local OTT strategy.
In a statement today, Eastwood described the internet as the backbone of the Indian economy, adding that his company “will play a massive role in providing people in the country with the important services they want, connecting them to the internet of things, including communication, e-commerce, e-healthcare and e-education”.
New Call describes Ozone, founded in 2008, as India’s leading WiFi provider, having deployed 2,000 public hotspots with 6,500 total access points.
According to New Call, more than 2.5 million people connect to Ozone hotspots each month, triggering a 200% growth in demand for data in the last fiscal year.
Ozone founder and CEO Bobby Sarin said the deal will enable the companies to “concentrate on realising the potential that public WiFi offers, bringing it to new cities in India as well as rolling it out to new communities”.
New Call did not work with external advisers on the deal, a company spokesperson said.
Founded in 2010, New Call focuses on the UK and emerging markets. In October 2014, the company acquired a 70% stake in Indian mobile messaging and VoIP calling app Nimbizz for about US$175m. Eastwood has said the company intends to hone its emerging market business strategy in India before looking to other Asian markets such as Myanmar, Bangladesh and Indonesia. In the UK, it operates residential broadband provider Fuel Broadband, and international calling services. Last year, it also acquired global wholesale and call termination company WaveCrest, which also operates voice calling apps for other international brands.
