Indian’s Reliance Group continued its investment and acquisition binge on Monday, snapping up UK-based virtual network operator (VNO) Vanco.

Reliance Globalcom said it will pay $76.9m to acquire 100 per cent of Vanco’s equity free of debt. Vanco’s peak market capitalisation had hit £380m, suggesting the company had some significant debt.

Earlier this month, Vanco suspended its shares, and chief executive Allen Timpany announced his resignation. The company shook up the market, when it proved that managed services could be delivered by a virtual operator. Unlike its principal competitors, BT Global Services, Equant and AT&T, Vanco does not own telecoms infrastructure but provides international networks to enterprises by packaging together those of other infrastructure-owning carriers.

Reliance said the acquisition of Vanco adds £185m to its annual revenue through secure long-term contracts with large enterprise customers such as Avis Europe, British Airways, Siemens and Zavvi.

The Reliance Group has been throwing the cash around recently. On Tuesday, the Indian firm announced an investment in startup US mobile social network, Pelago. While earlier this month the company teamed up with struggling infrastructure vendor Alcatel Lucent to create a managed services outfit.

The latest is that Reliance is now in exclusive merger talks with South Africa’s MTN after potential suitor Bharti Airtel pulled out of the deal.