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Flag, Reliance deal cleared

NEW DELHI, JAN. 13. The U.S.-based Flag Telecom has cleared the decks for amalgamation with Reliance Gateway, a 100 per cent subsidiary of Reliance Infocomm, for a value of $211 million with Flag's shareholders approving the proposal unanimously. The decision was taken at a shareholders' meeting in New York today attended by over 88 per cent of the shareholders, Reliance Infocomm said adding, they voted unanimously in favour of the amalgamation.

— PTI

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