Paul Hastings Represents Reliance Communications Ltd. in its Largest Acquisition to Date

July 27, 2007

Paul Hastings Represents Reliance Communications Ltd. in its Largest Acquisition to Date

New York, NY (July, 27 2007) -- Paul Hastings Janofsky & Walker LLP, a leading international law firm, announced today that the firm represented Indian telecom service provider Reliance Communications Ltd. in the signing of a definitive agreement to acquire San Francisco-based Yipes Holdings, Inc., the leading provider of managed Ethernet services. The 100-percent buyout will be made through Reliance Communications wholly owned subsidiary, FLAG Telecom Group, Ltd. The transaction, valued at $300 million, marks the largest acquisition that Reliance Communications has ever made.

Under the agreement, Reliance Communications will gain access to the patented Ethernet technology of Yipes and will obtain a ready foothold in the United States: the largest telecom market in the world. This transaction will further consolidate the position of Reliance Communications in the United States where it has a retail customer base of over one million for Reliance India Call and Reliance World Call services.

The Paul Hastings team was led by partner Raj Pande and included partners Tara Guinta, Stephen Harris, Scott Joachim, Alexander Lee, Thomas Mounteer, Bradford Newman, Bruce Ryan, and associates Tomohisa Aiko, Christian Petersen, Michael Lazarus, Sarju Naran, Jason Rosenstock, Farrah Short and Jane Song.

About Reliance Communications: Reliance Communications Ltd. is Indias foremost telecommunications service provider. The company, with a customer base of over 35 million, ranks among the Top 10 Asian Telecom companies. Reliance Communications corporate clientele includes 600 Indian and 250 multinational corporations, and over 200 global carriers.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in banking and finance, capital markets, corporate/M&A, litigation and dispute resolution, intellectual property, project finance, investment management, real estate, labor and employment and tax advisory services. For additional information, please visit our website at www.paulhastings.com.