UPDATE 1-India's Reliance Comm buys UK-based WiMax operator

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NEW DELHI, April 24 (Reuters) - Reliance Communications Ltd (RLCM.BO), India's No. 2 mobile operator, said on Thursday it had acquired eWaves, a UK-based operator of fourth-generation (4G) services, and would launch 4G services globally.

It did not disclose financial details, citing silent period ahead of fourth quarter results, but the acquisition made through its Reliance Globalcom unit would be funded through internal accruals, a senior official said.

"We have taken a gigantic step in the broadband direction and looked at 4G WiMax to be the next step in our global aspirations," the unit's chief executive, Punit Garg, told reporters in Mumbai.

Reliance will invest $500 million over the next two to three years on WiMax, including voice services, in 50 countries with a focus on emerging markets, the company said in a statement.

"Fifty percent of the growth (in WiMax) is in the emerging markets," said Jay Metcalfe, founder of eWaves.

The UK firm has a joint venture in China, which would enable Reliance Communications to enter the world's largest broadband market, Garg said. (Additional reporting by Hiral Vora in Mumbai) (Reporting by Devidutta Tripathy; Editing by Ranjit Gangadharan)