Belgian telecommunications operator Proximus Group has agreed to buy a majority stake in Indian cloud communication service provider Route Mobile Ltd. for 59.22 billion rupees ($721 million) to gain a foothold into high-growth markets.

The Brussels-based company will buy about 58% stake in Route Mobile at 1,626.40 rupees ($19.8) a share through its unit Proximus Opal, and will make a tender offer for an additional 26% stake at the same price to comply with Indian rules. Some of the founding shareholders of Route Mobile will reinvest $336 million in Proximus Opal for as much as 14.5% stake, according to a statement to stock exchanges.

Route Mobile fell as much as 3.3% in Mumbai trading, reversing gains of as much as 8.3%. At the stock’s Friday close of 1,625.35 rupees, it had surged nearly five times from its initial share sale price in September 2020.

The acquisition creates the third-largest communications platform-as-a-service (CPaaS) company globally by messaging volumes, Proximus said. The deal would give it access to newer, high-growth markets including India, Africa and Latin America and also helps “capture value from the ongoing – generative AI-based – revolutions in customer engagement.”

Route Mobile CEO Rajdip Gupta will continue in his current role, and will also lead the CPaaS activities of Proximus Group.