Essar picks up majority stake in Warid Telecom in Uganda,Congo

New Delhi Nov 15 (PTI) India's Essar group Sunday
announced acquisition of majority stake in Dhabi Group's Warid
Telecom operation in Uganda and Congo, a move that would
further strengthen Indian firms' presence in South Africa.

The combined enterprise value of Warid Telecom Uganda and
Warid Telecom Congo is estimated to be USD 318 million.
According to sources close to the development, the Essar
Group has acquired 51 per cent equity for about USD 160
million. Essar investment in Warid Telecom in Africa is part
of its strategic plans to grow its businesses in Africa.
The agreements to this effect were Sunday signed by
Sheikh Nahyan Mabarak Al Nahyan on behalf of the Dhabi Group
and Prashant Ruia, Group Chief Executive, Essar Group, in Abu
Dhabi.
The Essar Group has committed growth capital to both
telecom operations to facilitate network expansion and
marketing, a joint statement from Dhabi Group and Essar Group
said.
"Upon completion, the Essar Group will acquire a
majority stake in both the assets. The partnership is also
expected to bring operational efficiencies to the African
operations", it said.
Commenting on the development Sheikh Nahayan Mabarak Al
Nahayan, Chairman of Dhabi Group, said, "We are pleased to
join hands with a Group that both complements and extends our
synergies to expand further into Africa." MORE PTI SKB
DDC


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