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Essar plans $2bn Africa telecom investments
01 February 2010
Essar, the company that owns 33% of Vodafone’s Indian operation, is planning to invest $2 billion in up to seven African mobile businesses
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Essar
India
Africa
Kenya
Yu
Vodafone
Econet
Warid
Comment: Essar is already a significant investor in telecoms operations in emerging markets, particularly in Africa through a number of relationships with other companies. The company is challenging others — including Indian, European and Middle East operators — in wanting to set up African services.
Indian steel group Essar is looking to invest nearly $2 billion in telecoms in Africa, according to reports within India. The company is planning pan-African mobile operations in six or seven countries.
Essar is the minority shareholder in Vodafone Essar, one of the largest operators in India.
The group has prepared a telecom blueprint for its African investments. As part of the plan, Essar will invest $2 billion to get 20 million customers and more, across six to seven countries in the region.
Essar, through Essar Communication Holdings, already holds a 49% stake in Econet Wireless, which in turn has a 70% stake in its Kenyan subsidiary. The partnership between Essar and Econet has set up the Yu network and has a million subscribers in Kenya.
Essar also owns a majority stake in Dhabi Group’s Warid Telecom operations in Uganda and Congo. GTB