Essar Group set to strengthen its position in Africa

Essar Group set to strengthen its position in Africa
India based Essar Group has announced to buy a majority stake in telecommunication businesses of Abu Dhabi-based Dhabi Group led by members of the Abu Dhabi royal family. The group would acquire stakes in the Uganda and Congo operations valued at $318 million. The development would strengthen the position of Indian energy-to-steel conglomerate in the African continent.

The Dhabi Group has significant presence in Pakistan, Bangladesh, Congo, Uganda and Cote d’Ivoire through its telecom subsidiary Warid Telecom. Dhabi Group and its Chairman, HH Sheikh Nahayan Mabarak Al Nahayan leads the financial services, telecommunications and real
estate business across the region.

The group had expanded its operation in the telecom segment in 2005 rolling out services in some Asian and African regions. It has appointed Standard Chartered Bank as its exclusive financial advisor.

Essar Group, having 33% stakes in Vodafone-Essar, which is one of the largest independent telecom tower infrastructure providers in India through its subsidiary Essar Telecom Infrastructure. It had recently acquired majority stakes in Econet Wireless Kenya operating under ‘Yu’ brand.