EWI to spend USD450 million on Kenyan rollout

25 Mar 2008

Indian newspaper the Business Standard reports that Econet Wireless International (EWI) will invest USD450 million in rolling out services in Kenya. According to an unnamed source, the company, which is 49%-owned by Essar Communications Holdings, will make the investment over a period of 18 months, of which USD275 million will be raised through debt and the remaining USD175 through equity. It is expected that Essar will provide 49% of the equity. The company is targeting two million subscribers from its first year of operations. As reported previously, EWI’s concession stipulates that it has to launch services by June 2008.

Kenya, Essar Telecom Kenya (yu)