Essar Group to give yu USD147m

7 Feb 2013

Essar Telecom Kenya, which offers mobile services under the ‘yu’ brand, has reportedly received a KES13.05 billion (USD146.5 million) capital injection from its parent company, Indian conglomerate Essar Group to pay its bank loans. Kenyan website The Star quotes CEO Madhur Taneja, who commented: ‘We have paid off all our debts for the existing business. That is the biggest burden for any telecom operator. We do not have any debt at all, it is all equity … The telecom business is extremely capital intensive’. yu is now expecting to receive a KES8.7 billion tranche of funding in March for capital expenditure.

Kenya, Essar Telecom Kenya (yu)