Essar lines up strategic investor for USD100m yu stake

29 Jan 2014

India’s Essar Group expects to complete negotiations to sell an undisclosed stake in Essar Telekom Kenya (yu) to a strategic investor for USD100 million in March, it has been revealed. yu chief executive Madhur Taneja told Business Daily Africa: ‘We are talking to several international firms and it is very difficult to give names at this particular stage due to confidentiality agreements.’ The investment will be used to bankroll the cellco’s long-delayed 3G rollout, while a further USD150 million is being sought in the short term to meet running costs and capital expenditure targets.

Kenya, Essar Telecom Kenya (yu)