Axian plans USD500m investment in Tanzania, seeks further expansion opportunities

29 Apr 2021

Madagascar-based Axian Group plans to invest USD500 million in Tanzania following its acquisition of Millicom International Cellular’s operations in the East African country, reports Bloomberg. Earlier this month Millicom agreed to sell the entire unit, which includes Tigo and Zanzibar Telecommunication (Zantel), to a consortium led by Axian, a pan-African group that was part of the consortium that acquired Millicom’s operations in Senegal in 2018. ‘We will increase our coverage, we will increase the level of our services, we are bringing new technology,’ Axian CEO Hassanein Hiridjee was quoted as saying, adding: ‘We do think that we have to embed in the asset much more infrastructure.’ The executive also said that the group is actively looking at other expansion opportunities in the region, in particular markets where its ‘model works’ and it can be ‘disruptive’.