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India’s Essar Group has reportedly taken control of the Kenyan mobile network – yu. The news comes after India’s company has bought out Econet Wireless’s holding in the company, and as a result it now owns 80% of yu.
Commenting on the move, Essar Telecom Kenya’s CEO Srinivasa Iyengar told the Daily Nation: “Previously, we had a 35 per cent stake which was holding us back in accessing funds from lenders. But now we have enough money to see us through our expansion programme.”
He went on adding that the entire yu network roll-out is costing $450 million out of which $200 million is equity through the Essar Group…
But Essar doesn’t want to stop there. The company is also in talks for possible takeovers in Uganda and Congo.
[Via: CellularNews]
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
