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]