Essar not going ahead with Africa telco deal | business | Hindustan Times
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Essar not going ahead with Africa telco deal

Essar Group, controlled by brothers Shashi and Ravi Ruia, has decided against buying into Dhabi Group’s telecoms business in Uganda and Congo, the group said on Wednesday, but denied a media report that it was looking to sell its telecoms operations in Kenya.

business Updated: Jun 15, 2011 22:11 IST

Essar Group, controlled by brothers Shashi and Ravi Ruia, has decided against buying into Dhabi Group’s telecoms business in Uganda and Congo, the group said on Wednesday, but denied a media report that it was looking to sell its telecoms operations in Kenya.

Essar had in 2009 agreed with Dhabi Group to buy a majority stake in Warid Telecom Uganda and Warid Congo SA, which it said had an enterprise value of $318 million. Essar had not disclosed how much it was paying for the stake.

“It was mutually decided between the partners — Essar and Warid Group — not to proceed with the deal closure as certain condition precedents pertaining to government clearance were not met,” Essar said in a statement.

About its telecoms operations in Kenya, the group also said, “Essar remains committed to the African market and is satisfied with its operations in Kenya.”