Home / / PAIDF invests $94 million in Essar Kenya

PAIDF invests $94 million in Essar Kenya

PAIDF, Africa’s largest infrastructure equity fund, pumps $94 million into Essar Telecom Kenya Holdings

PAIDF invests $94 million in Essar Kenya
Essar Kenya expects to complete the rollout of its mobile network in Kenya by the end of the year.

Pan African Investment Fund has invested $93.75 million in Essar Telecom Kenya Holdings (ETK), a Kenyan mobile operator formerly known as Econet Wireless Kenya, to help the company expand its operation in East Africa.

ETK, a subsidiary of Indian telecom operator Essar Telecom Limited, operates a GSM service in Kenya under the youth focused brand “yu”.

The company, which became Kenya’s fourth mobile operator in 2008, has about 400,000 subscribers in Nairobi and Mombasa and intends to complete the rollout of its network throughout Kenya by end of the year.

Srinivasa Iyengar, CEO, ETK said: “We are committed to build a quality network in Kenya with the objective to offer ‘best in class’ experience to our customers.”

Tshepo Mahloele, CEO of Harith, fund managers for PAIDF, said the Essar Group will bring about significant change to East Africa’s mobile market that will “extend beyond Kenya.”

Kenya’s telecoms sector is widely viewed has holding significant potential with the country expected to reach 100% mobile saturation in 2013, according to a recent report from Business Monitor International.

ETK competes with rival GSM operators Safaricom, Celtel Kenya, and incumbent operator Telkom Kenya.

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018