Essar Group & Dhabi Group to make equity infusion in African telcom business

www.WirelessFederation.com/news: Essar Group, the Indian firm, is looking for possibilities to make an investment in the United Arab Emirates (UAE)-based Dhabi Group’s telecom business in Africa. Dhabi Group chairman Sheikh Nahyan Bin Mubarak Al-Nahyan and Essar Group chief executive Prashant Ruia inked an agreement to start the talks for the same.
The deal will include an equity infusion into the business as growth capital and will be the basis of a partnership to create a significant presence in Africa, a joint statement unveiled.
Today’s agreement seeks to tap the huge potentials of the African market and create more job opportunities,” Sheikh Nahyan reportedly said. He added that the agreement will boost ties between India and the UAE.
Ruia said the details of the deal will be revealed after three to four months.