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New Delhi : Ruias-owned Essar group announced acquisition of majority stake in Dhabi Group's Warid Telecom operation in Uganda and Congo, a move that would further strengthen Indian firms' presence in South Africa.
The combined enterprise value of Warid Telecom Uganda and Warid Telecom Congo is estimated to be USD 318 million.
According to sources close to the development, the Essar Group has acquired 51 per cent equity for about USD 160 million. Essar investment in Warid Telecom in Africa is part of its strategic plans to grow its businesses in Africa.
The agreements to this effect were today signed by Sheikh Nahyan Mabarak Al Nahyan on behalf of the Dhabi Group and Prashant Ruia, Group Chief Executive, Essar Group, in Abu Dhabi.
The Essar Group has committed growth capital to both telecom operations to facilitate network expansion and marketing, a joint statement from Dhabi Group and Essar Group said.
"Upon completion, the Essar Group will acquire a majority stake in both the assets. The partnership is also expected to bring operational efficiencies to the African operations", it said.
Commenting on the development Sheikh Nahayan Mabarak Al Nahayan, Chairman of Dhabi Group, said, "We are pleased to join hands with a Group that both complements and extends our synergies to expand further into Africa."
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