Essar looks to rope in UAE co for African venture

In a bid to expand its African footprint, the Essar Group has entered into “exclusive” discussions with the UAE’s Dhabi Group, an investment
firm led by the Abu Dhabi royal family, for investing in the telecom portfolio of its African assets.

“The transaction will involve an equity infusion into these businesses (of the Dhabi Group), as growth capital. It will be the basis of a partnership to create a significant presence in Africa,” said the Essar Group in a statement in Mumbai on Sunday.

“We are running exclusive discussions and will decide on our investments after 8-12 weeks,” Essar Group director (strategy and planning) Vikash Saraf told ET. He, however, did not specify whether the group will be a majority stakeholder in the proposed investments.