Econet to launch telecom services in Kenya

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Econet to launch telecom services in Kenya

April 15, 2008

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Econet Wireless International (EWI), in which Essar Communications Holdings Limited holds 49 per cent stake, is planning to invest $450 million to roll out GSM-based telecom services in Kenya through its subsidiary, Econet Wireless Kenya. The investment, of which $275 million will be raised through debt and the remaining $175 million through equity, will be made over a period of 18 months. The Essar Group will provide funds worth $85.75 million, comprising 49 per cent of the total equity. Econet Wireless Kenya is targeting over 2 million customers in the first year of operations, which are likely to commence by June 2008.