India's Essar to exit telecom business in Africa-report

Wed Jun 15, 2011 6:19am GMT
 

MUMBAI (Reuters) - Indian conglomerate Essar Group is looking to sell its telecoms operations in Kenya and has decided not to go ahead with a proposed deal to acquire the services of Warid Telecom in Uganda and Congo, the Economic Times reported, citing two sources.

Essar could not immediately be reached for comment.

The group, controlled by Indian billionaire brothers Shashi and Ravi Ruia, also run London-listed Essar Energy and has interests in steel, ports and logistics and telecommunications.

In March, Essar said it would exit its joint venture with Vodafone in India.

The UK-based telecom operator had then said it would pay a predetermined price of $5 billion to buy Essar out of Vodafone Essar to give it direct ownership of 75 percent of India's third-biggest operator.

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