Update: Essar has acquired majority (51%) stake in the Dhabi Group's Uganda and Congo-Brazaville telecom networks, which are collectively valued at $318 million. The capital will be used to expand networks and for marketing. Though the company statement did not disclose the size of the deal, Business Standard put it at around $150 million (Rs 692 crore). Last month, Essar Group revealed it was raising Rs 4500 crore by monetising its shareholdings in Vodafone Essar, an Indian telco. Original Story (14th September 2009): Essar Teleholdings, the telecom subsidiary of Mumbai group Essar Global, is in advanced stages of talks with Dhabi Group to acquire the latter's African telecom companies, reports Uganda's Daily Monitor. The deal is expected to close the deal in three months' time. The Abu Dhabi group runs Warid Telecom in Pakistan, Bangladesh, Uganda and Congo-Brazaville with launch plans underway for Cote d'Ivoire (Ivory Coast). Essar is interested in the Uganda and Congo networks. It has a presence in Kenya (as Yu Telecom) and Uganda. Believed to be a takeover, it might turn out to be a joint venture as an official communique dated August terms it as an "equity infusion" that will be "the basis of a partnership to create a significant presence in Africa". Synergies Essar's Yu Telecom has had a similar low pricing strategy as has Warid in Uganda. Vodafone Essar offers international roaming coverage to Warid in Gujarat and Kerala. Essar Telecom Kenya has a 10% stake in The East African Marine System fiber-optic cable. Warid has launched…
