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Article: UAE's Dhabi Group and India's Essar enter into exclusive talks on Dhabi Group's telecom African assets.

Article from:
WAM - United Arab Emirates News Agency
Article date:
July 19, 2009
Copyright

ABU DHABI, July 19th, 2009: Mahmoud Sulaiman. UAE's The Dhabi Group and India's Essar Group on Sunday signed an agreement to enter into exclusive discussions in relation to an investment by Essar Group into the telecommunications portfolio of Dhabi Group's African assets.

The agreement was signed by H.E Sheikh Nahyan Bin Mubarak Al-Nahyan, Chairman of the Dhabi Group and Warid Telecom and Prashant Ruia, Chief Executive of Essar Group.

"The transaction will involve an equity infusion into these businesses as growth capital and will be the basis of a partnership to create a significant presence in Africa," according to a joint press release.

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