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Essar Group to exit Kenya's telco industry

yu

India’s steel, energy and communications company Essar is planning to sell its controlling stake in Kenya’s Yu Mobile, as the group continues to exit the telecoms industry.

Yu Mobile, which has 2.6 million subscribers, is Kenya’s fourth mobile operator with an 8.7% share of the market in that country, according to the Communications Commission of Kenya (CCK).

And Essar Group, which has a 72% stake in Yu Mobile, has appointed BNP Paribas to find a buyer, according to reports.

Essar officials say the valuation could be several hundred million dollars, as the group has reportedly invested upwards of $500 million in growing its business in Kenya.

The group last year also exited its stakes in Warid Telecom's operations in Uganda and Congo.

Furthermore, Essar’s decision to sell its stake in Yu Mobile follows the company's decision to sell its shares in Vodafone India.

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