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[2008-04-15] Econet places $150 million gear order with Ericsson for GSM rollout in Kenya Econet Wireless International (EWI) has placed a $150 million (Rs 600 crore) equipment order with Ericsson for starting GSM services in Kenya.
EWI, in which Essar Communications holdings Ltd owns a 49 percent stake had earlier assigned $450 million for initializing GSM services in Kenya by June 2008. This investment is planned over a period of 18 months and of which $275 million will be raised through debt and the remaining $175 million through equity.
The company said that the rolling process will start with the capital city of Nairobi and would get extended to other places in the country.
EWI will make use of telecom expertise of the Ruias-owned Essar group and also will rely on the Indian companies for financial support.
The company has already started the recruitment drive in Kenya.
