It could be yu! Essar needs USD250m cash injection
Essar Telecom Kenya, which operates under the ‘yu’ brand name, has confirmed that it requires a cash injection of up to USD250 million over the next two years to grow its ailing mobile business. However, according to AllAfrica.com, the company has been restricted from borrowing locally by the high interest rates, and is now seeking funding from the likes of Europe and China.
Country manager Madhur Taneja commented: ‘We are in business with the aim of keeping costs down, and you know what has been happening to interest rates here. I cannot go around the world looking for financiers, that is why we have tasked BNP Paribas’.