Axian Group plans to invest $500m in Tanzania following the purchase of telecommunication assets in the East African country and is seeking more deals to further expand in the region.
A consortium led by the Antananarivo, Madagascar-based conglomerate announced on April 19 the purchase of Millicom International Cellular’s Tanzanian operations. Acquiring Tigo Tanzania and Zanzibar Telecom means Axian now controls one of the largest telecommunication operations in the country.
Axian’s investment would be the largest in Tanzania’s telecommunication sector in more than five years, since the government in 2014 announced Vietnam-based Viettel Group’s plan to spend $1bn on developing infrastructure in the country.
Hassanein Hiridjee, Chief Executive Officer of Axian Group, said: “We will increase our coverage, we will increase the level of our services, we are bringing new technology. We do think that we have to embed in the asset much more infrastructure.”