Axian Group plans to invest $500 million in Tanzania following the purchase of telecommunication assets, the largest in the country's telecom sector in more than five years
A consortium led by the Antananarivo, Madagascar-based conglomerate announced 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 $1 billion on developing infrastructure in the country.
The closely-held group will invest part of the funds in infrastructure and financial technology, according to Chief Executive Officer Hassanein Hiridjee. “We will increase our coverage, we will increase the level of our services, we are bringing new technology,” Hiridjee said in an interview. “We do think that we have to embed in the asset much more infrastructure.” he said.