Engro launches into telecoms infrastructure with $53m investment
Pakistani conglomerate Engro Corporation has revealed that it is moving into the telecommunications infrastructure game after creating a new business unit.
Engro said that as part of its long-term strategy it had streamlined its businesses into four verticals: food & agriculture, energy & related infrastructure, petrochemicals and telecommunications infrastructure.
“With a core purpose to solve the pressing issues of our time, the growth and prosperity of Engro is intertwined with the growth of Pakistan. Investments in energy, telecommunications infrastructure, petrochemicals and food & agriculture can accelerate change, help towards increasing exports, substitution of imports, industrialisation in the country, job creation and hence build a stronger Pakistan,” said Ghias Khan, president & CEO of Engro Corporation (pictured).
“Engro Corporation will continue to explore investment opportunities across these four identified verticals with a focus to improve the lives of our stakeholders and communities in which we live and work with a culture founded on truth, trust and a relentless pursuit of excellence.”
To develop potential business opportunities and accelerate the development of connectivity infrastructure in the country, Engro has set up Enfrashare (Private) Limited to provide an opportunity for people to be part of the new digital era.
As an initial investment, Enfrashare will engage in the acquisition and construction of shared telecom towers, provision of various telecommunication infrastructure and related services, including state-of-the-art network monitoring solutions.
To enable the new telecommunications vision, the directors of the business have approved an investment of PKR 7.5 billion (c. $53m).
Engro also outlined its ambitions and investment opportunities in the other respective vertical business units.
The company made the announcement as it revealed its financial results for Q1 2019.