KARACHI, December 6, 2024: Engro Corporation has entered into a strategic partnership with Pakistan Mobile Communications Limited (Jazz) and its parent company VEON Group, marking a significant milestone in advancing Pakistan’s telecommunications infrastructure. This collaboration aims to enhance access to affordable telecommunication services, ultimately bridging the country’s digital gap.
As part of this initiative, Jazz’s telecommunication assets, managed by its subsidiary Deodar (Private) Limited, will be transferred to Engro Connect, a subsidiary of Engro Corporation. Engro will also assume responsibility for repaying Deodar’s existing debt of USD 375 million and provide Jazz with an additional USD 187.7 million in funding. This agreement is pending approval from corporate, legal, and regulatory authorities.
Engro, which entered the telecom infrastructure sector in 2018, has been providing crucial infrastructure to all Mobile Network Operators (MNOs) in Pakistan. This partnership aims to benefit the wider telecom industry by enabling MNOs to reduce their capital and operational expenses. As a result, operators will be able to focus on improving services and expanding coverage, especially in underserved regions. This will help improve connectivity for millions of Pakistanis and support the country’s digital transformation efforts.
Hussain Dawood, Chairman of Engro Corporation, commented, “This partnership will be a game-changer for both Engro and Pakistan’s telecom industry. By expanding our tower-sharing network, we are enabling MNOs to deliver services at lower costs, ensuring better and more affordable connectivity for communities across the nation. Our collaboration with VEON’s Jazz underscores our shared commitment to a digitally inclusive Pakistan.”
Ahsan Zafar Syed, President and CEO of Engro Corporation, added, “Providing affordable and accessible digital connectivity is key to a brighter, more inclusive future for Pakistan. This partnership will empower millions of Pakistanis, offering them the chance to actively contribute to the nation’s social and economic development.”
Kaan Terzioglu, CEO of VEON Group, said, “This partnership with Engro, starting in Pakistan – our largest market – will enable Jazz to focus on delivering innovative digital services and cutting-edge technologies that align with Pakistan’s digital goals. It also opens up new business opportunities for shareholder value creation across our markets.”
Engro remains dedicated to fostering partnerships that contribute to sustainable economic growth and ensure that every individual, no matter their location, has access to the digital future.
