Karachi, December 6, 2024: Engro Corporation has joined forces with Pakistan Mobile Communications Limited (Jazz) and its parent company VEON Group to enhance Pakistan’s digital connectivity. This strategic partnership aims to make telecommunication services more affordable and accessible, advancing national efforts to bridge the digital divide.
Under the agreement, Jazz’s telecom infrastructure assets, managed by its subsidiary Deodar (Private) Limited, will transition to Engro Connect, a subsidiary of Engro Corporation. As part of the deal, Engro will guarantee Deodar’s $375 million debt repayment and provide Jazz with an additional $187.7 million. This transaction is pending corporate, legal, and regulatory approvals.
Since entering the telecommunication infrastructure sector in 2018, Engro has been providing vital infrastructure to all Mobile Network Operators (MNOs) in Pakistan. This collaboration will enable MNOs to reduce their capital and operational costs, allowing them to enhance service quality and expand their coverage. These cost efficiencies will help operators reach underserved regions, improving connectivity for millions of Pakistanis and accelerating the nation’s digital transformation.
Hussain Dawood, Chairman of Engro Corporation, emphasized: “This partnership reshapes Pakistan’s telecommunications landscape. By expanding our tower-sharing network, we are enabling MNOs to lower costs and deliver better services, empowering communities with affordable connectivity. Our collaboration with VEON and Jazz reflects our shared commitment to a digitally inclusive Pakistan.”
Ahsan Zafar Syed, President & CEO of Engro Corporation, highlighted: “Affordable and accessible digital connectivity forms the foundation of a brighter, more inclusive future. This partnership empowers millions of Pakistanis to actively participate in the nation’s social and economic development.”
Kaan Terzioglu, CEO of VEON Group, added: “Partnering with Engro in our largest market, Pakistan, allows Jazz to focus on delivering innovative digital services that align with the country’s digital ambitions. This collaboration also demonstrates VEON’s ability to create shareholder value and drive new business models across its markets.”
Engro remains committed to fostering partnerships that drive sustainable economic growth and improve digital access, ensuring that all Pakistanis, regardless of location, can benefit from the opportunities of a connected future.
