Essar says in binding pact to sell Kenya telecoms business

Essar Capital Ltd, part of India's Essar conglomerate, said it had signed binding agreements with Bharti Airtel Ltd and Safaricom Ltd to sell its telecoms business in Kenya for about $120 million.

Under the agreements, Safaricom will take over Essar Telecom Kenya Ltd's network, IT and office infrastructure, while Bharti Airtel will acquire its subscribers. The deals received conditional approval from Kenya's telecoms regulator in March.