Engro has completed a Rs. 133 billion transaction to expand its telecom infrastructure business. The deal was financed entirely through Shariah-compliant banking. It adds Deodar and over 10,000 telecom towers to Engro’s portfolio.
The transaction was structured through Islamic financing provided by a consortium of banks. This included Islamic banks and Islamic windows of conventional lenders. The deal is one of the largest Islamic-financed corporate transactions in Pakistan’s telecom infrastructure sector.
A ceremony marking the deal was attended by representatives of the participating banks, legal and financial advisers, Engro officials, and State Bank of Pakistan Governor Jameel Ahmad. The governor emphasized the importance of telecom connectivity for digital finance and financial inclusion. He also noted the scale of the financing arrangement.
According to Engro, the acquisition supports the expansion of shared telecom infrastructure. Under this model, a single tower can be used by multiple mobile network operators. It reduces duplication of infrastructure and lowers overall costs. Each tower is estimated to cost around $50,000.
Engro officials said the deal highlights the growing role of Islamic financing in Pakistan. They also stressed the importance of domestic ownership in critical digital infrastructure. Banks involved in the transaction included UBL and Meezan Bank.
The company added that the financing and acquisition align with broader efforts to expand telecom services and improve digital connectivity nationwide. Engro stated that the shared tower model will make telecom operations more cost-effective for operators and consumers.
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The completion of this deal marks a major milestone for Engro and Pakistan’s telecom sector. It demonstrates how Engro is leveraging innovative financing solutions to support infrastructure growth and enhance connectivity across the country.
