Engro has completed a Rs. 133 billion transaction financed entirely through Islamic banking to expand its telecom infrastructure business, resulting in the addition of Deodar and its more than 10,000 telecom towers to Engro’s portfolio.
The transaction was structured through Shariah-compliant financing provided by a consortium of banks, including Islamic banks and Islamic windows of conventional lenders. It represents one of the largest Islamic-financed corporate deals in Pakistan’s telecom infrastructure space.
An event marking the completion of the transaction was attended by representatives of the participating banks, legal and financial advisers, Engro officials, and State Bank of Pakistan Governor Jameel Ahmad. The governor referred to the importance of telecom connectivity for digital finance and financial inclusion while acknowledging the scale of the financing arrangement.
According to Engro, the acquisition supports the expansion of shared telecom infrastructure, under which a single tower can be used by multiple mobile network operators. The company stated that this model reduces duplication of infrastructure and lowers overall costs, with each tower estimated to cost around $50,000.
Engro officials said the transaction highlights the growing capacity of Islamic financing in Pakistan and the role of domestic ownership in critical digital infrastructure. Banks involved in the deal included UBL and Meezan Bank.
The company said the financing and acquisition align with broader efforts to expand telecom infrastructure and support digital connectivity in the country.
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