Engro completes $475m fully Shariah-compliant deal, expands telecom infrastructure portfolio

Engro has closed a $475 million transaction financed entirely through Islamic banking to acquire Deodar’s more than 10,000 telecom towers, marking one of Pakistan’s largest Shariah-compliant deals as the conglomerate expands its digital infrastructure business.

Announcing the development on Tuesday, the company said the acquisition strengthens Pakistan’s domestic ownership of critical telecom assets and supports the shift toward shared tower infrastructure for mobile network operators.

State Bank of Pakistan Governor Jameel Ahmed, speaking at a ceremony marking the transaction, said the deal reflected “the conviction of Hussain Dawood and his family in getting it funded through Islamic banking,” commending the consortium of Islamic and conventional banks’ Shariah windows involved in structuring the financing. 

Engro noted that shared infrastructure, in which multiple mobile operators use a single tower, offers significant cost efficiencies at a time when each tower requires around $50,000 to build. The model, the company said, reduces duplication, supports wider network expansion and aligns with national goals to strengthen local control over digital infrastructure.